Personal Account Dealing

Ideas 💡
1

I know you will have a list longer than the eiffel tower of features and updates you need to get through but;

From experience of working in Finance one area that is ripe for disruption is Personal Account Dealing. It takes an age, lots of paperwork and is inefficient.

Imagine if you created a fairly lite admin console that compliance professionals could sign up to. I as an employee of a financial services firm need to get sign off for every trade I make, as such I place a trade on FreeTrade, it’s then routed to Compliance to sign off on their Admin Console, Free Trade then Executes the trade automatically upon receiving compliance approval.

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Agreed. I also work in Finance and I think a fair amount of first adopters will come from finance (as we all know our own company, other banks and brokers rip us off). Similar to how Revolut started with word of mouth between FX dealers, and then other finance professionals…

Although getting banks and other financial institutions to upgrade their legacy system will be a big ask. I think the issue will lie more with the financial institutions rather than Freetrade.

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3

I think the issue will lie more with the financial institutions rather than Freetrade.

This is my view on the problem as well. How effective any solution is is at the discretion of every individual compliance department in the City, and a one size fits all solution is unlikely to keep them all happy.

It is clearly a problem that needs solving but I think it needs to be a B2B offering that gets individual firms onboard one by one with buy-in from the compliance department, rather than being led by a retail broker and their customers.

Having said that, if there’s any easy wins you can suggest we are happy to consider them. If you require pre-approval there may be nothing we can do at this stage, but for those who only have to report post-trade it’s on our list to consider what we can do with contract notes to make this process more efficient.

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I have to get pre-trade approval and have to send post trade contract notes.

Having a check box with PAD and the ability to put the e-mail of the compliance team would be a relatively small thing but would save a lot of time for me.

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Apologies for resurrecting an old thread, but it’s a genuine hurdle many finance professionals face, so I thought I would add a quick win idea here.

If there was a button extracting hypothetical trade information in plain text, that would already be huge help. So, for instance, the text message that I could then send to my work email address would contain:

  • Stock ticker
  • Company description
  • Nominal
  • Approximate price
  • Percentage of float (normally it’s a very small fraction, but some compliance departments have limits set up as to the total percentage of float an individual can do)
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