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Stories of Interest
- Deutsche Bank ‘Beyond Repair’ as Trading Drops - Autonomous Research
- Guggenheim Partners CEO Might Step Down
- Wachovia Customer Sues Wells Fargo Over FundSource Losses - Bill Singer
- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
- CFTC Commissioner Quintenz Named Sponsor of the Technology Advisory Committee
- Harbour and Geneos Customers Win FINRA Arbitration Against Stockbroker - Bill Singer
- Equifax Suffered a Hack Almost Five Months Earlier Than the Date It Disclosed
- The World’s Biggest Wealth Fund Hits $1 Trillion
- At Jefferies, Like Wall Street, Trading Cedes to Banking
- Ex-SAC Trader Who Pleaded Guilty to Insider Trading Just Remembered He’s Innocent
- JPMorgan Turns to Amazon for Retail 'Customer Experience'
- Goldman Sachs Names Ken Hitchner as New Chairman for Asia Pacific
- Judge All but Tosses SEC Case Against ‘Rogue’ Trader And Ex-FBI Informant Guy Gentile
- 'Boys are #1 Among NFL's Most Valuable Teams
- Fake Tax Returns - Your Next Worry After the Equifax Breach
- FINRA DR Recruiting Arbitrators, Mediators at Congressional Black Caucus Conference
- JPMORGAN: Here's who we think will replace Warren Buffett at Berkshire Hathaway
- Mueller to Search Facebook for Russia-Linked Accounts
- Mark Gomes, Market Analyst and Trade Scalper Settles with SEC
- Equifax Waives Credit Lock Fees For Consumers, Amid Criticism
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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.