Big Banks and price control - Legal Action

Discussion in 'Economics' started by gdtrader, May 29, 2009.

  1. Hello,

    Myself and a few others work for a fairly large bank no names sorry. Ever since economy has been falling apart they keep releasing new compliance rules that hurt the employees. For example many of us were denied purchasing 200 -300 shares of ETF's for 401k. Another scenario I tried purchasing out of the money calls 50-100 contracts on a security which would not even add up to 5k for this transaction(Inflation Protection). Basically anything that you can make profit bank won't let you invest in. Again I am talking about holding things for a minimum of 60 days which is fine but they deny most of the executions. The bank is huge and their clients trade in practically everything and they even make certain markets. What can be done to fight back legally they are trying to create price control on everything. The main rule they have for denying a particular trade is that client traded it within last 24 hours. This is ridiculous remember a large bank will have executions in almost all listed securities.... Is there any way to legally fight back pm me if you have any suggestions or legal contacts for something like this. Denying purchase of ETF because customer traded it within last 48 hours this is insane never have seen anything like it. No one knows what to do since economy is so bad people are afraid to speak up.