FREE Series 3 Study Guide 2026: The Complete NFA Futures Walkthrough

This free Series 3 study guide is the core of your study materials for the National Commodity Futures Examination — the NFA exam (administered by FINRA) required to solicit or supervise business in exchange-traded futures and options on futures.^[1] It walks through every topic on the official outline, organized into six teaching modules that map to the exam’s two scored parts.^[2]

And it’s built to teach, not just describe: every module has worked math, labeled diagrams, exam-trap tips, and built-in checkpoint quizzes, so you learn by doing — not just reading.

Read it module by module, test yourself at each checkpoint, then round out your free Series 3 study resources with our practice exam and flashcards.

Series 3 Exam Snapshot

The single most important logistic: the two parts are scored separately, and you must clear 70% on each one. Averaging will not save you — a 90% on Market Knowledge cannot rescue a 69% on Regulations.^[3]

The Market Knowledge part dominates by volume and is the math-heavy half (margin, basis, profit-and-loss, spreads, options). Plan your study time toward it, but never neglect Regulations — it is its own pass/fail gate:^[2]

NFA does not publish an exact per-part question count; the split above is illustrative of the relative emphasis the outline gives each part, not an official weighting.^[2]

Module 1 · Futures Fundamentals

Market Knowledge — Section 1. Everything else builds on these ideas: what a futures contract is, why these markets exist, how the clearinghouse makes them work, and the difference between hedging and speculating.

1.1 Why Futures Markets Exist

Futures markets serve three economic functions — remember PRL (“pearl”): Price discovery (a public, competitive auction reveals a consensus price), Risk transfer (hedgers shift unwanted price risk to speculators), and Liquidity (active speculation lets hedgers enter and exit easily).^[4]

A futures contract is a standardized, exchange-traded, legally binding agreement — it obligates both sides (the buyer to take delivery, the seller to make delivery), unless the position is offset first. That obligation is what separates a future from an option, which gives the buyer a right, not an obligation.

1.2 The Futures Contract & the Clearinghouse

The exchange standardizes everything except price — contract size, grade/quality, delivery months, and delivery locations. Standardization makes contracts fungible (interchangeable), which is what allows them to be offset.

The single most-tested distinction between a forward and a future is the clearinghouse. After a trade is matched, the clearinghouse — through novation — becomes the buyer to every seller and the seller to every buyer, guarantees performance, and runs daily settlement. That eliminates the counterparty credit risk that each party to a private forward must bear.^[4]

1.3 Long, Short, Open Interest & Offset

A long bought a contract — an obligation to take delivery — and profits when prices rise. A short sold a contract — an obligation to make delivery — and profits when prices fall. A position is closed by offset: the equal and opposite trade in the same month (a long sells; a short buys). Most positions are offset before expiration, not delivered.

Open interest is the count of contracts still outstanding; it rises only when a new buyer AND a new seller open positions, and falls only when both offset. Volume is the number of contracts traded in a period — a single contract can trade many times in a day.

1.4 Market Structure: Normal vs. Inverted

In a normal (carrying-charge) market — also called contango — distant months trade higher than nearby months and futures exceed spot, reflecting the cost of carry. In an inverted market (backwardation), nearby months trade higher than distant ones, signaling tight nearby supply or strong immediate demand.

Carrying charges are Storage + Insurance + Financing (SIF). In a normal market the distant-over-nearby premium cannot exceed full carry — if it tried to, an arbitrageur would buy the nearby, store it cheaply, and deliver into the distant month for a riskless profit, forcing the spread back down. An inverted-market spread has no upper limit, because you cannot “store backward in time.”

1.5 Hedging & Speculative Theory

A hedger holds (or will hold) the physical commodity and uses an opposite futures position to offset price risk; a speculator has no cash position and takes on that risk hoping to profit, while providing liquidity. The hedger transfers price risk to the speculator and keeps the smaller basis risk — that trade-off is the whole point of hedging.

Leverage is the speculator’s engine: because margin is a small fraction of contract value, a small price move produces a large percentage gain — or loss — on the deposit. A speculator can lose more than the initial margin.

Module 2 · Margins, Premiums & Settlement

Market Knowledge — Section 2. The mechanics that move money every day: how margin works, how option premiums are built, how price limits halt trading, and how positions settle or go to delivery.

2.1 Margin = Performance Bond

Futures margin is a good-faith deposit / performance bond — it is not a down payment and not borrowed money, so no interest is charged. Initial margin is required to open a position; maintenance margin is the minimum equity that must be kept.

