Do I have to sell all my stocks when I join in IB?
Going into IB starting next summer but already have a pretty large sum of my earnings (from past internships) into a Robinhood account. When I join as an intern, will I be required to sell all my stocks? Want to know so I can plan accordingly since I was originally intending to hold these for a 3-5 yr period.
Thanks
For context, I'm worried about the insider trading aspect and I heard that banks don't really allow trades without compliance getting involved first.
Retard. Everyone does IB for insider trading. SMH
lolz
Restrictions vary by bank, but expect that at the very least that you will have to receive compliance approval for all trading and can only hold accounts at your bank (if they own a brokerage) and no trading in the sector you cover. At the more restrictive end, some banks don’t allow trading in individual stocks (only etfs and funds).
At least for my bank, we are allowed to have stock so long as we use an approved brokerage (there is usually a list in your contract, or you can ask HR). Activity is monitored by compliance and there are restricted and watch lists that you need to be aware of, as well as the limitations implied by those lists.
Personally, I just go the ETF route to make my life easier. Dont really have time to day trade anyways.
You can keep your stocks at an approved brokerage. Most firms don't allow Robinhood but check with someone in your group.
Trading is based off a restricted list, there's not a lot of freedom to buy/sell individual stocks but ETFs are allowed.
In general, you can continue to hold stocks that you owned before you start; however, selling them once you're in won't be easy. You also need to be using an approved broker (at my bank, Robinhood is not on that list).
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