Exchange Membership?

Discussion in 'Prop Firms' started by Toonces, Sep 9, 2003.

  1. Toonces


    If you have a Series 7 and trade with a pro firm (eg Echotrade), are you considered a member of an exchange? Or is the firm a member, and you're something else?
  2. the firm is ....the NASD is not and exchange....the firm is only a member of an exchange if it is also with NYSE, CSE, PHLX ect...why are you asking??
  3. Toonces


    I'm filling out paperwork to request NYSE data for my backup broker, and they're asking if I'm a member of NASD, NYSE, etc.
  4. So if the firm is THE member, why do I have to pay an annual fee (like 300ish) to Echotrade for PHLX membership? (I trade through ECHO)

    I would like to be enlightened.


  5. that may be a separate fee that PHLX charges .....does ECHO have a JBO with the PHLX?
  6. Speculator1929

    Speculator1929 Guest

    A B/D can only have a JBO (Joint Back Office) with a clearing firm not with an Exchange such as the PHLX.

  7. you are correct....i was thinking of Spear, but forgot they were a clearing firm...still dont know what the 300.00 is for , although with the NASD it usually costs a couple hundred to get all your licenses up