Thanx everyone for all your comments. This week I actually spent time both at the CME (old cbot building) and the CBOE. asking much of the same questions that came up on this forum. the members section of the CBSX is trying to push for their own version of a MM test or a prop firm test because the *ser. 7* is a test with products that wouldn't properly apply to their exchange. I didn't intend on this to becoming a bright FLAMING thread, and Don Thank you for your time responding and our brief phone call. here is the current CBSX interaction to all reg. prop firms. "In response to a request by the Division of Trading and Markets of the SEC and in light of recent market events, the Exchange is proposing to expand its registration and qualification requirements to include additional types of individual members and individual associated persons. To that end, we have filed proposed registration rules with the SEC, which we encourage you to read closely. We will be communicating to you the registration process, qualification requirements and timeline for compliance. The rule filing proposes, among other things, to require registration and qualification by an individual member or individual associated person if (i) the individual member or associated person conducts proprietary trading, acts as a market-maker, effects transactions on behalf of a broker-dealer account, supervises or monitors proprietary trading, market-making or brokerage activities on behalf of the broker-dealer, supervises or conducts training for those engaged in proprietary trading, market-making or brokerage activities on behalf of a broker-dealer account; (ii) the individual member or associated person engages in the management of any individual member or individual associated person identified in (i) above as an officer, partner or director; or (iii) the individual member or associated person is designated as the Chief Compliance Officer. " Also thanx to everyone of the PMs and all the additional information I recieved on setting up clearing relationships.
As members of CBSX we are fully behind and support a licensing requirement for professional traders. While it may seem as an extra burden to the trader to take an exam, the industry-wide benefits outweigh the costs, in our opinion. Without licensing and barriers to entry, the industry was relying solely in good will and good intentions of the trading firms. While many firms have had such good will and positive intentions, there were a few who were much less scrupulous: all it takes is to look through this forum to read all about them. We do agree that a Series 7 is probably not an adequate exam, as it both fails to address many aspects (especially risks) of professional trading, and covers much more ground then necessary, but a licensing of some sort is necessary. While the regulators decide and agree on the course of action, we are currently devising our own exam, as we have more and more traders inquiring to join as we have opened our doors as a broker/dealer. Please feel free to contact us with questions, suggestions, or any other input as this topic is very important to the health of the industry, and isnât simply firm specific. Also, please feel free to contact us for branch office opportunity as this is something we are currently actively pursuing. Thanks!
Agreed in full... Starting your own trading group is favorable because you can pool together your volumes and get better rates for your group that's the only advatange... It seems so much so as if Mr. Bright was just trying to perpetuate a ponzi scheme. Shortseller, if you are looking for better trading conditions where you are an already profitable trader then just shoot some Broker/Dealer like Coastal Trade Securities or similar and get yourself involved so you can increase profitability of yourself and those who you know well by reducing the cost of your doing business. Good luck!
don bright - used car salesman Sometimes I just have to smile, and I guess now that I'm 60, with a lifetime of memories, I can pretty much do whatever I want, LOL. Guilty as charged - in fact some of the best times of my life were spent as a "used car salesman" - albeit pretty cool Electric Vehicles - and my clientele were some Hollywood and Political types that I remain friends with to this day. My partner and I, Gary Starr, took U.S. Electricar public in the early 90's - took over "Zebra" EV's to add a sports car to the mix - built some cool stuff over the years. We then started Zapworld www.zapworld.com (check it out....be careful, you might want to buy something, LOL) - My "Hollywood Mafia" as I called them, since they were always willing to help me with exhibitions etc. ( ut oh, "name dropping" I guess, LOL): Mike Eisner and Frank Wells of Disney, Robin and Marsha Williams (delivered to Green St. in SF, David Zucker (Airplane, Scary Movie etc.), Leslie Nielsen (actually made videos for us for free a while back), Ed Begley (of course), Oliver Stone, Tom Cruise....and a whole bunch of "Geen type" politicos. I won't bore you with much, just a couple of shots I found on the web. Yes, that's me as Santa Claus - hey the suit fits perfectly. EV race sponsored by Bofa around the SF bay - lotsa fun. Leslie and I with our "used" solar Fiero on Daytona Beach, Spring Break, filmed with MTV and also a "Benny Hill" commercial with Leslie (for you old guys who remember Benny Hill). David Zucker and I with Neil Bush (yes that one, LOL). David bought and built a dozen or more cars with us. (sorry for taking up space, but since I pay sooo much for advertising (as if) - I figured what the heck..... and...we are stuck in 1100 Hell again (SPX) - waiting for a move. (All in fun everyone) Don edit: While I'm at it:
This is an idea I've been kicking around. Start a prop branch as a franchisee. If there are any firms out there with a decent model/business plan feel free to fire me a PM.
i just came across this...wow..you hold retreats? like the kind where we go to the mountains and sing songs by the campfire? i am trying to imagine a trading retreat......very interesting
LOL, not exactly (as they say) - not so much "kumbaya" as "where's the moolah" LOL. Since the days on the trading floor(s), I've always felt that having some interaction during off hours really helped the overall good feelings with traders. We do one each year more focused on trading (our "Intensive weekend") and one more social, where the spouses get to know each other and all that)...and heck, "it's Vegas, Baby" Don