2.2 Daily Mark-to-Market & Margin Calls

Every day the clearinghouse marks each account to market at the settlement price: accounts with losses pay variation margin (cash out) and accounts with gains receive it (cash in). That is why futures gains and losses are realized daily, not just at offset.

Daily settlement P&L follows the position: for a long, $(\text{Today's settle} - \text{Prior settle}) \times \text{contract size}$; for a short, $(\text{Prior settle} - \text{Today's settle}) \times \text{contract size}$.

2.3 Option Premiums: Intrinsic & Time Value

An option premium has two parts: $\text{Premium} = \text{Intrinsic value} + \text{Time value}$. Intrinsic value is the in-the-money amount and is never negative: $\text{Call IV} = \max(F - K,\ 0)$ and $\text{Put IV} = \max(K - F,\ 0)$, where $F$ is the futures price and $K$ the strike.

Time value is everything above intrinsic value — what buyers pay for the chance the option moves further in-the-money — and it decays to zero by expiration. Higher volatility and more time raise the premium; delta measures how much the premium moves per 1.00 move in the future.

2.4 Price Limits & Locked Markets

A daily price limit caps how far a price may move from the prior settlement in one session. When the market reaches the limit with everyone on the same side (all buyers at limit up, or all sellers at limit down), it becomes a locked-limit market — no trades occur beyond the limit, so a trader who needs to offset cannot get filled while margin calls keep coming.

After locked-limit days, exchanges may widen the range with expanded (variable) limits. Circuit breakers are coordinated market-wide halts on large moves (common in stock-index futures). Some contracts — often near expiration or cash-settled financials — have no price limits.

2.5 Offset, Settlement & Delivery

Nearly all positions are closed by offset. For the small fraction that go to delivery, the timeline matters: first notice day is the first day a short may tender delivery — a long who does not want delivery must offset before first notice day; last trading dayis the final day the contract trades. The clearinghouse assigns a short’s delivery notice to a long (commonly the oldest outstanding long).

Cash-settled contracts (e.g., stock-index futures) deliver no physical commodity — they settle to a final cash value versus a reference index. Exercising an option settles into a futures position, not the physical: a call holder gets a long future, a put holder gets a short future.

Module 3 · Orders, Accounts & Price Analysis

Market Knowledge — Section 3. Order types are the highest-yield, most-missed topic in this section — master where each order sits and what it becomes when triggered, then add account designation and the three kinds of price analysis.

3.1 Order Types & Placement

Lock in the placement and the trigger behavior together. A limit order fills at a specified price or better (price guaranteed, fill not). A stop order becomes a market order when touched (fill guaranteed after trigger, price not).

A stop-limit becomes a limit order when touched — protecting price but risking no fill. A market-if-touched (MIT)mirrors a limit’s placement but becomes a market order when touched.

3.2 Time Qualifiers & Combination Orders

Duration qualifiers say how long an order lives: a day order expires at the close (the default); a good-til-canceled (GTC / open) order carries over until filled or canceled; fill-or-kill (FOK) must fill entirely and immediately or cancel; and immediate-or-cancel (IOC) takes whatever fills now and cancels the rest (partials allowed). Market-on-close/open (MOC/MOO) are still market orders — only the timing window is set.

A one-cancels-the-other (OCO) pairs two orders so executing one kills the other (e.g., a profit-target limit and a protective stop). A spread order buys one contract and sells a related one, executed on the price differential rather than absolute leg prices.

3.3 Customer Accounts & Hedge/Speculative Designation

Know the basic account types — individual, joint (JTWROS passes to the survivor; tenants-in-common passes to the estate), and discretionary (requires written power of attorney). But the high-yield point is the hedge vs. speculative designation, because it changes the rules that apply:

3.4 Technical & Fundamental Analysis

Technical analysis studies price, volume, and open interest to forecast direction; its three assumptions are PTH — Price discounts everything, Trends persist, History repeats. The strongest signal is confirmation: rising price + rising volume + rising open interest means a healthy trend; if one fails to confirm, suspect a reversal. Point-and-figure charts are notable for ignoring time and volume — they plot price movement only.

Fundamental analysis studies the supply-and-demand causes of price. Anything that tightens supply or boosts demand is bullish; anything that adds supply or cuts demand is bearish. For grains, watch the crop year, carryover (high carryover is bearish), weather, and USDA/WASDE reports; for livestock, feed costs and herd cycles; for metals/energy, production and inventories.

