Bloomberg Businessweek

Traders’ New Favorite Way to Swap Secrets

• WhatsApp and Signal make conversations hard to track

• “Temptations and the rewards are just too great”

Dirty jokes and not-safe-for-work GIFs. Snaps of unsuspecting colleagues on the trading floor. Screen shots of confidential client trading positions. All that—and, on occasion, even legally dubious information—is increasingly being trafficked over the new private lines of Wall Street: encrypted messaging services such as WhatsApp and Signal.

Traders, bankers, and money managers are embracing these apps to circumvent compliance, get around the human resources police, and keep bosses in the dark. And it’s

You're reading a preview, sign up to read more.

More from Bloomberg Businessweek

Bloomberg Businessweek3 min read
A Market Out of Control
How a few gallerists persuaded the world’s richest people to spend millions on contemporary art
Bloomberg Businessweek3 min read
A Hedge Fund That Shares the Risk
Steve Diggle got rich by trading other people’s money. Now he’s trying to upend the very business model that made him wealthy. Once co-head of a $5 billion hedge fund that was among Asia’s largest, Diggle quit the industry eight years ago to manage
Bloomberg Businessweek1 min read
• Shopping in the Time of Trade Wars This quarter’s earnings season wraps up with three retail heavyweights: Home Depot reports on May 21, followed the next day by Target and Lowe’s. With the trade war between the U.S. and China flaring up again, co