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Key Facts: AMIB Operador de Bolsa Exam

215

Questions on the Serie 220 exam

AMIB Guía de Certificación v8.3

4h 29m

Exam duration

AMIB Guía de Certificación v8.3

10

Evaluation areas, three of them mandatory

AMIB Guía de Certificación v8.3

600 / 1,100

Minimum score overall and in each mandatory area

AMIB Guía de Certificación v8.3

The AMIB Serie 220 exam has 215 questions in 4 hours 29 minutes; candidates need 600 points on a 200–1,100 scale overall and in three mandatory areas, including equity-market order handling.

Sample AMIB Operador de Bolsa Practice Questions

Try these sample questions to review concepts for the AMIB Operador de Bolsa exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 107+ question experience with AI tutoring.

1An operador de bolsa is working two client buy orders in the same stock. The second order arrived later, but he gives it the lower-priced fills because it belongs to a client he favors. Which duty of the Código de Ética Profesional de la Comunidad Bursátil Mexicana does this breach?
A.Refusing incentives that could compromise his professional objectivity
B.Keeping the information of clients and their operations confidential
C.Executing instructions with equal treatment and in the best conditions
D.Disclosing relevant events to the market promptly and broadly
Explanation: Principle 3, 'Haz prevalecer el interés de tu cliente', requires professionals to execute clients' instructions under principles of equal treatment and opportunity, in the best market conditions, and to execute and allocate operations transparently. The CNBV rules for casas de bolsa also give same-side orders in the same security priority according to their reception folio.
2An operator repeatedly enters large sell orders that he never intends to execute and cancels them seconds later, to push the price down before buying. How is this conduct treated?
A.As acceptable, since every order was cancelled before it executed
B.As acceptable if the operator trades only for the firm's own account
C.As a breach only if the exchange's system slows down as a result
D.As a breach: it creates false supply, which the Code and the LMV forbid
Explanation: Principle 2 of the Code bars professionals from activities that create false conditions of supply or demand that influence prices. Article 370 of the LMV prohibits manipulating the market, which it defines as any act that interferes with the free interaction of supply and demand and artificially changes the price or volume of securities to obtain a benefit.
3A client asks an operator to buy and sell the same stock between two accounts he controls, at the same price, so the stock appears more actively traded. What should the operator do?
A.Execute it, since the client bears the cost of both trades
B.Execute it only through a cruce at a price inside the spread
C.Execute it only if the two accounts are at different casas de bolsa
D.Refuse and inform his superiors, since these are simulated operations
Explanation: Trades that do not change beneficial ownership and serve only to show volume are simulated operations, prohibited by Article 370 of the LMV. Principle 1 of the Code requires professionals to abstain from executing instructions contrary to the rules or sound market practices and, where appropriate, to inform their superiors.
4During an internal meeting, an operator learns that a client company is about to launch a tender offer that has not been announced. What must he do?
A.Buy only a small amount, below any threshold that would require reporting it
B.Abstain from trading, tipping or recommending the stock until it is public
C.Tell his institutional clients, since they are qualified investors
D.Trade freely, since the information came from inside his own firm
Explanation: Information about an unannounced tender offer is inside information. Principle 7 of the Code and Article 364 of the LMV forbid anyone who holds it from trading the issuer's securities, passing the information on or making recommendations while it remains undisclosed.
5A foreign broker offers an operator an all-expenses-paid vacation if he routes more of his desk's orders to that broker. How should he respond under principle 4 of the Code?
A.Accept, since routing decisions are made by the firm anyway
B.Accept, provided he reports the trip after he returns
C.Refuse, since the incentive could reduce his objectivity
D.Accept, provided his clients do not pay higher commissions
Explanation: Principle 4, 'Evita los conflictos entre tu interés personal y el de terceros', forbids offering, giving, soliciting or accepting incentives that create a personal commitment and may reduce objectivity in decisions related to the party offering them. Routing orders for a personal benefit also conflicts with the duty to seek the best execution for clients.
6An operator mentions to a friend at a hedge fund that he is working a large sell order from a pension fund in a certain stock. Which duty has he breached?
A.Not using information on orders he handles to benefit others
B.Supervising that his collaborators follow the applicable rules
C.Refraining from offering products below their operating cost
D.Disclosing periodic information about issuers to the market
Explanation: Principle 6 of the Code requires professionals to keep client information and operations confidential and not to use information about the orders they handle to benefit themselves, their firm or any third party. The friend could trade ahead of the pension fund's order, which the LMV also prohibits.
7After a volatile session, an operator assigns the best-priced fills to his relative's account and the worse fills to clients whose orders arrived earlier. How is this treated?
A.As acceptable if total volume allocated to each account is correct
B.As acceptable, since fills can be allocated at the operator's discretion
C.As acceptable if the relative pays the same commission as clients
D.As a breach: allocation must follow the orders' sequence and folios
Explanation: The CNBV rules for casas de bolsa require operations to be allocated in the chronological sequence of their execution and according to the folio of the order satisfied, immediately after the trade. Favoring a relative also breaches principle 3 of the Code, which requires transparent execution and allocation.
8An operator mistakenly buys 10,000 more shares than a client ordered. To avoid showing a loss, he books the extra shares into another client's discretionary account. What do the CNBV rules for casas de bolsa require instead?
A.Error securities go to the firm's own position, with a documented correction
B.The extra shares must be split among all the clients who bought that stock that day
C.The original client must accept the extra shares at the executed price
D.The operator must sell the shares at the close and keep any gain
Explanation: Casas de bolsa may correct allocations before settlement for errors in volume, price, side, client name or account, leaving a record of the original instruction, the cause, the correction and who authorized it, signed by the official who reviews operations. Securities arising from errors are assigned to the firm's own position, in its surplus (sobrantes) subaccount, never to clients.
9A client sends an order by text message to an operator's personal cell phone, which the firm cannot record. What should the operator do?
A.Execute it at once, since a text message is proof enough of the order
B.Execute it and delete the message after the trade settles
C.Ask the client to send it through the firm's recorded channels
D.Forward it to a colleague so that someone else executes it
Explanation: The official who reviews trading operations must set policies so that operators abstain from using cell phones or other media that cannot be kept or recorded by the firm's systems. Instructions must be received through channels the firm can record and keep, so the order can be registered with its time and folio.
10In general ethics, how are freedom and moral responsibility related?
A.The more knowledge and freedom in acting, the greater the responsibility
B.Responsibility exists only when a law punishes the act
C.Freedom removes responsibility, because the person freely chose to act that way
D.Responsibility depends only on whether the act turned out well
Explanation: A person answers for the acts he performs knowingly and freely. The greater the knowledge and freedom involved, the greater the responsibility; factors that reduce knowledge or freedom, such as ignorance or coercion, reduce it.

