UK, Europe, MENA, GCC time zones
CPEs: 24
Instructor: Dennis Cox
Level: Intermediate
Tuition: £2,995.00
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NEW CISI Financial Derivatives Level 3 CM043

Location: UK, Europe, MENA, GCC time zones

First Date: Mar 27 - 29 2023

Duration: 3 days/2.5 days + mock exam

Programme Director: Dennis Cox BSc FCA FCSI FISRM AIAA BFP

All Dates & Locations
Venue Details

Experience the highly-interactive expert-led social learning through Virtual Classroom via Cisco WebEx from Risk Reward.

All our 2022-23 Virtual Classroom events feature shared (or discrete) live chat between delegates and the expert, participate in topical surveys, polling questions, group exercises and case studies for a tried -and- true engaging and gratifying learning experience.

""The tutor was excellent, well organised, clear and I especially enjoyed the humour.""
CISI Capital Markets intern, Investment Bank, Kuwait
Agenda Highlights

Session 1:  Introduction to Derivatives

 Session 2:  Underlying markets

Session 3:  Market Structure

Session 4:  Principles of Exchange-Traded Futures

Session 5:  Principles of OTC Derivatives

Session 6:  Principles of Clearing

Session 7:  Delivery and Settlement

Session 8:  Trading, Hedging and Investment Strategies

Session 9:  Regulatory Requirements


"'I knew nothing about this topic - then I passed the test with 90%! It was amazing.'"
Risk intern, Saudi Industrial

Banks need to know that their staff understand derivatives and the role that they play in banking.

This certificated exam preparatory course provides delegates with a basic knowledge of the regulations learning, case stuyand practices in financial and commodity derivatives, their underlying markets, trading and the principles of investment strategies.

An excellent learning and exam preparatory programme for Candidates seeking to prepare for the CISI Derivatives Level 3 exam. Please contact the Customer Services Team at for prices for additional study materials, registration and exam fees related to the CISI.


""[The trainer]...was very knowledgeable and able to give opinions across a wide variety of subjects. Very well informed.""
Training Manager, World Bank, Kampala
Who Should Attend

Designed for fund managers, analysts, treasury, risk management, back office, control and internal audit management and staff as well as for candidate to achieve the Level 3 CISI qualification specifically

  • Treasury management and staff
  • Back and middle office management and personnel
  • Risk managers and team members
  • Internal auditors
  • Executive and non-executive management

Risk Reward Customer Services Team members will gladly offer complementary assistance to certificate candidates with the CISI applications and exam requirements upon request.

Additional Course Information

What Does It Cover?

Introduction to Derivatives

  • General Element
  • Underlying Markets
  • Money Market Contracts
  • Foreign Exchange Contracts
  • Government Debt / Corporate Debt
  • Equity Markets
  • Softs and Agriculturals
  • Base and Precious Metals
  • Energy
  • Others Element

 Market Infrastructure 

  • Market Structure
  • Exchanges and OTC Trading
  • Trading Venue
  • Trade Registration and Clearing Mechanisms Element

 Exchange-Traded Derivatives (ETD) 

  • Principles of Exchange-Traded Derivatives
  • Futures Pricing
  • Options Pricing
  • Order / Instruction Flow and Order Type Element

 Over the Counter Derivatives (OTC) 

  • Principles of OTC Derivatives
  • Concepts and Characteristics
  • ISDA Documentation
  • OTC Collateral Processes
  • Forwards and Swaps
  • Credit Derivatives
  • Other Swap types
  • Inflation Swaps and Structured Products
  • Options
  • Market Transparency, Trade Reporting and Monitoring Element 


  • Principles of Clearing
  • Definition and Purpose of Clearing
  • The Principles of Margin
  • Collateral / Credit
  • Position and Price Limits Element

 Delivery and Settlement 

  • Aspects of Delivery
  • Exercising Options
  • Settlement and Processing

 Trading, Hedging and Investment Strategies 

  • Derivative Users
  • Futures Basis Trading
  • Options Strategies
  • Basics of Hedging
  • Comparison of Exchange-Traded and OTC
  • Applications of Derivative Strategies 

Regulatory Requirements 

  • Scope of Regulation
  • Rules Based versus Principles Based Regulation
  • US – Principal Differences Between EU and US Regulations 

Mock Exam Practice & Q & A session


Learning Objectives

All delegates completing the course will receive a personal accredited Certificate in Financial Derivatives  showing CDP credits in addition to that issued by the CISI following the examination pass mark.

Delegates will gain an essential knowledge of the regulations and practices in both financial and commodity derivatives, together with their underlying markets, trading approaches and the application to investment strategies.

The course follows the CISI published guidance and syllabus, and will provide delegates with specialist technical knowledge and understanding of the following key topics

  • Introduction to Derivatives
  • Underlying Markets
  • Market Structure
  • Principles of Exchange Traded Derivatives
  • Principles of OTC Derivatives
  • Principles of Clearing
  • Delivery and Settlement
  • Trading, Hedging and Investment Strategies
  • Regulatory Requirement

Led by an industry expert with deep derivatives expertise and experience delegates will  enjoy delving into practical, real-world examples and applications in addition to principles and theory.

Social Learning & Methods

Days 1, 2, & the first half of Day 4 are dedicated to interactive learning and training while the last half of Day 3 features exam prep techniques, the mock exam, invigilated remotely, results discussion and a resit.

Highly interactive expert-led intensive presentation, Q&A, group real-time in-depth case studies, regulation and discussion supported by key principles and theory.

The virtual learning platform uses safe, industry preferred encrypted Cisco WebEx to optimize live face-to-face visual interaction, discrete chat, for polling and quizzes.

(An invitation via email with access link is included for all participants.)


NEW CISI Financial Derivatives Level 3

Course Fee

Course Fee (per person):
GBP £2,995.00 (+ UK VAT when applicable)

Number of delegates:

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