I have a personal trading account with a broker that my firm does not deal with. Compliance requires me to switch to a designated broker that's more expensive and less convenient for my needs. Can they find out if one doesn't mention this account? Can one get fired for not disclosing the account? Has anyone been able to get permission from a firm to use non designated broker?
Thanks a bunch all!
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"Can one get fired for not disclosing the account? " yes. The point of having an account monitored is so that you are not trading on sensitive information. I could imagine that you make a trade that is related to a deal or something that you did and you didn't realize it. So it would be better to just bite to bullett and assess if you don't want to trade with these higher transaction costs or risk losing ur job and going to jail.
I would be worried about more than just getting fired...I am also curious if anyone ever tried to ask compliance about using a different broker from the ones your firm listed.
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