As of January 31, 2020 the SWAPS Proficiency Requirements are available online for all APs at FCMs, CPOs, CTAs, and IBs. All said APs must be enrolled by January 31, 2021 to remain approved as a swap AP or continue to act as a swap AP. Any individual who wants to engage in swaps activity subsequent to January 31, 2021, will need to satisfy NFA’s Swaps Proficiency Requirements prior to being approved as a swap AP at an FCM, IB, CPO, or CTA .
NFA’s Swaps Proficiency Requirements consist of a series of modules, each with training and testing components. There is no time limit to complete the modules and the modules will be in order. Your progress on the modules will be saved but you will not be able to access the content once you begin the test.
To earn your certificate, the test score must at least a 70% for each module.
There are two proficiency tracks, a Long Track, designed for APs at Swap Dealers, and a Short Track, designed for APs at FCMs, IBs, CPOs, and CTAs.
For frequently asked questions regarding the Swaps Proficiency Requirements click here.
From now until January 31, 2021, current APs have the entire year to complete the requirements. However, subsequent to January 31, 2021, any individual who wants to engage in swaps activity will need to satisfy NFA’s Swaps Proficiency Requirements prior to being approved as an swap AP at an FCM, IB, CPO, or CTA or an acting AP at a Swap Dealer.
For the full interpretive notice, click here.