The company I work for has a 30 day hold rule. I also need to get approval before making a purchase.
of course. i think all licensed broker-dealers have this policy, right?
For the most part. My boy got in a spot of trouble when he brought up his day-trading account to the compliance officer (trying to actually follow company policy)…she was all “what the fugg is this? You can’t day trade!!”…what a dumbass…
They’re cracking down on this hard in my firm. Two violations in a year and bye bye Mr. Bonus Check. Three and you’re gone and I believe you get reported to the SEC. This wasn’t always the case about 2 years ago there were so many violations, even by upper management, that the CEO got involved with making the new policy. A 60 day hold rule is a little excessive IMO.
No offense to any of you. But why would you buy something with the intention of selling it in the near future? Our policy is one must declare what they want to purchase 5 business days before they do. Same with selling. If its getting traded heavy at the firm, the request will most likely be denied.
KJH, no offense taken, but there’s actually a segment of the population dedicated to just that. It’s called “day trading”.
All the more reason for passive investing.
My firms trading regs are pretty strict (sell side). I can’t hold anything in my industry, even if its not a company I cover. Nor can I own a mutual fund/ETF that is concentrated in my industry (so if i was a metals and mining analyst I couldn’t own a fund that primarily owns the shares of such companies). As a result, more than 90% of my holdings are in mutual funds/etfs. The few single stock positions I have are high risk/high reward type names.
so, u can’t apply ur specialties for personal gains?
I’m not talking about daytrading here. Let’s say I buy stock x and bad news hit and I must hold the security to meet the holding day requirements. I’m screwed and can’t cut loses until I meet the holding period.
FIAnalyst Wrote: ------------------------------------------------------- > My firms trading regs are pretty strict (sell > side). > > I can’t hold anything in my industry, even if its > not a company I cover. Nor can I own a mutual > fund/ETF that is concentrated in my industry (so > if i was a metals and mining analyst I couldn’t > own a fund that primarily owns the shares of such > companies). > > As a result, more than 90% of my holdings are in > mutual funds/etfs. The few single stock positions > I have are high risk/high reward type names. Yikes.
FIAnalyst Wrote: ------------------------------------------------------- > My firms trading regs are pretty strict (sell > side). > > I can’t hold anything in my industry, even if its > not a company I cover. Nor can I own a mutual > fund/ETF that is concentrated in my industry (so > if i was a metals and mining analyst I couldn’t > own a fund that primarily owns the shares of such > companies). > > As a result, more than 90% of my holdings are in > mutual funds/etfs. The few single stock positions > I have are high risk/high reward type names. i interveiwed at a buy side shop that wouldn’t let their employee’s trade anything, even the back office employees. all you could do was buy their own mutual funds. I didnt take the offer.
I have a year long holding poilcy for single name equities…ETFs and MFs can be traded freely…talk about putting a strangle hold on any short to medium term trades