The New York-based bank prohibits employees from trading on prediction markets tied to finance and politics, allowing only sports and entertainment wagers.
1:50 AM
Goldman Sachs has prohibited its employees from trading on prediction markets, with limited exceptions, according to an updated personal trading policy reviewed by Bloomberg News.
The ban covers contracts related to specific companies, including Goldman Sachs itself, election outcomes, and the performance of any financial market. Employees are permitted to wager on sports and entertainment events only.
The New York-based bank updated its personal trading policy to enforce the restrictions. According to the policy document, repeated violations may result in dismissal or termination of the employee's trading account. Violations deemed inappropriate face unspecified consequences.
The measure is one of the most stringent actions taken by a major Wall Street institution in response to regulatory concerns surrounding the growth of prediction market betting on events. Morgan Stanley has also implemented similar restrictions on employee participation in prediction markets.
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