Series 56 Deadline EXTENDED to September 19th

Discussion in 'Prop Firms' started by T3TG, Jul 8, 2011.

  1. T3TG


    The deadline of August 12, 20113 to comply with these registration and qualification requirements has been extended to September 19, 2011.4 The Exchange is continuing to work with staff from the Division of Trading and Markets at the SEC and will announce any additional changes to this deadline via Regulatory Circula
  2. Exactly what I predicted in my post below. Now everyone chill and concentrate on trading well. Might be extended even further.

    07-05-11 03:35 AM
    If you are with a CBSX BD now just wake up tomorrow morning and trade like it's any other day. Nobody knows anything yet so wasting your time speculating and playing the "what if" game is useless. Just go on as business as usual and wait for guidance from compliance. There is no study material yet, firms can't even register traders to take the exam. Do you really think they are going to make you pass it bu August 12th? There is no way.

    If you are not yet with a CBSX BD but want to be without shortly I would do it as soon as possible. There may be some benefits of being associated before a certain date.

    Just my 2 back to my charts.
  3. EPrado


    Yeah...Aug 12 was ridiculous. At least by Sept 19th there will be solid study material out for those who need to take the test.

    Like you said amigo...back to trading.
  4. T3TG


    and maybe some of these waivers will get processed..... (fingers crossed)
  5. Good info. Their back to the original date as most anticipated before that circular last week. Now we need to get study materials to pass this test is our next step . Hopefully some of the prop firms will provide material to help retain their traders moving forward.

    It was nice to speak with you yesterday. I have spoken to my supervisor regarding the Series 56 exam preparation materials. The outline was just released and our writers have begun working on our study materials. They anticipate, by the beginning of August, the process should be complete and the materials will be available. I would be happy to contact you when we are ready to ship the materials. Here is a news item with more details on the examination.

    On July 5th, 2011, the study outline for the CBOE-required proprietary trader exam was released. Anyone who is defined as a proprietary trader by the CBOE must take the examination by August 12th, 2011. Anyone who has a Series 7 license and relevant trading experience can "apply" for a waiver, but granting the waiver is not automatic. This is the first time that a minimum of 60 days has not been given between the release of a study outline and the requirement to complete an exam. We are hoping that the August 12th, 2011 date will be extended, since just preparing study material for the examination will take about 30 days.

    The examination is 100 questions long (plus there are 5 "extra" trial questions that do not count in the grading), to be completed in 2 1/2 hours. The study outline is EXTREMELY broad (it is 60 pages long), and is a essentially a compilation of rules covered in the existing Series #24 General Principal Exam; Series #55 OTC Equity Trader Exam and Series #4 Registered Options Principal exam. We have started preparing study material, but with a study outline release date of July 5, 2011, we will not have material ready until August 1st, 2011. This means that there will be a very short window to prepare for the exam by the August 12, 2011 deadline. Anyone who might qualify for a waiver should explore this option with their firm's compliance department.

    Thank you-

    Stacey Swiecicki

    Pass Perfect Associates


    (fax) 203-661-7188
  7. T3TG


    That's awesome!!! Thanks for the info man!!!

  8. no problem. i thought some real traders may find this info helpful . This is the only educational company so far that has committed to providing any study material . other like kaplan & sct will Not particpate they said. both well known sources for study guides. They are moving quickly on this which If pass pefect can they get this material out on time that would be a huge benefit for all.
  9. jd7419


    Still waiting for the study material from t3. The major problem we all face with this test is the lack of practice exams. With an established test and many practice tests it is not hard to pass, under these circumstances I expect many cboe traders will fail. Anybody know how many cboe traders there are? Just wondering because it almost seems like the sec wants these traders to fail.
  10. does anyone know how much the test costs?

    I can't find any info on the test lol
    #10     Aug 2, 2011