Effective June 20, three new registration categories, including (1) Proprietary Trader – PT, (2) Proprietary Trader Compliance Officer – CT, and (3) Proprietary Trader Principal – TP, became available to Chicago Board Options Exchange (CBOE) and CBOE Stock Exchange (CBSX) Trading Permit Holders (TPH) on WebCRD (CRD). All of the new registration categories are subject to certain qualification and examination requirements. Individuals may request a waiver from a qualification examination, which will be reviewed on an individual basis. Due to rule changes passed in November 2010, all individual TPHs and individual associated persons who did not actively maintain a registration in CRD and engaged in the securities business of a CBOE or CBSX TPH or TPH organization were required to register in CRD in the Approved Person (AP) category. Now, individual TPHs and/or individual associated persons engaged in a TPH’s securities business that do not conduct a public customer business on behalf of the TPH must register and qualify in the new applicable registration categories. Individual TPHs and individual permit holders that register in one or more of the new registration categories will no longer have to maintain registration as an AP. Individuals must register and pass any appropriate qualification examination(s) for their appropriate registration category by August 12. CBOE is continuing to work with the staff from the Division of Trading and Markets at the Securities and Exchange Commission and will announce any changes to the deadline via a Regulatory Circular.
Click here to read Regulatory Circular RG11-077.