About the AMIB Operador de Bolsa Exam

Independent practice for the AMIB Operador de Bolsa (Serie 220) certification by OpenExamPrep. The official exam is a Spanish-language, four-option multiple-choice test of 215 questions set by the AMIB's Guía de Certificación v8.3. This bank is an English-language study adaptation, not an official translation or simulation of the exam; Mexican market terms such as postura, cruce, autoentrada, instrucciones a la mesa and al libro are kept in Spanish.

Exam sponsor: Asociación Mexicana de Instituciones Bursátiles (AMIB), a self-regulatory organization recognized by the CNBV. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

215 four-option multiple-choice questions in 10 areas: Ética (20, mandatory), Servicios de Inversión (20), Marco Normativo I, II y III (25), Matemáticas Financieras y Portafolios de Inversión (20), Mercado de Capitales I y II (25, mandatory), Títulos de Deuda I y II (20), Derivados Financieros I y II y Riesgos I, II y III (20), Concertación de Operaciones en MexDer (20), Concertación de Operaciones en el Mercado de Capitales (25, mandatory) and Análisis Económico I, II y III y Financiero I y II y Técnico (20).

Time Limit

4 hours 29 minutes

Passing Score

600 points on a 200–1,100 scale overall, plus at least 600 points in each mandatory area (Ética; Mercado de Capitales I y II; and Concertación de Operaciones en el Mercado de Capitales)

Exam / Certification Fees

2026 AMIB tariffs (from 1 February 2026, before IVA): MXN 6,100 in person in Mexico City, MXN 6,925 in other states, or MXN 8,350 remote for the first attempt; extraordinary retakes MXN 4,125, MXN 4,625 or MXN 6,450 respectively

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

20 questions (9.30%) — mandatory area

Ética

Equal treatment of orders, manipulation and simulated trades, conflicts, confidentiality and error handling

20 questions (9.30%)

Servicios de Inversión

Underwriters' restrictions, IPO allocation, analysts' trading limits, statements and reporting obligations

25 questions (11.63%)

Marco Normativo I, II y III

Operators' authorization, client funds, inside information, holdings disclosure, cuentas globales and securities crimes

20 questions (9.30%)

Matemáticas Financieras y Portafolios de Inversión

Weighted average price, trading costs with IVA, present value, correlation, beta and tracking error

