Bright trading new commission model

Don Bright · Jul 9, 2003

Quote from tdoc:

Robert,

Good to see you posting again! OVERtheLINE was a bit premature on your demise from the trading biz. I appreciate your unbiased comments and look forward to numerous posts from you again in the future. Glad to see Don B. posting on this thread as well. Both of you do a great job of helping other traders and ignoring a lot of the bashing. Keep it up!

tdoc

Thanks for the nice words....and, yes, my young friend Robert is an excellent contributor to the board. I really don't mind the good natured competition, but, yes, I do get a bit tired of the wasted space devoted to some agenda or another.....(or just whining and moaning).

Since it's only 115 degrees today here in Vegas, I think I will bail out early (3:30 PM, PDT)....get to the pool for a bit.....

Have a great day!!
Don

jasrlew · Jul 9, 2003

I was reading the past posts and I would like to ask a question concerning the Series 7 that rtharp was mentioning concerning the expiration and having to take the 55.
I am studying now for the Series 7 and will trade prop in 6-8 months. I'll take the test soon so that I am able to trade right away when I have saved up my capital to meet the minimum requirements. I have a sponsor, but should I go and take the 55?

Could Don or rtharp kindly explain in better detail what they were talking about? Thanks.

just21 · Jul 9, 2003

Reminds me of the famous Winston Churchill story. A women accuses Churchill of being drunk. Churchill replies. In the morning I will be sober and you will still be ugly!

nitro · Jul 9, 2003

Quote from just21:

Reminds me of the famous Winston Churchill story. A women accuses Churchill of being drunk. Churchill replies. In the morning I will be sober and you will still be ugly!

nitro

Newatthis · Jul 9, 2003

I dated that woman. Almost married her too. It was in the morning when I came to my senses.

Don Bright · Jul 10, 2003

Quote from jasrlew:

I was reading the past posts and I would like to ask a question concerning the Series 7 that rtharp was mentioning concerning the expiration and having to take the 55.
I am studying now for the Series 7 and will trade prop in 6-8 months. I'll take the test soon so that I am able to trade right away when I have saved up my capital to meet the minimum requirements. I have a sponsor, but should I go and take the 55?

Could Don or rtharp kindly explain in better detail what they were talking about? Thanks.

The "55" or "trader's exam" is only required of NYSE member firms (and in certain states).BT is a member of the CHX, and we don't require the 55. The "continuing education" must be taken every couple of years to keep the Series 7 active. Some states require a series 63 (like my state, for which I must study and pass within 30 days....).

If you have more questions, feel free to PM me.

Don

jasrlew · Jul 10, 2003

Don: Thanks for clearing that up!

Nordic · Jul 10, 2003

Quote from Don Bright:

The "55" or "trader's exam" is only required of NYSE member firms (and in certain states).BT is a member of the CHX, and we don't require the 55. The "continuing education" must be taken every couple of years to keep the Series 7 active. Some states require a series 63 (like my state, for which I must study and pass within 30 days....).

If you have more questions, feel free to PM me.

Don

I believe it's a NASD requirement Don.

Don Bright · Jul 10, 2003

Quote from Nordic:

I believe it's a NASD requirement Don.

Many of the bigger firms don't even bother to become NASD members (since we are Exchange members). The NASD is a membership "club" as opposed to an exchange. Since the membership requirements are much more stringent with the Exchanges, it doesn't always make sense to join the NASD (although it is easier and cheaper).

Don

Newatthis · Jul 10, 2003

Don,

It is your belief that it is easier and cheaper to join the NASD than one of the cash starved regional exchanges? Then why would you join an exchange?