Commentary

Joanna Fields
Traders Magazine Online News

Navigating Cybersecurity on a Stretch of "Regulatory Rapids"

In this shared commentary, Aplomb Strategies writes that when considering a firm’s governance structure, a holistic approach makes the most sense.

Traders Poll

Would you feel better if the Chicago Stock Exchange were purchased by U.S. firm or consortium rather than a foreign one?

Yes

73%

No

4%

Doesn't matter to me

23%

Free Site Registration

June 30, 1998

Several Programs Spring Up For Back-to-School Traders

By Staff Reports

Nasdaq traders preparing for the National Association of Securities Dealers' Series 55 trader examination can turn to several training programs for help.

One was developed by the Atlanta-based Investment Training Institute (ITI), and is endorsed by the Security Traders Association, the umbrella group for more than 7,000 mostly U.S.-based equity professionals.

Similar courses are provided by the Securities Training Corporation in New York and Chicago's Dearborn Financial Training.

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

Mandate

The regulatory mandate covers market makers, agency traders, proprietary traders in equity or convertible-debt securities, and professionals who directly supervise these activities.

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

Deadline

Veterans had until May 15 to submit exemption forms to regulators, giving them until May 1, 2000 to pass the examination. Rookies, on the other hand, must sit for the test within 90 days of filing appropriate papers, the same period allowed veterans who missed the May 15 deadline.

Classroom instruction, costing $300 per student, is given for ITI's Series 55 program, while an alternative ITI self-study program is available for $150.

ITI is a subsidiary of Atlanta-based Dover International, a financial-services consulting firm. (The ranks of senior management at Dover include Washington-based executive vice president John Pinto, a former 29-year veteran of market regulation at the NASD.)

With the largest concentration of U.S. securities firms based in New York, Baruch College's Zicklin School of Business in the Big Apple is appropriately the principal site for ITI's classroom training.

Six Series 55 training courses will be held at Baruch this summer. Another four will be held until September at ITI's Atlanta headquarters.

Self Study

Meanwhile, Securities Training Corporation said it is selling self-study materials and classroom instruction for $150.

Supplementary classroom instruction is available for $150. Customized training is also available.

Dearborn Financial Training said it plans to offer study materials starting in the fall.