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If I remember correctly, during the NBA draft and maybe even the NFL draft, if teams trade picks, they can't announce the trade until both teams have drafted their respective players. Only then can they announce the trade.

I read somewhere that before the draft, they can trade picks and announce on the news. During the draft, they can only trade draft rights and not draft picks. Why do these league do this? What is the reasoning for this?

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    I'm not sure about the nfl here - I don't believe this applies to the NFL, I only hear of "draft rights" being traded in the NBA.
    – Joe
    Jun 22 at 22:06

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One reason why draft rights are traded in the NBA are because you're not allowed to trade consecutive first round picks. I.e., if you trade your only 2020 first round pick, you must make a 2021 first round pick - you can't trade it. However, you can make the pick then trade the player's rights.

Second, on draft day, picks can only be traded until 2:00 PM Eastern Time; after that, they must trade draft rights.

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