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.