Free Practice Questions for Taiwan Futures Firm Specialist Examination

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Exam Review

Key Facts: Taiwan Futures Firm Specialist Examination Exam

100

Official exam questions (50 per subject)

SFI

140 / 200

Minimum aggregate passing score (min 60 per paper)

SFI

NTD 730 / 1,130

Standard Chinese examination fee (Paper / CBT)

SFI

150 min

Total testing time across two papers

SFI

The standard professional examination has two 50-question papers, 150 testing minutes, and a 140/200 aggregate passing requirement with at least 60/100 in each paper. Passing the papers alone does not complete common-subject, training, registration, or role-specific requirements.

Sample Taiwan Futures Firm Specialist Examination Practice Questions

Try these sample questions to review concepts for the Taiwan Futures Firm Specialist Examination exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 40+ question experience with AI tutoring.

1Under Article 3 of Taiwan's Futures Trading Act (期貨交易法), which feature distinguishes an option contract from a futures contract?

A.The option buyer pays a premium for a right, while the seller must perform if exercise is required

B.Both parties obtain a right to cancel without any contractual obligation

C.The buyer must always take physical delivery at expiration

D.The seller pays the premium to obtain the right to exercise

Explanation: An option buyer pays a premium to acquire a contractual right to buy or sell. The option seller assumes the corresponding performance obligation; a futures contract instead creates obligations for both sides.

2Which institution is the competent authority under Article 4 of Taiwan's Futures Trading Act?

A.The Taiwan Futures Exchange

B.The Financial Supervisory Commission (金融監督管理委員會)

C.The Central Bank of the Republic of China (Taiwan)

D.The Chinese National Futures Association

Explanation: Article 4 identifies the Financial Supervisory Commission as the competent authority. TAIFEX and the futures association perform market and industry functions under the regulatory framework.

3Which organizational forms does Article 7 of the Futures Trading Act recognize for a futures exchange?

A.Company form only

B.Membership form only

C.Membership form or company form

D.Partnership form or sole proprietorship

Explanation: Article 7 recognizes both membership and company forms of futures exchanges. Establishment still requires regulatory permission and a license under Article 8.

4A TAIFEX clearing member defaults. Its clearing margin has been exhausted, but its own contribution to the clearing and settlement fund remains available. Which resource is used next under TAIFEX's default waterfall?

A.Non-defaulting members' fund contributions

B.TAIFEX's compensation reserve fund

C.Additional levies on non-defaulting members

D.The defaulting member's contribution to the clearing and settlement fund

Explanation: TAIFEX first uses the defaulting member's clearing margin, followed by that member's clearing and settlement fund contribution. TAIFEX's compensation reserve comes before the fund contributions of non-defaulting members.

5An FCM proposes temporarily moving customer margin into its operating account to pay office rent, then restoring it the next day. Which response follows the Futures Trading Act?

A.Reject the transfer because customer margin must remain separate and withdrawals must have an authorized purpose

B.Allow it if the firm's total assets exceed its liabilities

C.Allow it if customers receive the operating account's interest

D.Allow it if the balance is restored before month-end reporting

Explanation: Article 70 requires customer margin to be held separately from the FCM's own assets. Article 71 limits withdrawals to authorized purposes, which do not include paying the firm's office rent.

6A retail customer wants to open a new futures position but has not provided the required initial margin. Which action is appropriate for the FCM?

A.Execute first and collect the required margin at final settlement

B.Require sufficient initial margin before opening the position

C.Accept the trade if the customer promises to meet maintenance margin later

D.Replace initial margin with an unsigned acknowledgment of risk

Explanation: Initial margin supports the establishment of a new futures position. A risk acknowledgment explains exposure but does not replace the required collateral.

7Which conduct falls within the manipulation prohibition in Article 106 of the Futures Trading Act?

A.Buying a contract after analyzing publicly available inventory data

B.Rolling a hedge from one delivery month to another

C.Intentionally spreading false supply information to influence futures prices

D.Closing a position because the trader's risk limit has been reached

Explanation: Article 106 prohibits specified conduct intended to influence futures prices, including spreading false information. A genuine hedge adjustment or investment decision based on public information does not by itself establish manipulation.

