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Roots Institute of Financial Markets RIFM

Practice Book Derivatives Market (Dealers) Module

Roots Institute of Financial Markets


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Welcome to RIFM Thanks for choosing RIFM as your guide to help you in CFP Certification. Roots Institute of Financial Markets is an advanced research institute Promoted by Mrs. Deep Shikha CFPCM. RIFM specializes in Financial Market Education and Services. RIFM is introducing preparatory classes and study material for Stock Market Courses of NSE , NISM and CFP certification. RIFM train personals like FMM Students, Dealers/Arbitrageurs, and Financial market Traders, Marketing personals, Research Analysts and Managers.

We are constantly engaged in providing a unique educational solution through continuous innovation.

Wish you Luck

Faculty and content team, RIFM

Roots Institute of Financial Markets


1197 NHBC Mahavir Dal Road. Panipat. 132103 Haryana. Ph.99961-55000, 0180-2663049 email: info@rifmindia.com Web: www.rifmindia.com and www.rifm.in

Our Team
Deep Shikha Malhotra CFPCM M.Com., B.Ed. AMFI Certified for Mutual Funds IRDA Certified for Life Insurance IRDA Certified for General Insurance PG Diploma in Human Resource Management CA. Ravi Malhotra B.Com. FCA DISA (ICA) CERTIFIED FINANCIAL PLANNERCM Vipin Sehgal CFPCM B.Com. NCFM Diploma in Capital Market (Dealers) Module AMFI Certified for Mutual Funds Neeraj Nagpal CFPCM B.Com. AMFI Certified for Mutual Funds IRDA Certified for Life Insurance NCFM Diploma in : Capital Market (Dealers) Module Derivatives Market (Dealers) Module Commodities Market Module Kavita Malhotra B.Com. AMFI Certified for Mutual Funds IRDA Certified for Life Insurance Certification in following Modules of CFPCM Curriculum (FPSB India) Risk Analysis & Insurance Planning Retirement Planning & Employees Benefits Investment Planning Tax Planning & Estate Planning Advanced Financial Planning

Roots Institute of Financial Markets


1197 NHBC Mahavir Dal Road. Panipat. 132103 Haryana. Ph.99961-55000, 0180-2663049 email: info@rifmindia.com Web: www.rifmindia.com and www.rifm.in

Index
Contents Chapter 1 Introduction to Derivatives Chapter 2 Market Index Chapter 3 Introduction to future and Options Chapter 4 Application of Future and Options Chapter 5 Trading Chapter 6 Clearing and Settlement Chapter 7 Regulatory Framework Sample Paper 1 Sample Paper 2 Sample Paper 3 Answer Table Sample Papers Page No. 1-5 6-11 12-18 19-33 34-43 44-57 58-65 66-74 75-83 84-94 95

Roots Institute of Financial Markets


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Chapter 1 Introduction to Derivatives


D 1001 The most traded contract in the world is: (a) Kospi 200 options, korea Exchange (b) 3-month Eurodollar futures,CME (c) Nifty Future,NSE (d) Euro-Bund Futures,Eurex D 1002 The Highest volume in exchange traded futures and options are seen in the following sector. (a) Agricultural commodities (b) Energy Products (c) Equity Indices (d) Interest Rate D1003 Futures trading commenced first on (a) Chicago Board ofr trade (b) Chicago Mercantile Exchange (c) Chicago Board Options Exchange (d) London International Financial Futures and options Exchange D1004 The underlying asset for a derivative contract can be (a) Equity (b) Commodities (c) Interest Rate (d) Any of the above D1005 Derivatives First emerged as........... products. (a) Speculative (b) Hedging (c) Volatility (d) Risky D1006 Who are the participants in the derivative market? (a) Hedgers (b) Speculators (c) Arbitrageurs (d) All of the above D1007 The First Exchange traded Financial derivative in india commenced with the trading of.
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(a) Index Future (b) Index Options (c) Stock Options (d) Interest Rate Futures D1008 OTC derivative are considered risky because (a) There is no formal margining system (b) They do nmot follow any formal rules or mechanisms (c) They are not setteled on a clearing house (d) All of the above

