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Wiley FINRA Series 3 Exam Review 2017: The National Commodities Futures Examination

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en Limba Engleză Carte Paperback – 02 May 2017
The go–to guide to acing the Series 3 Exam!
Created by the experts at The Securities Institute of America, Inc., Wiley Series 3 Exam Review 2017 arms you with what you need to score high on the test and pass the Series 3 Exam. Designed to let you build and fine–tune your knowledge of all areas covered and guarantee that you′re prepared mentally and strategically to take the test, it provides:
  • Hundreds of examples
  • Assorted practice questions for each subject area covered in the exam
  • Priceless test–taking tips and strategies
  • Helpful hints on how to study for the test, manage stress, and stay focused
The National Commodities Futures Examination (Series 3) is an entry–level exam that qualifies individuals for registration to transact business in commodity futures and options on futures. This intense two and a half hour test is the must–pass exam for aspiring financial professionals. The exam consists of 120 questions about everything from future trading theory, futures margins, option premiums, basic hedging, spreading, speculation, and the rules and regulations of the CFTC/NFA.
Wiley Series 3 Exam Review 2017 is your ticket to passing the test with flying colors on the first try and becoming a registered Commodity Futures Representative.
Visit www.efficientlearning.com/finra for more information.
The Securities Institute of America, Inc. helps thousands of securities and insurance professionals build successful careers in the financial services industry every year. Our securities training options include:
  • Onsite classes
  • Private tutoring
  • Classroom training
  • Interactive online video training classes
  • State–of–the–art exam preparation software
  • Printed textbooks
  • Real–time tracking and reporting for managers and training directors
As a result, you can choose a securities training solution that matches your skill level, learning style, and schedule. Regardless of the format you choose, you can be sure that our securities training courses are relevant, tested, and designed to help you succeed. It is the experience of our instructors and the quality of our materials that make our courses requested by name at some of the largest financial services firms in the world.
To contact The Securities Institute of America, visit us on the web at www.SecuritiesCE.com or call 877–218–1776.
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Specificații

ISBN-13: 9781119379768
ISBN-10: 1119379768
Pagini: 224
Dimensiuni: 216 x 278 x 12 mm
Greutate: 0.56 kg
Editura: Wiley
Locul publicării: Hoboken, United States

Textul de pe ultima copertă

The go–to guide to acing the Series 3 Exam!
Created by the experts at The Securities Institute of America, Inc., Wiley Series 3 Exam Review 2017 arms you with what you need to score high on the test and pass the Series 3 Exam. Designed to let you build and fine–tune your knowledge of all areas covered and guarantee that you′re prepared mentally and strategically to take the test, it provides:
  • Hundreds of examples
  • Assorted practice questions for each subject area covered in the exam
  • Priceless test–taking tips and strategies
  • Helpful hints on how to study for the test, manage stress, and stay focused
The National Commodities Futures Examination (Series 3) is an entry–level exam that qualifies individuals for registration to transact business in commodity futures and options on futures. This intense two and a half hour test is the must–pass exam for aspiring financial professionals. The exam consists of 120 questions about everything from future trading theory, futures margins, option premiums, basic hedging, spreading, speculation, and the rules and regulations of the CFTC/NFA.
Wiley Series 3 Exam Review 2017 is your ticket to passing the test with flying colors on the first try and becoming a registered Commodity Futures Representative.
Visit www.efficientlearning.com/finra for more information.
The Securities Institute of America, Inc. helps thousands of securities and insurance professionals build successful careers in the financial services industry every year. Our securities training options include:
  • Onsite classes
  • Private tutoring
  • Classroom training
  • Interactive online video training classes
  • State–of–the–art exam preparation software
  • Printed textbooks
  • Real–time tracking and reporting for managers and training directors
As a result, you can choose a securities training solution that matches your skill level, learning style, and schedule. Regardless of the format you choose, you can be sure that our securities training courses are relevant, tested, and designed to help you succeed. It is the experience of our instructors and the quality of our materials that make our courses requested by name at some of the largest financial services firms in the world.
To contact The Securities Institute of America, visit us on the web at www.SecuritiesCE.com or call 877–218–1776.

Cuprins

About the Series 3 Exam xi About This Book xv
About the Test Bank xvii
About the Securities Institute of America xix
Chapter 1 Futures and Forwards 1
The Spot Market 1
Forward Contracts 2
Futures 3
Trading Futures on the Floor of the Exchange 4
Clearinghouse 5
Clearing Member Margin Calculations 7
Basis Grade 8
Pretest 11
Chapter 2 Trading Commodity Futures 15
Types of Orders 15
Market Orders 16
Buy Limit Orders 16
Sell Limit Orders 16
Stop Orders/Stop Loss Orders 17
Buy Stop Orders 18
Sell Stop Orders 18
Stop Limit Orders 19
Other Types of Orders 19
Pretest 29
Chapter 3 Futures Pricing 31
Contract Sizes and Pricing 31
U.S. Treasury Futures 35
Stock Index Futures 36
Index Future Settlement 37
Single Stock Futures 37
Foreign Currency Futures 39
Pretest 41
Chapter 4 Price Forecasting 45
Futures Market Pricing Structure 45
Agricultural Futures Pricing 48
Supply and Demand Elasticity 49
Government Agricultural Programs 49
Crop Year 50
Economic Policy 50
Tools of the Federal Reserve Board 51
Interest Rates 51
Reserve Requirement 52
Changing the Discount Rate 53
Federal Open Market Committee 53
Money Supply 53
Disintermediation 54
Moral Suasion 54
Fiscal Policy 55
International Monetary Considerations 56
London Interbank Offered Rate / LIBOR 57
Yield Curve Analysis 57
Technical Analysis 59
Pretest 65
Chapter 5 Speculation and Hedging 69
Speculation 69
Margin 72
Maintenance Margin 74
Changes to the Margin Requirement 78
Other Forms of Margin Deposits 79
Hedging 81
How to Manage an Imperfect Hedge 84
A Change in Basis Price 85
Hedging Financial Risks 88
Pretest 97
Chapter 6 Commodity Futures Options and Commodity Futures Spreads 101
Option Classification 101
Option Classes 102
Option Series 102
Bullish vs. Bearish 102
Possible Outcomes for an Option 103
Managing an Option Position 104
Buying Calls 104
Selling Calls 106
Buying Puts 108
Selling Puts 109
Option Premiums 111
Intrinsic Value and Time Value 113
Multiple Option Positions and Strategies 114
Long Straddles 114
Short Straddles 117
Spreads 120
Analyzing Spreads/Price Spreads 121
Bull Call Spreads/Debit Call Spreads 121
Spread Premiums Bull Call Spread 123
Bear Call Spreads/Credit Call Spreads 124
Spread Premiums Bear Call Spread 126
Bear Put Spreads/Debit Put Spreads 127
Spread Premiums Bear Put Spread 128
Bull Put Spreads/Credit Put Spreads 129
Spread Premiums Bull Put Spread 130
Synthetic Risk and Reward 131
Delta 133
Spreading Futures Contracts 133
Spreading Treasury Futures 136
Pretest 137
Chapter 7 CFTC & NFA and Regulations 141
The Commodity Exchange Act of 1936 141
Futures Commission Merchant 143
Introducing Broker 144
Commodity Pool Operator 144
Commodity Trading Adviser 146
Risk Disclosure Documents 146
Additional Disclosures by CTAs and CPOs 152
Customer Accounts 153
Arbitration 158
The CFTC Reparation Process 159
Written Communication with the Public 164
Pretest 169
Answer Keys 173
Glossary of Exam Terms 181
Index 195