Quote from gtgtgt3:
Don,
Are you backing off this statement? Seems like you were pretty confident and now you say "We'll see how it pans out....no biggee either way."
GT
Quote from Don Bright:
The "no biggee" simply refers to Bright Trading. My last contact at CBOE would not tell me that Series 7 will not be required. I do agree that it will be hard to implement by year end.
As mentioned above, I feel that I could get a few hundred retail type traders very quickly if the CBOe does not require the license going forward. Almost did a couple of years ago, interest is higher now.
Don
Quote from Maverick74:
Don,
You are saying if you change your SRO to the CBOE you would get a few hundred retail traders? I completely disagree with that.
Quote from Don Bright:
I put together a funding arrangement to allow non-licensed traders to use capital (yes, legally).... but it got clouded again because of the shutting down of these quasi retail type firms who were extending leverage. But, if I could simply join the CBOE and not have to have my people licensed (even though they have years of trading experience (to hopefully qualify with CBOE is you and I have discussed).....
I have another meeting set in for November between the CBOE board member/30 year friend, my Compliance and me to get a better feel for how things should pan out in 2010.
As for now, just sit and wait... business has been pretty good anyway....a lot of licensed people have had to make career changes over the last year.
All the best,
Don
Your guys are all licensed, right? You're not CBOE members, right?
Quote from Maverick74:
We are all CBOE members. Most of our traders are licensed. But not all. Do not use that word "retail" in regards to CBOE registration or they will reject the applications.
Quote from Maverick74:
Don,
Are you ready to concede defeat? You have quietly let this thread die with no follow up. It looks like no series 7 will stay in effect for all CBOE registered firms. Don, I think you owe me a beer. Cheers!