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Regional approaches to global Connectors
Does the way firms capture data differ across jurisdictions?
Within Global Relay’s Connector accounts, there is a clear jurisdictional split between the Connectors prioritized by North American firms and those in EMEA. North America shows a more comprehensive approach to communication capture, with a greater percentage of Connectors being implemented across the board. This is especially true of email, internal communication apps, and social media platforms. Considering the aggression of enforcement, and clarity of regulatory messaging from within the region, it is no surprise that North America’s appetite for data capture is greater than in other jurisdictions.
Speaking generally, financial institutions within the U.K. and EMEA are placing most of their focus on financial messaging apps such as Instant Bloomberg (Bloomberg Chat), Refinitiv Messenger, and ICE Chat. As with other communication trends, this is driven by regulatory focus in this jurisdiction. In May 2022 and April 2023, the FCA published Market Watch 69 and Market Watch 73 respectively. Both of these publications demonstrate a clear regulatory focus on trading, market conduct, and recommended surveillance. With that in mind, firms that fall under the U.K. regulatory remit will likely be prioritizing trade-based communication capture over social media capture, or SMS/Text.
As above, EMEA does not yet have a similar foundation for marketing communications in the same way that North America does, with most regulatory messaging in this area focusing on the promotion of cryptocurrencies and digital assets (with examples such as the FCA’s rule PS23/6). Given the increased focus on consumer protection from within the U.K. and EMEA, however, it is likely that this region will soon follow suit with a similar approach to marketing rules for financial organizations of all shapes and sizes.