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speero

Registered: Nov 2011
Posts: 35

07-13-12 08:37 PM

Quote from mastertrader456:

Go with CTG. BSI is set up in the west indies and doesnt appear to clear thru FINRA or CBSX. Unless there are tax advantages trading with them or if your Finra licenses have been revoked, Id stay away. No advantage compared to a US prop firm and tons of capital risk. I mean you could put up 5k here in the states at a prop firm and get around the 25k rule.

Do they register with any kind of financial authority there? Any insurance on deposits?

The reason people get attracted to these unregistered firms is the work-around the series 56. At least that's why I did it. Silly, really. Just pass the test if you want your career to have any longevity.

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Rocco11

Registered: Jun 2011
Posts: 17

07-13-12 08:46 PM

Agree completely. Just take the 56 and go to a reputable firm. Most prop shops are giving 10-15 bp now anyway. There are great study materials now for the 56 and everybody is passing. First wave had it tough though lol. Those study guides in the beginning were not very efficient.

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Don Bright
Bright Trading, LLC

Registered: Oct 2001
Posts: 11698

07-15-12 10:51 PM

Quote from Rocco11:

Agree completely. Just take the 56 and go to a reputable firm. Most prop shops are giving 10-15 bp now anyway. There are great study materials now for the 56 and everybody is passing. First wave had it tough though lol. Those study guides in the beginning were not very efficient.

A couple of more good people stuck in the Series 56 nightmare, who are now having to study for the Series 7 to move over here. They "coulda woulda" taken the 7 to begin with, good everywhere.

Don

__________________
Don Bright (not an alias)
Bright Trading, LLC
http://www.stocktrading.com

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textrader4

Registered: Sep 2011
Posts: 67

07-15-12 11:06 PM

Not completely true....the Series 7 is NOT a substitute for the Series 56. You might get a waiver if you have a 7 with trading experience but you will not get a waiver if you just take the 7 and expect to sign up with a 56 firm.

As a matter of fact...the NYSE will soon only recognize the Series 56 for floor brokers, market makers, and specialists....it is not longer a "CBSX" exam.

http://www.sec.gov/rules/sro/nysemkt/2012/34-67214.pdf

Quote from Don Bright:

A couple of more good people stuck in the Series 56 nightmare, who are now having to study for the Series 7 to move over here. They "coulda woulda" taken the 7 to begin with, good everywhere.

Don

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Don Bright
Bright Trading, LLC

Registered: Oct 2001
Posts: 11698

07-16-12 01:30 AM

Quote from textrader4:

Not completely true....the Series 7 is NOT a substitute for the Series 56. You might get a waiver if you have a 7 with trading experience but you will not get a waiver if you just take the 7 and expect to sign up with a 56 firm.

As a matter of fact...the NYSE will soon only recognize the Series 56 for floor brokers, market makers, and specialists....it is not longer a "CBSX" exam.

http://www.sec.gov/rules/sro/nysemkt/2012/34-67214.pdf

Boy, I hope they make both exams acceptable at the good firms, that would sure help the traders. I'm having compliance check it out. Thanks....

I know my friends at Echo just moved to my Exchange (Chicago Stock Exchange, Not CBSX, for what appear to me as "obvious reasons").....

Don

__________________
Don Bright (not an alias)
Bright Trading, LLC
http://www.stocktrading.com

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