this #56 test appears to be a standarized test for the industry. so everyone is required to take the test unless they get a waiver. All of the exchanges are on board to accept the 56 license as they do now with with the 7 is the goal. All the exchanges were involved with this process from the beginning & this is the new test all prop traders are required to take unless they can get a waiver. How many traders will get a waiver? everyone should get ready to take this New test if they want to trade. If you don't pass the test by the deadline Aug 12.. Your suspended from trading until you pass the test. You have to wait 1 month to retest. The cost to take the # 56 test is $ 195.00 Their is still a pending decision by the sec if they will offer a later deadline to take the test? according to the cboe exchange. their trying to give the traders more time & make the process easier for everyone. Only a maybe.. right now it's Aug 12 Deadline These are the facts from talking to the cboe exchange.
their will be some changes with this new test imposed on the industry. it will drive some traders away & some prop firms will go out of business. If your a small firm & you lose most of your trader's you go out of business. Remember these cbsx firms exist because traders did not want to have to take a 7 test to join a firm & it was easier in many ways to join the cbsx. Now everyone is in the same boat with needing a license & paying the yearly exchange fees & continuing education & all that good stuff just like anyone with a 7 license. It took the exhanges about a year to finish this test & if anyone thinks this test will be easy is probably fooling themselves especially if you don't have any materials to prepare for it. It's all come full circle in making everyone pay up. so you can say their cleaning house & getting rid of the weak players. Only the strong will survive.