3.5 Interest-Rate Analysis & the Yield Curve

The #1 fixed-income fact: interest rates and bond (and bond-futures) prices move inversely — rates up, prices down; rates down, prices up. So a trader who expects rates to rise should short bond futures; one who expects rates to fall should buy them.

The Federal Reserve most directly drives short-term rates; long-term rates respond more to inflation expectations. Aggressive tightening can push short rates above long rates and invert the curve. Inflation is the bond market’s enemy — higher expected inflation means higher rates and lower bond/futures prices.

Module 4 · Hedging Math, Spreads & Options

Market Knowledge — Sections 4–7. This is the math-heavy heart of the exam: hedging and basis calculations, spreads, speculating with leverage, and options on futures. Work every example by hand at least once.

4.1 Short vs. Long Hedge & Basis Math

Match the hedge to the cash position, not to a price guess. An owner who will sell uses a short hedge (sell futures now, “sell what you’ll sell”); a user who will buy uses a long hedge(buy futures now, “long the need”).

Basis is the engine of this section: $\text{Basis} = \text{Cash} - \text{Futures}$. Once a hedge is on, the net realized price equals the futures price you locked in plus the ending basis: $\text{Net price} = F_{\text{initial}} + \text{Basis}_{\text{final}}$. The only uncertainty left is that ending basis — which is why a hedger “trades price risk for basis risk.”

4.2 Spreading: The Master Rule

A spread is long one contract and short a related one — you profit from a change in the relationship between the legs, not absolute direction. The master rule solves every spread question: you profit when the leg you are long gains relative to the leg you are short. Compute each leg’s P&L with its sign and sum them: $\text{Spread P\&L} = \text{P\&L}_{\text{long leg}} + \text{P\&L}_{\text{short leg}}$.

4.3 Speculating & Return on Margin

An outright position speculates on absolute direction: $\text{P\&L} = (\text{Exit} - \text{Entry}) \times \text{size} \times \#\,(\text{long})$, and the reverse for a short. Then deduct commissions for net P&L. Return on margin shows the leverage: $\dfrac{\text{Net profit}}{\text{Initial margin}}$.

4.4 Options on Futures: Payoffs & Hedges

A call is the right to go long the future at the strike; a put is the right to go short. The buyer pays a premium and can lose only that premium; the writer collects the premium and takes the obligation. Memorize the four single-option positions:

For hedging, “put a floor, call a ceiling.” A protective long put sets a price floor for someone who owns or will sell: $\text{floor} = K_{put} - \text{premium}$. A long call hedge sets a price ceiling for someone who will buy: $\text{ceiling} = K_{call} + \text{premium}$. Unlike a futures hedge, an option hedge costs a premium but keeps the favorable move.

4.5 Option Spreads & Straddles

A vertical spread buys one option and writes another of the same class at a different strike to define risk. A debit spread’s max loss = the debit paid; a credit spread’s max gain = the credit received — spreads cap both ends.

A long straddle buys a call and a put at the same strike — it profits from a big move in either direction and loses the most if the future pins the strike. Breakevens are $K \pm (P_{call} + P_{put})$, and the max loss is the total premium.

Module 5 · General Regulation & FCM/IB Rules

Regulations — Sections 8–9. Remember: Regulations is its own 70% pass/fail gate. Start with the regulatory structure, then registration, account opening, prohibited conduct, and the rules for the firms that carry and introduce business.

5.1 The Regulatory Structure (CFTC, NFA, Exchanges)

The futures industry is regulated in tiers. The CFTC is the independent federal agency that administers the Commodity Exchange Act. The NFA is the industry-wide self-regulatory organization — the only registered futures association — and membership is mandatory for public futures business. Exchanges (DCMs) are the marketplaces and front-line SROs.^[5][8]

5.2 Registration Categories & Exemptions

Know the seven categories cold. The defining test between an FCM and an IB is whether the firm holds customer money:^[7]

A CTA that advised 15 or fewer clients in the past 12 months and does not hold itself out to the public is exempt from CTA registration (CFTC Reg 4.14); advertising to the public loses the exemption.^[10]

5.3 Account Opening & Risk Disclosure

Before the first trade, follow “DRAFT”: Disclose risk → Receive customer info → Acknowledge → Fund → Trade. The futures Risk Disclosure Statement (CFTC Reg 1.55) must be furnished and acknowledged before trading; trading options on futures requires a separate options disclosure (Part 33 / Reg 33.7).^[11][12] NFA Compliance Rule 2-30 sets the know-your-customer/risk-disclosure duty.

