How would a programming job for a big financial firm affect day trading?

gkishot said:
Regardless of compliance department no way a direct supervisor would love the idea of some one day trading on the job.
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Goddammit... would you people please stop making sense?

My God the truth hurts.

Well, I suppose that it's better than getting tossed in the clink. Any of you seen the movie Wall Street?
 
kmiklas said:
A company is interested in hiring "Benjamin" as a C++ developer, supporting trading systems for a relatively large (Market Cap > $1B USD) investment bank in NYC. Said firm is a "FINRA-registered broker-dealer."

How would Benjamin's acceptance of a professional position with this firm affect his ability to day-trade? Googling around has revealed the following answers, which differ depending on the source:

1. Don't ask, don't tell... no restrictions at all
2. No day-trading. Period.
3. One-day waiting period on all trades.
4. 30-day waiting period on all trades.
5. All trades must be approved by the firm's compliance department.
6. Other limitations, such as limits on number of trades, and types of financial instrument; e.g., no bitcoins, etc.

Can anyone shed any light? Thx, Keith :^)
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forget about it (with Italian accent)........ :)
 
kmiklas said:
NO SHORTS!? :mad:

What if a stock is plunging and Benjamin wants to get onboard?
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You cannot get on board. You have to ask compliance if the trade you are about to make is OK. Then they get back to you ... after the train has left the station
 
If you work in a role like this
You can no longer trade effectively
The retards in compliance will see to it
While you and your colleagues learn more about trading, you will be allowed to do none of it
Yes. It is very frustrating / backwards
Those who are best placed to used their experience, are disallowed from using their experience
Frustrating / unproductive -- just write the code and pretend you work for a computer games company.
 
1/Speak to compliance. Being in breach can lead to job termination or worse (your name in some sort of regulatory register where you're not allowed to work for a financial firm again)

2/The deal I have and I know others have: blanket approval to trade a pre-determined amount of instruments as long as broker sends trade confos straight away to employer (all brokers can do this). Most reasonable employers know you don't have inside info in e-minis and won't be able to corner the market either, so they're fine with it.
 
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