Yahoo’s messaging service has long been a favorite tool used by oil traders to place orders and talk about the industry, but that may be changing on August 5.
According to a report by The Financial Times, Yahoo is updating its Messenger service to be harder to monitor.
Financial regulations require any trades or orders to be monitored by a participating bank. Trades also need to be auditable for regulatory compliance.
The updates to Yahoo Messenger include new options to “unsend” messages that blocks banks from seeing how an order was placed.
Yahoo is also planning to encrypt Messenger communications.
Where will the oil traders move to? We aren’t sure yet, but we’ve heard that a number of competitors are vying for bank contracts.