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CISI Global Securities Operations — Information & Free Practice

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About CISI Global Securities Operations

CISI Global Securities Operations · GB

Key exam facts

Provider
The Chartered Institute for Securities & Investment (CISI) is the examining body and syllabus owner; this is an independently assessed IOC technical unit.
Format
Computer-based multiple-choice examination, available on demand at CISI test centres. The IOC page also advertises remote invigilation. Standard paper has 50 questions; up to 10% additional unidentified unscored trial questions may be included.
Exam questions
Total questions: 50.
Time limit
1 hour for the standard 50-question paper; proportionately more time is provided if additional trial questions are included.
Passing score
70% (35 of 50). Pass: 35–45 marks; pass with merit: 46–50; fail: 0–34. The published 63% pass rate is not the passing threshold.
Exam fee
UK price list valid 1 April 2026–31 March 2027: GBP £155 examination fee; mandatory workbook £105 where available. A one-off £68 Qualification Registration Fee applies when registering a first qualification with CISI. Saver package £275 includes examination, workbook and Revision Express. These are UK prices, not international or total IOC qualification fees.

Topics covered

  • Main Industry Participants (26%)

    • Investors and Custody Service Suppliers
    • know the characteristics of the following types of participant:
    • understand the advantages, disadvantages and purposes of the following types of custodian:
    • understand the purpose and provisions of custody and sub-custody agreements
    • understand the purpose of a Request For Proposal (RFP) in the selection of a global custodian by an investor
    • understand the requirements of a Service Level Agreement (SLA) between an investor and its custodian
    • understand how legislation can affect the appointment of custodians
    • International Central Securities Depositories and Central Securities Depositories
    • Know CSD and ICSD roles, available depositories and participation requirements
    • know how securities and cash are held by ICSDs and CSDs
    • know the concepts of certified, immobilised and dematerialised securities
    • know the roles played by Euroclear Bank and Clearstream Banking, including the Bridge
    • know the range of custody and settlement services offered by ICSDs
    • know the communication methods used with Euroclear Bank and Clearstream Banking
    • understand the impact of the Giovannini Barriers to the creation of a harmonised market for Europe
    • know the purpose and functions of TARGET2-Securities (T2S)
    • know the impact of CSDR on European markets and UK markets and the differences between the two jurisdictions
    • Communications and Technology
    • understand the advantages of straight-through processing (STP)
    • know the features and benefits of SWIFT messaging
    • know the features and benefits of Financial Information Exchange (FIX) Protocol messaging

  • Settlement Characteristics (22%)

    • Pre-settlement characteristics
    • understand the data required for matching settlement instructions
    • Know clearing and netting in pre-settlement
    • understand the role of third-party service providers in the pre- settlement process:
    • know the characteristics and requirements of transaction reporting
    • Settlement
    • know the settlement periods and planned changes to settlement periods for equities and bonds in the selected markets (see page 1 – ‘objective of the examination’)
    • know the characteristics of Depositary Receipts (DRs):
    • know the role of the following types of financial institutions in the settlement process:
    • know the characteristics of the following payment systems:
    • Understand settlement concepts
    • understand the transfer of legal title:
    • understand Contractual Settlement Date Accounting (CSDA) an Actual Settlement Date Accounting (ASDA)
    • understand the application of FinTech to the settlement process:
    • Failed Settlement
    • understand the main reasons for failed settlement:
    • understand the risks associated with:
    • be able to calculate interest claims based on the ICMA rules
    • understand the impact of regulations and regulatory changes on settlement discipline

  • Other Investor Services (34%)

    • Safekeeping
    • understand the principles of safekeeping client assets:
    • understand the requirements of substantial shareholding reporting
    • understand the functions of nominee companies and the following concepts:
    • be able to calculate the cost of custody for a given portfolio given a value of assets held and the basis point fee
    • Corporate Actions
    • know the characteristics of the following events:
    • know the importance of receiving timely and accurate corporate action data and the risks involved
    • be able to calculate the effect of a range of corporate actions
    • Know corporate action dates and benefit terms
    • Cash Management
    • know the importance and use of cash management
    • know the advantages and disadvantages of operating single and multi-currency accounts
    • know what is meant by the terms sweeping and pooling as they relate to base currency and settlement currency
    • know the importance of cash forecasting tools
    • Securities Financing
    • understand the role of a lending agent in securities lending and the risks and reward to those involved
    • know the definition, legal ownership implications and the advantages and disadvantages to the market
    • know the lenders’ and borrowers’ rights (including manufactured dividends and voting rights)
    • know the reasons why a loan might be recalled
    • understand the reasons for securities lending
    • understand the reasons why loans might be delayed or prevented
    • understand the roles of a Stock Borrowing and Lending Intermediary
    • understand collateral and marking to market
    • understand the requirements of Securities Financing Transactions Regulation (SFTR)
    • know the use of repurchase agreements

  • Aspects of Taxation (6%)

    • General
    • understand the tax on income arising from equities and bonds
    • understand capital gains tax (CGT) as it applies to equities and bonds
    • understand the tax treatment of discount securities
    • Know transaction taxes, withholding tax, treaties, relief, QI, FATCA and CRS

  • Risk (12%)

    • Identifying and Managing Risk
    • know the following major categories of risk:
    • understand the factors that should be considered when conducting risk reviews of market infrastructures, sub-custodian networks and outsourced functions
    • understand the areas of global custody risk and appropriate countermeasures
    • know the purpose of an International Standards for Assurance Engagements (ISAE) 3402 report/ SSAE 18
    • understand shareholder limits and restrictions
    • Mitigating Risk through Reconciliation
    • understand the risks associated with a failure to reconcile the following:

How to prepare

Work through the topics, read the explanation after each answer, and revisit the areas where you miss questions. Use the official outline and reference materials below to guide your study.

These independent practice questions are not actual exam items and do not guarantee a passing result.

Frequently asked questions

What is the exam format?

Computer-based multiple-choice examination, available on demand at CISI test centres. The IOC page also advertises remote invigilation. Standard paper has 50 questions; up to 10% additional unidentified unscored trial questions may be included.

How many questions are on the exam?

Total questions: 50.

How long is the exam?

1 hour for the standard 50-question paper; proportionately more time is provided if additional trial questions are included.

What is the passing score?

70% (35 of 50). Pass: 35–45 marks; pass with merit: 46–50; fail: 0–34. The published 63% pass rate is not the passing threshold.

How much does the exam cost?

UK price list valid 1 April 2026–31 March 2027: GBP £155 examination fee; mandatory workbook £105 where available. A one-off £68 Qualification Registration Fee applies when registering a first qualification with CISI. Saver package £275 includes examination, workbook and Revision Express. These are UK prices, not international or total IOC qualification fees.

Official sources and references

Confirm current exam arrangements with the exam provider.