The "no biggee" simply refers to Bright Trading. My last contact at CBOE would not tell me that Series 7 will not be required. I do agree that it will be hard to implement by year end. As mentioned above, I feel that I could get a few hundred retail type traders very quickly if the CBOe does not require the license going forward. Almost did a couple of years ago, interest is higher now. Don
Don, You are saying if you change your SRO to the CBOE you would get a few hundred retail traders? I completely disagree with that.
I put together a funding arrangement to allow non-licensed traders to use capital (yes, legally).... but it got clouded again because of the shutting down of these quasi retail type firms who were extending leverage. But, if I could simply join the CBOE and not have to have my people licensed (even though they have years of trading experience (to hopefully qualify with CBOE is you and I have discussed)..... I have another meeting set in for November between the CBOE board member/30 year friend, my Compliance and me to get a better feel for how things should pan out in 2010. As for now, just sit and wait... business has been pretty good anyway....a lot of licensed people have had to make career changes over the last year. All the best, Don Your guys are all licensed, right? You're not CBOE members, right?
We are all CBOE members. Most of our traders are licensed. But not all. Do not use that word "retail" in regards to CBOE registration or they will reject the applications.
Good point, thanks for the heads up....not what I meant anyway... more like "licensed vs. non licensed." Have a good weekend Mav!! Don
Don, Are you ready to concede defeat? You have quietly let this thread die with no follow up. It looks like no series 7 will stay in effect for all CBOE registered firms. Don, I think you owe me a beer. Cheers!
Defeat? Never....but I may just have to buy a CBSX membership. Which I'll probably do if they will just assure me (even verbally) that there will be no license requirement. As for the beer..."absolutely" - anytime. I should be back there in March, checking with CBOE in the meantime as well. We'll get together then. Have a great, long weekend! (And no "scare" tactics...not at all... I closed up 150 traders a couple years ago in Bright Securities...I would have bought a seat back then for them instead...just different requirements... we're all looking for a level playing field that's all... The "scary" part is the "private equity" firms that have no SRO, in my opinion). Don