SIAA Foreign Exchange study plan

Derive the covered interest parity forward rate from spot, domestic and foreign rates, and compute outright forward points for at least ten currency pairs by hand and in a spreadsheet

Distinguish outright forwards, non-deliverable forwards and forward-forward structures, and explain settlement date conventions (spot T+2, month-end rules) for each

Build a forward points table across tenors from overnight to twelve months and identify where the points curve inverts relative to the rate differential

Compute triangular arbitrage profit from three quoted pairs and state the exact sequence of trades and the implied cross rate

Decode bid/offer, base/quote, European versus American terms and direct versus indirect quotes across at least eight market conventions

Convert any quoted two-way price into its reciprocal and verify the bid-ask spread survives the inversion without crossing

Calculate cross rates from two USD legs, applying the correct bid/offer pairing rule for each direction of the trade

Compute percentage bid-ask spread and identify which currency pair and tenor carries the widest spread in a supplied quote table

Map the interdealer, dealer-to-client and ECN/primary venue tiers, and name the role of each participant type from market maker to corporate treasurer to central bank

Explain how a spot-next or tom-next swap is priced off the forward points curve and construct a short-dated swap from spot and forward quotes

Distinguish FX swaps from cross-currency swaps by cash flow pattern, tenor, credit exposure and principal exchange, and describe the near and far leg of an FX swap

Describe the mechanics of a central bank FX swap line and its effect on cross-currency basis

Price a vanilla European call and put using Garman-Kohlhagen inputs and interpret each Greek in hedging terms

Construct and explain payoff profiles for a collar, a seagull and a participating forward, stating the client view each expresses

Select an appropriate hedge ratio and instrument for three corporate exposures given their timing, certainty and accounting constraints

Distinguish transaction, translation and economic exposure and match each to a suitable hedging tool

Design a layered hedging programme that blends forwards, options and swaps across a twelve-month exposure profile

Compute hedge effectiveness under a hypothetical derivative method for a sample exposure and record the result

Roll a maturing forward and quantify the roll cost or gain using the forward points curve

Identify basis risk, credit risk and liquidity risk in a stated hedge programme and propose one mitigation for each

Summarise the core obligations under the FX Global Code covering execution, transparency, information handling and confirmation and settlement

Apply know-your-client and suitability requirements to two client profiles and document why a proposed structured product fits or does not fit

Identify the ethical red flags in three short scenario descriptions, including front running, pre-hedging disclosure failures and mis-marked quotes

State the record-keeping and best-execution expectations that apply when handling a client order in a structured product

Trace the settlement lifecycle of a spot trade from execution through confirmation, netting, CLS eligibility and final payment

Explain Herstatt risk and how payment-versus-payment and CLS membership reduce it

List the operational controls that prevent failed trades, including SSI validation, cutoff times and affirmation deadlines

Describe the clearing landscape for FX products, including which instruments are centrally cleared and the role of margin

Re-solve a mixed set of twenty calculation problems spanning forwards, options pricing, cross rates and arbitrage under timed conditions

Reconcile every prior week's deliverable into a single indexed study file and flag any domain where recall was weak

Complete a full-length timed mock covering all ten domains and score it by domain weight

Rework every missed mock question until the underlying concept can be explained without notes