Resources for Sarbanes-Oxley (SOX)

Software Contract Dispute Threatened IM On Wall Street

www.informationweek.com

A problem with a software contract threatened to impede instant messaging communications between traders and others in the financial industry this week. U.S. District Court Judge Colleen McMahon ruled that Thomson Reuters had to stop using its instant messaging software by Friday after failing to make a final payment to the contractor that provided the technology.

The Reuters news service used FaceTime software for an instant messaging service it sold to traders and others in the financial industry. The software helped Wall Street insiders use IM while also complying with Sarbanes-Oxley and other Securities and Exchange Commission regulations that require archiving and retrieval of electronic communications. Most instant messages are not stored.

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