The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Truphone Provides Solace For Industry BlackBerry Users

The business world, and particularly the financial industry with its stricter security needs to protect trading communications, has not been as quick as consumers to give up on BlackBerry, but has also needed a way to retain SMS text message communications.

Last week’s launch by mobile network and mobile recording provider Truphone of its SMS recording service for all devices, including Android and iPhone, makes it easier for financial firms to cope with the decline of BlackBerry, while retaining the same level of security, as Paul Liesching, global head of financial markets at Truphone, explains.

“Enterprise security measures have been applied as a secondary consideration and as a result the ability to record SMS has been overlooked — and difficult or impossible to apply retrospectively,” he says. “The only way to record Apple SMS is from the core of the network. It is possible to record Android SMS but only via an application which is difficult to support and manage — and can potentially be circumnavigated.”

In a manner similar to Apple SMS texts only being possible to capture from a core of a network, Truphone controls its own global mobile network, and therefore can capture SMS texts at the core of that network, according to Liesching. As a result, it does not matter what smartphone handset is being used.

Aside from the ability to archive SMS texts that concern trading or transactions for a firm’s internal purposes, regulations require recording and storage of all such communications, Liesching notes. The UK’s Financial Conduct Authority and the US Commodity Futures Trading Commission have such rules, and the European Union’s upcoming MiFID II regulation contains similar provisions.

“Because all financial institutions have been BlackBerry users, SMS communication has been recorded by default,” says Liesching. “When these organisations move to Android and Apple, their compliance departments require continuity of record keeping and therefore need to continue to record SMS.”

Truphone officials said at the time of the launch that a US Tier 1 investment bank had signed on to use the service.

Related content

WEBINAR

Recorded Webinar: The evolution of market surveillance across sell-side and buy-side firms

Market surveillance is crucial, and in many cases a regulatory requirement, to ensuring orderly securities markets and sustaining confidence in trading. It can be breached and has become increasingly complex in the wake of the Covid pandemic, Brexit, and the emergence of new asset classes. This webinar will review the extent of market abuse in...

BLOG

Firms Should Focus on Operational Resilience in Trading, Refinitiv Report Suggests

In response to the Covid-19 pandemic, and the subsequent disruption caused by remote working and extreme market volatility, firms need to rethink their approach to operational resilience for their trading businesses, not only to ensure business continuity, but also to manage regulatory change and develop greater agility and efficiency. That’s the recommendation of a recently...

EVENT

Virtual Briefing: ESG Data Management – A Strategic Imperative

This briefing will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

ESG Handbook 2021

A-Team Group’s ESG Handbook 2021 is a ‘must read’ for all capital markets participants, data vendors and solutions providers involved in Environmental, Social and Governance (ESG) investing and product development. It includes extensive coverage of all elements of ESG, from an initial definition and why ESG is important, to existing and emerging regulations, data challenges...