Trading while working

This is a discussion on Trading while working within the First Steps forums, part of the Reception category; Hi, quick question, is it okay to spread bet trade if you work in the operations for an investment bank? ...

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Old Aug 9, 2012, 7:21pm   #1
 
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Trading while working

Hi, quick question, is it okay to spread bet trade if you work in the operations for an investment bank? When joining a certain spread betting platform they require details of employment

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Old Aug 9, 2012, 7:27pm   #2
 
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Re: Trading while working

If in doubt, tell them you work in a warehouse. They won't check.
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Old Aug 9, 2012, 7:36pm   #3
 
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Re: Trading while working

rockyroad started this thread
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Originally Posted by piggybridges View Post
If in doubt, tell them you work in a warehouse. They won't check.
The say that because they are regulated by the FSA they are obliged to confirm all details of our potential clients prior to opening an account.

Such as
- Your annual salary and estimate of savings in GBP sterling
- The origin of these funds
- Your employment status and if employed, the name of your employer

Obviously with working for a bank it couldn't be that hard for them to cross reference

Is there any1 out there who is in my situation?
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Old Aug 9, 2012, 10:02pm   #4
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You can put a load of ******** on that application. I wouldn't worry about it
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Old Aug 10, 2012, 11:04am   #5
Joined Jul 2012
Re: Trading while working

The broker won't care and that's not them who you should be worried about. It's your employer that is more likely to care as you may be breahcing their conflict of interest policies. I would ask you manager directly and get the answer in writing.If you're not worried about losing your job then don't worry at all, the broker has no obligation regarding your employment. Most brokers only ask for the industry you're employed in. I don't know why they ask for the firm who employs you but if their regulators require it then fair enough. It's not required by the FSA or NFA.
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Old Aug 10, 2012, 1:14pm   #6
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Re: Trading while working

Quote:
Originally Posted by rockyroad View Post
Hi, quick question, is it okay to spread bet trade if you work in the operations for an investment bank? When joining a certain spread betting platform they require details of employment

Thanks
I'd keep that quiet anyway ....full stop
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Old Aug 10, 2012, 1:28pm   #7
Joined Nov 2010
Re: Trading while working

The spread betting firm won't care what your job is.

You need to check the personal account dealing policy they have at your bank. The bank might care if you are shorting their stock to hedge your bonus for example.
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Old Aug 10, 2012, 1:45pm   #8
Joined May 2012
Re: Trading while working

Doesnt this relate to insider trading?

According to UK law, you are not allowed to trade shares/stocks of your employment company and/or their clients.

Problem is you could know about a deal that fell through or about potential change within the company and this gives you inside information and is a criminal offence under insider trade act.

I believe you have to wait about a month for ur buy/sell or something. Ask your companies HR for more info.
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