Official Series 56 Training Manual Available From CBOE
- Thread starter EvOTrAdEr
- Start date
I don't think my firm even tried to get me a waiver - they were focused on getting waivers for those traders whose licenses hadn't lapsed.
Off the top of my head, the following were unfamiliar to me: detailed knowledge of the procedure upon failure to deliver, margin requirements for OTC stocks, very specific information about the automatic exercise of options. One question that threw me was "what if you accidentally trade a stock on the do not trade list?". A lot of emphasis on back office stuff (what is printed out on the order ticket, for example). There's much more, but that's all that comes to mind right now. My view of a study manual is that it should be self-contained and should not assume, for example, perfect knowledge of Series 7 material. I would argue that the questions on the Series 56 were far harder than those on Series 7 and I had to resort to guessing on an uncomfortable number of questions.
The practice questions from CBOE mostly test knowledge of the bold-type terms in the manual; the S56 exam itself requires you to know the manual inside out and then some. Perhaps other study manuals are more complete.
Off the top of my head, the following were unfamiliar to me: detailed knowledge of the procedure upon failure to deliver, margin requirements for OTC stocks, very specific information about the automatic exercise of options. One question that threw me was "what if you accidentally trade a stock on the do not trade list?". A lot of emphasis on back office stuff (what is printed out on the order ticket, for example). There's much more, but that's all that comes to mind right now. My view of a study manual is that it should be self-contained and should not assume, for example, perfect knowledge of Series 7 material. I would argue that the questions on the Series 56 were far harder than those on Series 7 and I had to resort to guessing on an uncomfortable number of questions.
The practice questions from CBOE mostly test knowledge of the bold-type terms in the manual; the S56 exam itself requires you to know the manual inside out and then some. Perhaps other study manuals are more complete.