D 1026 Weekly options traded on NSE follow an _______. (a) European style settlement (b) American style settlement (c) Asian style settlement (d) Weekly Options are not traded at NSE D 1027 Swaption is an option to buy or sell a _______at the expiry of the option (a) swap (b) futures (c) basket option (d) warrant D 1028 _________ is one of the uses of Derivatives? (a) Forecasting (b) Risk taking (c) Arbitrage (d) All of the above D 1029 Which of the following are derivatives? a) Stocks b) Bonds c) Forward Rate Agreements d) All of the above D 1030 Futures and forwards are similar in the following respect____. (a) settlement of contract takes place in the future (b) they have settlement guarantee (c) positions are marked-to-market everyday (d) contracts are custom designed

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Answers Ch1 Derivatives 1 A 16 B 2 C 17 A 3 A 18 A 4 D 19 A 5 B 20 C 6 D 21 C 7 A 22 C 8 D 23 A 9 A 24 C 10 D 25 A 11 C 26 D 12 D 27 A 13 D 28 C 14 D 29 C 15 D 30 A

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CHAPTER 3 Introduction to future and Options


D 3013 A call option at a strike of Rs.176 is selling at a premium of Rs.18. At what price will it break even for the buyer of the option? a. Rs.196 b. Rs.187 c. Rs.204 d. Rs.194 D 3014 Stock options on ICICI Bank Ltd. can be exercised ________. (a) any time on or before maturity (b) upon maturity (c) any time upto maturity (d) on a date pre-specified by the trading member D 3015 Weekly options trading commenced on NSE in _______. (a) NSE does not trade in Weekly options (b) 02-Jun-2005 (c) 04-Jul-2005 (d) 04-Jun-2005 D 3016 The futures price is ________. (a) the price of a contract in the future (b) spot price plus cost of carry (c) the price at which a futures contract trades in the market (d) the price set by the exchange D 3017 Index options on the S&P CNX Nifty can be exercised ___________. (a) any time on or before maturity (b) upon maturity (c) any time upto maturity (d) on a date pre-specified by the trading member D 3018 BANK Nifty is a derivative contract on NSE ____________. True or False? (a) True (b) False D 3019 CNX IT is a derivatives contract on NSE. True or False? (a) True (b) False
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D 3020 You have bought a stock on the exchange. To eliminate the risk arising out of the stock price, you should _____. (a) buy index futures (b) buy stock futures (c) sell the stock futures (d) none of the above D 3021 An option contract which will not be exercised on the expiry date is ________. (a) an in-the-money option (b) a deep in-the-money (c) an out-of-the-money option (d) None of the above D 3022 Index Funds use index futures to reduce _________ (a) tracking error (b) expenses (c) time to invest in the markets (d) All of the above

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Answers 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Ch. 3 B B B A A B C C A C C B D A A C B

18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

A A C C A C A A A A B C A B A A B

35 36 37 38 39 40 41 42 43 44 45 46 47

A D A A A A B A C A D C C

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CHAPTER 6 Clearing and Settlement


D 6003 What will be the MTM profit/loss of mohan if he buys 1800@540 and sells 1600@545. The Settlement price of the day was 535. a. -4000 b. 7000 c. -6000 d. 2000 D 6004 A trading member took place proprietary purchase in Sep 2007 Contract. He bought 4600units@300 and sold 4200 units @320. What is the outstanding position on which intiatial margin will be calculated. a. 400 b. 2700 c. 1500 d. 1200 D 6005 Rahul buys 600 units@ 140 and sells 400 units @130. The settlement price is 130.What is his MTM profit/Loss? a. -6000 b. 7200 c. 8000 d. 600 D 6006 What is the outstanding position on which intial margin would be charged if no proprietary trading is done and the details of the client trading done are: One client buys 1800 units @160. The Second client buys 1000 units @170 and sells 1200 units @180. a. 200 units b. 800 units c. 2000 units d. 2700 units D 6007 The Oct futures Contract of RELCAP closed at 1820 yesterday. It closes today at 1780. The spot closes at 1750. A trader has a short position of 3000 inOct futures contract. He sells 2000 units of Oct expiring put options on Relap with a strike price of Rs 1800 for a premium of Rs 73 per unit. What is the net obligation from/to clearing corporation today. a. Pay in of Rs 266200 b. Pay out of Rs 266000 c. Pay out of Rs 645000 d. Pay in Of Rs 344200