5.4 Prohibited Conduct & Position Limits

The CEA’s antifraud provisions and NFA Rules 2-2/2-4 (the just and equitable principles of trade) prohibit a long list of conduct:

A member may sharein a customer’s account only with prior written customer authorization, prior firm approval, and in direct proportionto the member’s own financial contribution. And speculative position limits (CFTC Part 150) bind speculators — bona fide hedgers may exceed them.^[15]

5.5 FCM/IB Capital, Segregation & Promotion

The most-tested FCM rule is segregation (CEA §4d; CFTC Reg 1.20–1.30): customer funds must be kept separate from firm funds, never commingled, and neverused to cover another customer’s deficit — computed daily. Funds for trading on foreign exchanges are protected under the parallel “secured amount” (Part 30).^[9]

Capital: FCMs and independent IBs must meet a CFTC minimum adjusted net capital; a guaranteed IB is covered by its one FCM and needs none of its own. Promotional material (NFA 2-29) must be balanced and not misleading, may not guarantee against loss, and — whenever it shows hypothetical/simulated results — must carry the prescribed disclaimer (“past performance is not necessarily indicative of future results”) and be reviewed by a principal before use. Orders must be time-stamped for the audit trail, and supervision is required under Reg 166.3.^[13]

Module 6 · CPO/CTA, Arbitration & Discipline

Regulations — Sections 10–11. The rules for pool operators and advisors (CFTC Part 4), then the two distinct dispute/enforcement tracks: NFA arbitration and the NFA disciplinary process.

6.1 The CPO/CTA Disclosure Document

A CPO (for a pool) or CTA (for an advisory program) must prepare and deliver a Disclosure Document — the cornerstone of Part 4. Remember its contents as “FaB-PR-B-C”:

The delivery rules are “B-A-12”: delivered and acknowledged BEFORE funds are accepted, and the document may be no more than 12 months old — updated at least annually and filed with the NFA.^[10]

6.2 Pool Reporting & Bunched Orders

Ongoing CPO duties are “SAR”: periodic account Statements (monthly for larger pools, at least quarterly otherwise) plus an audited Annual Report to participants (also filed with the NFA). When a CTA allocates a bunched (block) order across client accounts, it must use a fair, pre-determined, non-preferential allocation method, documented so no account is systematically favored.

6.3 NFA Arbitration & CFTC Reparations

Keep the two customer-dispute forums straight. NFA arbitration resolves disputes between customers and members and among members; member-vs-member disputes are mandatory, but a member cannot force a customerinto arbitration without the customer’s agreement. The award is binding with very limited appeal, and a claim is generally filed within 2 years.

CFTC reparations is a federal, CFTC-run claims process where a customer can seek monetary recovery from a registrant for violating the CEA or CFTC rules.^[14] The customer chooses the forum — remember “RAC”: Reparations (CFTC), Arbitration (NFA), or Court.

6.4 NFA Disciplinary Process & Sanctions

Discipline is enforcement (punitive), brought by the NFA itself — distinct from arbitration. The flow is I-B-W-C-H-D-A: Investigation → Business Conduct Committee → Warning letter (minor) or formal Complaint → Hearing → Decision/sanctions → Appeal (Appeals Committee → CFTC → court).^[8]

How to Use This Study Guide

A study guide is a map, not the whole territory — use it alongside your prep provider’s materials and our practice tools, not on its own. And remember the Series 3’s defining feature: two parts, two 70% gates — give Regulations its own dedicated passes even though Market Knowledge is bigger.

Series 3 Glossary

Quick definitions for the terms you’ll see most on the Series 3 exam:

AP

An Associated Person — an individual who solicits orders, customers, or funds (or supervises such persons); must pass the Series 3. The main reason individuals take this exam.

Basis

Cash price minus futures price: $\text{Basis} = \text{Cash} - \text{Futures}$. Negative ('under') in a normal carry market; it converges toward zero at delivery.

Basis risk

The residual risk a hedger keeps — that the basis changes between placing and lifting the hedge — after transferring the larger price risk to speculators.

Break-even point

The trading profit, as a percentage of the initial investment, needed in the first year just to recover all fees and expenses — a required Disclosure-Document figure.

