Free CISI Global Securities Operations mock exam
Sit the whole Global Securities Operations paper: 50 questions on participants, settlement, asset servicing, tax and risk, under a 60-minute clock. Free, no sign-up, with a weighted score and an explanation for every answer.
What is on the CISI Global Securities Operations mock exam?
One full Global Securities Operations practice paper: 50 questions in 60 minutes, weighted across the five syllabus elements exactly as the real paper is. Score 35 out of 50 to meet the 70% practice threshold, then review every answer one at a time.
- Questions
- 50 original practice questions
- Time
- 60 minutes
- Practice threshold
- 70%, which is 35 of 50
- Access
- Free, with no account or card
How the paper is weighted
Global Securities Operations is the technical unit of the Investment Operations Certificate, and its weighting is unusually front-loaded onto the parts of the settlement chain candidates deal with least.
| Element | Questions |
|---|---|
| 1. Main Industry Participants | 13 |
| 2. Settlement Characteristics | 11 |
| 3. Other Investor Services | 16 |
| 4. Aspects of Taxation | 4 |
| 5. Risk | 6 |
| Total | 50 |
Other Investor Services is the heaviest element at sixteen of the 50 marks, with Main Industry Participants at thirteen and Settlement Characteristics at eleven. Those three carry 40 of the 50 marks. Aspects of Taxation is four and Risk is six, which is exactly the reason people neglect them and then lose a pass by two marks.
For the cleanest rehearsal, set aside the full 60 minutes, avoid notes and answer every question. There is no negative marking on the real paper, so a guess is always better than a blank. The mock hides feedback until submission and warns you before handing in a paper with blanks.
Full practice paper
50 questions. 60 minutes. No sign-up.
Sit the paper in one go if you can. Answers and explanations stay hidden until you submit, so the score is a more useful rehearsal than an instant-feedback quiz.
The timer starts when you press the button. Reloading or leaving the page ends this sitting.
Sample Global Securities Operations questions, with answers
8 questions at the standard of the paper above, weighted towards the elements that carry the most marks. Pick an answer to see whether you were right and why. None of these appear in the timed mock, so working through them first costs you nothing when you sit it.
Under the EU's CSD Regulation, from which date did the dematerialisation requirement apply to all securities traded on EU-regulated markets or MTFs?
Not quite. The answer is D.
The dematerialisation requirement applied to all new securities issued from 1 January 2023 and to all securities traded on EU-regulated markets or MTFs from 1 January 2025. 17 September 2014 is when CSDR entered into force, and 6 October 2014 is when 27 markets migrated to T+2 settlement.
In Singapore, investors holding securities in sub-accounts with depository agents (DAs) at the CDP benefit from:
Not quite. The answer is B.
Depository agents are given access to CDP's sub-accounting system, and the identities of sub-account holders are known only to their respective depository agents, preserving the confidentiality and anonymity of the underlying clients. That anonymity runs against the wider market and not against the depository agent itself, which necessarily knows exactly who its own sub-account holders are. Sub-account holders are not registered in their own name on the issuer's register, and they do not have direct electronic access to CDP's system, as access is through the depository agent.
In Singapore, what happens to trades that have NOT settled by SD+1?
Not quite. The answer is D.
In some markets buying in and selling out are triggered automatically when a trade fails: in Singapore, trades not settled on SD+1 are posted on a buy-in board. This contrasts with markets where the buyer, CCP or exchange must actively initiate the buy-in procedure.
What is the basis on which CHIPS settles US dollar payments between its participants?
Not quite. The answer is B.
CHIPS operates on a multilateral netting basis, with SWIFT carrying the messages, and now provides intra-day payment finality through a real-time system, small payments that can be met from available balances settle in real time. Real-time gross settlement of everything is the strongest distractor, but that describes Fedwire; CHIPS draws on participants' pre-funded deposits to settle whatever remains at the end of the day.
What does the company registrar do on the record date of a dividend?
Not quite. The answer is C.
