Unit 3: Exchange Traded Interest Rate Futuresģ.1 Define Interest rate futures (IRF) and understand the basic terms in IRF contractsģ.3 Know the contract specification of Exchange Traded Interest Rate Futures including underlying assets, spot price, futures price, contract cycle, tick size, value date, expiry date, trading cycle (weekly/monthly), contract size, market timings, etc.ģ.4 Understand tick size and its relation to the minimum change in the contract valueģ.5 Know the rationale for introducing exchange traded Interest Rate derivatives in Indiaģ.6 State the advantages and limitations of futures contracts in comparison to forward rate agreement (FRA)ģ.7 Understand the computation of interest rate futures price Unit 1: Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Marketġ.1 Understand the concept of interest rateġ.2 Define Fixed Income Securities and their key componentsġ.3 Know the basic classification of bonds based on various criteria (cash flow pattern, tenor, etc.)ġ.4 Differentiate between Equity and Debt securitiesġ.5 Explain the concept of risk-free interest rateġ.6 Understand term structure of interest rates (yield curve), its shape, shifts and their interpretationġ.7 Understand the conversion of interest rate into interest amount: effect of payment frequency, compounding frequency, day count basis and business day adjustmentġ.8 Explain the concept of Accrued Interestġ.9 Define spot rate (or zero rate) and holding period returnġ.10 Define and calculate various measures of return: coupon, current yield, yield-to-maturityġ.11 Determine cashflow, yield and price of bondsġ.12 Define and calculate various measures of risk: Macaulay Duration, Modified Duration, Rupee Duration, Price value of a basis point (PVBP) and Convexityġ.13 Explain the economic role of debt markets and discuss the importance of debt market for the economic development of a countryġ.14 Know the primary and secondary markets for debt securities in IndiaĢ.1 Define derivatives and discuss economic role (key economic functions) of derivativesĢ.2 Recognize various derivative products such as forwards, futures, options and swapsĢ.3 Know the factors driving the growth of financial derivativesĢ.4 List various market players in the Interest Rate Derivatives marketĢ.5 Understand interest rate derivatives and bond derivatives with specific reference to their underlying assetsĢ.6 Differentiate between features of Over-The-Counter (OTC) and Exchange Traded derivatives ![]() NISM-Series-IV: Interest Rate Derivatives Certification Examination Curriculum (Interest Rate Derivatives Certification).Candidate Instructions for NISM Remote Proctored Examinations.Policy on use ‘Unfair means and disciplinary actions / penalties for Certification Examinations. ![]() NISM-Series-XXII: Fixed Income Securities Certification Examination.NISM-Series-XXI-B: Portfolio Managers Certification Examination.NISM Series XXI-A Portfolio Management Services (PMS) Distributors Certification Examination.NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors.NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors.NISM Series-XX Taxation in Securities Markets Certification Examination.Financial Education Certification Examination.Retirement Adviser Certification Examination.Internal Auditors for Stock Brokers Certification Examination. ![]() Research Analyst Certification Examination.Securities Operations and Risk Management.Securities Intermediaries Compliance (Non-Fund).Common Derivatives Certification Examination.Commodity Derivatives Certification Examination.
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