8A new firm intends to operate ordinary futures brokerage business in Taiwan. Which requirement follows from Article 56 of the Futures Trading Act?

A.Membership in an overseas exchange is sufficient

B.A company registration alone permits brokerage activity

C.Approval is needed only after the first customer trade

D.The firm must obtain permission and a business license from the competent authority before operating

Explanation: Article 56 requires permission and issuance of a license before an FCM may operate. General company registration does not itself authorize futures brokerage business.

9Under Article 8 of the Standards Governing the Establishment of Futures Commission Merchants, what minimum paid-in capital applies to a domestic specialized futures brokerage merchant (期貨經紀商)?

A.NT$200 million

B.NT$100 million

C.NT$400 million

D.NT$50 million

Explanation: The establishment standards specify NT$200 million for a futures brokerage merchant. They separately specify NT$400 million for a futures proprietary merchant; these should not be confused with operating-bond requirements.

10An FCM's adjusted net capital falls to 18% of required customer margins for open positions. Its shareholders' equity remains above all separate equity triggers. Which response is required by Article 22 of the FCM Regulations on these facts?

A.Immediately cease all customer trading because the ratio is below 20%

B.Immediately report to the FSC and designated institutions; the 15% cessation trigger has not been crossed

C.Wait until the next annual financial report

D.Treat adjusted net capital as identical to shareholders' equity

Explanation: A ratio below 20% triggers immediate reporting under Article 22. Falling below 15% triggers cessation of accepting orders, subject to the exception for dealing with outstanding positions, and submission of a rectification plan.

About the Taiwan Futures Firm Specialist Examination Exam

Independent practice by OpenExamPrep for 期貨商業務員資格測驗, administered by SFI on behalf of the Chinese National Futures Association. The standard programme uses Traditional Chinese; a separately scheduled official English qualification programme also exists. This English-language MCQ study adaptation covers selected futures law, customer-asset safeguards, pricing, hedging, options, and TAIFEX settlement topics. It is not an official translation or test simulation.

Exam sponsor: Securities and Futures Institute (財團法人中華民國證券暨期貨市場發展基金會 / SFI). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Subject 1: 期貨交易法規 (60 minutes, 50 MCQs). Subject 2: 期貨交易理論與實務 (90 minutes, 50 MCQs). All questions are single-choice objective questions with four options.

Time Limit

Standard programme: 150 testing minutes, comprising 60 for regulations and 90 for theory and practice; breaks are additional. The separately scheduled English programme's timing is given in its examination notice.

Passing Score

Combined total score of at least 140 points across both subjects (out of 200), with neither individual subject scoring below 60 points.

Exam / Certification Fees

Standard Chinese programme: NTD 730 paper-based or NTD 1,130 computer-based. Regular English qualification programme: NTD 16,100 per person.

Exam sponsor website

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

Official sources

SFI official examination handbooks · Source checked 2026-10-22Paper and computer-based handbooks: eligibility, 50 questions per paper, 60/90 testing minutes, 140 total with at least 60 per paper, and standard fees of NTD 730/1,130.
SFI Futures Specialist English Qualification Exam manual · Source checked 2026-10-22Confirms English computer-based delivery, two 50-question papers, eligibility, passing standard, regular fee of NTD 16,100, and the official content outline. Current 2026 activity also confirmed at https://www.sfi.org.tw/News?id=2533.
Futures Trading Act (期貨交易法) · Source checked 2026-10-22Primary statute governing futures contracts, options, futures exchanges, clearing houses, and market manipulation prohibitions.
Regulations Governing Futures Commission Merchants (期貨商管理規則) · Source checked 2026-10-22FCM conduct, capital reporting and cessation triggers, employee-account execution, and telephone-record retention. Establishment capital: https://law.fsc.gov.tw/EngLawContent.aspx?id=1784&lan=E, Article 8. Introducing-broker functions and the prohibition on accepting trader funds: https://law.fsc.gov.tw/EngLawContent.aspx?id=2773&lan=E, Articles 3 and 29.
Taiwan Futures Exchange (TAIFEX) Trading Rules · Source checked 2026-10-22TXO specifications and final settlement; TX/MTX product specifications and margining also checked. Clearing default waterfall: https://www.taifex.com.tw/enl/eng5/safeGuardSystem; margin restoration: https://www.taifex.com.tw/enl/eng5/margining.
CME Group: stock-index futures pricing and hedging · Source checked 2026-10-22Technical support for cost of carry, cash-and-carry, basis, and beta-based hedging; Taiwan contract facts come from TAIFEX.
Options Industry Council: put-call parity and option strategies · Source checked 2026-10-22Parity, option Greeks, debit spreads, straddles, and covered-call payoff reasoning; not a source for Taiwan-specific legal rules.

