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Subject: [IP] NASD Says Instant Messages Must Be Saved
NASD Says Instant Messages Must Be Saved June 18, 2003 By THE ASSOCIATED PRESS Filed at 3:38 p.m. ET WASHINGTON (AP) -- The National Association of Securities Dealers Wednesday told its member firms they must save instant messages for at least three years. ``NASD recognizes that instant messaging is becoming increasingly popular as a real-time method of communicating and we want to be clear about our expectations for its use,'' said NASD Vice Chairman and President of Regulatory Policy and Oversight Mary L. Schapiro. The Wall Street self-regulatory organization said the instant messages also can't violate NASD rules governing sales literature and correspondence. NASD's announcement affects about 5,300 brokerage firms. Federal law requires virtually every securities firm doing business with the U.S. public to become a member of NASD. On Monday, the New York Stock Exchange officially told its 336 member firms that instant messages must be saved. About 18 months ago, instant messaging was introduced to Wall Street and has spread quickly through the heavily regulated industry. Traders use the instant messaging tool to swap news and price data, discuss strategy and confer with groups in other departments and firms. Brokerages are already required to save e-mails, and e-mail evidence has figured prominently in several investigations of their conduct. http://www.nytimes.com/aponline/technology/AP-NASD-Instant-Messages.html?ex= 1056966085&ei=1&en=93f2c7a65c23f569 --------------------------------- Get Home Delivery of The New York Times Newspaper. Imagine reading The New York Times any time & anywhere you like! Leisurely catch up on events & expand your horizons. Enjoy now for 50% off Home Delivery! Click here: http://www.nytimes.com/ads/nytcirc/index.html HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact onlinesales@nytimes.com or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to help@nytimes.com. Copyright 2003 The New York Times Company ------ End of Forwarded Message ------------------------------------- To manage your subscription, go to http://v2.listbox.com/member/?listname=ip Archives at: http://www.interesting-people.org/archives/interesting-people/
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