does blackrock employee get approval to buy stock (tesla, apple and other )? what are high level restrictions?

Jan 8, 2021 11 Comments

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TOP 11 Comments
  • ModCloth
    eudaimonic

    Go to company page ModCloth

    eudaimonic
    I used to work @ blk and every time you wanted to a make a trade, you must submit all of the trades you want to make before you make the trade and you need them to sign off before you make the trade. Otherwise, you could be fired for not doing so.

    Generally speaking, most trades were approved with some exceptions here and there. Their list is ever-changing, so it’s difficult to say for certain if your submission will be approved or not. I had no issue getting approval for the trades that I made.

    I heard from some directors and md’s that during the financial crisis, employees there were restricted from purchasing bank stocks, like Citi. But, this was before my time, so can’t really speak to that.
    Jan 8, 2021 2
    • Thanks, this helps. So mostly we can trade with some exception. How long that approval is valid? And how much time it take to get approval? How minimum i need to hold the share
      Jan 8, 2021
    • ModCloth
      eudaimonic

      Go to company page ModCloth

      eudaimonic
      They say that approval can take up to 24 hours, but have received same-day approval. I can’t recall the minimum hold time, but if I wanted to share after a couple of months, they will look into it and ask you questions. So, be prepared for that.

      And as McKinsey keenly pointed out, if you have a spouse, you both need to have your trade approved in advance.
      Jan 8, 2021
  • My wife is at Blackrock and it’s super restrictive. Neither her nor I can trade without pre-clearance and sometimes it takes hours. For a couple of months in 2020 TSLA was not allowed at all with no justification. That’s why we moved a lot into crypto
    Jan 8, 2021 0
  • What about etfs, ark ones?
    Jan 8, 2021 1
    • Were approved to trade (at least ARKK, with the large holding of TSLA) as of two months ago. Block lists change often, and there's no transparency to employees, so this feedback doesn't mean much.
      Feb 27, 2021
  • Once we get approval, i guess we can buy/sell next day
    Jan 8, 2021 1
    • Approval is valid only for that day you got the approval. You would need to submit clearance request every day you want to trade. Also tesla has been on firmwide block list for some time now, so there are still many stocks and etfs you won’t get approved for.
      Jan 29, 2021
  • NCR Corporation / Eng
    fThisSit

    Go to company page NCR Corporation Eng

    fThisSit
    What about dividends that are reinvested automatically by Robinhood? Is pre-clearance needed for that too?
    5d 0