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.

10 study questions

Futures Trading Act & Regulatory Framework (期貨交易法與法規架構)

Contract definitions, FSC authority, exchange forms, licensing, capital, default resources, insider restrictions, and customer-asset protection.

10 study questions

FCM Management & Associated Persons Rules (期貨商與業務員管理規則)

Segregation, margin collection and restoration, conduct, introducing brokers, employee-account execution, disclosure, and disputed-order recordings.

10 study questions

Futures Theory, Pricing & Hedging (期貨理論、評價與避險交易)

Cost of carry, basis outcomes, calendar spreads, arbitrage direction, minimum-variance and beta hedges, and MTX profit/loss.

10 study questions

Options Strategies, Greeks & TAIFEX Practice (選擇權策略與臺灣期貨交易實務)

Put-call parity, bull call and bear put spreads, straddle breakevens, delta and gamma, covered-call payoffs, TXO multiplier, and final settlement.

Preparing for the Taiwan Futures Firm Specialist Examination Exam

What You Need to Know

Passing score: Combined total score of at least 140 points across both subjects (out of 200), with neither individual subject scoring below 60 points.
Assessment: Subject 1: 期貨交易法規 (60 minutes, 50 MCQs). Subject 2: 期貨交易理論與實務 (90 minutes, 50 MCQs). All questions are single-choice objective questions with four options.
Time limit: Standard programme: 150 testing minutes, comprising 60 for regulations and 90 for theory and practice; breaks are additional. The separately scheduled English programme's timing is given in its examination notice.
Exam / certification fees: Standard Chinese programme: NTD 730 paper-based or NTD 1,130 computer-based. Regular English qualification programme: NTD 16,100 per person. Official sources

Using Our Practice Resources

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Taiwan Futures Firm Specialist Examination: Suggested Study Strategy

1Remember the minimum score threshold: neither paper can score below 60 points (compared to 50 for securities specialists).

2Distinguish continuous carry F = S × exp((r − d)T) from the simple approximation F ≈ S × [1 + (r − d)T]; use rates and maturity in consistent units.

3Memorize the profit/loss diagram and breakeven equations for vertical bull and bear spreads, calendar spreads, and straddles.

4Distinguish TX's NTD 200 multiplier from MTX and TXO's NTD 50 multipliers; domestic TAIEX final settlement uses the prescribed average of underlying index values in the final 30 minutes before the spot market close.

Frequently Asked Questions

What is the passing standard for the Taiwan Futures Specialist Examination?

Candidates must achieve a combined score of at least 140 points across both subjects (out of a 200-point total), with neither individual subject scoring below 60 points. Note that the 60-point individual subject threshold is stricter than the 50-point threshold used for securities specialists.

How many questions are on the official examination?

The official examination consists of 100 multiple-choice questions in total: 50 questions in Futures Trading Laws and Regulations (60 minutes) and 50 questions in Futures Trading Theory and Practice (90 minutes).

Is the official examination offered in English?

Yes. SFI publishes a separate Futures Specialist English Qualification Exam programme with English computer-based delivery and a regular fee of NTD 16,100 per person. Standard domestic Chinese sittings use different fees. Our bank is independent English-language MCQ study practice and is not an official translation or simulation of either programme.

What is the role of an Introducing Broker (IB / 期貨交易輔助人)?

An Introducing Broker is typically a licensed securities firm authorized to solicit futures business, accept customer orders, and transmit them to a licensed Futures Commission Merchant (FCM) for execution, but an IB cannot hold customer funds or conduct margin settlement directly.