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

they'll still require you to hold steaming piles of doo doo you're long, for 30 horrible days.
working at a broker in a non prop trading role is frustrating.
and your mathematically challenged low net worth compliance muppets are incapable of understanding why.
that's why they work in .. compliance.
 
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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Don't ask, don't tell...Have Benjiamin's boyfriend Keith open an account.
 
trade4succes said:
How would compliance ever find out? Aren't there strict privacy laws in place?
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Compliance department will never find it out because it's not their job to monitor employees. Whenever there is a new regulation coming out from the government, their job is to update/re-write policies and procedures for the whole firm. Other than that, their day-to-day job functions are to deal with anti-money laundering, trade approvals for financial advisors and complains handling from investors.

Regarding to your question, regulators send auditors coming to audit those broker/dealer firms annually. They will audit anything about firm's business practices and those employees who play a critical role as part of the firm. That's how you get caught if what you are doing is creating conflict of interests at work because they do due diligence on your name. Not only you get fired from your job, you might likely receive penalty from the government. Worst case scenarios, you will end up in jail with a criminal record and a kissing good bye to your trading account for life.

Lastly, I agree with some posts on here that how can you day trading while working for a full-time job????
 
Rationalize said:
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.
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Negative comments about compliance related matters like yours just show how stupid/jerk/misleading you are because you have no idea of what they do and why they have to do it, period.
 
Rationalize said:
You should keep working in compliance.
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They have the most stressful jobs in the firm with decent salary paid and most importantly, their main role is to protect retail investors/traders like us. Everyday, they keep getting harassed from advisors who only care about their pockets and from their bosses who only care about getting lots of revenue flowing in. Without them, you will see more of those benard madoff in the future or a repeat of financial crisis in 2007-2008 market crashing. You idiot.
 
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