Starting a legit prop firm

B

bpcnabe

OK there has been quite a frenzy here and about concerning the demise of the un-registered prop trading firm as we know it.

How, then, does one set up a firm to meet SEC standards? Beyond step one, that is, get registered (7,63,55,24) Do you need to register a b/d with SRO to get a clearing/trading account with a Assent/Penson/Genesis? What exactly is a joint back office (JBO)? If b/d needed, must have compliance department as well?

Pardon the ignorance but I know I am not the only one here who is wondering how difficult is is/is not to set up something to pass scrutiny.

I've read Mav's posts and TM's posts telling us all to get registered, so can you take it a step further and tell us how to set up the legit prop firm?

On behalf of myself and others, thx.
 
Quote from bpcnabe:

OK there has been quite a frenzy here and about concerning the demise of the un-registered prop trading firm as we know it.

How, then, does one set up a firm to meet SEC standards? Beyond step one, that is, get registered (7,63,55,24) Do you need to register a b/d with SRO to get a clearing/trading account with a Assent/Penson/Genesis? What exactly is a joint back office (JBO)? If b/d needed, must have compliance department as well?

Pardon the ignorance but I know I am not the only one here who is wondering how difficult is is/is not to set up something to pass scrutiny.

I've read Mav's posts and TM's posts telling us all to get registered, so can you take it a step further and tell us how to set up the legit prop firm?

On behalf of myself and others, thx.
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To set up your own legit Prop Firm you will need a minimum of $1.5 million to get it started. Unless you have that much sitting in your bank account this thread is a waist of time. If you just want to trade then call Assent, Echo, Bright or Hold Bros. With them all you need is to be licensed and your deposit of $5k or more.
 
Quote from piranahfishy:

that guy is right he named all the biggest and best Prop Firms: Assent, Hold Bros, and Bright. I believe they want a minimum of 20K.
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Hold will take 5k to start
 
Quote from piranahfishy:

that guy is right he named all the biggest and best Prop Firms: Assent, Hold Bros, and Bright. I believe they want a minimum of 20K.
More...

Genesis has more traders than all of those firms.
 
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