On the record date the registrar inspects the share register to identify the holders whose names appear on it, and those holders are the ones paid later. Payment of the announced dividend takes place on the pay date, the shares first trade without the benefit on the ex-date, a market event rather than a registrar act, and the entitlement is credited to the legal owner on the effective date.
An institutional lender whose shares are out on loan, but who wants to vote them at a forthcoming EGM, must:
Not quite. The answer is D.
Securities on loan cannot typically be voted by the lender because legal title has passed to the borrower. To exercise voting rights the lender must recall the stock before the requisite deadline (before the effective date); standard lending agreements often permit recall for voting purposes.
In which jurisdiction is withholding tax on a dividend typically levied when the shares are held by a non-resident investor?
Not quite. The answer is C.
Income payments accruing to non-residents are liable to be taxed at source in the jurisdiction in which the investments are incorporated - so dividends and coupons are typically subject to WHT in the issuing company's country of incorporation. The investor's residence matters for treaty relief, not for where the tax is withheld, and the custodian's location is irrelevant.
Under which of the following requirements must an eligible foreign depository operate to satisfy SEC Rule 17f-7?
Not quite. The answer is D.
Rule 17f-7 requires an eligible foreign depository to be a regulated national or transnational securities centre, subject to periodic audits, providing regular and comprehensive reports to participants, applying equal safekeeping treatment to each participant, and maintaining a register detailing the assets held for each participant. There is no requirement for central bank ownership, universal RTGS settlement or a force majeure guarantee.
Where the marks go on this paper
Other Investor Services is the element that decides this paper. Corporate actions, income collection, proxy voting, securities lending and collateral management are sixteen marks, and they are the operations most candidates touch only through a system screen rather than end to end.
Main Industry Participants rewards clean definitions rather than experience. Custodian against sub-custodian, ICSD against CSD, prime broker against clearing broker: thirteen marks turn on distinctions that people who work in operations often use loosely in conversation.
Aspects of Taxation is four marks and reliably the worst-scoring element. Withholding tax, double taxation treaties and relief at source versus reclaim are a small, self-contained body of material that is quick to learn and almost never revised, because four marks feels ignorable until you fail by one.
Settlement Characteristics is eleven marks and the element where working in the industry helps most, provided you know the model as well as the market you sit in. Delivery versus payment, settlement cycles across markets, matching and affirmation, and the causes and consequences of a failed trade are all testable in the abstract, not just as your own market does them.
How to use your result
Treat 70% as a practice threshold, not a readiness promise. A stronger signal is a run of timed scores above the threshold with no element repeatedly falling behind. With only 50 questions, each mark is two percentage points. A four-question element you skipped is 8% of the paper, which is most of the distance between a comfortable pass and a resit.
Use the answer review to understand each miss, then revisit the relevant part of the Global Securities Operations exam guide. To drill a single topic rather than sit a whole paper, start with the free Global Securities Operations practice questions.
Looking for official material? Global Securities Operations past papers: what actually exists explains what CISI actually publishes and how to combine it with question practice. For more full papers, see the paid plans, from £59.
Independent practice material: PasskeyPrep is not affiliated with, endorsed by or accredited by the Chartered Institute for Securities & Investment. These questions were written independently against the syllabus. They are not copied from a live CISI exam or official past paper.
Frequently asked questions
Is this Global Securities Operations mock exam really free?
Yes. All 50 questions are free, with no account or card needed. Submit the paper and you get your score, a five-element breakdown and an explanation for every answer.
Does this mock match the real GSO exam format?
It uses 50 questions, a 60-minute timer, a 70% practice threshold and the published weightings across the five syllabus elements. The questions are original PasskeyPrep practice material, not the CISI examination platform or official exam questions.
Where does Global Securities Operations sit in the IOC?
It is a technical unit of the Investment Operations Certificate, taken alongside a regulatory unit. It suits settlement, custody, asset servicing and middle-office roles rather than advisory ones.
What score should I aim for?
The exam pass mark is 70%, so this mock marks 35 out of 50 as meeting the practice threshold. One result cannot predict or guarantee an exam result. Check Aspects of Taxation and Risk separately, since a short element can hide inside a decent total.