CIRO Institutional Securities study plan

Outline the cash-flow mechanics, quoting conventions and price-yield relationship for government and corporate bonds, then compute the price change for a 100bp yield shift at three different durations

Distinguish forward, futures, option and swap payoff profiles by sketching profit-and-loss diagrams for each from memory

Build a personal glossary of at least 40 fixed income and derivatives terms with a one-sentence definition written in your own words

Explain to a study partner why a bond's coupon is not its yield and how accrued interest enters settlement

Work through 30 practice questions on bond valuation, duration, convexity and credit spreads, logging every error with the reason it occurred

Describe how margin, variation margin and daily settlement work for futures, and contrast that with the collateral mechanics of a cleared swap

Compare the risk profile of buying a call versus selling a put at the same strike, and state the maximum loss for each

Identify the main categories of corporate bond issuer covenant and explain what each protects

Map the full equity trade lifecycle from order entry through execution, clearing and settlement, naming the parties involved at each step

List the principal order types and time-in-force instructions and state when each is appropriate for an institutional client

Define best execution and describe the factors a firm must weigh beyond price alone

Explain how order priority, allocation and client precedence rules apply when a firm trades alongside client orders

Classify money market instruments by issuer, maturity and credit risk, and compute the discount yield versus the true yield on a Treasury bill

Explain the roles of underwriters in a new issue, including book-building, allocation and stabilization, and contrast firm commitment with best efforts

Describe how a repo works, including haircuts and margin calls, and calculate the cash lent on a simple repo transaction

Identify the conflicts that arise when research, underwriting and sales sit inside the same firm and state how each is managed

Summarize the regulatory architecture governing institutional business and the conduct standards that flow from it

Sequence the client onboarding process from identification and verification through suitability, documentation and approval

Explain know-your-client, anti-money-laundering and beneficial ownership requirements and apply them to a written client scenario

Describe how conflicts of interest are identified, disclosed and managed at the firm level

Explain how counterparty credit risk is measured, limited and monitored, including exposure, netting and collateral

Calculate initial and variation margin for a simple derivative position and describe what triggers a margin call

Apply the ethical decision framework to three short vignettes involving gifts, information sharing and allocation of a hot issue

Distinguish market abuse from legitimate trading and identify the red flags of insider dealing and manipulation

Explain spot, forward and swap FX quoting conventions and compute a forward rate from interest rate differentials

Describe settlement risk in cross-border transactions and the role of CLS and correspondent banking

Work through 20 best execution and order handling scenarios, deciding the correct action in each

Revisit every error logged in weeks 2 and 4 and confirm each is now understood

Complete two full-length timed mock exams under exam conditions and record the score for each domain

Rank all 11 domains by mock-exam accuracy and re-study the three weakest for at least three hours total

Recite the key formulas for bond pricing, duration, margin and forward FX from memory without notes

Review the ethics and conflicts material one final time, since it is easily forgotten under pressure