October 13, 2015 / 5:38 PM / 3 years ago

SocGen to keep Symphony communication records - NY regulator

Oct 13 (Reuters) - Societe Generale has agreed with New York’s financial regulator to keep a record of all the communication by its employees and clients using Symphony Communication Services LLC’s messaging service for seven years.

SocGen joins Goldman Sachs Group Inc, Deutsche Bank , Credit Suisse and Bank of New York Mellon Corp in signing such an agreement with the New York State’s Department of Financial Services.

The move follows concerns that certain Symphony features, such as “guaranteed data deletion”, could hinder regulatory investigations, the department said on Tuesday.

The financial industry has been hit by scandals such rigging of LIBOR and the prices of commodities including precious metals using chat messages.

Societe Generale will also store duplicate copies of the “decryption keys” for their messages with independent custodians, the department said.

Symphony Communication, set up to provide a messaging system to rival those by Bloomberg LP and Thomson Reuters Corp , is backed by Goldman Sachs and JP Morgan Chase & Co , among others. (Reporting by Rachel Chitra in Bengaluru; Editing by Kirti Pandey)

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