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New Securities Trader and ​Securities Trader ​Principal Registration Categories​


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By: William James, Senior Content Specialist
March 22, 2019

The Securities and Exchange Commission recently approved FINRA’s request to replace the Series 55 Exam and registration category (Equity Trader) with the new Series 57 Exam (Securities Trader). Starting back in April, FINRA conducted a job analysis survey as part of the development of the new examination which it is looking to launch in January 2016.

Unlike the Series 55 exam, the new Series 57 exam will have no prerequisites. This is in harmony with FINRA’s current effort to eliminate redundancies and inefficiencies in the current testing regime. However, the Series 57 will include the “core” knowledge portion of the upcoming Securities Industry Essentials Examination (SIE).

Those persons who are appointed to supervise applicable securities trading activities will have to qualify as a Securities Trader Principal, a new registration category. They will do this by passing both the Series 57 and the Series 24 examinations. There is a grandfathering provision for those who pass the Series 55 and Series 24 exams prior to effective date.

The upcoming Series 57 is geared to qualify those registered persons who execute trades on electronic marketplaces such as NASDAQ, OTCBB and other OTC equity trading systems as well as options trades executed on the CBOE.