EPrado. I don't live in the past. the reality that this test is difficult even if you can't grasp that concept. As a trader for many years just sharing with others that live in the real world . Most traders do not want to take any test period. You keep saying study & pass. Study what exactly ? the test was only released last week .. Newsflash .. Their is no study material period !! The guy that started this thread said the test was difficult for him & you think he is joking. You make too many assumptions about people . Your probably a genius & you have all the answers for us. I live in the real world. Maybe you should go take the test if you think its so easy & come back and tutor everyone then. you will make a fortune.
I don't know scorpion, but there are some real issues for firms for whom CBOE is the DEA. None of the firms have ever been required to take exams. So, while some people do have a 7, others either don't or have expired registrations (for example, if you moved from the now defunct AMEX to CBOE, your AMEX registration has expired and you didn't get one at CBOE because it wasn't required). Experience is a factor in the decision about waiver grants, but CBOE reg has in no way promised exemptions for experience nor has it promised exemptions for other registrations like the 7. Moreover, if you happen to be a principal, you must also pass the 24 by 12 August. IMO, the fact that you have to take tests is not the big problem (I will leave my opinion of the whole registration exam program out of it). The problem is you already have firms who have been operating for years who are not going to be able to be able to get in compliance by 12 August. Unlike day trading shops, they can't simply stop trading. Never in the history of the registration exams has there been a 5 week compliance deadline for a new test. Never.
Well, ok now...someone took and past the test. The S7 people say about 100 hours, most take much less time. I remember taking my CPA exam... twice, LOL.... now that was a test.... this should put all this to rest now... however, I hope they get some decent study materials for you guys.... Don
how much did you pay? just got a email from WTS (apparently they forgot to remove me from their list) that it costs 200$
I am far from a genius. But until ALL the new/rules are out take a chill pill. I am sure there will be study material made available very soon, and some sort of extension past Aug 11. That or maybe you have to sign up for the test by Aug 11. Who knows. Until there is study material made available I wouldn't get ready to jump off a bridge. You cant say for sure if this is going to be a hard test. So far one guy took it without studying...tough to call that a hard test.
I agree with you guys about the ridiculousness of jamming this test down CBSX firms throats in a 5 week period. This is unheard of. Back when the 55 came out we had 2 yrs to pass. I would have to believe they are going to have to extend things out a bit..especially since there is no study material out. I agree with you guys 1000% how absurd it is. My argument with scorpion is he is basically saying it's going to have a huge effect on the trading world. That's simply not the case.
Eprado. I am sharing my opinion on the possible effect to prop trading firms. If their are less traders involved for various reasons then that would have a domino affect on the smaller prop firms that are strugging now & trader's will wash out because of these changes. i would expect some changes to the prop model with these new rules & cost of doing business. Then again you think people are making a fuss over this test. Maybe this will not affect you great. good to be realisitic to what is really going on Now. people will believe what they want . Does not change the facts. Your not realisitic if you think everyone will get a waiver & the deadline will change. I have a bridge to sell you. keep dreaming. everyone is entitled to their opinion . just stating the obvious of what can happen to the prop trading model.
I never said everyone will get a waiver. Probably only those with sufficient experience trading or those who previously had/do have a series 7. As far as the deadline......a month away is insane. There is going to have to be some kind of extension. I just think you are jumping the gun. This news just came out. If they don't have any study material in the next few weeks and they require everyone to pass by Aug 11 then yes, there will be problems. Could that scenario happen? I guess....but it is a pretty irrational/insane scenario. Also the whole waiver thing is unclear. Is it going to be based only on past experience or having a previous series 7? Too much stuff up in the air to make any real call here.