From Day Trader to Trading other peoples funds

[d1ps]

Hi

I have been a successful trader with about 5 yrs experience, and my business partner has had over 10 yrs successful experience. We have both only been trading our funds only.

We have decided to merge our strategies, and now trade others peoples money (as well as our own)- we have lots of potential investors willing to let us trade their money, with us obviously taking a percentage of the profits. Note we will only be trading futures and cash equity, for durations of one day to 3 days.

I have spent about the last 3 days reading non stop through the FSA guidelines about what to do to get regulated, and it is extremely ambigiuous. In addition, I have spoken very briefly to a professional who then tells me I have to get the sii exam and have 2 years in house experience before i can then even set up a BIPRU 50k company, which would appear contradictory to what the FSA handbook tells me.

Can anyone give me any advice on the first steps, or has anyone been through the same that can shed some light on the situation>?

Many tks in advance
Rob

 

[neilcharlton]

you would be better going in under a FSA umbrella company like PCE Investors. Do a google search there's a fair few around . Or pop me a PM if you need more info .
I'd be interested to see how you get on .