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D 6008 On 3rd Oct 2007, a trader sold 800 calls on Satyam at a strike price of Rs 550 for a premium of Rs 30/call. On cash market system satyam closed at Rs 590 on that day. If the call option is assigned to him on that day,What is his net obligation on 3rd Oct 2007? a. pay in of 8000 b. payout of 8000 c. payin of 16000 d. Payout of 16000 D 6067 What is the outstanding position on which initial margin will be levied if no proprietary trading is done and the details of client trading are: one client buys 500 units @ 1260. The second client buys 900 units @Rs.1255 and sells 1000 units @Rs.1260? (a) 1900 units (b) 2400 units (c) 500 units (d) 600 units D 6068 Ms. Shetty has sold 1000 calls on ABC Ltd. at a strike price of Rs. 885 for a premium of Rs.27 per call on April 1. The closing price of equity shares of ABC Ltd. is Rs. 890 on that day. If the call option is assigned against her on that day, what is her net obligation on April 01? (a) Pay-out of Rs.22,300 (b) Pay-in of Rs.22,000 (c) Pay-in of Rs.25,000 (d) Pay-out of Rs.22,000 D 6069 What is the outstanding position on which initial margin will be levied if no proprietary trading is d one and the details of client trading are: one client buys 1000 units @ 1260. The second client buys 1000 units @Rs.1255 and sells 1000 units @Rs.1260.? (a) 2000 units (b) 3000 units (c) 1000 units (d) 4000 units D 6070 On 15th January, Raju bought a January Nifty futures contract which cost him Rs.334,500. For this he had to pay an initial margin of Rs.31,520 to his broker. Each Nifty futures contract is for delivery of 100 Nifties. On 25th January, the index closed at 3360. How much profit/loss did he make? (a) (-) 1,200 (b) (-) 1,500 (c) (+) 1,200 (d) (+) 1,500

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D 6071 Ms. Shetty has sold 5000 calls on ABC Ltd. at a strike price of Rs. 500 for a premium of Rs.25 per call on April 1. The closing price of equity shares of ABC Ltd. is Rs. 505 on that day. If the call option is assigned against her on that day, what is her net obligation on April 01? (a) Pay-out of Rs.1,22,300 (b) Pay-in of Rs.1,22,000 (c) Pay-in of Rs.1,25,000 (d) Pay-out of Rs.1,00,000

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Answers Ch 6 Derivatives 1 B 21 2 D 22 3 B 23 4 A 24 5 A 25 6 C 26 7 B 27 8 A 28 9 D 29 10 C 30 11 C 31 12 B 32 13 A 33 14 B 34 15 C 35 16 A 36 17 C 37 18 B 38 19 B 39 20 A 40

B A D B B D C B C C D C A D C C B A B C

41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

C B D B C A B A A B B A B B D C C D D B

61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76

C B B C D C D D C D D B C D C C

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Sample Question Paper 1


1. Weekly options trading commenced on NSE in _______. 1Mark A. NSE Does not trade in Weekly Options B. 02-Jun-2005 C. 04-Jul-2005 D. 04-Jun-2005 2. A stock is currently selling at Rs. 70. The put option to sell the stock at Rs. 75 costs Rs. 12. What is the time value of the option? 1 Mark A. Rs. 7 B. Rs. 5 C. Rs. 2 D. Rs. 4 3. ______ is a form of basket options. 1 Mark A. Equity index options B. Equity index futures C. Swaptions D. Warrants 4. An option to buy or sell a swap, that becomes operative at the expiry of the option, is called a _______. 1 Marks A. Swaption B. futures C. basket option D. Warrant 5. Derivatives can be used for which of the following? 1 Marks A. Hedging B. Arbitrage C. Speculating D. All of the above 6. The maximum brokerage chargeable by a trading member in relation to trades effected in the contracts admitted to dealing on the F&O segment of NSEIL is fixed at ______ of the contract value, exclusive of statutory levies. 1 Marks A. 1.50% B. 2.50% C. 0.75% D. 3% 7. Futures trading first emerged in the exchanges located in ________. 1 Marks A. London
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B. UP C. Chicago D. Annual requirements of copper. 8. An 'authorized person' in the Futures & Options segment is ___________. 1 Marks A. any person who is acting in any capacity on behalf of the trading member or a participant for any activity relating to the trades done and executed B. a person authorized by the exchange as an approved user of a trading member C. an approved user of a participant D. All of the above 9. NSCCL's on-line position monitoring _____________on a real time basis. 1 Marks A. clearing member only B. trading member only C. clearing member and trading member D. dealer only system monitors open position of

