Flipping from PHLX to NASD firms

Discussion in 'Prop Firms' started by optionsplayer, Dec 19, 2002.

  1. Does anyone have logistical issues or concerns they know of from protocols of flopping over from a PHLX to an NASD firm -- such as securities licenses issues??

    For example, there are specific licenses you can only obtain by working with an NASD firm. IF you start out with a PHLX firm, most will only get you the 7. Does this turn out to be a big headache at some other point in time if you make a career change in firms????

    One other consideration, does this say anything about a firm that only has membership with the PHLX and not NASD or an SIPC plan??
     
  2. You will need to take the series 55 and 63 to trade with an NASD registered firm.
     
  3. axehawk

    axehawk

    subscribe
     
  4. YES!!!!!!!!!!!!!!!!!!!!!!

    I was stock broker many years ago so had an a Series 7 and 63.

    I joined a prop firm not NASD registered two weeks before it expired.


    NASD had a field day with me restricting me from trading for over 25 days due to this. If you license is over 2 years old you may or may not be able to get a waiver for your 7.

    Yet had I been with an NASD firm than I would have never had a problem.

    so I can definitely say YES.

    On the brighter side I actually learned a few things from the Series 55 that relate to trading as it talks about the rules for Market Makers. Kinda interesting reading.


    I'll now be getting a Series 65 and Series 24 in the next 6 months.
     
  5. SIPC is for the retail firms. Which some of the prop firms have set up.
     

  6. Thanks for your insight and experience on this matter! The logistics of this kind of scenario can indeed be complicated.
     
  7. bmwstox

    bmwstox

    Isn't generic a member of the Philly exchange?

    - BMW
     
  8. speedy

    speedy

    yes