"What's your interest in Bill and Ben in the pick?"
As the FCA in London digs deeper into their foreign exchange investigation Banks are exploring using software like Op3nVoice, to help spot and prevent inappropriate communication or fraudulent activity in the slang that is used day to day on their Forex trading floors.
The wisecracking, rhyme-based language that can make a "whistle" mean a suit (from "whistle and flute") or a "Barnet" mean hair (from "Barnet Fair") has been used by traders in the City of London for decades. But can a computer crack the code? Financial regulators are now trying to translate such exchanges into plain English as they investigate whether dealers have colluded to rig benchmark foreign exchange rates used to price trillions of dollars' worth of deals.