OK there has been quite a frenzy here and about concerning the demise of the un-registered prop trading firm as we know it. How, then, does one set up a firm to meet SEC standards? Beyond step one, that is, get registered (7,63,55,24) Do you need to register a b/d with SRO to get a clearing/trading account with a Assent/Penson/Genesis? What exactly is a joint back office (JBO)? If b/d needed, must have compliance department as well? Pardon the ignorance but I know I am not the only one here who is wondering how difficult is is/is not to set up something to pass scrutiny. I've read Mav's posts and TM's posts telling us all to get registered, so can you take it a step further and tell us how to set up the legit prop firm? On behalf of myself and others, thx.
To set up your own legit Prop Firm you will need a minimum of $1.5 million to get it started. Unless you have that much sitting in your bank account this thread is a waist of time. If you just want to trade then call Assent, Echo, Bright or Hold Bros. With them all you need is to be licensed and your deposit of $5k or more.
that guy is right he named all the biggest and best Prop Firms: Assent, Hold Bros, and Bright. I believe they want a minimum of 20K.