Madison Tradig Group LLC...

Quote from JustStarted:

" the most important thing about generic is they are a philly firm not nasd or nyse. this means your licenses expire after two years with the firm."


what do you mean by "your licenses expire after 2 years with the firm"???


tnx
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just what it says... your liscence expires after two years.
 
Quote from JustStarted:

" the most important thing about generic is they are a philly firm not nasd or nyse. this means your licenses expire after two years with the firm."


what do you mean by "your licenses expire after 2 years with the firm"???


tnx
More...


I think what he means is that is that when you go to trade with this firm, your Series 7 will not go into the CRD bank, and therefore might expire. The PHLX will acknowledge that you have passed the exam, but when you go work elsewhere in the industry, the new firm will not find a record on you in the CRD system.

But, the PHLX will "grandfather" you expired Series 7 if you trade at a member firm.

Don't quote on what I have said above.
 
thats is true....however...it does not mean you will lose your series 7 completely. I fyou stay in the business (with a firm not affiliated with NASD) you can still get your 7 back. So , say you're going from a PHLX firm and you want to go to a NASD firm, but your 2yrs has passed, the NASD firm will have to make a request to the NASD. As long as you have stayed in the business you shouldn't have a problem with this.
 
Quote from uptik2000:

thats is true....however...it does not mean you will lose your series 7 completely. I fyou stay in the business (with a firm not affiliated with NASD) you can still get your 7 back. So , say you're going from a PHLX firm and you want to go to a NASD firm, but your 2yrs has passed, the NASD firm will have to make a request to the NASD. As long as you have stayed in the business you shouldn't have a problem with this.
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From what I understand, in the above example you would have to take a "continuing education" exam for your Series 7. And then most NASD trading firms will require you to take the 55 and 63.
 
You do not need to work for an NASD firm in order to get your 63,65,or 66. All you have to do is independently fill out a form U-10 to do this. This is an interesting discussion.

The 55 I believe is NASD only. I will look into this. But it appears that if someone has their 55, you can pretty much bank on the fact they are working for a NASD firm.

 
I am currently in this predicament. I was at a PHLX firm. My series 7 lapsed after 2 years (because I was in school). And now I will be joining a firm that is a member of the NASD. So, for this firm, I have to reactivate my 7 by taking the continuing ed, and then take my 55 and 63.
 
seems like there a more and more of these "sub llc's" popping up......can someone comment on what it takes to start one of these? What are the pro's/con's etc?

i know someone with a small group of traders in a city with no trading firms. he also has a bit of capital .
thanks
 
axe and tik have hit the nail on the head. keep in mind fellas many crooked people in the industry goto a phlx firm cause they have no choice. i have heard phlx traders/brokers are a red flag in general. why bother anyway? redi is a common platform. the wave now is custom platforms designed from from traders needs and requests. you want a platform that is designed by traders working with programers. traders that are profitable and have profitable groups. this is where you find platforms custom made by proven traders/strategies.

example: redi's lack of hot keys for nyse stocks and lack of built in bullets.
 
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