Series 7 Retail Broker and Prop Trader

Discussion in 'Prop Firms' started by VinMan, Jul 26, 2012.

  1. VinMan


    I know it takes dual registration to be a FINRA Registered Rep and also a CBSX Prop Trader but is there another way a Series 7 Rep aty a FINRA firm trade without being retail?

    Would it be best to trade through a none CBSX firm and simply disclose this to the FINRA firm and provide trade reports?
  2. 1245


    Almost no Broker Dealer allows dual registration. They both have to have procedures in the WSP to cover how to do this and would both have to agree there is no conflict. They would likely have to be related firms to do this. (EG Same beneficial owner but one BD does sales the other trades)
  3. Agree with 1245 on this. Although we have in the past, the other firms won't (retail brokers), so, cannot be done.

  4. VinMan


    So I guess if no one is willing the only option is non-CBSX with full disclosure and trade reports to the retail firm. I guess that's like having a Scottrade account with more leverage.