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Brijesh Malkan
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Solving the Last Mile Problem in Investment Research

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May 31, 1998

Market Makers Hit Books for Equity-Trader Examinations

By Staff reports

Nasdaq traders are hitting the books for the National Association of Securities Dealers' new Series 55 equity-trader examinations.

As of April 1, Series 55 accreditation is required for Series 7 and Series 62 licensed representatives who trade in Nasdaq and non-Nasdaq over-the-counter securities.

"It is a brand new exam, and it's not going to be easy for market makers," warned Paul Weisman, president of Securities Training Corporation, a New York-based provider of securities, banking and insurance training programs, that include the Series 55.

The 90-question examination tests traders knowledge in four areas: Nasdaq and market-maker activities, automated execution and trading systems, trade-reporting requirements and securities-industry regulations.

Veterans had until May 15 to submit exemption forms to regulators, allowing them up to two years to sit for the examination. Rookies, on the other hand, must sit for the test within 90 days of filing the appropriate papers, the same period allowed veterans who miss the May 15 deadline. Traders who fail the exam have up to three more tries separated by 30-day waiting periods, with a further six-month waiting period after the third failed attempt. New York-based

Sylvan Learning Centers is conducting the examinations under contract with the NASD.