Failure to comply

Who monitors compliance? Who thinks about the thought police? This thought struck me today when I found myself reading with a mix of resignation and disbelief that some firms are planning to prohibit employees on the trading floor from participating in instant messaging forums and the like for regulatory reasons. This is because some market players have been found to be exchanging information, front-running each other, passing on sensitive details of client activity, manipulating asset prices and swapping bad jokes. In other words, this is because some people have been doing their job.