Have you been told by CBOE reg or is this second hand? As of yesterday afternoon, they had not decided. If you did hear it from CBOE reg, then will the waive for any new series 7's or only existing ones?
I've heard from compliance who is in talks with the CBOE. Don Bright has said the same. There was nothing special about the 56. They just wanted to have some type of testing to raise the barrier of entry. The series 7 qualifies for that.
If You have a 7 . You still may need to get 56 unless they actually do provide a waiver to 7 traders . Which remains to be seen. It's all talk at this point until it actually happens. The 7 is still accepted by other exchanges at the moment but that could change if the sec says all exchanges must follow the same rules as the cboe with their licensing. Then its a universal license .. The idea of requesting a waiver & be granted one are two different things. When traders start getting waivers that will solve the issue for some traders. Wish these people would make up their minds & let everyone know what the rules are specifically so traders can do their part . they like to keep everyone guessing
I am not saying you didn't pass the test. That's not the issue. If you did, congrats man. I got the impression you were trying to lure people to your firm based on you passing the test. If that's not the case then I'm wrong. Just basing it on what you posted. My opinion on this whole mess is it's way too early for people to panic. See how the waver thing goes. Then wait and see what study materials are available the next 2 weeks. It's July 7th. If there isn't any study material released by traders own firms or a company like STC by lets day July 24th or so then sure, then it's time for concern. Hopefully it works out for everyone.
again, if you are a holder of 7, we get waived for 56. People already know this........why be so persistent on CBOE coming out officially with this? just believe dude. Many like myself have 7 but it might be inactive................i had to sign up for CE to become active again..............and you know how tough CE is.......lol. i'm already over with this crap..
man what happens if you fail and your livelihood is trading?! or could you imagine a firm that has monster traders and decide not to do the test and leave, it can kill firms!! also the new sec rule on dma on clearing protocol... funny it seems the sec or obama wants to eradicate prop trading all over... any comments?
Yes , You got it right, There are lots of Spammers around. We know who they are. They are part of those firms that they dont have any budget and usually are one man show ( and we know who they are just read my past postings under newbie2010) ( by the way i was banned before because i have identified some low class Elite traders spammers, my ID was banned and now i am newbie2010part2). Big deal , You passed the test? NOW so what? What do you want to prove? Because you passed the test now every one have to join your firm? You dont even have enough money to post the ads to attract traders to your LOW CLASS ONE MAN SHOW firm!
That could be one solution. However, the CBSX prop firms did not sponsor for the Series 7, as it was not required by their SRO. In the regulatory circular that came out last November, the SEC gave the CBOE six months to come up with an exam, or they were going to require CBSX prop traders pass the 7 as the default exam. Now that the qualifier is the 56, it would make logical sense to have the following options: 1. Allow CBSX firms to sponsor current traders for the 7 and/or hold a trader's active 7 in lieu of having the trader take the 56. 2. Allow CBSX firms to accept either exam to meet the SEC requirements, and have the process streamlined through FINRA. 3. Allow CBSX firms to extend the deadline so that currently active and registered U4 traders have enough time to review study materials (example: the standard 120 day FINRA window for such exams). Of course, "logic" is subjective when it comes to regulators.