Calendar (intra-commodity) spread

A spread in the same commodity across two delivery months. In a normal market, the distant-over-nearby premium cannot exceed full carrying charges.

Call option

The right (not the obligation) to go long the underlying futures at the strike. Exercising a call gives the holder a long futures position.

Carrying charges

The cost of holding a physical commodity over time — storage, insurance, and interest/financing (SIF). In a normal market, the distant-over-nearby premium cannot exceed full carry.

CFTC

The Commodity Futures Trading Commission — the independent federal agency that administers the Commodity Exchange Act and regulates U.S. futures and options-on-futures markets.

CFTC reparations

A CFTC-run claims procedure where a customer can seek monetary recovery from a registrant for violations of the CEA or CFTC rules — an alternative to NFA arbitration or court.

Clearinghouse

The entity that, after a trade is matched, becomes the buyer to every seller and the seller to every buyer (novation), guaranteeing performance and eliminating counterparty credit risk.

Convergence

The tendency of the basis to approach zero as a contract nears expiration, because cash and futures must meet at the par delivery point.

CPO

A Commodity Pool Operator — operates a pooled investment vehicle that trades futures; must deliver a Part 4 Disclosure Document and report to participants.

CTA

A Commodity Trading Advisor — advises others on futures trading for compensation; must deliver a Disclosure Document and may be exempt with 15 or fewer clients.

Daily price limit

The maximum a price may move up or down from the prior settlement in one session. A locked-limit market halts trading at the limit and can trap a trader who cannot offset.

Delta

The change in an option's premium for a 1.00 change in the underlying futures price — about 0.50 at-the-money, near 1.00 deep in-the-money, near 0 deep out-of-the-money.

Disclosure Document

The CFTC Part 4 document a CPO/CTA must deliver and have acknowledged BEFORE accepting funds; it shows fees, business background, past performance, risk factors, conflicts, and the break-even point, and may not be more than 12 months old.

FCM

A Futures Commission Merchant — a firm that accepts futures orders AND customer funds; it must segregate customer funds and meet minimum adjusted net capital.

Forward contract

A private, customized over-the-counter agreement for future delivery — not standardized, not exchange-traded, and not guaranteed by a clearinghouse, so each party bears the other's credit risk.

Futures contract

A standardized, exchange-traded, legally binding agreement to buy or sell a set quantity and grade of a commodity at a price set today for delivery in a specified month. It obligates both parties unless offset.

IB

An Introducing Broker — solicits or accepts orders but does NOT hold customer funds. A guaranteed IB needs no own capital; an independent IB meets its own minimum net capital.

Initial margin

The deposit required to open a futures position. After a margin call, equity must be restored back up to the initial level, not merely to maintenance.

Intrinsic value

The in-the-money amount of an option, never below zero: call $= \max(F - K,\ 0)$; put $= \max(K - F,\ 0)$, where $F$ is the futures price and $K$ the strike.

Inverted market (backwardation)

A market where nearby months are priced higher than distant months (and spot often exceeds futures), signaling tight nearby supply or strong immediate demand.

Just and Equitable Principles of Trade

NFA Compliance Rule 2-4 — the duty to observe high standards of commercial honor and fair, honest dealing in the conduct of futures business.

Limit order

An order to execute only at a specified price or better. A buy limit sits below the market, a sell limit above; it guarantees price (or better) but not execution.

Long hedge

A buying hedge used by a future buyer/user who fears a price rise — buy futures now. The long hedger benefits from a weakening basis.

Maintenance margin

The minimum equity that must be kept while a position is open; falling below it triggers a margin (variation) call.

Mark-to-market

The daily settlement process in which the clearinghouse credits or debits every account to the day's settlement price, so futures gains and losses are realized daily.

Market order

An order to execute immediately at the best available price. It guarantees execution but not price.

Market-if-touched (MIT)

An order that becomes a market order when the market touches the stated price. A buy MIT sits below the market and a sell MIT above — the mirror image of a stop's placement.

NFA

The National Futures Association — the industry-wide self-regulatory organization (the only registered futures association); membership is mandatory for public futures business.

NFA arbitration

The NFA forum to resolve disputes between customers and members and among members. A member cannot force a customer into arbitration without the customer's agreement.

Normal market (contango)

A carrying-charge market where distant (deferred) months are priced higher than nearby months and futures exceed spot — reflecting ample supply and the cost of carry.

