Friday, October 23, 2015

Series 31 Overview - Topics covered for the Series 31

The Series 31 exam is the futures managed funds license created by the National Futures Association. It is a 45 question exam that includes true and false questions.

The topics covered include:

General Market Knowledge
NFA Regulations
CPO and CTA Regulations
CPO and CTA Disclosure Statements
Know your customer rules
Fees by CPO and CTA Persons
Sales Material

General Market Knowledge covers most of the exam but all of the topics need to be understood to pass the test.

Study time is under 1 month

No sponsor is required

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Monday, October 12, 2015

Types of Risk for Futures Traders

There are several types of Risk discussed on the Series 3 Exam and Futures License Tests

Transfer Risk
Liquidity Risk
Reduction Risk

Transfer Risk is the possibility of a loss when the position may require a transfer of securities or futures. Example would be Writing Calls or other contract where an obligation lies to another contract holder on the Buy Side.

Liquidity Risk is the Risk of how quickly a position can be turned into Cash - or how slowly. Liquidity is the Cash position the trader is in.

Risk Reduction can be achieved by reducing exposure through hedging a position against a loss or placing a stop order or other floor protection order.

NFA FUTURES LICENSE STUDY MATERIAL 

Course material for all FINRA, NASAA and NFA Brokers and Principals.