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As you know, "member's equity" can have several classifications, "A", "B", even "C", etc. Even if they didn't take outside remote traders who put up their own capital contributions, the owners with voting rights would still be "members" and thus have "member's equity" at the firm. After...

This is like yelling "fire" in an empty theatre. As hitnrun correctly stated, there is NO current rule on maximum payouts. The CBOE memo neither mentions that net capital rules will be recalculated retroactively, nor does it state that a firm would "get shut." Team Trading was never a...

You're right, it's subject to interpretation. According to CBOE, it's currently under review by SEC and FINRA. The point of the circulars was to simply provide notice to the firms who pay higher splits. I believe it was Goldman, not the SEC, that provided notice to Bright about the 80%...

Just a follow up on Drayton's post, I'm also surprised their traders don't need any license. For clarification, is this more of a "hedge fund" model?

Good info. Chimera seems quite solid. They reported over $10 million in member's equity as per their 2010 SEC filings, obviously not some rinky dink operation. They are one of the rare "true prop" models in the equities business (most who hire traders for salary are in Chicago and trade...

SgtSlottter: It's important to ask the "tough questions" as you state, however there is some reason why you seem overly concerned about WTS and their financials. What is stopping YOU from contacting the owners in Montreal or a U.S. branch office directly and getting the answers you seek...

Refer to the FINRA release for clarification: http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p121247.pdf "if a firm has actual notice that the sub-accounts of a master account have different beneficial ownership (but does not know the identities of the...

Perhaps they can help: http://www.tradersaccounting.com/tax-return-accountant.php

Drayton, nice going on passing. It seems the general consensus is the Pass Perfect manual is more comprehensive than the CBOE manual (even though both will work). Juanangel: Kovan's earlier post had a good suggestion: Keep a running tally on the laminated worksheets they give you for all of...

Consult an attorney if you're seeking legal advice. If it was an unregistered firm, then you may be in for a rude awakening. Review these threads for more info on prop firms that won't pay: http://www.elitetrader.com/vb/showthread.php?s=&threadid=227275...

Although you can use the leveraged ETF over a 24 to 48 hour period as you suggest, you may wish to read the Direxion prospectus, where you will find the following statement, among others: "The fund seeks daily leveraged investment results and does not seek to achieve its stated investment...

Very accurate post and well said. I recently passed using the CBOE manual, however it was a VERY DIFFICULT exam, and had I not been adequately prepared after going through the manual extensively, I would have failed. I do feel lucky to have passed, as I did have to make some educated quesses...

I once owned SBUX and sold calls against it. They were out of the money when I sold it but the stock rallied and they became deep in the money. I then noticed that my long stock position was assigned TWO DAYS before expiration, so the answer to your question is "yes" but it depends whether or...

Well, there are obviously two sides to every trade. It all depends on your timeframe and ability to stomach a potential drawdown. The machines did not buy at 1,101 today as they did when the SPX hit the August low. It broke slightly below 1,100 so the bias is obviously still down.

For someone who claims to be on the "inside" making money, you certainly make it difficult to sign up new Class C recruits. 40k Canadian isn't too bad for joining a secret society. I'll have to pass though, and just stick to the charts. Thanks anyway.

Wow, the information must be quite valuable. It's too bad I can't afford it, but others will certainly want to know how the model works, and perhaps you will make a fortune by selling them the information. Best of luck, lol!

The phrase "willing to become" implies that you are not a "registered whatever", so given the "pooled capital" example, how does the Class A member get equity ownership without being registered? If the sub-LLC is the Class A that joins the registered firm as "owners", but given your example...

Well, obviously the contract is signed by both parties! I never stated to blindly send funds without reading the contract, or that funds are recoverable if you lose money in a trading account. The scandal at the UNREGISTERED firm was a breach of contract claim (quite simply, the contract...

If you have an expired 7 and take continuing education, they may also give you a waiver. I think it's on a case-by-case basis.

Go to Proshares.com, and you can research the 1x, 2x, and even the 3x, but make sure you have the pepto on standby if you dive into the 3x!