That's how it usually works in finance/fintech with non-competes that extend beyond the period of employment (and not just for traders/analysts, it is the case

That's how it usually works in finance/fintech with non-competes that extend beyond the period of employment (and not just for traders/analysts, it is the case for a good number of engineers and quants as well). You might not be getting the annual bonus (which is a major chunk of pay in finance), but you still get the full salary for the duration of the non-compete (usually 12-18mo). They also usually have a clause that it applies only to jobs in the same industry, so if you go from a finance shop to a FAANG company or another tech startup, then the non-compete is void, and you are welcome to pursue that opportunity without any 12-18mo timeouts (but your non-compete pay stops). That seems to be a reasonable compromise, because if you really want to continue working in finance, you are welcome to wait for 1-1.5 years while getting paid full salary (minus the annual bonus) for doing nothing. And if you want to start working again immediately, you are welcome to do so, as long as it is in an industry other than finance, and the non-compete pay stops (because non-compete at this point becomes void).