Working in finances and trading

[fropro]

Hello,

I have recently joined a financial company and they operate very strict rules when it comes to trading personal account that is:

- no spread betting
- no futures
- buying stocks require pre-authorization which may take a few days

These rules means I can no longer trade. I am just an IT guy with very limited access and have no visibility of any inside information... so I don't quite understand why this applies to all staff? Theoretically there is an internal procedure to get an exemption but I was told it's unlikely I could get that approved.
Anyone in similar situation was allowed to trade? Now I"m seriously considering moving companies as for me this is just a standard workplace no different than others only with some silly limitations...!

 

[tomorton]

First off, have you a hard / electronic copy of this rule as part of a contract or is it just a local manager's say-so or maybe even office gossip?

I used to work for a company involved with training and providing qualifications for employers, some of whom were listed companies. They were partners with us on many projects rather than just being customers buying training from us. Our staff were restricted from having any financial interests as you describe in any of the companies we worked with.

No routine checks were ever done on compliance. However, if it had come to a serious dispute between an employee and management, I suspect they would have checked to see what they could dig up. That could put a crimp in whatever case (even legitimate) you had.

However, we were under no restrictions re financial interests in companies we were not working with. What would be the point?

Your employer's sphere of operations?
In my case, as we didn't operate outside the UK, there were obviously no restrictions on financial interests over-seas. Maybe your firm is also UK-only?

 

[FXX]

Just keep it low profile. Trade on your mobile and have a pad or laptop to do any searches you need. They make you sign a disclosure but they really have no way of knowing you are trading outside you disclosing or finding out through other means.

 

[Quiet1]

Hello,

I have recently joined a financial company and they operate very strict rules when it comes to trading personal account that is:

- no spread betting
- no futures
- buying stocks require pre-authorization which may take a few days

These rules means I can no longer trade. I am just an IT guy with very limited access and have no visibility of any inside information... so I don't quite understand why this applies to all staff? Theoretically there is an internal procedure to get an exemption but I was told it's unlikely I could get that approved.
Anyone in similar situation was allowed to trade? Now I"m seriously considering moving companies as for me this is just a standard workplace no different than others only with some silly limitations...!

This has been standard practice in all the banks for years - it'll probably be in your contract as-in "must conform to all compliance procedures etc".

As with all these things it's on you to honour your contract or not and deal with any consequences.