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That’s across the industry as per FINRA requirements
Mm, I’m not sure that’s a FINRA requirement… For example, we don’t have to pre-clear trades. We just have to make sure the positions we are getting into are not on the restricted list…
Yes, all trades have to be pre cleared, and all accounts have to be disclosed.
WF1, in my current role within WM, we only have to hold MS securities for at least 30 days when trading. As long as the positions you wanna trade are not on the restricted list, there is no holding period or requirement to own the underlying when trading options or commons.
You have to pre clear all trades besides etfs like VOO and etc. Also you’re gonna have to close webull/robinhood
Closed those once I joined MS and had to open E*Trade lol I actually like having all my accounts consolidated to be honest.
pre clear all trades, can only have approved brokerages, minimum holding period of 30 days in most cases. most etfs dont have to be pre cleared and for options dated < 1 year you have to own the underlying
only need to hold for 30 days but thats it, unless youre a portfolio manager tied to those etfs then you need to pre clear. # of shares doesnt matter
Following.
You mentioned buying calls. We aren’t allowed to trade options or short sell at all. And yes there’s a 30 day hold period as others have mentioned. You also can’t invest in alternatives or syndications with your own clients (with clients of the firm in general it’s unclear, but if you have no influence - like if a principal of the fund works with a banker in another group - then it’s probably ok but case by case).