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When I worked in commodities trading about 8-9 years ago, everyone used Yahoo Chat. However, it also popped up a message (as I recall) informing the user their conversations were being recorded for regulatory reasons.

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I’m really impressed that chat rooms were used to trade information. It’s something I do in my area of technology and it makes perfect sense in hindsight.

Are the groups an open secret to give legitimacy to the info, or is membership more controlled?

Chat rooms are used as a way to communicate with clients. Clients can inquire about prices and submit orders through chat. They're also used to share market commentary within banks. It's not allowed to have chats between traders at different banks now.

Yahoo and AIM. IB used to allow you to login to either just to keep you trapped in BBG.

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