Can you trade stocks at your EB?
Curious about the trading policies at different EBs (EVR/PJT/CVP/LAZ), are you allowed to trade equities?
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Usually there are trading restrictions (min. holding period + restricted securities list)
If you want free liberty, do a Doctor of Medicine (the real "MD") or go accounting
DiScUsS
A doctor got sued for trading stocks? Imagine 30 years of school down the drain all cause you bought a GME call on RH…
I’m confused?
Is Doctor of Medicine a broker dealer?
Im talking about FINRA.
30 day minimum holding period, and all trades must be pre-cleared with compliance. Compliance can say no if the stock is on the firm’s restricted list. Additionally, at firms with coverage groups for different industries, you definitely cannot trade on names within your industry. Also, no options less than 3(? can’t remember) months till expiry.
but crypto is wide open baby
30 days holding, no same sector stocks, no stocks that the firm is working on
for lazard, no trading at all.
What about ETFs
There's a whitelist of ETFs that do not require prior approval. Outside of the list, requires approval
No trading at all or no trading individual company stocks? Also do you have to liquidate current portfolio when you start full time?
ETFs is fine
No trading at all.
Jefferies: No same sector stocks, no stocks that the firm is working on (have a watch list)
Since Jeffries is never working on anything, I guess it's a moot point.
lol i know you're joking but i was on two ongoing public sell-sides before i left
How do your EBs know what your doing with your personal trading accounts? Is it the honor system or something?
Generally curious too. Have seen a boutique MD angel invest/privately invest into same-sector startups too but I'm not sure if that's just something allowed at small shops.
I mean we have to give the EB compliance team our personal accounts. If we don’t pre-clear a trade and instead just go for it, especially if it is a name we’re not supposed to trade, I think their systems will flag it. That said, if we didn’t give the compliance team our personal account info, I’m not sure how they would find out (although I assume they would, somehow)
Any idea on PJT?
How long does it usually take for compliance to clear trade requests?
Instant, it is an online system. Clearance is only good until the end of the day.
Is the clearance from compliance just for buy orders? Meaning after the 30-day hold period we could sell the stock at any time?
No to sell as well. If you buy a stock, then it goes on restricted list, you can’t sell your position until you leave the firm or the stock is removed from the restricted list
Besides no trading on restricted list stuff, I have yet to hear anything. I'm sure it's buried in paperwork somewhere, but I just don't trade at the moment. I believe there is a 30 day hold period though.
What is the policy at BBs?
Can someone at Citi clarify policy for BCMA/Investment banking? Was told that the standard 30 day, no restricted, etc was the case but also that we cannot own any single names?
I interned at Citi too. You can own single names, subject to clearance from compliance. But then in BCMA/IB apart from compliance your reporting manager has to approve as well.
Thanks!
Anyone know the policy at Bank of America?
At an industry-focused boutique (Greentech-type) and we have no restrictions except that we can't touch any stocks in the sector we operate in.
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