FINRA registered Prop firms

Quote from JamesL:

Bright, Echo, Hold Bros, Kershner, Schonfeld, FNYS
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I actually believe none of these are FINRA registered. Bright is CHX (not CBSX), Echo is PHLX, Hold Bros owns 3 broker dealers (one is FINRA) but traders trade through the CBSX broker dealer I believe. Schonfeld is set up as a fund. Kershner is set up as a fund, and owns a FINRA BD, but I do not think picks up licenses, and FNYS is no longer a FINRA firm and is run as a fund.

In summary, if you just want your 7 license picked up, call Echo or Bright since CHX and PHLX still require them.
 
is a new prop trader just trying a prop account for the leverage intra-day,am I better off with a FINRA firm or CBSX firm? i'm reading that both now require licensing and 7,000 background checks.
 
Quote from billsafari:

If you like Echo be prepared to fork up to 100k which, to me, defeats the whole purpose of a prop house.
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don't know where you get your info. 5k would do.
 
just talked to them 10 minutes ago. 5k for intra day, 10k for overnight. 25k for options, 100k for electronic options.

They way he said it though is they prefer at least 10k.

30:1 leverage though
 
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