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Do tech employees have the same restrictions that finance employees face? Also, does the restrictions differ based on the LOB? So does CCB have different rules than CIB or is it a company wide policy? #tech #investments #trading #jpmorgan #chase
Need trade approval for most or all of individual stocks. Some market funds are pre approved.
Btw these are all self reporting. They restrict you to company managed broker but it doesn’t stop you from opening a brokerage account and trade. You have to self certify every year
Thanks that is helpful. What do you mean by self certifying every year? Can I keep using my personal brokerage account like TDameritrade or Robinhood without notifying the company?
Yes that’s it. When you start, you are supposed to transfer all your account to provided brokerage. You can open a robinhood etc. technically, new brokerage you just opened is suppose to ask and report if you work for a market maker like chase but most don’t and robinhood certainly don’t. Use Webull or smaller rule breaking brokerage. Every year, part of your compliance training and certification, they ask if you have traded any securities outside your known brokerage account. Your bank can get fined and you can get fined (if FINRA) and fired / sued but rarely happens
It depends on the division you're working for. If it's Investment Banking, then definetely yes but otherwise it would depend. I know somebody working for Consumer Banking who doesn't. Also there are exemptions to many kind of securities for e.g. Mutual funds, index funds are usually exempt from pre-approval. Individual sticks are not. The concept is that they don't want to get into a problem where they are accused of insider trading. This is one thing I found shocking when I started working. In fact, they were asking me to close my IRA account but then relented when I showed that my IRA account only dealt with mutual funds.
Company wide, if you are private side then you have to get all your trades preapproved
Thanks for the info!
To be super clear, not all roles are private side… so it doesn’t apply to all SDE