Bloomberg Businessweek

Traders’ New Favorite Way to Swap Secrets

• WhatsApp and Signal make conversations hard to track

• “Temptations and the rewards are just too great”

Dirty jokes and not-safe-for-work GIFs. Snaps of unsuspecting colleagues on the trading floor. Screen shots of confidential client trading positions. All that—and, on occasion, even legally dubious information—is increasingly being trafficked over the new private lines of Wall Street: encrypted messaging services such as WhatsApp and Signal.

Traders, bankers, and money managers are embracing these apps to circumvent compliance, get around the human resources police, and keep bosses in the dark. And it’s

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