Series 7 Question
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I wouldn't waste the time to look it up for you.
Let me toss the ball into your court, however. You claim that the test is whether or not the candidate knows tradition? You sir, are sadly misinformed, and frankly from your posts, not qualified to act as a clients' man.
[quote=Philo Kvetch]
I wouldn’t waste the time to look it up for you.
Let me toss the ball into your court, however. You claim that the test is whether or not the candidate knows tradition? You sir, are sadly misinformed, and frankly from your posts, not qualified to act as a clients' man.
[/quote]The reason you cannot look it up is because there is nothing to look up--you're just plain old wrong.
Yes I am saying that the Series 7 exam deals a lot wth tradition. Tell me something son, is it possible that somebody who went to work in Wall Street before you were born knows more about this business than you and all your fellow slackers acting as a committee?
Sure if you were older than me. But you're not. All you are is full of yourself.
And kid, you ain't nothin'.
From the Investopedia;
"Most municipal issues are sold to raise a substantial amount of money. In order to assist
with the marketing of the issue and to spread the risk of underwriting the securities
several investment banks will form a syndicate. The syndicate is a group of underwriters
responsible for selling the issue. Firms participating in a syndicate formed to submit a bid
in a competitive underwriting must sign the syndicate letter or syndicate agreement. The
syndicate letter will disclose all fees and expenses including clearing expenses.
Syndicate participants in a negotiated underwriting must sign the syndicate letter or
syndicate contract. The syndicate agreement will contain:
Each members participation in the offering ( member’s commitment )
Method of Allocating Bonds
Name of Managing Underwriter
Management Fee and Spread
Member Expenses and Amount of Good Faith Deposit
Liability for Unsold Bonds
64"
Stated simply, in deference to you Put, there are formal rules set forth by the MSRB regarding the formation of a syndicate. YOU sir, are WRONG. As usual.
[quote=Starka]
Stated simply, in deference to you Put, there are
formal rules set forth by the MSRB regarding the formation of a
syndicate. YOU sir, are WRONG. As usual.
Nope. The MSRB regulates the secondary municipal bond market, not the primary municipal bond market.
Municipal bonds, like government bonds, are exempt securities and as
such are not subject to SEC regulations that apply to corporate
securities.
There is no requirement that syndicate letters be signed.
However, good buriness practices–and traditions–result in such
agreements.
It would be as if you and I entered into an agreement to hold a joint
garage sale. We agree that regardless of how it turns out we will
split the proceeds 50/50 even if only your stuff sells and all of mine
goes back into my garage.
There were no rules that required us to enter into such an agreement we just did.
I do not say things that I am not sure of.
You can be sure of what you speak and still be wrong.
You yourself do it all the time.
From the previous source,
"
The Municipal Securities Rule Making Board or the MSRB is the organization
responsible for overseeing the municipal securities industry. The MSRB has no
enforcement arm and its only function is to write rules and test questions."
Please not that no reference is made to primary or secondary market. The Series 7 exam does not test "traditions" or anything else that is not enforceable.
[quote=Starka]
You can be sure of what you speak and still be wrong.
You yourself do it all the time.
[/quote]Point out something that I've said that is wrong. Many have tried, nobody has succeeded.
[quote=Starka]
From the previous source,
"
The Municipal Securities Rule Making Board or the MSRB is the organization
responsible for overseeing the municipal securities industry. The MSRB has no
enforcement arm and its only function is to write rules and test questions."
Please not that no reference is made to primary or secondary market. The Series 7 exam does not test "traditions" or anything else that is not enforceable.
[/quote]Grab an MSRB rule book and see what you can find about syndicate letters.
The Series 7 exam deals very little with things that are "enforceable."
What is enforceable about a Head and Shoulders formation?
OK, how about this, directly from the MSRB:
"The Municipal Securities Rulemaking Board was established in 1975 by Congress to develop rules regulating securities firms and banks involved in underwriting, trading, and selling municipal securities- bonds and notes issued by states, cities, and counties or their agencies to help finance public projects. The Board, which is composed of members from the municipal securities dealer community and the public, sets standards for all municipal securities dealers. Like the New York Stock Exchange or the National Association of Securities Dealers, Inc., the Board is a self-regulatory organization that is subject to oversight by the Securities and Exchange Commission (SEC)."
Please point out where the MSRB is limited to the secondary market. On the contrary, it is specifically charged with RULEMAKING (you know...the "R" in MSRB) in the primary market.
You are permitted to back away from your most recent erroneous statements regarding the MSRB and the Series 7 exam.
In the future, kindly refrain from pontificating on subjects that you a)are sure of, and b)in reality, don't know what you're talking about.
The MSRB search function stops at 200 abstracts when queried about "Syndicate Letter", and a further 200 when queried about "Syndicate Formation".
Does this not suggest to you, Put, that the MSRB might have something to say about your simple "tradition"?
[quote=Starka]
Please point out where the MSRB is limited to the
secondary market. On the contrary, it is specifically charged
with RULEMAKING (you know…the “R” in MSRB) in the primary market.
Simple, municipals are EXEMPT securities. They are not regulated by the
SEC and as you pointed out the MSRB has no enforcement power.
So who would impose discipline?
The municipal securities PRIMARY market is essentially unregulated and
is kept “in check” by traditions and massive competition among the
firms.
There are no requirements that the procedures used in the syndicate process be done in such and such a manner.
There is no requirement for full disclosure documents like in the
corporate world where prospectuses are a requirement of the Act of 1933.
Similarly there is no requirement that syndicate letters be signed–or
even writen. It’s all very casual within the restrictions of good
business practices and traditions.
It is very difficult to be the smartest person on earth when
intellectual gnats such as yourself cut and paste things you cannot
even read, much less grasp.
Now I’m off to the airport–gotta go to Texas to celebrate my father’s
birthday. 1920 was a long time ago and he has great stories
to tell.
Ok here are some actual facts printed on the bottom of the latest Series 7 exam taken by someone in my office.
National Average Score 73%
natrional percentage of Candidates Passing the EXam 66% those figures were compiled from 09/04/04 to 03/03/05.
it is not an easy exam. time is not an issue. take all the time you need because you do NOT want to flunk and have to take it over again. Good luck.
Look at all the time and productivity devoted to bragging about scores and times..this is just plain old Tom Foolerey!! I got a 70.250 and took 6 hours to complete the exam. If you are taking the exam, take your time, as you should with anything in this industry. I would love to see what type of portfolios some of these guys are slinging together for their clients. Good Luck, and a 70 is a 100!!
Ax
Axman, why do you think that if someone knows the material to be tested correlates to the same individual performing inferior work for his or her clients?