Canadian Securities Institute, Moody's Analytics Training & Certification Services
Mobile Menu

At CSI, the well-being of our valued learners and staff is our highest priority. Learn more about our response to COVID-19 and changes to our exam delivery format.

Canadian Commodity Supervisors Exam (CCSE)


Oversee Trading In Futures Contracts

Get the knowledge required to successfully supervise and manage futures contracts accounts. The CCSE provides Futures Contract Principals with a thorough understanding of the responsibilities and knowledge required to successfully fulfill their duties.

What will you learn by taking the CCSE?

  • 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 benefits will you get with CSI's online learning system?

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

  • Online access to course readings in PDF format 
  • Online assistance from CSI's academic support specialists
  • Online post-chapter review questions to assess your progress
  • Learning objectives that keep you focused
  • Course updates to ensure you’re learning the most current and up-to-date practical material

What's New



Textbook Changes

1 to 4

  • Updated the sections on the supervision of futures accounts to align the course content with IIROC's Plain Language Rule Book


  • Included the latest regulatory financial questionnaire pertaining to positions in futures contracts and short futures contract options

What You'll Learn

  • Collapse All
  • |
  • Expand All

Topics covered in this chapter are:

  • IIROC Rules: Futures Contracts and Futures Contracts Options

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

  • IIROC 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

Topics covered in this chapter are:

  • Sales Practices Prohibited by the Commodity􀁢Futures Act

  • Principles of Trading: Bourse􀁢de􀁢Montréal􀁢Rule􀁢Six

  • Advertising

  • IIROC Investigations and Enforcement

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

Topics covered in this chapter are:

  • Introduction

  • Types of Spreads

  • Risks of Spread Trading

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

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

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

What are the approximate hours of study?

Approximate Hours of Study**
Hours of Study 25 - 30 hours

** In order to provide some guidance to course participants as to the length of time it will take to be sufficiently prepared to write the final examination, CSI has prepared this estimate of the number of hours an average participant could possibly expect to spend studying for a course. Please note that these are only recommended hours of study developed based on research and our course content, however, this does not mean that some students with exceptional backgrounds would not take less time than recommended or that students with no background at all in finance or economics would not take longer than the maximum.

(weightings are approximate)
Futures Regulation and Supervision 55%
Special Risks of Futures Trading 10%
Margin Requirements and Control Measures 20%
Financial Conditions of Registration 15%
Exams 1
Exam Format Proctored (remote or in person at a test centre)
Exam Duration 2.5 Hours
Question Format Multiple Choice
Questions Per Exam 75
Attempts Allowed Per Exam 3*
Passing Grade 60% (Per Exam)
Assignments None
Enrolment Period 1 year†

On successful completion of 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.

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 match 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 Honors Certificate to all student who obtain a final course mark of 85% or higher.

* The first attempt is included in the course enrolment fee. Further attempts incur fees.

†Please note: Access to your online materials will close 2 weeks after successful course completion or course expiry (whichever comes first). This course can be extended by 1 year provided you have not exceeded the attempts allowed  for each exam. You can view CSI extension fees here . Your enrolment period can only be extended one time.

Continuing Education (CE) Credits

Click the links below or the buttons at the top of the page on the right side to access CE accreditation information. To search for specific course information, press Ctrl + F and then enter the course name to search the document for the information you are interested in.

National/Provincial (Excluding Quebec)
Download CE Chart (PDF, 163 kb)

Quebec (IQPF/CSF)
Download IQPF/CSF Chart (PDF, 182 kb)

Please note: While CSI makes every effort to ensure that the information is up-to-date, we are unfortunately unable to fully guarantee its accuracy. The information listed in the charts above may be subject to change.

For details on the organizations and other information on CE Credits listed in the above charts, please click here.