FIA surveyed members in 2015 to determine how we could better serve our members. Survey responders felt that training was the number one area where an FIA initiative would benefit members.
FIA uses collective wisdom of industry experts in Asia, Europe and America to develop training materials. Firms that sign up for FIA courses have the added benefit of being able to demonstrate that their employees have been trained using industry-standard training materials, which may help avoid or mitigate regulatory fines. In addition, FIA:
- Seeks content review and/or approval from regulatory bodies.
- Provides regular review and update to reflect changes in regulation.
- Is cost-efficient—FIA can deploy these at a “utility” price.
FIA relies heavily on our compliance groups in the U.S., U.K. and Asia to prioritize topics. An initial survey of these groups yielded a substantial list of topics we are considering.
FIA has partnered with a U.K. based training company, Eukleia, which has particular expertise in derivatives. They work with our compliance groups to draft content. Our compliance groups evaluate the scripts, review drafts, and contribute content when appropriate. We also call on outside counsel as appropriate to help us write and/or review content.
We have just completed a pilot program with CME where CME provided the content for a CME-specific module. CME determined the topics based on their experience where market participants need the most education. We are working with other exchanges around the world to expand our library of exchange-specific modules in the future.
Users should be able to complete each course in the following timeframe:
- Safeguarding Customer Funds = 60 minutes
- Rules & Regulatory Guidance for CME Group Markets = 30 minutes
- Market Conduct Fundamentals = 25 minutes
- Exchange Trading & Regulatory Fundamentals for Electronic Traders = 40 minutes
- Rules & Regulatory Guidance for ICE Futures U.S. = 35 minutes
No. A user can log out at any time during the course and go back in later. When logging back in the user is asked if they want to resume where they left off. No need to complete in one sitting.
There are three ways to take advantage of FIA Training modules—by purchasing an enterprise license, a corporate license or an individual license.
An enterprise license allows the user to make a one-time purchase of a specific module and deploy it on their internal learning management system for their employees only. The cost of the license depends on the number of users the firm expects to take the course.
A corporate license allows the user to take advantage of volume discounts on the FIA learning management system.
An individual license allows one user to take a course.
The enterprise license does not allow access to individuals outside the firm which has purchased the license. If you would like to give customers access, we recommend purchasing a corporate license. If you have already purchased an enterprise license, the corporate license is available at the lowest possible rate.
Yes. The pricing schedule has a reduced rate for FIA members.
We expect some modules will not require frequent updating. The Market Conduct Module is high level and the content is not likely to change. Exchange-specific modules may change more frequently as exchanges adjust their rules.
In the initial phase of FIA Training, the administrator will work with FIA staff to get regular reports on who has completed the course. In the future, we expect that process to be automated—where the administrator can log into the FIA LMS and download reports.
While there are “knowledge checks” throughout the courses to test comprehension of the material, the course does not end with a comprehensive test. At the end of each course, the user is asked to attest that they have read and understand the information contained in the course. In the future, we plan to offer optional tests for those firms that wish to use it.
If I purchase an Enterprise License, what are the technical specifications for deployment on my own Learning Management System (LMS)?
Visit our technical specifications page for information on implementing our courses in an LMS.
FIA is working with the London Metal Exchange to build out a course targeting users of that exchange. In addition, we are in discussions with the Singapore Exchange to build out a course as well.