Goldman Sachs Bans Employee Prediction Market Bets While JPMorgan Seeks to Sell Them
Goldman Sachs has quietly updated its personal trading policy to ban employees from wagering on prediction market contracts tied to companies, elections, financial markets, and the economy, according to Bloomberg. The ban comes as prediction markets like Polymarket and Kalshi have exploded in popularity, with sector trading volume jumping from $16 billion in 2024 to a projected $240 billion in 2026. The move contrasts with JPMorgan, which has expressed interest in selling such products to clients. The ban follows a CFTC advisory warning about insider trading on these platforms and the prosecution of a Google employee who allegedly used nonpublic data to profit $1.2 million on prediction contracts. Goldman's policy allows sports and entertainment bets but prohibits financial and political event contracts, with repeat violations potentially leading to termination.
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