On Tuesday, the country's largest stock exchanges announced that they have agreed to a plan to strengthen markets, in response to regulators' demands for changes that would stem the tide of market disruptions. Details were few but the news was welcome. On the same day, one of the newest US stock trading venues announced it was taking its own steps to avoid trading disruptions.
The old adage that nothing is certain but death and taxes has been attributed to Benjamin Franklin. If Franklin worked in today's financial industry, he might modify that a bit.
The Dodd-Frank Wall Street Reform and Consumer Protection Act has imposed many new requirements on Wall Street. One of those requirements affects how firms save and store certain oral communications, including calls and texts from mobile devices.The technology companies that store and save oral recordings have very different ways or reminding Wall Street of these new requirements.