SERIES 56 News

Discussion in 'Prop Firms' started by EvOTrAdEr, Jun 29, 2011.

  1. Here's the latest updates from FINRA on the series 56 exam. it looks like this may go into effect quicker than expected. all registered traders will be required to pay for and pass the exam (should be right around $500) along with the fingerprinting and u4 in order to keep trading. This was released and published today apparently. Google alerts for "series 56" brought up the following new results:

    RG11-077 New WebCRD Registration Categories and Related Qualification Exams Exemptions and the Waiver Process -

    http://www.prop-trading.com/wp-cont...n-Exams-Exemptions-and-the-Waiver-Process.pdf


    &

    View the FINRA Series 56 Proprietary Traders Qualification Examination Content Outline –

    http://www.prop-trading.com/wp-content/uploads/2011/06/Series56ContentOutline.pdf
     
  2. I notice it is for CBSX and CBOE holders. Arent some prop firms not affiiliated with CBSX?

    If so, will the series 7 still be enough?
     
  3. rmorse

    rmorse ET Sponsor

    If you're a trader that has the assets available for a Customer Portfolio Margin(CPM) account, you can avoid these exams because your won't be associated with a prop firm. CPM accounts are segregated customer accounts that offer good leverage and SIPC protection. IF you open the account though my firm, we offer personal service on all our accounts and we customize our offering and prices to your trading.

    PM me if you'd like to talk about it.....Bob
     
  4. This is pretty big news. I am surprised that this thread is so quiet.

    I wonder if you will be excempt if you have the Series 7 and or Series 55?

    I am hearing that you have to pass the test by August 12 and that there are no study materials available. Sounds ridiculous to me.
     
  5. Bob.. most traders are with prop firms for the leverage. 30-1 or higher. Most traders don't want to put up 150 k in a account for 6.67 leverage for the most part & pay higher commissions at that. All about leverage. many traders don't want or have a need for a pm account. It's good for the trader has the money . most traders probably trade with 5 k - 20 k in their account & get what they need. rather use opm.
     
  6. I have a specialized degree in the field of securities regulation and compliance and can put together my own study materials if necessary, but I'm pretty surprised they haven't extended the deadline yet given that a lot of traders will need to learn some of the regulatory nuances for the first time and may need to learn detailed rules about different asset classes than what they actually trade.
     
  7. the smart thing is for these educational companies to hurry & come out with a study material book. their may be many failed tests at the beginning with this whole process without it. you have to be prepared.
     
  8. Just to be clear this test is not necessary for traders who simply trade a regular retail (PDT) account correct?

    Thanks,

    -Guru
     
  9. That's correct.
     
  10. FYI:

    Our exchange, the chx has made a rule filing for it along with other exchanges, so looks like will be good on all exchanges, chx going to meeting on 7/5/11 about it, I'll let you guys know more when I do.

    Don
     
    #10     Jun 30, 2011