Restrictions on Personal Trading Account?
What are the normal restrictions on individual (i.e. personal) trading/brokerage accounts while working in investment banking?
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I think it’s the same at most all banks (except some small boutiques with limited access to non-public info). From my experience your options are pretty limited. If you’re self directing your account you cant buy any single name stocks, options or bonds, and if you have an existing portfolio you’ll need approval for any sales. Broad market ETFs, index’s, and mutual funds are usually fair game and don’t require any pre-clearance, but sector specific may need clearance depending on your group. Crypto is pretty much unregulated, only restriction I’ve heard of is on ICO’s.
Should also note that the broker you use will also be regulated, they offer a list of brokers you can use who offer them real time account statements.
Think I covered everything at my place, but would be interesting to hear what its like elsewhere.
This is an intern level answer. You can absolutely buy single equities, just not ones on a watch/restricted list due to firm activity on the name.
Said this was from my experience, may be different at other places. No need to cry about it ;)
Usually can’t trade in your coverage group (and need to ask if at all ambiguous), nothing off firms restricted list (which covers banking stuff but also research upgrades/downgrades etc). Think there’s lock up periods as well.
I’m in tech so basically can’t touch any stock worth buying. Don’t know anyone who actively trades on the job. A few people might do something like buy and hold amazon or Tesla or whatever the same way most people do an ETF, but it’s basically impossible to actually manage a portfolio
the headache of working through compliance for single stock trades in the short term.... wouldnt even make "trading" a thought
Would imagine most firms have a mandatory holding period (mine does)
My firm pre-cleared SQQQ but my broker account rejected the purchase. Is this normal / not allowed to purchase inverse ETF's as registered professionals?
Happened to me as well
What the fuck are you doing buying SQQQ. Don’t do it. Just don’t. The broker is looking out for you.
The music’s gonna stop at some point brotha. Esp with Powell staying
Fuck you bear
Thanks, Prospect.
Can buy ETFs without clearance. Individual stocks need to be approved and a minimum 30 day holding period. Yeah I can't day trade in this job, but buying single names that I plan on holding for a while isn't THAT much of a hassle.
Agree - don’t get the crying over trading restrictions from most here
What are protocols for buying / selling options at places these days
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