The go-to guide to acing the Series 9 Exam!Passing the General Securities Sales Supervisor Qualification Exam (Series 9 and 10) qualifies an individual to supervise a firm's sales activities in corporate, municipal, and option securities; investment company products; variable contracts; and direct participation programs. The exam covers the full range of topics related to options regulation. All candidates must have passed the Series 7 prior to taking the Series 9.
Created by the experts at The Securities Institute of America, Inc., Wiley Series 9 Exam Review 2014 arms you with everything you need to pass this ninety-minute, 55-question test. Designed to help you build and fine-tune your knowledge of all areas covered in the exam and to guarantee that you're prepared mentally and strategically to take the test, it provides:
Dozens of examplesAssorted practice questions for each subject area covered in the examPriceless test-taking tips and strategiesHelpful hints on how to study for the test, manage stress, and stay focused
Wiley Series 9 Exam Review 2014 is your ticket to passing the Series 9 test on the first try—with flying colors!
Inhaltsangabe
ABOUT THE SERIES 9 EXAM IX
ABOUT THIS BOOK XIII
ABOUT THE TEST BANK XV
ABOUT THE SECURITIES INSTITUTE OF AMERICA XVII
CHAPTER 1 OPTION BASICS 1
Option Classification 1
Bullish vs. Bearish 2
Possible Outcomes for an Option 3
Exercise Price 4
Characteristics of All Options 4
Managing an Option Position 4
Buying Calls 5
Selling Calls 6
Buying Puts 8
Selling Puts 9
Option Premiums 11
Intrinsic Value and Time Value 13
Pretest 15
CHAPTER 2 OPTION STRATEGIES 19
Using Options as a Hedge 19
Long Stock Long Puts/Married Puts 19
Long Stock Short Calls/Covered Calls 21
Short Stock Long Calls 24
Short Stock Short Puts 27
Multiple Option Positions and Strategies 29
Spreads 34
Analyzing Price Spreads 36
Using a T Chart to Evaluate Option Positions 49
Pretest 55
CHAPTER 3 INDEX, INTEREST RATE, AND CURRENCY OPTIONS 59
Index Options 59
Interest Rate Options 62
Currency Markets 64
Market Volatility Options (VIX) 67
Flex Options 68
Weekly Options 68
Binary Options 69
Pretest 71
CHAPTER 4 THE OPTIONS MARKETPLACE 75
The Option Clearing Corporation 75
The Options Markets 76
The Chicago Board Option Exchange 77
Opening and Closing Option Prices 79
Fast Markets and Trading Halts 79
Order Execution 80
Types of Orders 80
Priority of Option Orders 83
Trade Reporting 83
Option Order Tickets 84
Expiration and Exercise 85
American vs. European Exercise 85
Position and Exercise Limits 86
Stock Splits and Stock Dividends 86
Pretest 89
CHAPTER 5 OPTION TAXATION AND MARGIN REQUIREMENTS 93
Taxation of Options 93
Option Contract Margin Requirements 95
Pretest 99
CHAPTER 6 OPTION COMPLIANCE AND ACCOUNT SUPERVISION 103
Duties of the ROSFP 103
Option Account Compliance 104
Option Agreements 106
Option Account Supervision 107
Large Option Position Reporting Requirements 108
Customer Confi rmations and Account Statements 109
Customer Complaints 110
Communications with the Public 111
FINRA Rule 2210 Communications with the Public 112
Pretest 115
ANSWER KEYS 119
GLOSSARY OF EXAM TERMS 125
INDEX 191
