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Effective January 1, 2026, the proficiency rules applicable to Investment Dealer Approved Persons with CIRO have changed. This course is no longer acceptable for the purposes of CIRO approval with an Investment Dealer.

For more information, visit the CIRO Proficiency website.

What will you learn about?

  • Opening futures contract accounts
  • Supervising futures contract accounts
  • Exchanges and clearinghouses, particularly the Montreal Exchange and the CCDC
  • Margin requirements and collection procedures
  • Member firms capital requirements for futures trading

What is the course syllabus?

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Chapter 1 - Conditions of Registration

Topics covered in this chapter are:

  • CIRO Rules: Futures Contracts and Futures Contracts Options

Chapter 2 - Futures and Futures Options Account Supervision

Topics covered in this chapter are:

  • Documentation Required to Open a Futures Account
  • Client Statements and Confirmations
  • Futures and Futures Options Account Supervision
  • Discretionary and Managed Account Supervision
  • Discretionary Account Supervision
  • Managed Account Supervision
  • Corporate and Institutional Account Opening and Approval Process
  • CIRO Proficiency Requirements for Futures Contract Portfolio Managers
  • Procedures for Handling Client Complaints
  • Gatekeeper Obligations and the Supervisory Function
  • Appendix A — Futures Account Application Form
  • Appendix B — Futures Trading Agreement
  • Appendix C — Hedging Agreement

Chapter 3 - Prohibited Practices and Disciplinary Procedures

Topics covered in this chapter are:

  • Sales Practices Prohibited by the Commodity Futures Act
  • Principles of Trading: Bourse de Montréal Rule Six
  • Advertising
  • CIRO Investigations and Enforcement

Chapter 4 - The Risks Inherent in Delivery Month Trading

Topics covered in this chapter are:

  • Pitfalls of Trading in the Delivery Month
  • Risk of Delivery
  • Risk of Increased Market Volatility
  • Steps To Discourage Delivery Month Trading
  • Canadian Derivatives Clearing Corporation C-5: Delivery of Underlying Interest of Futures
  • Institutional Account Supervision Structures

Chapter 5 -The Risks Inherent in Spread Trading

Topics covered in this chapter are:

  • Introduction
  • Types of Spreads
  • Risks of Spread Trading

Chapter 6 - Margin Requirements and Control Measures

Topics covered in this chapter are:

  • Exchange Margins
  • In-House Margins
  • Margin Changes
  • Types of Acceptable Margin
  • Hedge Margins
  • Day Trading Margins
  • Margin Controls
  • Member Firm Clearing Deposit Requirements

Chapter 7 - Broker Responsibility - The Varcoe Case

Topics covered in this chapter are:

  • John Varcoe
  • The Relationship of Varcoe and Sterling
  • Regulating the Commodity Futures Market
  • Compliance with Regulations
  • Margin Requirements
  • Varcoe’s Suitability
  • Risk Capital and Trading Limits
  • Margin Calls in the Commodity Account and Transfers of Funds
  • Fiduciary Breach and its Remedy
  • The Test for a Fiduciary Relationship
  • The Broker/Client Relationship: When is it Fiduciary?
  • Breach of Implied Term of Contrast
  • Breach of Duty of Care
  • Damages
  • Appendix A Varcoe v. Dean Witter Reynolds (Canada) Inc. et al — Schedule 1

Chapter 8 - Financial Conditions of Registration

Topics covered in this chapter are:

  • Capital Requirements on Open Futures Positions
  • Exclusions from the Risk Provision Calculations
  • Comprehensive Example
  • Failure to Maintain Adequate Risk Adjusted Capital
  • Schedule 12 Joint Regulatory Financial Questionnaire and Report

How will you learn?

CSI’s online learning system helps you meet your study goals. You’ll benefit from:

  • Textbook readings available in PDF, eBook and printed format
  • Course materials accessed through your computer, laptop, tablet, or phone, or by downloading the e-book for offline reading
  • Online assistance from CSI’s academic support specialists
  • Online post-chapter review questions to assess your progress
  • Learning objectives that keep you focused
  • Annual course updates to ensure you’re learning the most current and up-to-date practical material

Course Completion, Wall Certificate and Digital Badge

Upon successfully completing this course, you will be able to download a Notice of Course Completion available through your student profile. This will remain on your profile as formal confirmation of course completion.

You can also accept a digital badge through your student profile after successful course completion. Digital badges are portable image files that allow you to share your credentials across the web. You can post them to your email signature, personal website, social media channels—even to electronic copies of your resume.

CSI will mail you a wall certificate within 4 – 6 weeks of course completion. Frames to display your certificate are available. Please ensure that your First and Last Name on your profile matches your First and Last Name on your Government Issued Photo identification – this will ensure you receive an accurate certificate.

CSI will be pleased to issue an Honours Certificate to all students who obtain a final course mark of 85% or higher.

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