HSBC said to ban traders to buy for their personal accounts

HSBC Canary Wharf

HSBC has instructed about 6,000 employees of its global markets division to cease buying single-name securities on their personal accounts, according to people with knowledge of the matter.

Bloomberg News reports that purchases of single-name stocks, bonds and concentrated exchange-traded funds will be prohibited, Global Head of Markets Thibaut de Roux told staff in an email on Friday, said the people, who asked not to be identified discussing internal communications. The changes also apply to employees managing the lender’s own balance sheet, the people said.

Employees will be allowed to maintain existing holdings of securities prohibited by the new rules, while any sales must be pre-approved by compliance personnel, staff were told. Managers have been instructed to be vigilant in such approvals and decline requests if necessary, the people said.

Hit the link below to access the complete Bloomberg News article:

HSBC Bans Traders From Buying Stocks, Bonds on Their Personal Accounts

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