Training for candidates for exchange brokers at the Exchange Commodities Market is dedicated for persons authorized to represent the Exchange Member in the exchange market transactions. The application is submitted by the Exchange Member or entity applying for membership indicating the participant of the training.
The training is aimed at preparing for the exam. The positive result of the test is confirmed by the Exchange Broker’s certificate, authorizing the participant to represent the Exchange Member in transactions on the Commodities Market and the use of the Exchange IT systems.
Applications shall be forwarded to the Member Relations Office, firstname.lastname@example.org, +48 22 341 99 66
Trainings and exams schedule
Schedule of training for candidates to be exchange brokers on the Exchange Commodities Market
I. Financial mathematics and its practical application on commodities markets – 90 minutes.
1. Characteristics of global raw materials markets and their classification – raw materials groups:
• The most notorious indexes,
• Differences between them,
• Variability of raw materials prices.
2. Introduction to application of mathematics on commodities markets
• Definition and significance of correlation
• Raw materials as an additive to the optimal portfolio
3. Affiliations of raw materials markets with other groups of assets
a) Raw materials and stock & bond market:
• Inflationary impact of raw materials
• Correlations between raw materials indexes and stock indexes
• Consequences of correlation change in time
b) Raw materials and currency market:
• US Dollar as the key currency on commodities markets
• commodity currencies
• correlations between exchange rates and raw materials prices
c) affiliations between specific raw material markets:
• Brent/WTI and Brent/Ural – differential examples;
• Gold/silver ratio – quotient example;
• Methods of benefitting from correlations between raw materials for traders.
4. Financial instruments affiliated with raw materials markets:
• Physical form, derivative instruments, ETF funds and other raw materials investment opportunities;
• Various degrees of correlation with the basic raw material price.
II. Regulations on the Exchange Commodities Market – organization of the Exchange Commodities Market’s trading in instruments at exchange commodities markets – 90 minutes
1. Organization of listings at the Commodities Market
2. Exchange Commodities Market’s regulations
3. Specific rules of trading and clearing on specific markets
4. Terms of trading for commodities forward instruments
5. Rules of conducting auctions on the Commodities Forward Instrument Market
6. Transaction cancellation process
7. Refraining from acceptance of OTC transactions
8. Order placement rules
9. Construction of the supply and demand curve and placement of orders on the Call Auction
III. Certificates of Origin Register – OTC transactions – 30 minutes.
1. POLPX’ Register Office - introduction
2. Performance of non-cleared OTC transactions
3. Practical reporting of non-cleared OTC transactions (seller and buyer) and acceptance of non-cleared OTC transactions
IV. Clearance of transactions concluded on the Exchange Commodities Market – 1 hour.
1. The role of the Warsaw Commodities Clearing House in risk management
2. Criteria of admission of Members
3. Clearance securing system
• Security deposit
• Transaction deposit
• Delivery deposit
• Guarantee Fund
4. Deposit calculator
5. Non-monetary securities
6. Funds disbursement order
7. Insolvency handling
8. Clearance of exchange commodities markets:
• Clearance process presentation,
• Withdrawal of funds from Transaction Deposit sub-accounts,
• Cash flows between bank accounts,
• Packages of payment orders,
• Clearance schedule.
9. Online banking (db-direct Internet):
• Types of accounts/sub-accounts,
• Types of access to online banking and their scopes,
• Generation of orders of withdrawal of funds from Transaction Deposits,
• Generation of bank statements,
• Interest rate applicable to funds contributed to the clearance guaratee system.
10. Condico Clearing Station (CCS):
• Description of each tab of the clearance system,
• Reading clearance reports,
• Hours on which specific data are recorded in clearance reports.
V. Terms of membership of the Exchange Commodities Market – 30 minutes.
1. Requirements on admission of the Exchange Members to operation on the Exchange Commodities Market.
2. Principles of disclose of the exchange information to the Members.
3. Information duties of the Exchange Members.
4. Animators on the Exchange Commodities Market.
5. Suspension of the activities of the Exchange Member and overrulement of the resolution on admission to trading on the market.
6. Resignation of membership on the Exchange Commodities Market of POLPX.
VI. Supervsion over the Exchange Commodities Market, manipulation and confidential information – 30 minutes.
1. Legal grounds for TGE’s supervision.
2. The notion of manipulation.
3. The notion of confidential information.
4. Examples of manipulative acts.
5. Control provided by POLPX.
VII. Presentation of the brokerage application called CONDICO TRADE – about one hour
1. Order placement.
2. Modification of orders.
3. Cancellation of orders.
4. Receiving information on orders and transactions concluded.
5. Customization of the brokerage application’s settings.