10. Transaction tax is payable by the __________ of the derivative instrument. 1 Marks A. buyer B. designer C. seller D. originator 49. The futures price is ________.2 Mark A. the price of a contract in the future B. spot price plus cost of carry C. the price at which a futures contract trades in the market D. the price set by the exchange 50. Which of the following is not the duty of the trading member? 3 Marks A. Filling of 'Know Your Client' form B. Assisting the client to arrange for margins C. Bringing risk factors to the knowledge of client D. Execution of Client Broker Agreement 51. The NEAT F&O trading system _____________. 3 Marks A. allows one to enter combination trades B. does not allow combination trades C. allows only a single order placement at a time D. None of the above 52. You have bought a portfolio of securities on the exchange. To eliminate the risk arising out of market, you should _____. 3 Marks
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A. B. C. D.

buy index futures buy stock futures sell stock futures sell index futures

53. Which of the following is the duty of the trading member? A. Sending the periodical statement of accounts to clients B. Maintaining unique client codes C. Ensuring timely pay-in and pay-out of funds D. All of the above

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Sample Paper 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

A A A A D B C D C C A D A A D C D B D D C A A B C D A C D B

31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

A C D B D D A D C B D B C B B C B C C B A D D D D A A C B C

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Sample Paper 3
9. The market impact cost on a trade of Rs. 4 million of the S&P CNX Nifty works out to be about 0.06%. This means that if S&P CNX Nifty is at 4000, a sell order of that value will go through at a price of Rs. _______. [ 1 Mark ] (a) 3997.60 (b) 3996 (c) 3,999.50 (d) 3,995.50 (e) I am not attempting the question 10. Ms. Shetty has sold 1000 calls on ABC Ltd. at a strike price of Rs. 885 for a premium of Rs.27 per call on April 1. The closing price of equity shares of ABC Ltd. is Rs. 890 on that day. If the call option is assigned against her on that day, what is her net obligation on April 01? [ 2 Marks ] (a) Pay-out of Rs.22,300 (b) Pay-in of Rs.22,000 (c) Pay-in of Rs.25,000 (d) Pay-out of Rs.22,000 (e) I am not attempting the question 11. BANK Nifty is a derivative contract on NSE ____________. True or False? [ 3 Marks ] (a) True (b) False (c) I am not attempting the question 12. CNX IT is a derivatives contract on NSE. True or False? [ 3 Marks ] (a) True (b) False (c) I am not attempting the question 13. Forward contracts on expira tion have to settled by __________. [ 3 Marks ] (a) cash (b) difference in price (c) payment of margin (d) delivery of the asset (e) I am not attempting the question 14. On expiry the settlement price of a stock option contract is the _________.[ 2 Marks ] (a) Closing futures price (b) Closing stock price (c) Closing options price
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(d) None of the above (e) I am not attempting the question 15. In an index fund, trading in the stocks comprising the fund, is required in response to ______. [ 1 Mark ] (a) Favourable company specific news (b) Poor company specific news (c) Mergers (d) Government policies (e) I am not attempting the question 56. Index Funds use index futures to reduce _________ [ 2 Marks ] (a) tracking error (b) expenses (c) time to invest in the markets (d) All of the above (e) I am not attempting the question 57. Weekly options trading commenced on NSE in _______. [ 1 Mark ] (a) 02-Jun-2005 (b) 04-Jul-2005 (c) NSE does not trade in Weekly options (d) 04-Jun-2005 (e) I am not attempting the question 58. The market impact cost on a trade of Rs. 5 million of the S&P CNX Nifty works out to be about 0.05%. This means that if S&P CNX Nifty is at 4200, a buy order of that value will go through at a price of Rs. _______. [ 1 Mark ] (a) 4202.10 (b) 4200 (c) 4210 (d) 4211 (e) I am not attempting the question 59. What is the outstanding position on which initial margin will be levied if no proprietary trading is done and the details of client trading are: one client buys 2000 units @ 1260. The second client buys 2000 units @Rs.1255 and sells 1000 units @Rs.1260.? [ 2 Marks ] (a) 4000 units (b) 5000 units (c) 3000 units (d) None of the above (e) I am not attempting the question
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60. In the F&O segment of NSEIL, obligations of client's positions are calculated on a ________ basis. [ 2 Marks ] (a) cumulative (b) gross (c) net (d) portfolio (e) I am not attempting the question

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Sample Paper 3
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 D A B D C D C A A D A A D B C A A C C B A A D B D D C C A A 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 C B B B C D B A C A C C B B D B A C C C B B A D D A C A C C

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