RPT-Currency probe drives bank demand for Big Brother software
(Repeats story first published on April 16, text unchanged)
* "Traderspeak" incomprehensible to most people
* Firms developing software to detect dubious activity
* Programme can scan billions of communications
By Jamie McGeever
LONDON, April 16 (Reuters) - "What's your interest in Bill and Ben in the pick?"
While most people wouldn't understand the question, this is common vernacular for London currency traders active in the daily 4 o'clock "fixing" of global reference exchange rates.
A basic translation of that particular line of Cockney rhyming slang, originating in London's working class East End, would run something like: "Are you a buyer or a seller of dollar/yen at the daily benchmark rate-setting fix?"
The wisecracking, rhyme-based language that can make a "whistle" mean a suit (from "whistle and flute") or a "Barnet" mean hair (from "Barnet Fair") has been used by traders in the City of London for decades. But can a computer crack the code? Continued...