Trading while working

rockyroad

Newbie
4 0
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
 

rockyroad

Newbie
4 0
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?
 

forexanalyst

Junior member
26 3
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.
 

NVP

Legendary member
37,549 1,996
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 ;)
 

MacroStyle

Junior member
11 1
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.
 

Alexander0884

Junior member
47 5
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.
 

The Leopard

Experienced member
1,877 1,020
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.

They're not obliged to confirm anything. They just have to ask, and they don't check anything (this was stated on here recently by an SB company Big Cheese).

You can put that you're a professional rapist and your employer is the government of Wadiya if you want. Say you earn 20 million quid a year. Makes no difference, the SB company doesn't care nor is it required by the FSA to care.

The main thing is your employer. If they say no trading, don't do it. Don't jeopardise your job at a bank in order to go punting with a bucket shop. People have been caught and have been fired.
 
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Alexander0884

Junior member
47 5
They're not obliged to confirm anything. They just have to ask, and they don't check anything (this was stated on here recently by an SB company Big Cheese).

You can put that you're a professional rapist and your employer is the government of Wadiya if you want. Say you earn 20 million quid a year. Makes no difference, the SB company doesn't care nor is it required by the FSA to care.

The main thing is your employer. If they say no trading, don't do it. Don't jeopardise your job at a bank in order to go punting with a bucket shop. People have been caught and have been fired.

I do not think you are entirely correct. I worked for a BIG4 firm and I rememebr this news article VERY well the guy made??? £900 and didnt even intend to do INSIDER trading but ubnfortunately the fact was that he was "exposed" to confidential information through his employment - his career? gone.

Its not to do with the job, its the regulations behind you working in FINANCE, you have much more exposure to confidential information and you have to be VERY careful as you MAY NOT EVEN REALISE YOU ARE breaching the law.

TAX CONSULTANT PwC - GUILTY

PwC AGAIN
 

The Leopard

Experienced member
1,877 1,020
I do not think you are entirely correct. I worked for a BIG4 firm and I rememebr this news article VERY well the guy made??? £900 and didnt even intend to do INSIDER trading but ubnfortunately the fact was that he was "exposed" to confidential information through his employment - his career? gone.

Its not to do with the job, its the regulations behind you working in FINANCE, you have much more exposure to confidential information and you have to be VERY careful as you MAY NOT EVEN REALISE YOU ARE breaching the law.

TAX CONSULTANT PwC - GUILTY

PwC AGAIN

That's my point exactly. That's one of the risks you run, and it's WHY you're employer might be very hot on people doing it.

But it's got nothing to do with the SB company - they don't care what you do as long as you tick the right boxes.
 
 
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