Restrictions on personal trading?

Everyone at my firm is literally castrated by our compliance policies - no single name equities, everything else needs clearance. Don't even get me started on the clearance process...

For those already working, curious what your firm's policy is.
For those who are still in college - stock up on all that shit before you get cockblocked.

Comments (16)

 
Oct 17, 2018 - 8:56pm

It's the same at every firm. The intended purpose is that most employees simply don't trade. It sucks but if we're working there, it's because we need jobs, and even if we didn't need jobs there still isn't a guarantee we'd be good at trading anyway. Looking at things from a quantitative perspective, I laugh at anyone who thinks they can seriously make money without either experience as a trader and/or a decent algo-driven strategy.

in it 2 win it
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Oct 18, 2018 - 9:48am

It's really like this at every [financial?] firm? And it's the same across all divisions, like nobody in IB, ER, or S&T can freely trade? And same rules for small firms? JW because I had no ideas such restrictions existed.

 
Oct 18, 2018 - 12:57pm

At both BB's I've worked at and those my friends are at, pretty much. Compliance has a stranglehold on things, often with good reason.

in it 2 win it
 
Oct 17, 2018 - 11:14pm

I mean the restrictions in terms of what we can do suck... I work at a BB for reference. Only long equities, no shorting, ETFs fair game (compliance dude made a joke that we can day trade ETF as much as we want, good luck...), any purchases or sales need to be pre-cleared... generally clearance goes through in about 10-20 minutes, once cleared the trade you requested has a 24 hour green-light. Thereafter you need to request again. All of this has to be done with an approved brokerage as well.

So yeah, most of the anlaysts have personal accounts... not because any of us think we'll get rich trading a few times a month but more because it keeps us interested in the markets and lets us have some skin in the game. Honestly, I think anyone that isn't under financial burden should throw a couple grand into a personal account and learn about the markets / trading / researching companies that interest them, etc.

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