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Equity Trading and Sales


The following topics will be covered in the course:

Module 1 Equity Market Structure and Overview

Section 1: Structure of equity markets

  • What is the function of an equity exchange?
  • What are the three different types of exchange structures?
  • What are the key exchanges in Canada and the US?
  • Who are the key regulators of exchanges in Canada and the US?
  • What are the key trading registration categories in Canada and the US?
  • What are the three different types of trades?

Section 2: Structure of Equity Firms

  • What are various types of equity trading firms?
  • What are various types of equity trading firms?
  • What is the organizational structure of a buy side equity trading desk?
  • What are the revenue sources of sell side equity trading firms?
  • Direct Market Access (DMA)


Module 2: Equity Trading Roles and Techniques

Section 1: Roles and responsibilities of equity trading professionals

  • What are the different types of occupations in equity trading?
  • What is the role of a Market Maker?
  • What is the role of an Agency Trader? (Including block trading)
  • What is the role of a Proprietary Trader?
  • What is the role of a sell-side sales representative?
  • What is the role of a Buy-Side Trader?

Section 2: Proprietary Trading Strategies

  • What is the difference between directional and relative value strategies?


Module 3: Trade Execution within Risk and Compliance Parameters

Section 1: Equity Trading risk management

  • What is the role of the risk management department in effective operation of equity trading operations?
  • What are the various risk management measures related to equity trading?
  • How does regulatory capital rules affect both the holding and trading of equities by broker/dealers
  • What are the considerations for selecting the correct steps to deal with a trading error?
  • What is the potential conflict of interest inherent in a proprietary trader's role within a sell side firm? How can it be mitigated?
  • What is the purpose of investment guidelines and restrictions for buy-side equity mandates
  • What are the typical investment guidelines and restrictions for equity mandates?

Section 2: Steps to Execute an Equity Trade

  • How are the various steps in the equity trading process applied?

Section 3: IIROC Rules and Guidelines Pertaining to Equity Trading

  • What is the role of Compliance in an equity trading operation and how does it differ between buy and sell side operations?
  • What are the sources and general principles behind the general equity trading regulations in Canada?
  • What are IIROC Gatekeeper responsibilities?


Module 4: Equity Trading Trends and Issues

Section 1: Equity Trading Trends

  • What changes has algorithmic trading caused to equity trading?
  • What changes has high-frequency trading caused to equity trading?
  • What caused the "flash crash" of 2010?
  • The Volker Rules potential impact on equity trading

Section 2: Issues: Computer-driven equity trading

  • What are the pros and cons related to computer-driven equity trading?
  • What are dark pools?

How you'll learn

This course is taught online and includes an online textbook, Word documents and web links.

Approximate Hours of Study**
Hours of Study 9 hours
Number of Test 1
Test Format Online Test
Test Length 2 Hours
Question Format Multiple Choice
Questions Per Test 60
Attempts Allowed Per Test 2
Test Passing Grade 60%
Enrolment Period 6 months

Continuing Education (CE) Credits

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National/Provincial (Excluding Quebec)
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Quebec (IQPF/CSF)
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