Can I trade?

[ghandi]

Hello,

I have just started work with an investment bank in the uk in an entry level position and the employee code of conduct states that we can't take part in any spread betting.

This is annoying as I have been trading in demo mode for a while now and I was interested in doing it for real sometime in the future. My particular role doesn't involve trading and I don't have access to any information that could benefit my personal trading. I am just wondering if I were to spread bet for real is there any way my employer would be able to find this out?

Thanks

 

[China Diapers]

Hey,

I faced a similar dilemma myself with my previous employer, one of the bigger US bank. I decided to risk it and never had any problems the two years I worked there. I don't really see how they could find out....well I guess they probably could if they really wanted to but I think they are satisfied to have a piece of paper signed by you saying you won't trade so they are covered if you do anything stupid.

I would say if you are going to do it keep it on the down low, don't mention it to anybody, IB's are full of jobs worths who would grass you up without hesitation. Don't go looking at charts at work or anything. I read a few stories on another forum where guys were caught out and told not to bother coming in the next day.

 

[Bint_Crusher]

Open an account in another country, ROI or Tunisia. Trade that account.

 

[Splitlink]

Hey,

I faced a similar dilemma myself with my previous employer, one of the bigger US bank. I decided to risk it and never had any problems the two years I worked there. I don't really see how they could find out....well I guess they probably could if they really wanted to but I think they are satisfied to have a piece of paper signed by you saying you won't trade so they are covered if you do anything stupid.

I would say if you are going to do it keep it on the down low, don't mention it to anybody, IB's are full of jobs worths who would grass you up without hesitation. Don't go looking at charts at work or anything. I read a few stories on another forum where guys were caught out and told not to bother coming in the next day.

Also, for heaven's sake, don't get into any financial difficulty so that you would have to come clean to your bosses. That is the only way that they could find out. Also, be careful to keep the bank account with your SB/broker completely separate from anything to do with your employer.

And don't talk about it. Remember the old war motto. "Careless talk costs lives!"

I know you think that all that's obvious but it's no good giving advice afterwards.

What a bent lot there are on this board.

 

[China Diapers]

What a bent lot there are on this board.

A man has to do what a man has to do.

Loose lips sink ships.

 

[Bint_Crusher]

Also, for heaven's sake, don't get into any financial difficulty so that you would have to come clean to your bosses. That is the only way that they could find out. Also, be careful to keep the bank account with your SB/broker completely separate from anything to do with your employer.

And don't talk about it. Remember the old war motto. "Careless talk costs lives!"

I know you think that all that's obvious but it's no good giving advice afterwards.

What a bent lot there are on this board.

Speak for yerself splitty, I'm straight hetro. No nine bob notes in my account.

 

[arabianights]

Talk to compliance - although I doubt you're gonna be allowed to.

You can demo trade - personally I think you'd be daft to risk losing your job to spread bet, but if you want to then I also can't imagine you'll get caught, realistically.

Maybe someone else could answer this - could your employer find out about the credit checks done by the spread betting company on you as you sign up - or about the credit limit they could potentialy give you? I don't know. Certainly a lot of banks credit check their employees as a matter of course.

 

[Splitlink]

Talk to compliance - although I doubt you're gonna be allowed to.

You can demo trade - personally I think you'd be daft to risk losing your job to spread bet, but if you want to then I also can't imagine you'll get caught, realistically.

Maybe someone else could answer this - could your employer find out about the credit checks done by the spread betting company on you as you sign up - or about the credit limit they could potentialy give you? I don't know. Certainly a lot of banks credit check their employees as a matter of course.

Don't know, but it's a good idea and Ghandi should think about all that before he starts. Personally, I did not have to supply all that and I was self employed, anyway. One way around that is, possibly, having no credit, just keeping the account with cash in it all the time. It's safer that way, too. IMO.

 

[Dommo]

This is nutty. You work for a bank. Believe it or not, trust is considered important for a bank employee (in whatever capacity). If you agreed not to spread bet, then don't do it. Talk to compliance - they may give you a waiver, or you may have other options (eg non-spread betting account). If you value your career, don't demonstrate that you can't be trusted.

 

[Successful_Trader]

You can still trade, but most brokers will require a compliance letter from your financial institution proving that it's OK for you to trade -- and thta you will only be trading your money, not the bank's clients' cash

 

[China Diapers]

He will be able to trade but not in a way anyone on this forum would consider worthwhile.

In my experience, and this seems the quite common in these places, positions were to be held for a minimum of 3 months (so if you position went into the red you could not close it until 3 months had passed at which point you could be in serious trouble, day and swing trading not an option either), no derivatives (this rules out spreadbetting, CFD's, forex etc.), no shorting, no leverage.

They request your brokers details and require contract notes for every trade to provided to compliance within a few days of trade being being placed.

Personally I wouldn't even bother under these conditions

 

[leonice]

Hello,

I have just started work with an investment bank in the uk in an entry level position and the employee code of conduct states that we can't take part in any spread betting.

This is annoying as I have been trading in demo mode for a while now and I was interested in doing it for real sometime in the future. My particular role doesn't involve trading and I don't have access to any information that could benefit my personal trading. I am just wondering if I were to spread bet for real is there any way my employer would be able to find this out?

Thanks

Of course they can find it out if you do it on a company computer and company network.