His or her job is to help set up large transactions big banks such as RBS, as well as big investors, while protecting their anonymity and details of their transaction, so that other traders cannot manipulate the market against them.

BBC: RBS: The embarrassing transcripts

The Financial Services Authority (FSA) is the regulator of the financial services industry in the UK. In March of 2008 the FSA enacted a regulation known as COBS 11.8.10R to require all telephone conversations and electronic communications to be recorded to and from traders, brokers, or anyone engaging in financial transaction that were likely to result in a trade.

FORBES: All Phone Calls With Brokers In The UK Now Recorded; Coming Soon To Europe and America

With transaction costs cut, prices for consumers were lower and profits for traders higher.

ECONOMIST: Economics focus: Worth a hill of soyabeans | The