Robinhood in IB
For those working in IB, do banks allow you to have a robinhood account while you're working or are you forced to use a specific brokerage? Also what about robo advisors?
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Doesn't matter as long as you check with Karen from compliance before making any trades
My bank requires specific brokerages to be used.
Just do all your research on the job. So if you are working on a sell side for say, a mid-size public company, just snap up a lot of shares right before the transaction announcement is released.
^ exactly, it’s literally free easy money
I'm Billy Tsai from the BB RBC and I endorse this message ^
WF here, Robinhood not allowed. I use TD Ameritrade and have to clear all trades through an internal system. We have a restricted list with specific requirements for securities involved in active / recently closed mandates. Additionally, we're not allowed to buy / sell names in our coverage group, but can buy names in other coverage groups if we don't have access to MNPI. We can trade in a name in our coverage group as long as they're not a client. All equity purchases require a 30 day minimum hold. ETF's do not require a 30 day minimum hold or prior approval. Ex: I can day trade SPY options if i wanted to without pre-clearing, though it'd probably be a terrible idea trying to balance work with day trading.
Serious question here: what’s to stop someone from just giving money to a friend outside of finance and having them trade on the MNPI for you and give them some of the profits?
Idk Bud Fox probably the SEC...
First of all MNPI isn’t just laying around like pack of skittles. So don’t make it out to be as if endless company “secrets” are just at the average Joe’s disposal. This leads to second layer.
The second layer is enforcement and involves SEC algos (just use a basic IF statement for an account as green as your friend), whistleblower complaint incentives ($$), tip from the pissed off trade counterparty you raked over the coals, etc.
If it was easy and you could get away with it, everybody would do it. I think the first part is more important than the enforcement aspect. At the end of the day, MNPI is hard to come by and eventually it becomes public. That window of time to act unlawfully becomes fairly straight forward to monitor, especially for accounts who do not trade frequently (your “friend”) and the recent large data advancements in technology/AI.