Membership Overview

A member is the holder of a Series A-1 Permit who is associated with a duly qualified and registered member organization and shall be entitled to all the rights, privileges and obligations of a member of the Exchange. Permits shall only be issued to a natural person who meets the eligibility and application requirements set forth in the By-Laws and rules of the Exchange. The member confers membership privileges upon the broker-dealer, partnership or corporation with which he or she is affiliated, by registering that entity with the PHLX as a member organization. PHLX members are not permitted to function as sole proprietors, they must be affiliated with and conduct their broker/dealer business as a partnership or corporation.