Professional? Nonprofessional? datafeeds?

I left my job at a broker dealer 3 weeks ago. I have a series 7. Got my U5. The whole department was eliminated. First thing I did was open a futures trading account. Checked off the non pro box for realtime data feeds. No problem.

I just went over to Schwab to upgrade my existing equity account to an active trading account and they tell me that I am considered a professional. They know I am not employed by a broker dealer but they claim my Series 7 is still active (yes, yes, I know it can be revived for 2 years and I have to advise NASD of address changes for 2 years, but it is not truly active). NASD of course is no help. I have called the national and local office and get the telephone equivalent of a blank stare.

Surely I can't be the first trader to leave a broker dealer and start trading with realtime data!! Anyone else out there? I also can't believe I would still be treated as a professional for purposes of paying for data.

 

Make sure the firm you worked for released your license. that might be the issue

 

Isn't that what the U5 is all about? It doesn't include the words "active" or "inactive'.

 

I spent half the day talking to fairly uninformed people at NASD and NASDAQ. I had the rules read to me and I was told it was a "gray" area.

Finally I pulled out my U-5 form and there is nothing gray at all. If you don't know, Form U5 is titled, UNIFORM TERMINATION NOTICE FOR SECURITIES INDUSTRY REGISTRATION

The word, "TERMINATION" does not mean I was fired from my job. It refers to the registration, as in, the registration is terminated.

Item 3 of the form: FULL TERMINATION

Is this a FULL TERMINATION ? - Yes

Note: A "Yes" response will terminate ALL registrations with all SROs and all jurisdictions.


That seems pretty black and white to me. My registration has been terminated. I am not registered. I am NOT a professional.

I think some are confused with the idea that I have 2 years during which my registration can be reactivated if I join a broker/dealer. After 2 years I have to take the Series 7 exam again if I want to activate my registration. What a PIA!

 

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JaX;
Seems pretty simple to me;
using the NASD/NasdaQQQ powers that be, stricter interpretation , its a ''grey area''If NasdaQQQ really thought you owed them more money, not likely they would be shy about saying so.LOL

So no,
on pro
fees