cbsx registered traders . Daytrader's Test Update

Discussion in 'Prop Firms' started by scorpion, Jun 30, 2011.

  1. Evotrader.. good to have teamwork. they were working earlier. I hear that the clock starts Aug 1 & the traders have a 3 mos window to pass this test. That is my what i was told yesterday. Is this correct?
  2. Well, the original date I heard was September but this dropped out of nowhere. FINRA sent it to the CBOE on 6/28 and 8 am the firm got the notice saying effective 6/20??

    CBOE site says the test will be $500 without the cost of training materials.

    I was doing the math and if 30k US traders are required to take the test, that's $15,000,000 in test fees (if everybody takes the test just once) plus the additional revenues these regulators are charging for fbi checks, fees on every account, etc. It's really getting out of control. Somebody has got to stop these idiots before we're all forced to trade retail.
  3. It seems that the CBOE filed the proposed rule change with the SEC on 6/16. Interestingly, the SEC referred to the 6/20 date also as the date when the Series 56 exam "will be available."

    One test center I called this afternoon though still hadn't even heard of the Series 56 exam.

    The SEC chose the August 12th date back in November for when "individual associated persons must take and pass the new examination."
  4. timcar


    More Bad news for CBSX firms or traders:

    Charged $500 to take a useless test
  5. the original timeline a few months back posted by cbsx was a july start date & a 3 mos window to pass the test. Now supposedly it's a Aug start date with the 3 mos window to pass . All traders Not registered now have until aug to get registered & be included in this testing process. Otherwise you have to pass the test to join any firm. Their is no study material & everyone will be flying blind to try to pass this test. this is not going to be smooth at all. everyone will up the creek without a paddle.
  6. good point about the fees for the test. this is all too confusing on what the rules are. i think their may be 10 k traders if anything . but a lot of money for nothing. better off just charging everyone a fee & avoiding taking any test period. it's all about the money & punishing the small traders trying to earn a living.
  7. DON.. this is one time the et community can use your expertise to what is going on here? This test will affect all the firms out their. Yours included to accept any 56 licensed trader by the the various exchanges. The competition will heat up over time & their probably will be some consolidation in the prop business.
    Can you share your views on what may happen with this test? How will it affect the industry? thanks
  8. Interesting post on the modern telecommuter job site. Not one educational firm has any study material yet for the series 56 test. But they do? Too bad they have the official date for the test deadline Wrong.. Marketing at it's best by them. Finra does not have the 56 test in their system yet to answer any questions if you call them. Its' all too new. good luck with this.

    As you know, the SEC has mandated that all registered persons must have his/her Series 56 license by August 11th, 2011 in order to continue trading. In addition, there is currently no study material commercially available for this test. While many firms may be caught off guard by this news, T3 Trading Group, LLC, the industry leader in trading education, is not. We are implementing a comprehensive training program to provide our traders with the tools needed to pass this new exam.

    T3 Trading Group, LLC (T3) is a CBSX registered broker/dealer whose proprietary traders focus on intraday momentum, swing, and technical trading of US equity markets. T3, based in downtown New York City, specializes in the development of both new and experienced traders from around the United States.
    #10     Jul 1, 2011