If you join a non-NASD proprietary firm (like Lieber & Weissman for example) you generally only need the series 7. NASD firms, like Hold Brothers, also require the series 55 (and some the series 63) to trade professional leverage (firm capital).
Can someone please tell me where Andover has offices ?? And the starter of this thread mentioned he is paying .01 a share with 85% payout and a small capital contribution. I have heard experienced traders can do much better - does anyone know what experienced guys can expect as the payout and commission ????
Everybody is so confused....You wont get any info about their sub-LLC's directly from Andover. Every sub-LLC has its own deal with Andover so what they can give you is going to differ. These sub-LLC deals usually work in one of 2 ways: 1) The founder(s) gets an override from their group's trades - commission, profits, etc etc...and they are responsible for part (or all) of any trader's losses. But they are not responsible for any of the expenses such as office rent, equipment, datafeeds, etc etc...Andover provides everything. So essentially, they are just training, recruiting and maintaining a group of traders. 2) A "net" deal: This is when a founder(s) gets a certain rate for his commission and bullets (let's say 1/4 penny for comm)..and then he charges his traders a higher rate to make his money. The profits are split between Andover and the founder (and the trader, of course). BUT, the sub-LLC has to pay for the expenses - rent, datafeed, secretaries, etc etc. There are many other fine details of course...but these are the basic 2 deals that are out there. Lion's Trading Group is another animal altogether..They are an actual Broker/Dealer - but not self-clearing. They clear through SLK, Im pretty sure.