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Bloomberg made changes to its data retention policy. Are your compliance obligations still covered?

Bloomberg made changes to its data retention policy. Are your compliance obligations still covered?

As the leading choice for financial analysts, investors and portfolio managers around the world, Bloomberg Terminal services are relied upon by those working in the financial services industry. But changes to its data retention policy mean that mean that organisations need to ensure that they can still meet their Bloomberg compliance obligations.

There are an estimated 325,000 Bloomberg subscribers around the world, making the Bloomberg Terminal the de facto choice for institutional investors, portfolio managers, and financial analysts, with a leading market share of just over one-third.

The Bloomberg service provides investors with independent real-time global financial data, news feeds and messages, and offers stock research from more than 1,500 resources, charting tools, and trade analytics for both the buy-side and sell-side. As such, it has become a vital cog in the global financial services market.

Bloomberg also offers users access to the application online and via mobile devices, while its instant messaging service has become popular among traders, who use it to post quotes, updates on trades, and news about market activity.

The service’s chat interface has become an invaluable tool for many companies across multiple sectors providing users with the ability to convey, share and discuss the latest information with colleagues in order to make rapid decisions in response to market fluctuations.

Bloomberg services and chat are subject to compliance regulations

Of course, many of these communications made over Bloomberg are subject to compliance obligations, namely MiFID II and, in many cases, GDPR which concerns the use of personal data.

It means that communications need to be recorded (voice and data) and securely stored for a set period of time depending on the specific regulations and legislation they are subject to. Moreover, they need to be easily accessible (but only to authorised personnel), tamperproof and auditable.

On top of that, Bloomberg made changes to its data retention policy from 15 July, 2021. Currently, Bloomberg provides a reduced retention period to just 2 years for communications, including its Message (MSG) and Instant Bloomberg (IB) functions (collectively named Bloomberg Communications Data).

Bloomberg’s reasoning is to absorb new costs to meet minimum legal and regulatory data retention requirements. Importantly, the policy doesn’t just affect future data storage, it applies to recordings you’ve already captured and stored.

Touch Call Recording Service for Bloomberg

Unfortunately, regulations such as MiFID II require a minimum 5-year retention period. So, this has created a significant challenge for organisations that have either relied on Bloomberg for their data ‘recording’ and storage requirements, or that have an existing compliance strategy that struggles to keep up with the pace of change (perhaps data is stored in a proprietary format or existing solutions or services are unfit for purpose).

If you need to store communications data for more than 2 years, you need to find a solution.

Touch Call Recording Service has provided integration with Bloomberg services for more than seven years, as part of our multi-channel recording approach. It can adapt to any chat interface that organisations may be using, including Bloomberg, connecting directly to the app via standard APIs.

We’ll store your data – for Bloomberg, and more than 40 other communications channels – for as long as you need, giving you peace of mind.

Touch can help you to

  • • Activate recording for Bloomberg
  • • Establish a complete archive for historical Bloomberg recordings
  • • Meet any retention policy

Communications are stored and available from the same easy to use web interface as our other services, through which chats can be searched, accessed and retrieved quickly and easily.

So, if you’re concerned about how these changes will affect your compliance obligations, get in touch today to find out how we can help you with ensure that all of your Bloomberg recordings meet compliance requirements, now and in the future. 

As the leading choice for financial analysts, investors and portfolio managers around the world, Bloomberg Terminal services are relied upon by those working in the financial services industry. But changes to its data retention policy mean that mean that organisations need to ensure that they can still meet their Bloomberg compliance obligations.

There are an estimated 325,000 Bloomberg subscribers around the world, making the Bloomberg Terminal the de facto choice for institutional investors, portfolio managers, and financial analysts, with a leading market share of just over one-third.

The Bloomberg service provides investors with independent real-time global financial data, news feeds and messages, and offers stock research from more than 1,500 resources, charting tools, and trade analytics for both the buy-side and sell-side. As such, it has become a vital cog in the global financial services market.

Bloomberg also offers users access to the application online and via mobile devices, while its instant messaging service has become popular among traders, who use it to post quotes, updates on trades, and news about market activity.

The service’s chat interface has become an invaluable tool for many companies across multiple sectors providing users with the ability to convey, share and discuss the latest information with colleagues in order to make rapid decisions in response to market fluctuations.

Bloomberg services and chat are subject to compliance regulations

Of course, many of these communications made over Bloomberg are subject to compliance obligations, namely MiFID II and, in many cases, GDPR which concerns the use of personal data.

It means that communications need to be recorded (voice and data) and securely stored for a set period of time depending on the specific regulations and legislation they are subject to. Moreover, they need to be easily accessible (but only to authorised personnel), tamperproof and auditable.

On top of that, Bloomberg made changes to its data retention policy from 15 July, 2021. Currently, Bloomberg provides a reduced retention period to just 2 years for communications, including its Message (MSG) and Instant Bloomberg (IB) functions (collectively named Bloomberg Communications Data).

Bloomberg’s reasoning is to absorb new costs to meet minimum legal and regulatory data retention requirements. Importantly, the policy doesn’t just affect future data storage, it applies to recordings you’ve already captured and stored.

Touch Call Recording Service for Bloomberg

Unfortunately, regulations such as MiFID II require a minimum 5-year retention period. So, this has created a significant challenge for organisations that have either relied on Bloomberg for their data ‘recording’ and storage requirements, or that have an existing compliance strategy that struggles to keep up with the pace of change (perhaps data is stored in a proprietary format or existing solutions or services are unfit for purpose).

If you need to store communications data for more than 2 years, you need to find a solution.

Touch Call Recording Service has provided integration with Bloomberg services for more than seven years, as part of our multi-channel recording approach. It can adapt to any chat interface that organisations may be using, including Bloomberg, connecting directly to the app via standard APIs.

We’ll store your data – for Bloomberg, and more than 40 other communications channels – for as long as you need, giving you peace of mind.

Touch can help you to

  • • Activate recording for Bloomberg
  • • Establish a complete archive for historical Bloomberg recordings
  • • Meet any retention policy

Communications are stored and available from the same easy to use web interface as our other services, through which chats can be searched, accessed and retrieved quickly and easily.

So, if you’re concerned about how these changes will affect your compliance obligations, get in touch today to find out how we can help you with ensure that all of your Bloomberg recordings meet compliance requirements, now and in the future. 

Written on 25 November 2021
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