Trading policies at Bulge Brackets
Hi all, considering a move over to a BB and wanted to understand what the restrictions / policies generally are at Bulges. If someone could specifically confirm the policies at Goldman, JPM and Barclays, that'd be great.
At a place where we have none so trying to understand if any issues in keeping the portfolio of stocks I have right now or be immediately restricted from selling these if needed in future.
Any insights into how these restrictions work (as in would someone in Industrials group be restricted from trading names in the tech world? I'd imagine the firms as a whole would probably be doing some work for most of the S&P 500 names at any given time). How does the approval process work for these "clearance requests" etc would be great.
Associate 1 in IB-M&A, bummer your thread hasn't had a response yet. Maybe one of these threads could point you in the right direction:
More suggestions...
I hope those threads give you a bit more insight.
JPM:
- generally cant buy stocks ur groups covering or in restricted list
- min 30 day holding period
- need clearance and pre approval before buying and selling
- submit acc statements every quarter for disclosure of positions and movements in holdings
might be some other policies but cant remember, i dont actively trade so dont really bother with the PAD - i invest in MFs which doesnt require clearance
By investing in MFs, do you mean as an actual LP or do you just buy shares of the publicly traded ones?
He means mutual funds, not megafunds
Very helpful to know. Is the clearance / pre-approval process something that's bit automatic? I.e. something like a central system that has a list of securities that won't be approved but others might be? Or is it more of a manual process that might take some time / few days to get approved, etc?
Wondering what it might do to a round trip (buy + sell) time frictions.
Assuming that this would be the same for options too? I think the hold period and / or having to wait for several days for approval on options might be tough, unless the pre-approval process is somewhat streamlined.
Good question I've actually never went through it before, but think its combination of both automated / manual. Think ive heard from friends the preapproval takes couple days.
I know a dude at a BB and asked him this very question. He told me he wanted to buy one company, and he had to submit a request for HR to manually review. He did also say he got rejected.
what about Vanguard ETFs
Aren't ETFs generally exempt from the restrictions?
Does this apply to interns too?
yes
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