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For all questions related to CIRO’s Proposed Proficiency Model, please visit CIRO’s webpage or email proficiency@ciro.ca.

What will you learn about?

  • Violations and enforcement
  • General market information
  • Orders and the book
  • Trading rules
  • Supervision of trading
  • Other exchanges and marketplaces
  • Institutional equity trading

What is the course syllabus?

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Chapter 1 - Overview of the Canadian Equity Trading Environment

Topics covered in this chapter are:

  • Regulation and Structure of Canadian Marketplaces
  • Equity Trader Roles
  • Traders Duty
  • High Frequency Trading

Chapter 2 - Orders and the Book

Topics covered in this chapter are:

  • Types of Orders and Terminology
  • Special Terms Orders
  • Special Types of Orders under UMIR
  • Algorithmic trading
  • The Book
  • Handling Special Terms Orders
  • Order Markers
  • Standard Trading Units and Minimum Trading Increments

Chapter 3 - Trading Rules: The Opening

Topics covered in this chapter are:

  • Trading Hours
  • Prior to the Opening
  • At the Opening

Chapter 4 - Trading Rules: Trading in a Marketplace

Topics covered in this chapter are:

  • Time Priority Allocation
  • Short Sales
  • Minimum Guaranteed Fills
  • Put-Throughs (Crosses)
  • Fiduciary Responsibility When Acting as Principal
  • Moving the Market
  • Investment Advisor – Client Crosses
  • Jitney Trading
  • Halts, Suspensions, Cease Trading Orders, Delays and Freezes

Chapter 5 - Trading Rules: At and After the Close

Topics covered in this chapter are:

  • At the Close

Chapter 6 - Trading Rules: Stabilization, Program Trading

Topics covered in this chapter are:

  • Trading Restrictions Under UMIR Rule 7.7
  • During a Distribution
  • Permitted Transactions During a Distribution
  • Program Trading

Chapter 7 - Special Trading Rules

Topics covered in this chapter are:

  • Take-over Bids, Issuer Bids, Insider Bids and Sales by Control Persons
  • Trades Subsequent to a Cancellation
  • NCIB Quick Reference Charts

Chapter 8 - Supervision of Trading in a Marketplace

Topics covered in this chapter are:

  • UMIR Policy 7.1 – Policy on Trading Supervision Obligations

Chapter 9 - Violations and Enforcement

Topics covered in this chapter are:

  • The Parties Concerned
  • Just and Equitable Principles
  • Manipulative and Deceptive Method of Trading
  • Powers and Remedies
  • Guidelines for CIRO Disciplinary Proceedings

Chapter 10 - The Canadian Securities Exchange (CSE)

Topics covered in this chapter are:

  • Approval Requirements
  • Trading on the CSE

Chapter 11 - Marketplaces in Canada

Topics covered in this chapter are:

  • Background
  • Transparent Versus Dark Books
  • Execution of Large Block Orders
  • Types of Marketplaces
  • Report of Market Share by Marketplace 
  • Regulatory Issues

Chapter 12 - Understanding the Institutional Investor

Topics covered in this chapter are:

  • The Various Types of Institutional Investors
  • Organizational Structure
  • The Four Areas of the Front Office
  • Information Flow among Portfolio Managers and Traders
  • Investment Mandates
  • Equity Investment Management Strategies: Passive versus Active
  • The Role of a Buy-Side Equity Trader

How will you learn?

CSI’s online learning system helps you meet your study goals. You’ll benefit from:

  • Textbook readings available in PDF, eBook and printed format
  • Course materials accessed through your computer, laptop, tablet, or phone, or by downloading the e-book for offline reading
  • Online assistance from CSI’s academic support specialists
  • Online post-chapter review questions to assess your progress
  • Learning objectives that keep you focused
  • Annual course updates to ensure you’re learning the most current and up-to-date practical material

Course Completion, Wall Certificate and Digital Badge

Upon successfully completing this course, you will be able to download a Notice of Course Completion available through your student profile. This will remain on your profile as formal confirmation of course completion.

You can also accept a digital badge through your student profile after successful course completion. Digital badges are portable image files that allow you to share your credentials across the web. You can post them to your email signature, personal website, social media channels—even to electronic copies of your resume.

CSI will mail you a wall certificate within 4 – 6 weeks of course completion. Frames to display your certificate are available. Please ensure that your First and Last Name on your profile matches your First and Last Name on your Government Issued Photo identification – this will ensure you receive an accurate certificate.

CSI will be pleased to issue an Honours Certificate to all students who obtain a final course mark of 85% or higher.

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