Chat surveillance

Chat surveillance monitors traders' electronic communications for evidence of collusion or intent. The benchmark cases were made substantially on chat transcripts, which is why retention rules are enforced so strictly.

compliance and practice · updated 2026-09-08

Where does chat surveillance come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• Benchmark submission rigging — Benchmark submission rigging is skewing the figures a panel member reports into a reference rate calculation, so that the published benchmark moves in favour of positions that settle against it.
• FX fixing — FX fixing manipulation is trading during the short window used to calculate a daily currency benchmark, using advance knowledge of client orders that must be executed at that fix.

Enforcement actions involving these techniques

See also

• Recordkeeping — Recordkeeping obligations require firms to preserve business communications in a retrievable form. Enforcement against the use of …
• Collusion — Collusion is coordination between nominally independent participants to affect a price or share information. Because it converts s…

Terms that refer here

Collusion · Recordkeeping

Back to the full glossary — 261 defined terms.