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SERIES 56 News
- Thread starter EvOTrAdEr
- Start date
Quote from EvOTrAdEr:
Thanks Don. You are the man!
I'll keep everyone updated. I trade at a CBOE that is pretty good at getting this news out to the traders same day they hear about it.
Scorpion has a good point...where are the study materials? Does the CBOE offer anything online for this exam? Curious....
Don
Quote from Don Bright:
Scorpion has a good point...where are the study materials? Does the CBOE offer anything online for this exam? Curious....
Don
I think so far there is only a basic outline so putting together your own study materials will take some time. If all current traders must pass the Series 56 by August 12th then maybe they won't make it too difficult if everyone has just 6 weeks to study.
Quote from thunderbolttr:
I think so far there is only a basic outline so putting together your own study materials will take some time. If all current traders must pass the Series 56 by August 12th then maybe they won't make it too difficult if everyone has just 6 weeks to study.
the outline is roughly 60 pages and each line contains a different rule. for example, this is rule 15c3-1 - http://www.prop-trading.com/sec-rule-15c3-1-net-capital-requirements-for-brokers-or-dealers/
As you can see, the extent of the topics covered seems a bit much. We'll have to wait and see at this point
Quote from ChkitOut:
I wonder if the 7 covers it
My guess from the SEC's language back in the fall is that those with the Series 7 would have a decent chance of getting a waiver (probably a good idea to emphasize the aspects of the Series 7 that would appropriately qualify you to do business on the CBOE).
Quote from thunderbolttr:
My guess from the SEC's language back in the fall is that those with the Series 7 would have a decent chance of getting a waiver (probably a good idea to emphasize the aspects of the Series 7 that would appropriately qualify you to do business on the CBOE).
I would hope so. I have a series 7 and 55.
Another license would be rediculous. I fail to see the point of requiring any licenses at all.
Quote from thunderbolttr:
I think so far there is only a basic outline so putting together your own study materials will take some time. If all current traders must pass the Series 56 by August 12th then maybe they won't make it too difficult if everyone has just 6 weeks to study.
I find it almost impossible that they are going to make all CBSX traders pass this test in a month. When the Series 55 came out we had 2 yrs to pass the test. They probably posted it Aug 12, 2012 ......
They are also not going to have traders take a test where the trader has to "figure out" thing and find their own study materials.
thanks don.. the original timeline a few months back posted by cbsx was a july start date & a 3 mos window to pass the test. Now supposedly it's a Aug start date with the 3 mos window to pass . All traders Not registered now have until aug to get registered & be included in this testing process. Otherwise you have to pass the test to join any firm. Their is no study material & everyone will be flying blind to try to pass this test. this is not going to be smooth at all. everyone will up the creek without a paddle.
DON.. this is one time the et community can use your expertise to what is going on here? This test will affect all the firms out their. Yours included to accept any 56 licensed trader by the the various exchanges. The competition will heat up over time & their probably will be some consolidation in the prop business.
Can you share your views on what may happen with this test? How will it affect the industry? thanks
Can you share your views on what may happen with this test? How will it affect the industry? thanks