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I agree with you. But, having looked at the material tested, I don't think the professionals who have been in the industry for a long time as independents will have trouble. Most of the people running independent options firms already know a lot of the 56 stuff. Newbies should be able to...

I think you might be confusing taxing the managers of HF's and PE's and taxes for the investors. They are all set up as either LLC's or LP's. For tax purposes, those are disregarded entities. So, all LT gains are passed through to investors and taxed at 15%. Nobody is seeking to change...

BTW....this coercive force of government on peaceful Americans is the reason I am an angry cat :mad:

I confess that I'm not familiar with the daytrader business model, but my understanding is that these firms extend certain privelages that used to belong only to professional traders to anyone who is willing to comply with the daytrading firm's terms and conditions. Correct me if I'm wrong...

Hey, man, if the libertarian shoe fits....:D I sort of pride myself on my support of free men and free markets as well as my lack of willingness to use violent force to coerce peaceful people to bend to my will. :D

I know, it's shocking. And the worst part is we don't get $0.25 in fraud reduction. Fraud is institutionalized AND we pay for the promise of prevention. So, we pay and regulation worsens our lives. Of course we're getting dumber! Look at the state of government monopolized public...

Economists Craig & Craig in 2009 released a study of the cost of regulatory compliance in the United States. Just the Federal reg compliance cost the economy $1.75 TRILLION - or 1/8 of 2009 GDP. That's a huge tax, considering that corporate profits that year were only $1.45 Trillion. The...

Yep. That's our understanding too. This is an unnecessarily harsh treatment by the SEC (in terms of time to comply), but if we keep our wits about us, we'll all get through it. I personally appreciate people sharing their experiences. Have a good weekend (well as good as you can...

I have an idea. Since the SEC is trying to boil all CBOE DEA firms in the same cauldron of bubbling oil, don't you guys think it might be a better idea to expend our energy on helping each other out instead taking offense at every opportunity? C'mon, guys. Time's not on our side.

Exactly. Ron and Rand and Gary are pretty much as close as we come to a respectable politician (an oxymoron, really. Emphasis on "moron"). The only nit I will pick is that the financial industry is not the only industry being decimated by over-regulation. I can't find a single industry...

Well, "dude", if you're over this "crap", what are you doing here?

Have you been told by CBOE reg or is this second hand? As of yesterday afternoon, they had not decided. If you did hear it from CBOE reg, then will the waive for any new series 7's or only existing ones?

No, it isn't. The CBOE has not yet decided if it will waive for the 7 (although, they are considering it).

I don't see why you wouldn't use this as a selling tool. BTW, thanks for posting your experience and for coming back to update everyone here. I'm sure I'm not the only one who appreciates it.

CBOE will not confirm that.

So what? We all use every advantage we have to compete. Big deal.

You won't get away from the SEC that way either. Remember Dodd-Frank? Even though hedge funds blowing up left and right had virtually no impact on the financial system in 2008 (all the drama came from highly regulated financial institutions), Dodd and Frank used the financial crises they had a...

How to file a BDW

Well, irrational and insane are pretty good adjectives for FINRA and the SEC :(

Don, The exchange rules are very much accessible by googling, fore example, "Box rules" or "Nasdaq rules", etc. using the "search" box saves a lot of time flipping through printouts (do NOT recommend printing out all the rule book. CBOE's is over 500 pages). Googling the SEC Acts of...