GOLDMAN SACHS BANS EMPLOYEES FROM BETTING ON PREDICTION MARKETS

[acroman08]

Sounds like they don't want their company to be involved in prediction market insider trading, and manipulation drama. I mean, there are already people who got arrested for using insider information to try and profit by betting on prediction market.

What about predicting bitcoin price and other predictions like gold, ethereum, solana, crude oil and similar ones? I do not see any good reason their workers should not bet on some assets that their workers can not manipulate. I prefer to bet on sports on gambling sites, but I visited prediction market because I want to bet on bitcoin price.

The article mentioned "Bitcoin pricing" as one of the prohibited contracts their employees can't bet on. I am guessing there are more cryptos included, but the article probably only mentioned Bitcoin because "Goldman representative offered no comment on the specifics of the policy beyond noting that trading on material, nonpublic information is prohibited across every market the bank operates in".

Goldman representative offered no comment on the specifics of the policy beyond noting that trading on material, nonpublic information is prohibited across every market the bank operates in

Among the prohibited contract types are bets on whether Goldman will undertake a restructuring within a particular quarter or pursue a corporate acquisition. The policy also names ceasefire timelines in active conflicts, Bitcoin pricing, and the regulatory fate of pending mergers as further examples of off-limits contracts.

[Perfectbaby]

To be honest banning them entirely from gambling could have been the best options as I know because even though are only limited to certain range of gambling it is possible for them to still leak the information to others or relative to gamble for them. So the best should be that as long as you associated their company they should entirely ban all staff not to gamble anymore and that is what other companies out there should be emulating in order to make good records of their staff not to jeopardise and compromise with their data.

[Wakate]

To be honest banning them entirely from gambling could have been the best options as I know because even though are only limited to certain range of gambling it is possible for them to still leak the information to others or relative to gamble for them. So the best should be that as long as you associated their company they should entirely ban all staff not to gamble anymore and that is what other companies out there should be emulating in order to make good records of their staff not to jeopardise and compromise with their data.

Why would they be banned from gambling? What does interest does the company has with the prediction market to make them want to restrict their employees from gambling. Any employee that want to gamble can do that in their homes not to breach the companies rule for workers not to gamble. People that may have access to vital information that can make them win can sell the information and get paid avoiding not to breach the rules and ethics of their jobs.

[Cointxz]

The good thing here is that the company only limits its workers from the type of events they can stake on but does not entirely stop them from betting, which is the same thing as respecting the employees' rights at the same time as protecting the company from anything that could result in conflict.

This raise an important question on how they will monitor whether their employees are following or not since anyone can open an account under different name and I doubt prediction market site will share customer information to Goldman Sachs management to verify their employees betting history.

What is worst is they still allowed them to gamble on that particular platform leaving the judgement to employees themselves to avoid restricted bet.

[Fivestar4everMVP]

This approach taken by Goldman should also be emulated by other big organisations which know that information from their organisations can be used by their employees, like the recent case of a Google employee making $1.2m from a prediction market for having access to information which is not yet public; at least it will limit the involvement of employees from taking advantage of the information they have in such situations.

Goldman Sachs has updated its personal trading policy to ban employees from wagering on prediction market contracts, according to Bloomberg. Employees at Goldman Sachs are now prohibited from placing prediction market bets on event contracts involving specific companies, electoral outcomes, financial market performance, macroeconomic data, and geopolitics, after the bank revised its personal trading rules, Bloomberg reports. Sports and entertainment bets remain permitted under the policy.

The good thing here is that the company only limits its workers from the type of events they can stake on but does not entirely stop them from betting, which is the same thing as respecting the employees' rights at the same time as protecting the company from anything that could result in conflict.

This is good, I completely agree that this is something or the type of rule other big companies should emulated or copy and implement in their terms as well..
Because like we all will agree, the prediction market is just coming up and I few years time, almost everybody in every part of the world will want to look for the next loophole to exploit to make money through the use of prediction market..

Any body can go on prediction market to create a contract saying the MD of a company will resign before a certain time, when he or she already knows that the MD has scheduled to resign, such a bet won't be fair for those who will bet against it because they have no knowledge of the company, and likely don't also know that the one who initiated the bet is a worker in the company and has the information already.. This is why every company must ban their employees from betting on the prediction market, atleast on some specific kinds of bet..