prop trading--license question

Discussion in 'Professional Trading' started by NY_HOOD, Aug 3, 2008.

  1. is it possible for someone to work ar lets say; merril lynch using their series 7,55,and 63 license and at the same time trade prop at assent(part time) using their same license? works at merril full time but day trades on a part time basis and wants to use an assent platform which requires a 7. he does NOT want to go retail
  2. Lucky bastard, he has a job at Merril Lynch, while I have just finished my night shift at Walgreen (Aisha was sick so I had to fill in for her. I usually do afternoon shift).

    He has 55, 66, 77 licenses, while I only have a driver's license (currently suspended, everytime I drove to Walgreen I was looking out for cops).

    He doesn't want to go retail, while I cannot even open an account at IB (I have two felonies for possession with the intent to distribute).
  3. A lot of firms have a list of acceptable brokers where you can have an account. The lists are generally short and comprised of retail brokers like tda, schwab, etc. There are usually restrictions on how often you can trade and a lockup period as well. Your friend should really go speak to his boss, but in general it is much tougher to trade while working in a financial company than to trade while working at let's say, an engineering company.
  4. I'm with assent now. I don't think they'd allow that. in order to work at assent u need U4/5 done. which means u need to bring over 7,55,63 to assent. they won't even allow me to open a retail account with assent b/c I already have a prop acct with them. the rule is only one account with assent. I'm sure i can open a retail account somewhere else, but it must be disclosed to them.
  5. Surdo


    If you are licensed by a BD, they pretty much have you by the balls to maintain all of your accounts with them, certain firms will allow you to send dupe confirms. PROP....NFW!

    If you are going to sneak a trade on occasion, it's actually pretty simple, open the outside account under a relative's name and keep it under wraps.

    A prop firm like Assent, has it's own compliance to maintain and is not going to allow you to trade with them and be licensed by ML.

    el surdo
  6. si i quess if you go to assent or another prop, Merril will find out even if you don't disclose anything to assent or anyone else?
  7. You have to fill out a U-4. Mother Merrill will know. LOL!

    Mother Merrill won't allow this. I used to work for Merrill. (Don't hold that against me)

    You'll have to choose.
  8. still 'cracking up'... :p :p :D :D
  9. Intent to distribute what? Bad trading advice? Doesn't seem fair-- over half of elite should be locked up!
  10. Hey 4DTrader

    That was really funny
    still cracking
    #10     Aug 7, 2008