Product features and payoffs
Compare futures, forwards, swaps and options, using rights, obligations and payoff shapes.
HKSI LE Practical paper
HKSI Paper 9Derivatives
Understand how the product works and what a strategy does in a market scenario. Sketch cash flows or payoff direction before selecting an answer.
- Multiple-choice questions
- 40 questions
- Exam time
- 60 minutes
- Passing mark
- 70%
WHAT TO STUDY
What Paper 9 tests
Checked 5 October 2026: the current guide is v3.6 from 6 July 2026, while the overview links a v3.5 syllabus. This scope overview does not replace the current guide.
Check the official syllabusEquity derivatives
Connect index and stock derivatives, warrants and structured products with valuation and hedging.
Interest-rate derivatives
Compare FRAs, swaps and options, explaining prices and hedge direction under rate changes.
Currencies and commodities
Identify underlyings, cash flows and exposures before selecting a matching strategy.
Trading, margin and settlement
Follow exchange and OTC execution, confirmation, reporting and clearing, identifying counterparty risk.
FROM RULE TO ANSWER
Make each mistake useful
Answer a focused set, read why an option is right, and return to the rule behind your mistake.
992original practice questions in this paper
Understand the reasoning
Use explanations to compare the rule, its exceptions and the incorrect options.
Review the questions you need
Return to wrong answers and bookmarks, then test yourself under the paper’s time limit.
These are independently written practice questions, not official past papers or recalled exam questions. Counts reflect the published bank checked on 5 October 2026 and may change with content updates.
A PRACTICAL ROUTE
Build a revision routine
- Compare each product’s underlying, maturity, rights, obligations, payoff and main risks.
- Practise the 992 questions by chapter; keep calculation steps and name the exposure being hedged.
- Attempt 40 questions in 60 minutes, then redraw missed option payoffs and hedge directions.
YOUR PAPER, YOUR APP
10minquiz HKSI 3+9
HKSI 3+9Papers 3, 9 in one app. Select Paper 9 from the top-left paper selector.
Start with free practice. The 90-day Pro option opens the full question bank and additional revision tools; check the store purchase screen for the current price and terms.
BEFORE YOU BEGIN
Paper 9 questions, answered
Should I memorise option-strategy names first?
Start with long and short calls and puts, then combine the positions. Determine the expiry price and payoff direction before matching a strategy name.
How can I avoid reversing a hedge?
Describe the original exposure: which price, rate or currency movement causes a loss? Then choose a position whose result offsets that loss.
Can I study Papers 9 and 3 in one app?
Yes. 10minquiz HKSI 3+9 switches between regulation practice and product or strategy practice. Paper records stay separate; allowance and Pro access are shared within the app.
Which official Paper 9 version is current?
The update page lists v3.6 from 6 July 2026, although the overview still links a v3.5 public syllabus. Check products and arrangements against the applicable guide and updates.
Official sources and support
Checked on 5 October 2026. Exam rules, syllabus versions, fees, dates and licensing requirements may change; confirm the documents that apply to your exam date.
- HKSI Institute: Paper 9 syllabus
- HKSI Institute: Licensing Examination overview
- SFC: licensing and registration requirements
HKSIPapers is an independent preparation resource. It is not affiliated with or endorsed by HKSI Institute or the SFC.
