CIRO Trader study plan

Map the regulatory architecture that governs trading conduct by listing each principal regulator, its statutory mandate, and the categories of rules it issues, then draw a one-page hierarchy diagram connecting statutes, regulations, and self-regulatory guidance.

Distinguish the core conduct standards (fair dealing, client priority, disclosure of conflicts, prohibition on misleading communications) by writing a definition and one hypothetical violation for each.

Classify the main venue types and their operating models, then explain for each how orders interact and who bears counterparty risk.

Identify the principal buy-side and sell-side participants and describe the function each performs in price formation and liquidity provision.

Compare equity order types and trading mechanisms by stating the execution condition, price protection, and typical use case for each.

Trace the equity trade lifecycle from order entry through confirmation and settlement, naming the party responsible at each step.

Differentiate fixed income instrument categories by issuer, coupon structure, maturity profile, and credit risk, and give a pricing example for each.

Explain how bond price relates to yield and how duration and credit spread affect that relationship, working through at least three numerical examples.

Describe how fixed income markets are quoted and traded, contrasting dealer-intermediated and electronic order-book models and the transparency differences between them.

Summarize the conduct rules that apply specifically to fixed income sales and trading, including mark-up disclosure and fair pricing obligations.

Explain the mechanics of repurchase agreements and their role in funding and leverage, including the risks that materialize in a collateral squeeze.

Draft a short client-facing explanation of why a bond's price can fall even when the issuer remains solvent.

Distinguish forwards, futures, options, and swaps by payoff profile, margining, and counterparty risk, and identify which party holds the obligation in each.

Compute intrinsic and time value for calls and puts and explain how volatility, time to expiry, and moneyness shift the premium.

Define best execution and list the execution-quality factors that must be considered alongside price.

Apply order-handling rules to scenarios involving client priority, order marking, and handling of limit orders when market conditions change.

Evaluate best-execution scenarios and justify, in writing, which venue or counterparty selection satisfies the obligation and why.

Sequence the clearing and settlement process for equities and fixed income, identifying central counterparty novation, margin calls, and the settlement date convention.

Explain the trade reporting obligations for each instrument class, including what must be reported, to whom, and within what timeframe.

Diagnose the causes and consequences of settlement failure and describe the buy-in or fails-handling process.

Catalogue manipulative and deceptive practices by mechanism, distinguishing those that distort price from those that distort information.

Identify the red flags of layering, spoofing, wash trading, marking the close, and insider trading in order and communication data.

Explain the surveillance controls a firm deploys to detect each practice and the escalation path once a flag is raised.

Analyze structured product payoffs to identify embedded leverage, barriers, and issuer credit exposure that could be misrepresented to clients.

Apply suitability and know-your-client requirements to client scenarios, documenting the information needed and how it drives a recommendation.

Identify conflicts of interest across proprietary trading, research, allocation, and compensation, and propose a mitigation for each.

Describe the controls protecting client assets and order information, including segregation, authorization, and handling of personal account dealing.

Reconcile a sample trade blotter against settlement records and flag discrepancies.

Consolidate weak sub-topics from the midterm into a prioritized review list and close each gap with targeted practice.

Complete two full-length timed mock exams under exam conditions and record per-domain accuracy.

Rehearse concise verbal explanations of the ten most frequently tested concepts to test recall under pressure.

Build a final one-page formula and rule summary for last-day review.