I work in finance, not as a trader though. I am not allowed to trade futures as part of the company policy, even though I don't work in the department this was rule was made for. I have been reading about futures here and want to open an account. Anyone know if it will be possible for my firm to find out about it? I really want to start trading but my job is more important.
Why would you risk your job to trade futures? 85% of futures traders fail. How would you be able to devote the time as well considering you have a regular job? I could be wrong, but if your employer has your social security number, I'm sure it is very possible to find out you have an account (unless its registered under your wife's name or a different s.s. #). But it would require an investigation, rather than just looking it up randomly.
There are many ETFs on the same products as futures. No need for futures explicitly IMO. Solves the whole problem.
they wont find out. You will have to lie on your account form though. If you are trading on inside info you will most definitely get caught..but since u arent
If I recall, if you work for a firm registered with nasd you cannot open an account at another firm with out your firm's permission. If so, you would have to lie to the firm you are opening the account with. You are risking your job and licenses if you don't do this by the rules.
If you give the same information as you have given to your employer (name, address, social, etc.), and they go looking for your account, they most definitely will find you. When they find it, your brokerage is obligated to supply them with all of your information, including your transaction history if relevant. If you did not tell them about it beforehand, the least they can do is terminate you, and they will most likely bring charges against you as well. If they win a court case against you where they believe insider trading was involved (to any degree) you will go to jail. So the only way you can have a futures account while working at your firm is to have it in someone else's name, and trade it based on an agreement with that other person. But remember what I said about insider trading ... oh yeah, you will not only be putting yourself at risk, but the other person as well. *** So if you really want to trade futures that badly, just get another job.
When you open a futures account, the compnay will do a background check and see you are in the financial industry in which they will require you to provide permission from your company to open the account and send dupe statements to them.