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SIDC requires six e-learning modules and the trading simulation before the remotely proctored assessment: 30 questions in 60 minutes, with 70% required under the 2026 handbook. The simulation covers FCPO and FKLI. This pathway has eligibility requirements and is not a universal replacement for SCLE examinations or automatic CMSRL approval.
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One complete free lesson for Certified Capital Market Professional: Dealing in Derivatives. No account or payment needed.
Calculate futures exposure, daily losses and a hypothetical margin call, then distinguish a funding threshold from a maximum-loss limit.
A fictional futures trader buys two contracts at an index level of sixteen hundred. Each contract has a stipulated multiplier of fifty ringgit per point. The account starts with sixteen thousand ringgit in cash collateral and no other positions. For this illustration, maintenance is fourteen thousand, and falling below it requires replenishment to sixteen thousand. These are invented teaching terms, not current exchange rates. If settlement falls to fifteen hundred sixty-five, calculate both the trading loss and the required top-up.
The starting notional exposure is sixteen hundred index points multiplied by fifty ringgit and two contracts: one hundred sixty thousand ringgit. The deposited sixteen thousand is only one tenth of that amount. It supports the exposure rather than buying the entire underlying outright. A one-point movement changes this position's value by one hundred ringgit, because there are two contracts. The distinction matters: calculating a market loss as a percentage of the collateral alone can hide the underlying exposure.
The settlement decline is thirty-five points. A long position loses when the futures price falls, so multiply thirty-five by fifty ringgit by two contracts. The loss is three thousand five hundred ringgit. Under our simplified cash-account assumptions, deduct that loss from sixteen thousand, leaving twelve thousand five hundred. The market moved about two point one nine percent, but the loss consumed about twenty-one point eight eight percent of the starting collateral. That difference illustrates leverage rather than a calculation inconsistency.
Twelve thousand five hundred is below our fourteen-thousand maintenance threshold, so the stipulated call is triggered. The target, however, is sixteen thousand. Required new cash is therefore three thousand five hundred ringgit. Adding only fifteen hundred would reach maintenance but would not satisfy this example's replenishment rule. Actual firms' terms and applicable rules must be checked. A margin threshold is also not a maximum-loss guarantee: further adverse moves can create further losses and additional funding demands.
Consider a separate mini-check: one short contract, opened at sixteen hundred, with the same fifty-ringgit multiplier. Settlement is fifteen hundred eighty-eight. Is the twelve-point decline a gain or a loss? A short benefits from the lower price, so the result is a six-hundred-ringgit gain before costs. Do not copy the sign from the earlier long example. First establish direction, then calculate the price difference, multiplier, and contract count. Account funding rules are applied after that economic result is known.
For a new futures problem, record direction, contract count, multiplier, price change, and available collateral. Calculate the gain or loss, update the account, then apply the actual margin trigger and restoration target. Include fees and other positions when the facts require them. Before taking the exposure, consider the ability to fund adverse moves, rather than treating initial margin as the complete investment risk. Daily settlement makes losses a cash-management issue even when a trader hopes the eventual market direction will reverse.
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Exam Syllabus
Exchange and OTC markets | Hedgers, speculators and risk
Contract specifications and margin | Hedges, spreads and payoff calculations
Intrinsic and time value | Buyer and writer payoffs and strategies
Bilateral contracts | Funding, counterparty and liquidity risks
Trends, volume and indicators | Economic and industry drivers
Client onboarding and conduct | Clearing and settlement controls
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All six CCMP Dealing in Derivatives learning modules in one bundle, supporting eligible securities dealer representatives seeking an additional derivatives licensing pathway.
SIDC requires six e-learning modules and the trading simulation before the remotely proctored assessment: 30 questions in 60 minutes, with 70% required under the 2026 handbook. The simulation covers FCPO and FKLI. This pathway has eligibility requirements and is not a universal replacement for SCLE examinations or automatic CMSRL approval.
No. These are independently authored practice questions, flashcards and mindmaps. They are not SIDC, FIMM, AICB or FMAM examination materials.
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