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Stories of Interest
- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
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NEWSLETTERS & ALERTS
HSBC Restricts Personal Trading by Traders
HSBC Holdings, which employees over 200,000 employees worldwide, has told about 6,000 employees of its global markets division that they are prohibited from purchasing single-name securities and concentrated ETFs in their personal accounts.
Employees will be permitted to maintain existing holdings of securities prohibited by the new rules, though sales must be pre-approved by compliance personnel. Since the start of the year, HSBC has hired 1,800 extra compliance staff, bringing its total compliance staff to more than 6,000.
RESTRICTIONS AT OTHER BIG BANKS. HSBC wouldn’t be the first big bank, and it won’t be the last, to restrict personal trading in order to combat potential conflicts of interest.
- Goldman Sachs bars investment bankers from trading individual stocks and bonds.
- JPMorgan bans “speculative and other short-term investment activity” or the purchase of securities of a client.
- Deutsche Bank requires managerial approval for trades in personal accounts.