Offset (liquidation)

Closing a position by taking the equal and opposite trade in the same contract month — a long offsets by selling, a short by buying. Most positions are closed by offset, not delivery.

Open interest

The total number of futures contracts still outstanding (not yet offset or delivered). It rises only when a new buyer AND a new seller open positions, and falls when both offset.

Performance bond (margin)

A good-faith deposit ensuring contract performance — NOT a loan or a down payment (unlike securities margin, which IS a loan). No interest is charged because nothing is borrowed.

Protective put

Buying a put to set a price floor for someone who owns or will sell the commodity — a net selling price of $K_{put} - \text{premium}$.

Put option

The right (not the obligation) to go short the underlying futures at the strike. Exercising a put gives the holder a short futures position.

Return on margin

Net profit divided by the initial margin posted: $\dfrac{\text{Net profit}}{\text{Initial margin}}$. Because margin is small, leverage magnifies both gains and losses.

Segregation of customer funds

The CEA §4d / CFTC requirement that an FCM keep customer funds separate from firm funds, never commingled and never used to cover another customer's deficit; computed daily.

Short hedge

A selling hedge used by an owner/producer who fears a price decline — sell futures now. The short hedger benefits from a strengthening basis.

Speculative position limits

CFTC/exchange caps (Part 150) on the contracts a speculator may hold in a commodity. Bona fide hedgers may exceed them under a hedge exemption.

Spread

Being simultaneously long one futures contract and short a related one, profiting from the change in the price relationship between the legs rather than absolute direction.

Stop order

A resting order that becomes a market order once the stop price is touched. A buy stop sits above the market, a sell stop below; it guarantees execution after triggering, not price.

Time value

Premium minus intrinsic value — the amount paid for the chance the option moves further in-the-money. It decays to zero by expiration (time decay).

Free Series 3 Study Materials & Resources

Everything you need to pass the Series 3 is free here — no paywall, no sign-up. This guide is the foundation; pair it with the rest of our free Series 3 study materials for active recall and timed practice:

• Series 3 Practice Exam — full-length, timed, NFA-style questions with explanations.
• Series 3 Flashcards — active-recall decks for the high-yield facts and formulas.

Series 3 Study Guide FAQ

References

1. 1.FINRA. “Series 3 — National Commodities Futures Examination.” FINRA.org. ↑
2. 2.National Futures Association. “Study Outlines for Futures Industry Exams (Series 3).” NFA.futures.org. ↑
3. 3.National Futures Association. “Futures and Forex Proficiency Examinations — FAQs.” NFA.futures.org. ↑
4. 4.Commodity Futures Trading Commission. “Futures Market Basics.” CFTC.gov. ↑
5. 5.Commodity Futures Trading Commission. “Commodity Exchange Act & Regulations (17 CFR).” CFTC.gov. ↑
6. 6.Commodity Futures Trading Commission. “Speculative Limits / Bona Fide Hedging (Part 150).” CFTC.gov. ↑
7. 7.National Futures Association. “Who Has to Register.” NFA.futures.org. ↑
8. 8.National Futures Association. “About NFA.” NFA.futures.org. ↑
9. 9.Electronic Code of Federal Regulations. “17 CFR Part 1 — Segregation of Customer Funds (Reg 1.20–1.30).” eCFR.gov. ↑
10. 10.Electronic Code of Federal Regulations. “17 CFR Part 4 — CPOs and CTAs (Disclosure Documents).” eCFR.gov. ↑
11. 11.Electronic Code of Federal Regulations. “17 CFR § 1.55 — Risk Disclosure Statement for Futures.” eCFR.gov. ↑
12. 12.Electronic Code of Federal Regulations. “17 CFR Part 33 — Regulation of Options on Futures (Reg 33.7).” eCFR.gov. ↑
13. 13.Electronic Code of Federal Regulations. “17 CFR § 166.3 — Diligent Supervision.” eCFR.gov. ↑
14. 14.Commodity Futures Trading Commission. “Reparations Program.” CFTC.gov. ↑
15. 15.Electronic Code of Federal Regulations. “17 CFR Part 150 — Speculative Position Limits.” eCFR.gov. ↑

Sources for the concept answers

Every answer in the Series 3 concept questions above is drawn from an official primary source:

1. Commodity Futures Trading Commission. “Speculative Position Limits & Bona Fide Hedging.” CFTC.gov, accessed 18 June 2026.
2. Commodity Futures Trading Commission. “About the CFTC.” CFTC.gov, accessed 18 June 2026.

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