PA restrictions at BB: what exactly does it mean?
Hi all,
Long time lurker here, I have been offered an S&T gig at a top shop (that alone could be the material for a WSO "success story" post).
The thing is, one reason why they hired me is that I built a somewhat successful trading robot, which they found impressive. By successful I mean that it makes around 2.000$ per month off a specific arbitrage opportunity. Not life changing but it pays the rent.
The problem is that it uses spread betting brokers for hedging purposes. My bank's policy bars "betting on financial indices" (verbatim) and one of my spread betting brokers is explicitly named in the same sentence.
In my opinion, I am not betting on indices since my program is arbitraging without any input from my part. I just press "start" in the morning. This is not betting. Moreover, as I am hedging, no market risk is involved.
Should I candidly contact Compliance about this or is it better to talk to my future boss first?
What do you advise?
Better to be safe than sorry, talk to compliance.
Talk to your boss first, then talk to compliance. Ideally, you want to hand the management of it off to a relative or someone else who can say, "I'm responsible for making these trades, not the OP". It's also helpful if you are not trading/researching/working the same area that this market is in. But full disclosure- noting to your boss and compliance that a relative is taking over a trading regime you built, and you're still getting some profits from it- is always best. ESPECIALLY before you commit.
I'd say talk to compliance. Screwing up a compliance issue can be cause for your dismissal and censure. The thing about bosses is that they aren't always well versed in compliance issues so while he may give you the greenlight, he could be screwing you over as you could be violating a compliance rule.
As a rule of thumb, always be on the right side of compliance as it's never worth the lost sleep...
why not leverage the shit outta the arbitrage opportunity and make bank?
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