Series 7 for Canadians?

Discussion in 'Prop Firms' started by Singer, Jan 20, 2004.

  1. Singer


    I'm a Canadian trader interested in getting my Series 7, so I can open up prop opportunities for myself in the USA.

    Can anyone direct me to the appropriate websites and/or tell me what's involved?

    Is it simply a course you can take, or do you need a sponsor and a position lined up at a US firm and a fairy to wave her magic wand? :)

    I'd appreciate any advice...
  2. You need to be sponsored by a firm to write the series 7 test. Decide who you're going to go with and they'll set the exam up for you. Buy the study material on ebay and write the exam at any Sylvan Learning Centre (there may be other proctors, I don't know). If you fail, you can re-write in 30 days.
  3. Singer


    Thanks for the advice so far... it has been really helpful. Ebay does have the best prices for materials.

    Besides having an obligation to work for a firm who sponsors my series 7, is there any other way to get it?

    Is there a firm which will sponsor traders based on employment history or track record, but will not necessarily require the trader to work at the firm?

    I want my series 7 designation but I'm not ready to move to the USA to work... yet.

    Any series-7-certified Canadian traders out there? How did you get your series 7?
  4. Ontrader


    Yes you must be sposored to write the 7. You can write it in Canada at Sylvan but you must be an employee of a US firm. Then you would need to get the series 55 to trade and potentially the local 63. Why would you want to do this when you can trade US equities for several Canadian firms without the 7. It doesn't really apply.
  5. The 55 and 63 are only required at NASD member firms. Several of the bigger prop firms are members of an exchange and not NASD and the 7 is all you need. The 7 required more study time, but the 55 was harder. Nothing to the 63.

    I'm curious, how do the rates and leverage compare between the Canadian firms you know about and what you can get at some of the American prop firms?
  6. Singer


    I can't say I've looked at a statistically relevant number of Canadian firms as compared to US firms... it would seem that most deals are pretty similar between the two countries.

    If there's no profit split the trader usually has to put up at least $5,000 and gets 4:1 to 10:1 margin for leverage.

    If there is a profit split the trader has to put up $0-$3,000 as a sort of "risk bond" and leverage is unrelated to this, as far as I can tell. The lower the risk capital needed, the worse the split.

    As for rates, I'm sure they vary all over the place, and they change all the time... probably no difference across the two countries.
  7. Ontrader


    The rates seem to be better on account of the fact that the BDs treat Canada differently. We pay fifty-five cents per execution no matter how many shares. Also these are true prop firms ie. no leverage because it is US money and their would be licensing issues if they was investment.