Firms Hit With More Than $475 Million in Fines for Failing to Monitor Traders' Texts.

The article focuses on the fines imposed on financial firms, including Truist and TD Bank, for failing to monitor and preserve electronic communications, including traders' use of messaging apps like WhatsApp and iMessage. Topics include the SEC's enforcement action against 26 firms, the CFTC's penalties against three firms, and the regulators' concerns about the lack of oversight and compliance failures in the use of off-channel communication platforms.