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Here are some articles on Level I Ethics.  If you’d like to see more articles on Level I Ethics, just ask. [menu name = “Level I Ethics Articles”]

Here are some articles on the Level I exam in general.  If you’d like to see more general articles on the Level I exam (e.g., test-taking strategy), just ask. [menu name = “Level I General Articles”]

When you hear someone talk about “the yield curve”, they usually mean the par yield curve (and, more specifically, the par yield curve for risk-free bonds (e.g., the U.S. Treasury par curve)), but there are occasions when they might mean the spot yield curve or the forward yield curve.  We’ll go through a description of…

Pricing derivatives – forwards, futures, FRAs, and swaps – is generally not difficult, and the principle that underlies all pricing relationships is quite easy: arbitrage. The first thing you need to know is exactly what is meant by the price of a derivative. The price of: A forward/futures contract is the agreed price of the…

An FRA is essentially an agreement to enter into two loans (one long, one short) in the future: a fixed-rate loan and a floating-rate loan.  (The difference between an FRA and an actual agreement to enter into these two loans is that the FRA will be settled at the beginning of the loan period, whereas…