25 questions (11.63%) — mandatory area

Mercado de Capitales I y II

Corporate events, subscription rights, short sales, indices, offerings, convertibles and warrants

20 questions (9.30%)

Títulos de Deuda I y II

Coupons, CETES pricing, breakeven inflation, duration drivers, spreads and settlement dates

20 questions (9.30%)

Derivados Financieros I y II y Riesgos I, II y III

Delta-normal VaR, scaling with time, DV01 and duration limits, stress scenarios and duration hedges

20 questions (9.30%)

Concertación de Operaciones en MexDer

Priority, posture types, cruces and autoentradas, modifications, block trades and technical failures

25 questions (11.63%) — mandatory area

Concertación de Operaciones en el Mercado de Capitales

Price-time priority, execution price, hidden volume, cruces, eligibility for instrucciones a la mesa, best execution and allocation

20 questions (9.30%)

Análisis Económico I, II y III y Financiero I y II y Técnico

Monetary aggregates, balance of payments, reserves, exchange regimes, ratios and technical patterns

Preparing for the AMIB Operador de Bolsa Exam

What You Need to Know

  • Passing score: 600 points on a 200–1,100 scale overall, plus at least 600 points in each mandatory area (Ética; Mercado de Capitales I y II; and Concertación de Operaciones en el Mercado de Capitales)
  • Assessment: 215 four-option multiple-choice questions in 10 areas: Ética (20, mandatory), Servicios de Inversión (20), Marco Normativo I, II y III (25), Matemáticas Financieras y Portafolios de Inversión (20), Mercado de Capitales I y II (25, mandatory), Títulos de Deuda I y II (20), Derivados Financieros I y II y Riesgos I, II y III (20), Concertación de Operaciones en MexDer (20), Concertación de Operaciones en el Mercado de Capitales (25, mandatory) and Análisis Económico I, II y III y Financiero I y II y Técnico (20).
  • Time limit: 4 hours 29 minutes
  • Exam / certification fees: 2026 AMIB tariffs (from 1 February 2026, before IVA): MXN 6,100 in person in Mexico City, MXN 6,925 in other states, or MXN 8,350 remote for the first attempt; extraordinary retakes MXN 4,125, MXN 4,625 or MXN 6,450 respectively Official sources

Using Our Practice Resources

  • Work through all 107 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

AMIB Operador de Bolsa: Suggested Study Strategy

1Master price-time priority and which posture changes keep or lose priority on the exchanges and on MexDer.
2Learn the CNBV rules on instrucciones al libro and a la mesa, including who is eligible for desk management and how orders are registered, transmitted and allocated.
3Know the best-execution duty: best available price first, volume only if the client asks, and published tie-break criteria.
4Separate cruces from autoentradas on MexDer and learn their pricing and participation rules.
5Practice VaR, DV01 and duration-hedge calculations for the risk area.

Frequently Asked Questions

What is the AMIB Serie 220 certification?

It is the AMIB certification for Operador de Bolsa, the professional who buys and sells securities in discretionary and non-discretionary accounts, for the firm or for third parties, through the trading systems of the Mexican stock exchanges (BMV and BIVA), working at a casa de bolsa.

How many questions are on the Serie 220 exam and how long is it?

Under the Guía de Certificación v8.3, the exam has 215 questions and lasts 4 hours 29 minutes. Guide v8.4, which applies from 26 October 2026, keeps the same number of questions and time.

What is the passing score for the Serie 220 exam?

You need at least 600 points on the 200 to 1,100 scale overall and at least 600 points in each mandatory area: Ética; Mercado de Capitales I y II; and Concertación de Operaciones en el Mercado de Capitales.

What do I need before registering for the exam?

You must pass AMIB's course 'Ética Bursátil y Sanas Prácticas del Mercado de Valores', have a satisfactory credit history of at least five years in a Reporte de Crédito Especial issued within the last three months, sign the honorability statement, and submit your file through AMIB's online system at least 10 business days before the exam. Under the LMV, operators must also meet the requirements of the exchange's reglamento interior.

Why is this practice bank in English?

The official exam is given in Spanish. This bank is an English-language study adaptation for reviewing the concepts in the AMIB outline; it is not an official translation or format simulation, and it keeps key Mexican market terms in Spanish.

How does Serie 220 differ from Serie 200 and Serie 210?

Serie 200 and Serie 210 focus on promoting and advising. Serie 220 is for operators who execute trades, so it adds two areas on how operations are concerted on the equity exchanges and on MexDer, and one of them is mandatory.