NISM-Series-I: Currency Derivatives Certification Examination

The NISM-Series-I: Currency Derivatives Certification Examination is conducted by the National Institute of Securities Markets (NISM), an educational initiative of SEBI. It is designed for professionals and students who want to understand the currency derivatives market, including currency futures and options.

Exam Highlights

Who Should Take This Exam?

• Currency Dealers
• Treasury Professionals
• Forex Traders
• Employees of Broking Firms
• Finance Students
• Anyone interested in Currency Markets and Derivatives Trading

Syllabus

Module 1: Introduction to Currency Markets

• History of Forex Markets
• Major Currency Pairs
• Exchange Rate Mechanism
• Cross Currency Rates
• Economic Indicators Affecting Currency Prices

Module 2: Foreign Exchange Derivatives

• Derivatives Basics
• Hedging
• Speculation
• Arbitrage

Module 3: Exchange Traded Currency Futures

• Contract Specifications
• Margin Requirements
• Pricing of Futures

Module 4: Strategies Using Currency Futures

• Hedging Importers & Exporters
• Spread Strategies
• Trading Strategies

Module 5: Trading Mechanism

• Order Types
• Trading Process
• Market Participants

Module 6: Clearing, Settlement & Risk Management

Module 7: Currency Options

• Call & Put Options
• Option Payoffs
• Option Strategies

Module 8: Regulatory Framework

Module 9: Accounting & Taxation

Module 10: Investor Protection Measures

Difficulty Level

The exam is generally considered moderate. Candidates with a basic understanding of derivatives and forex markets can clear it with 1–3 weeks of focused preparation. Community discussions suggest it is more specialized than beginner-level certifications like Mutual Fund Distributor certification but valuable for derivatives-related careers.