Professional? Nonprofessional? datafeeds?

J

Jaxon

I left my job at a broker dealer 3 weeks ago. I have a series 7. Got my U5. The whole department was eliminated. First thing I did was open a futures trading account. Checked off the non pro box for realtime data feeds. No problem.

I just went over to Schwab to upgrade my existing equity account to an active trading account and they tell me that I am considered a professional. They know I am not employed by a broker dealer but they claim my Series 7 is still active (yes, yes, I know it can be revived for 2 years and I have to advise NASD of address changes for 2 years, but it is not truly active). NASD of course is no help. I have called the national and local office and get the telephone equivalent of a blank stare.

Surely I can't be the first trader to leave a broker dealer and start trading with realtime data!! Anyone else out there? I also can't believe I would still be treated as a professional for purposes of paying for data.
 
Quote from Jaxon:

I left my job at a broker dealer 3 weeks ago. I have a series 7. Got my U5. The whole department was eliminated. First thing I did was open a futures trading account. Checked off the non pro box for realtime data feeds. No problem.

I just went over to Schwab to upgrade my existing equity account to an active trading account and they tell me that I am considered a professional. They know I am not employed by a broker dealer but they claim my Series 7 is still active (yes, yes, I know it can be revived for 2 years and I have to advise NASD of address changes for 2 years, but it is not truly active). NASD of course is no help. I have called the national and local office and get the telephone equivalent of a blank stare.

Surely I can't be the first trader to leave a broker dealer and start trading with realtime data!! Anyone else out there? I also can't believe I would still be treated as a professional for purposes of paying for data.
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Make sure the firm you worked for released your license. that might be the issue
 
I spent half the day talking to fairly uninformed people at NASD and NASDAQ. I had the rules read to me and I was told it was a "gray" area.

Finally I pulled out my U-5 form and there is nothing gray at all. If you don't know, Form U5 is titled, UNIFORM TERMINATION NOTICE FOR SECURITIES INDUSTRY REGISTRATION

The word, "TERMINATION" does not mean I was fired from my job. It refers to the registration, as in, the registration is terminated.

Item 3 of the form: FULL TERMINATION

Is this a FULL TERMINATION ? - Yes

Note: A "Yes" response will terminate ALL registrations with all SROs and all jurisdictions.


That seems pretty black and white to me. My registration has been terminated. I am not registered. I am NOT a professional.

I think some are confused with the idea that I have 2 years during which my registration can be reactivated if I join a broker/dealer. After 2 years I have to take the Series 7 exam again if I want to activate my registration. What a PIA!
 
Quote from Jaxon:

I spent half the day talking to fairly uninformed people at NASD and NASDAQ. I had the rules read to me and I was told it was a "gray" area.


That seems pretty black and white to me. My registration has been terminated. I am not registered. I am NOT a professional.
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JaX;
Seems pretty simple to me;
using the NASD/NasdaQQQ powers that be, stricter interpretation , its a ''grey area''If NasdaQQQ really thought you owed them more money, not likely they would be shy about saying so.LOL

So no,
on pro
fees:cool:
 
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