Series 56 Content
- Thread starter MoneyMatthew
- Start date
Don
most of the prop firms are registered with the cboe ( 95 % ) so the series 56 is the primary test to take these days
you have bright & echo are probably the Only series 7 firms around these days
the reality is someone can take the series 7 test with the choice to
switch anytime to a cboe registered firm for a better trading deal if necessary
worst case if they don't mind paying the extra fees to do so with having the 7 instead which offers more value
the plus for the 56 license right now is not having to pay any yearly registration fee like you do with other exchanges
You save about $ 400.00 - 500.00 yrly by having the 56 with cboe
You have more choices as a trader being connected with a cboe registered prop firm
most of the prop firms are registered with the cboe ( 95 % ) so the series 56 is the primary test to take these days
you have bright & echo are probably the Only series 7 firms around these days
the reality is someone can take the series 7 test with the choice to
switch anytime to a cboe registered firm for a better trading deal if necessary
worst case if they don't mind paying the extra fees to do so with having the 7 instead which offers more value
the plus for the 56 license right now is not having to pay any yearly registration fee like you do with other exchanges
You save about $ 400.00 - 500.00 yrly by having the 56 with cboe
You have more choices as a trader being connected with a cboe registered prop firm
I've had some traders who had to go ahead and take the 7, just doesn't make sense to risk having to take both IMO. Not sure about 95%, since there really only a handful of firms around (Echo, Generic, and a couple of others that come to mind).
Look, if the S56 was the easy substitute it was supposed to be, then sure, but, based on some here, who are not passing it, it must be harder than first anticipated. But, then again, it's just a silly test (both of them), and traders shouldn't worry about it....their hard journey has just begun. Now they have to really get to work, about 60 hours per week, to make some money, right?
Not sure what you mean by "choices" at CBOE. Was speaking with the owner of one of our major players in our business. They just pulled their CBOE application due to some major cost issues. I guess things have changed since I last checked. AND, FOR THE RECORD, I'M A BIG FAN OF THE CBOE.
All the best, Mr. HitnRun...
Don
Yeah, see above...that "deal" may have sailed due to monthly fees. I honestly can't recall the exact reason for the yanking of the Cboe registration, but I'm "95%" sure that it had to do with traders monthly costs. Let me know if you know something different, if you don't mind.
Don
Well, I guess I can't say if it is enough for you to pass the test. I used the passperfect manual and I passed first try. Half of the book is options and equities, but honestly, most of the test is on rules and regulations.
A lot of it, in my opinion, depends on your previous market experience. If you know enough about equities and options you can probably breeze through that and focus most of your efforts on rules and regulations. To me, that's where most of the questions were.
A lot of it, in my opinion, depends on your previous market experience. If you know enough about equities and options you can probably breeze through that and focus most of your efforts on rules and regulations. To me, that's where most of the questions were.
Maybe, but my discussion point is still the same. The Cboe exam applies to only a small segment of the overall securities industry. You can't work for Merrill Lynch or other BD's with a 56, right?
But, the major point is "why not just take the overall exam?" The one that is accepted everywhere instead of fearing to have to take 2 exams (not that it's a big deal).
Don
Here is the .pdf with contact information at CBOE to order the study guide.
http://www.cboe.com/publish/InfoCir/IC11-067.pdf