The Chicago Board Options Exchange pushed back the date when its members must take the new Series 56 exam, to coincide with the deadline set by the International Securities Exchange.  Rather than 9/12/11, members will now have until 10/29/11 to pass the test. The Series 56 is administered by FINRA on behalf of a group of 7 exchange operators.  The exchanges are requiring those individual members with responsibility for principal trading - market makers and prop traders - to take the Series 56 exam as a qualification for membership.  Traders may substitute the Series 7 exam for the Series 56, depending on the requirements of the individual exchange. All told, 13 exchanges, operated by 7 companies, worked with FINRA to create a "proprietary trader" classification and devise the Series 56.  The SEC has given seven of these exchanges approval to register members thusly. Three of these exchanges - ISE, CBOE, and CBOE Stock Exchange - have set dates for taking the Series 56.  Four exchanges - Nasdaq, Nasdaq BX, NYSE Arca, and NYSE Amex - have not set dates yet.  The 6 other exchanges - Boston Options Exchange, NYSE, National SE, NSX, CSE, Nasdaq Phlx, and C2 - have not yet officially asked the SEC for the authority. Tge exam covers both stock and options trading, including 100 multiple choice questions covering such topics as general trading practices, trading systems, prohibited acts, types, and characteristics of securities, markets and market participants.  For further details, go to:  [Traders Mag. Online, 9/2/11].