Goldman Sachs Prohibits Employees from Trading in Financial and Political Prediction Markets

Goldman Sachs has prohibited employees from trading in prediction markets, with the exception of sports and entertainment betting. This measure is one of the responses by Wall Street firms to new regulatory issues arising from the surge in event betting. Goldman Sachs updated its personal trading policy to ban employees from trading event contracts related to specific companies, including Goldman Sachs itself, as well as contracts related to election outcomes, financial market performance, and more. Employees who repeatedly violate the policy may face termination or account closure; in cases of improper trading, Goldman Sachs may require employees to forfeit profits exceeding $200 or donate them to charity. The policy explicitly prohibits employees from participating in event contracts related to company restructuring, mergers and acquisitions, ceasefire dates, Bitcoin prices, and merger regulatory approval outcomes, while contracts like "Will a certain team win the championship?" are still allowed. In contrast, JPMorgan only requires employees to "consider carefully" before participating in prediction markets related to the financial sector, while hedge funds like Point72 and Balyasny have fully banned employees from using prediction markets through personal accounts.

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