NYSE Euronext’s two options exchanges are set to make the new Series 56 exam an alternative to the Series 7 for incoming proprietary traders.
In conjunction with the industry’s other self-regulatory organizations, NYSE Amex and NYSE Arca have created a new membership designation, the proprietary trader, and an accompanying exam, the Series 56.
New members who trade on a proprietary basis will be required to take either the Series 7 or Series 56 as a condition of membership. Existing members of the two exchanges that have already passed the Series 7 will not be required to take the Series 56.
The exchanges are working on a change to their rules that would cover the new classification. They expect to complete their work and submit rule changes to the Securities and Exchange Commission by the end of the year.
