Don, you never responded to this. Just curious what your thoughts are.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Your thoughts Mr. Maverick
- Thread starter Don Bright
- Start date
Don, you never responded to this. Just curious what your thoughts are.
Quote from Maverick74:
Don, you never responded to this. Just curious what your thoughts are.
Sorry Mav! Yeah I was holding back because so far my "predictions" have been a bit early, LOL. I heard the same thing, and am working with it. Nothing in concrete. All is still flexible, room to work.....I'll post more here when I can.
Don
Quote from Don Bright:
Sorry Mav! Yeah I was holding back because so far my "predictions" have been a bit early, LOL. I heard the same thing, and am working with it. Nothing in concrete. All is still flexible, room to work.....I'll post more here when I can.
Don
Don, that was a very cryptic post. I need to get out my ET gobbly gook translator to interpret that. LOL.
So let's try this again. The "factual" information we both have in front of us says Merrill offers a higher payout to traders. This is not a gray area, this much we know to be true. So what is not concrete? Don't be shy now.
Quote from Maverick74:
Don, that was a very cryptic post. I need to get out my ET gobbly gook translator to interpret that. LOL.
So let's try this again. The "factual" information we both have in front of us says Merrill offers a higher payout to traders. This is not a gray area, this much we know to be true. So what is not concrete? Don't be shy now.
You'll have to settle for a "no comment" at this juncture.....
Don
Perhaps Maverick or Don can interpret this SEC document:
http://www.sec.gov/rules/sro/cboe/2010/34-62977.pdf
In footnote 10, it states that CBOE will develop an exam within six months after approval of this filing, however if it does NOT complete development of an exam within six months, then the Exchange claims it will establish a deadline for qualification based on EXISTING categories for registration. It mentions Series 7 and Series 24.
Does this imply that prop traders who are with a CBSX firm will need to pass the 7 and/or 24 exams if the CBOE does not come up with a new general exam?
http://www.sec.gov/rules/sro/cboe/2010/34-62977.pdf
In footnote 10, it states that CBOE will develop an exam within six months after approval of this filing, however if it does NOT complete development of an exam within six months, then the Exchange claims it will establish a deadline for qualification based on EXISTING categories for registration. It mentions Series 7 and Series 24.
Does this imply that prop traders who are with a CBSX firm will need to pass the 7 and/or 24 exams if the CBOE does not come up with a new general exam?
I have spoken to a few at cboe and I believe the thought isn't to try to get around the s7, but rather eventually make a relevant test as to the products that trade in house under their roof. Its not a regulation avoidance- its a "regulation relevance". Having someone learn about annuities to become a prop trader is really nonsensical.
Quote from shortseller:
I have spoken to a few at cboe and I believe the thought isn't to try to get around the s7, but rather eventually make a relevant test as to the products that trade in house under their roof. Its not a regulation avoidance- its a "regulation relevance". Having someone learn about annuities to become a prop trader is really nonsensical.
A seemingly intelligent idea, doubtful intent. Probably just meant as the usual barrier to entry. Regulators bumbling around like enraged manatees on LSD.
Quote from Maverick74:
Don, it looks like CBOE firms are going to move to a 90/10 payout model. Better then Goldman but still a disappointnt.
The Canadian model firms look every day better
1. no 1 yr lock ups (most dont)
2. by far the cheapest commissions around
Don,
Any update about your firm and 80-20 pay out model?
Quote from cactus_trader:
The Canadian model firms look every day better
1. no 1 yr lock ups (most dont)
2. by far the cheapest commissions around
Don,
Any update about your firm and 80-20 pay out model?
What is exactly is the Canadian model? Does it allow you to trade options? Futures? Overnight?
See I just don't understand how any prop firm can survive as a one dimensional model anymore. The world is far more complex now and with the advent of so many new and exciting products, you have to evolve or die. If the "Canadian model" is stock only, it too will die.
I think the only way to survive going forward is to have access to everything and anything so you as a trader can "evolve" with the market.