Common Derivatives
Composite derivatives exam combining equity, currency, and interest rate derivatives — for traders covering all asset classes.
Exam Pattern & Marking
Detailed Syllabus
10 chapters · 100 total marks
| # | Chapter | Marks | Practice Qs |
|---|---|---|---|
| 1 | XIII Trading, Clearing, Settlement and Risk Management | 17 | 85 |
| 2 | XIII Introduction to the Underlying Markets | 16 | 80 |
| 3 | XIII Strategies Using Futures | 16 | 80 |
| 4 | XIII Introduction to Options | 15 | 75 |
| 5 | XIII Introduction to Forwards and Futures | 13 | 65 |
| 6 | XIII Legal and Regulatory Environment | 9 | 45 |
| 7 | XIII Accounting and Taxation | 4 | 20 |
| 8 | XIII Basics of Derivatives | 4 | 20 |
| 9 | XIII Option Trading Strategies | 3 | 20 |
| 10 | XIII Sales Practices, Code of Conduct and Investor Protection | 3 | 10 |
| Total | 100 | 500 |
Marks per chapter reflect the official NISM syllabus weightage. Practice question counts show the bank size in our app — use them to gauge depth of preparation needed per chapter.
Key Knowledge Areas
Overview
Series XIII is a composite derivatives certification — a single exam covering equity (Series VIII), currency (Series I), and interest rate derivatives (Series IV). It’s designed for traders and risk managers active across all three asset classes.
At a glance: 100 questions · 2 hours · 60% pass mark · 0.25 negative marking · ₹1,500 + GST. Equivalent to clearing Series VIII + I + IV but in a single paper.
Who should take XIII
- Multi-asset traders
- Treasury staff at banks needing the full derivatives qualification
- Risk managers at multi-asset prop trading firms
- Anyone wanting one composite credential vs three separate ones
Key Knowledge Areas
Common foundation
Three asset classes, common building blocks:
| Concept | Equity (VIII) | Currency (I) | Interest rate (IV) |
|---|---|---|---|
| Underlying | Stock / index | USDINR etc. | G-Sec |
| Pricing model | Cost of carry: F = S·e^(r-q)T | IRPT: F = S·(1+r_INR)/(1+r_USD) | DCF on bond cash flows |
| Settlement | Physical (stocks), cash (index) | Cash | Physical (IRF) |
Greeks across asset classes
Greeks (Delta, Gamma, Theta, Vega, Rho) apply to all three. Equity and currency options use Black-Scholes; IROs use a modified BS or Hull-White short-rate model.
Strategies
Equity: Bull spreads, bear spreads, straddles, strangles, iron condors, covered calls, protective puts.
Currency: Range forwards, participating forwards, USDINR puts to floor exporter realisations.
Interest rate: Calendar spreads on IRFs, asset-liability gap hedging, convexity-adjusted strategies.
Regulatory framework
Three regulators interact:
- SEBI — exchange-traded equity, currency, IRD
- RBI — OTC currency, OTC IRS, repo / G-Sec
- Exchanges — NSE, BSE, MSE for listing & trading
Key Fact: A single client can trade across all three derivatives segments under one trading account, but margin pools are separate per segment.
Exam Tips
Tip 1: XIII is wider than any single VIII / I / IV exam. Allocate 30% to equity, 25% to currency, 25% to IRD, and 20% to common topics (margin, regulation, taxation).
Tip 2: Don’t memorise every option-strategy payoff. Understand the building blocks (long call, short put, etc.) and you can derive the rest.
Tip 3: Know which regulator owns which segment — SEBI for exchange F&O, RBI for OTC FX/IRS, exchanges for product specifications.
Tip 4: Practice one full-length XIII mock for each asset class separately to build coverage, then a final composite mock.
Try the Free Quiz
Test your knowledge with our free Series XIII practice quiz — or get the full bank of 500+ XIII questions plus mock tests in the NISM Exam Prep app.
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