Processing of Application
Exchange Examination of the Firm:
This requirement may be waived for broker-dealers who are
members in good standing of other securities exchanges. Newly
registered broker-dealer organizations may be subject to
a preliminary examination by the PHLX or its agents.
Admission Committee Meeting:
Once the preliminary review has been completed, an Admissions
Committee meeting will be held for the prospective member
and or member organization to be voted upon for admission.
Initial applicants should be prepared to appear before the
Admissions Committee in person for an applicant interview.
Meeting with Various Departments:
Prospective members may be required to meet with representatives
of the various departments of the PHLX and its subsidiaries
prior to their appearance before the Admissions Committee.
In most cases, this requires that the prospective member
spend a portion of the day at the PHLX in a series of meetings
with the staffs of various departments such as Examinations,
Accounting and Market Regulation. The meetings are designed
to assure that the details of membership are complied with
so that the prospective member may begin business on the
PHLX as soon as possible.
Posting Period:
Applications for membership are conditional upon a one-week
posting period in the Membership Bulletin. Actual approval
of a membership is contingent upon payment in full of all
application fees and compliance with the PHLX By-laws and
Rules respecting transfer.
Initiation Fee:
The PHLX requires an initiation fee of $1,500.00 to be paid
by a new member. A lapse in membership for six months or
more will necessitate the payment of the initiation fee subsequent
to reapplication.
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