Professional Status

Discussion in 'Taxes and Accounting' started by l8braker, Jan 9, 2003.

  1. l8braker


    I'm currently a prop trader with S7/63/55 and plan on leaving my firm in the next few months. My question is that if I leave and trade on my own, am I still considered a professional and subject to the outrageous additional fees from the NYSE, etc for quotes? I know my license is good for 2 years from the date of my U5 but I will not be associated with a firm nor will I be giving out any quotes.

    Also, if I decide to chose non-professional and somehow the NASD finds out, what are the consequences?

    I've spoken to a couple of quote providers and they said that this is definitely a "gray area."

    Thanks for any help.