Oversee Options Trading
Students taking the OPSC learn the basics about options and strategies in order to be able to oversee trading in a branch. You'll gain a thorough understanding of the responsibilities of an options supervisor and have the knowledge with which to carry them out.
Learn About:
- Bullish, bearish and volatility based option strategies
- The risk and reward parameters of the various option strategies
- The rules and regulations associated with:
- Opening and supervising option accounts
- Exchanges and clearinghouses, particularly the Montreal Exchange and the CDCC
- Option strategies margin requirements and collection procedures
Learning Experience
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 you'll learn
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Topics covered in this chapter are:
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Introduction
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The History of Options
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Key Option Terminology and Definitionsns
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Application of Key Terms and Definitions
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Why Options Are Bought
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Why Options Are Written
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Other Related Benefits of Options
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Advantages of Exchange-Traded Options versus Over-the-Counter Options
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Reading Option Quotations
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Common Questions Pertaining to the Options Market
Topics covered in this chapter are:
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Introduction
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Long Call
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Married Put
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Covered Call (also known as Covered Write)
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Put Writing
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Benchmark Indexes for Income-Producing Option Strategies
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A Brief Review of Spreads, Straddles and Combinations
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Bull Call Spread
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Bull Put Spread
Topics covered in this chapter are:
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Introduction
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Long Put
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Protected Short Sale
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Covered Put Sale
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Call Writing
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Bear Put Spread
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Bear Call Spread
Topics covered in this chapter are:
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Introduction
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An Introduction to Volatility
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Importance of Volatility to Options Trading
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Short Volatility Strategies
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Long Volatility Strategies
Topics covered in this chapter are:
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The Role of Supervision
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The Supervisor Approval Category
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Supervisors Pro�� ciency Requirements
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Key Responsibilities of Designated Options Supervisors
Topics covered in this chapter are:
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Introduction
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IIROC Rule 2500.V.A – Option Account Supervision – Account Opening and Approval
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Supervision of Account Openings and Approvals
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Retail Account Opening and Approval Process
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Corporate and Institutional Option Account Opening and Approval Process
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Permissible Institutional Option Transactions
Topics covered in this chapter are:
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Introduction
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Important Elements of Options Supervision
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Daily Trading Review
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Monthly Trading Review
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Summary of Common Compliance Problems Related to the Supervision of Option Trading
Topics covered in this chapter are:
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Introduction
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Basic Margin Terms
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Factors Affecting the Amount of Margin Required
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IIROC and Bourse de Montréal Minimum Margin Requirements for Equity and Index Option Strategies
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Meeting Margin Calls
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Capital Requirements for Firm and Market Maker Accounts
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Member Firm Clearing Deposit Requirements for Positions at the Clearing Corporation
| Approximate Hours of Study** | |
|---|---|
| Hours of Study | 35 - 50 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.
| EXAM WEIGHTINGS (weightings are approximate) |
|
|---|---|
| Overview of Equity Options | 12% |
| Bullish Option Strategies | 10% |
| Bearish Option Strategies | 10% |
| Option Volatility Strategies | 10% |
| Options Supervisor Responsibilities | 18% |
| Opening and Approving Option Accounts | 8% |
| Supervising Daily and Monthly Option Account Activity | 18% |
| Client Margin Requirements | 14% |
| EXAM INFORMATION | |
|---|---|
| Exams | 1 |
| Exam Format | Paper Or Computer Based |
| Exam Duration | 1.5 Hours |
| Question Format | Multiple Choice |
| Questions Per Exam | 50 |
| Attempts Allowed Per Exam | 3* |
| Passing Grade | 60% (Per Exam) |
| Assignments | None |
| ENROLMENT PERIOD | |
|---|---|
| Enrolment Period | 1 year† |
| COURSE COMPLETION NOTICE AND WALL CERTIFICATE | |
|---|---|
|
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 indication of course completion. CSI will mail you a wall certificate within 4 - 6 weeks of course completion. If you would like to purchase a frame to display your certificate please click here. 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 students who obtain a final course mark of 85% or higher. |
*There is no charge for your first attempt at a paper-based exam within Canada, as long as it's at a regular exam center and you provide a minimum of 14 days notice before the date that you want to write the exam. If you would like to write a computer-based exam, an additional fee will be required.
Each subsequent paper-based exam attempt at a regular exam centre within Canada will also require an additional fee. This fee is in addition to any special, computer-based or international fees that may apply. You must provide a minimum of 14 days notice within Canada at a regular exam centre and 4 weeks notice for all other centres. Please note that the date of the exam is not part of any notice period.
†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.
Important: During a student's enrolment period, CSI may update this course. In that case, details about the update and how it may affect students will be posted online via My CSI. Students are held responsible for and are examinable on the content in the course textbook(s) provided at the time of enrollment unless stated otherwise in My CSI. Students are encouraged to check My CSI regularly throughout their enrolment period.
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.
This course is now eligible for CFA CE credits. CFA – Confirmation of CE Activities (PDF)