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