JSE FX Trader study plan

Define the JSE equity market structure: main board, AltX, and the roles of the JSE, Strate, and brokers in trade settlement.

Explain the T+3 settlement cycle and list the steps from order execution to dematerialised settlement.

Distinguish between a traded security and a listed security, giving two examples of each.

Calculate simple and cumulative returns for a single share over a 12-month holding period.

Identify the main JSE equity indices and the top five constituents by market capitalisation.

Quote and interpret spot, forward, and cross exchange rates using ZAR as the base or quote currency.

Compute forward points from an interest-rate differential and explain the covered interest parity relationship.

Distinguish commodity price exposure from currency exposure for a South African importer or exporter.

Describe how gold, platinum group metals, and oil are priced and traded, and how their prices affect the ZAR.

Calculate the profit or loss on a commodity position given entry price, exit price, contract size, and fees.

Compare ordinary shares, preference shares, and warrants on voting rights, dividend priority, and capital ranking.

Explain the terms of a typical JSE preference share issue: dividend rate, cumulative or non-cumulative, participating or non-participating, and redemption.

Define warrant gearing, premium, intrinsic value, and time value, and calculate each from a given warrant price and exercise price.

Distinguish call and put warrants and describe the effect of expiry and volatility on warrant value.

Identify the risks of warrant trading, including time decay and leverage-induced losses.

Compute mean, median, mode, variance, and standard deviation for a set of daily returns.

Interpret covariance, correlation, and beta in the context of a two-asset portfolio.

Explain the normal distribution and its limitations for asset returns, including fat tails and skewness.

Calculate and interpret a 95% Value at Risk estimate from historical returns.

Distinguish descriptive from inferential statistics and identify when each is used in market analysis.

Explain how an ETF is created and redeemed and how tracking error and total expense ratio affect returns.

Compare a market-cap-weighted index ETF with a dividend-focused or commodity ETF listed on the JSE.

Distinguish price indices from total-return indices and explain how dividends are treated in each.

Calculate the return of an index over a period from index levels and adjust for a divisor change.

Describe how futures and options on the FTSE/JSE Top 40 index are used to hedge or gain exposure.

Price a plain vanilla bond from its coupon, yield to maturity, and time to maturity.

Explain the relationships between bond price, yield, coupon, and term, and calculate duration as a sensitivity measure.

Distinguish government bonds, corporate bonds, and money-market instruments on credit risk and liquidity.

Describe the JSE interest-rate market and how bond futures and repos are used.

Calculate accrued interest and the all-in price of a bond traded between coupon dates.

Integrate equity, FX, and fixed-interest exposure into a single portfolio risk summary.

Calculate the ZAR return on an offshore equity holding, separating local return from currency return.

Explain how a change in domestic interest rates affects bond prices, the ZAR, and equity valuations.

Solve 20 mixed-domain calculation problems under time pressure.

Review and correct every error from the mixed problem set, recording the cause of each mistake.

Complete two full-length timed mock exams covering all ten domains.

Score each mock by domain and identify the two weakest domains.

Re-study the weakest domains using the week 1-7 deliverables and correct all mock errors.

Recite from memory the key formulas for returns, forward rates, warrant gearing, bond pricing, duration, and standard deviation.

Build a one-page final revision sheet limited to formulas and definitions only.