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Series 3 Exam Outline - PRO015","","Comprehensive futures and options exam outline covering core subject areas from futures trading theory and basic functions to margin requirements, option premiums, and price limits. Details include futures contracts versus forwards, offset and clearinghouse roles, delivery and settlement mechanics, hedging concepts (short/long, basis, margin effects), speculative theory (leverage, risk, liquidity, volatility), and futures/options terminology. Further sections address orders and customer accounts, chart and fundamental price analysis, interest rate analysis, and spread trading strategies, hedging calculations, and speculative profit/loss frameworks.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/d-series-3-exam-outline-pro015/394055/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/d-series-3-exam-outline-pro015/394055.png","ImageObject",300,407,{"name":92,"@type":93},"Connor ","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-06","2026-09-26",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",14,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What topics are covered in the futures trading theory and basic functions section?","Question",{"text":113,"@type":114},"It covers futures markets development, futures vs. securities, futures vs. forward contracts, offset and clearinghouse functions, delivery provisions, the structure of futures markets, and core hedging, speculative, and terminology concepts.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How are margin requirements for futures described in this outline?",{"text":118,"@type":114},"The outline explains the nature of futures margin as a performance bond, compares it with securities margin, covers initial and maintenance requirements with documentation, and describes how margin calculations change with price movement and requirement changes.",{"name":120,"@type":111,"acceptedAnswer":121},"What areas related to options and trading decisions are included?",{"text":122,"@type":114},"It includes option premiums (intrinsic and time value, delta, quotations), price limits and circuit breakers, exercise and assignment processes with margin upon exercise, and covered topics like orders, chart-based technical analysis, fundamental analysis, and interest rate yield curve effects.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},394055,1790555130,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":24,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145,"preview_page_count":4},687207022233,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","eXaminaTion suBJeCT areas  \nNAtIONAl COmmOdIty FutuRES ExAmINAtION  \nSErIES 3  \nThe following is a general listing of the major subject areas covered by the examination and does not represent an exhaustive list of the actual test questions.  \nPart 1  \nFutuRES tRAdINg thEORy ANd BASIC FuNCtIONS  \ntERmINOlOgy  \nA. General Theory  \n1. Development of futures markets  \n2. Futures and securities compared  \n• Rights  \n• Obligations  \n• Transfer of ownership  \nB. The Futures Contract  \n1. Futures and forward contracts compared  \n2. Offset provisions  \n3. The clearinghouse function  \n• Clearing members  \n• Non-clearing members  \n4. Delivery provisions  \n• Basis grade  \n• Premiums  \n• Discounts  \nC. The Structure of Futures Markets  \n1. Normal markets  \n• Carrying charges  \n• “Full carry” markets  \n2. Inverted markets  \n• Supply shortages  \n• Other factors  \nd. Hedging Theory  \n1. Risk reduction  \n• Unhedged position  \n• Effect on pricing of cash markets  \n2. Short hedging  \n• Typical short hedgers: farmers, producers, holders of inventory  \n• Effect on pricing of cash markets  \n3. Long hedging  \n• Typical long hedgers: processors, manufacturers, exporters  \n• Protection against price rise  \nE. Speculative Theory  \n1. Leverage  \n2. Risk  \n3. Market liquidity  \n4. Price volatility  \nF. General Futures Terminology  \nAssociated Person Basis  \nBucketing Carrying charges  \nChurning Clearinghouse Convergence  \nCommodity Pool  \nOperator Commodity Trading  \nAdvisor Deferred Discount Expit  \nFutures Commission Merchant  \nFirst Notice Day  \nFloor Broker  \nFloor Trader Forward contract Intoducing broker Inverted market Limit up/down Lock limit  \nLong  \nNormal market Pit  \nPosition Trader Retender  \nScalper Short Spot  \nVariation call Warehouse receipt  \ng. General Options Terminology  \nAt-the-money Call Conversion  \nDelta  \nExercise  \nExpiration Grantor  \nIn-the-money  \nIntrinsic Value  \nOut-of-the-money Premium  \nPut  \nSpread  \nStraddle  \nStrangle Synthetic  \nOptions/Futures Time value Writer  \nSeries 3 (continued)  \nFutuRES mARgINS, OPtION PREmIumS, PRICE lImItS, FutuRES SEttlEmENtS, dElIVERy, ExERCISE, ANd ASSIgNmENt  \nA. Margin Requirements  \n1. The nature of futures margin  \n• Performance bond  \n• Comparison with securities margin  \n• Authority of exchanges to establish and revise requirements  \n• Initial and maintenance requirements  \n• Documentation: margin agreement, transfer of funds agreement  \n2. Margin calculations  \n• Initial  \n• Maintenance/variation  \n• Effects of substantial price movement  \n• Effects of change in requirements on new and existing positions  \n• Withdrawal of excess equity  \n3. Alternative calculations  \n• Hedge margin  \n• Spread margin  \nB. Option Premiums  \n1. Intrinsic value  \n2. Time value  \n3. The delta  \n4. Premium quotations  \nNote: where different from underlying contract (e.g. , T-Bonds)  \nC. Price Limits  \n1. Effect of limit-up/down price change  \n2. Expanded limits  \n3. Effects on margin of limit moves  \n4. Lock limit  \n5. Circuit breakers  \nd. Offsetting Contracts, Settlements, Delivery  \n1. Liquidating long and short positions  \n2. First notice day  \n3. Trading in the spot month  \n4. The clearinghouse role in the delivery  \n5. Delivery notices  \n6. Retenders/stopped notices  \n7. Physical delivery, warehouse receipts  \n8. Cash settled contracts; how settlement is computed  \n•. Stock indices  \n• Municipal bonds  \n• Eurodollars  \n9. EFP’s  \nE. Options Exercise, Assignment, Settlement  \n1. Process of assignment  \n2. Margin requirements upon exercise  \n3. Final trading/exercise dates  \ntyPES OF ORdERS, CuStOmER ACCOuNtS,  \nPRICE ANAlySIS  \nA. Basic Characteristics and Uses of  \n1. Market orders  \n2. Stop orders  \n3. Stop-limit orders  \n4. Market-if-touched orders  \n5. Orders on electronic markets  \nB. Additional Orders  \n1. Good till canceled (GTC)  \n2. Fill-or-kill  \n3. On close  \n4. One cancels the other (OCO)  \nC. Technical Price Analysis  \n1. Charts: bar, point and figure  \n2. Trendlines  \n3. Support/resi","cbCainwcOVp8sx9x","https://ap.wps.com/l/cbCainwcOVp8sx9x","pdf",152785,"English","# Part 1 Futures Trading Theory and Basic Functions\n## Terminology\n## A. General Theory\n## B. The Futures Contract\n## C. The Structure of Futures Markets\n## d. Hedging Theory\n## E. Speculative Theory\n## F. General Futures Terminology\n## g. General Options Terminology\n# Series 3 (continued)\n## Futures Margins, Option Premiums, Price Limits, Futures Settlements, Delivery, Exercise, and Assignment\n## A. Margin Requirements\n## B. Option Premiums\n## C. Price Limits\n## d. Offsetting Contracts, Settlements, Delivery\n## E. Options Exercise, Assignment, Settlement\n## Types of Orders, Customer Accounts, Price Analysis\n## A. Basic Characteristics and Uses of\n## B. Additional Orders\n## C. Technical Price Analysis\n## d. Fundamental Price Analysis\n## E. Interest Rate Analysis\n## Basic Hedging, Basis Calculations, Hedging Futures\n## A. Short Hedging and Long Hedging\n## B. The Basis\n## C. Hedging Calculations\n## Spreading\n## A. Spread Trading\n## B. Common Types of Spreads\n## Speculating in Futures\n## A. Profit/loss calculations for speculative trades (including spreads)\n## B. Trading Applications","[{\"question\":\"What topics are covered in the futures trading theory and basic functions section?\",\"answer\":\"It covers futures markets development, futures vs. securities, futures vs. forward contracts, offset and clearinghouse functions, delivery provisions, the structure of futures markets, and core hedging, speculative, and terminology concepts.\"},{\"question\":\"How are margin requirements for futures described in this outline?\",\"answer\":\"The outline explains the nature of futures margin as a performance bond, compares it with securities margin, covers initial and maintenance requirements with documentation, and describes how margin calculations change with price movement and requirement changes.\"},{\"question\":\"What areas related to options and trading decisions are included?\",\"answer\":\"It includes option premiums (intrinsic and time value, delta, quotations), price limits and circuit breakers, exercise and assignment processes with margin upon exercise, and covered topics like orders, chart-based technical analysis, fundamental analysis, and interest rate yield curve effects.\"}]","d. Series 3 Exam Outline - PRO015 | PDF",1790398209,13]