what those exams about? about regulations? I learned my hard lesson today. I was fined by CME $2000 with violation of message volume ratio. I traded Globex product ZB, 30-T. I never paid any attention to those messages. I created too many messages, but just traded not frequently. but this morning I received notice of this fine. I am surprised. also i noticed option order cancellation fee, cancellation fee is acceptable, but sum up, it kills you! who will receive cancellation fee, to me it is totally unfair. plus PDT rule, that hurts me long time ago. why those guys have some stuff there, that makes small account traders unfair! are those exams about this kind of things? if so, I get to take a real look at them.
The license exams are about regulation. But focused mostly on the rules that affect the business of traditional broker dealers... related to client accounts, record keeping of documents, and understanding of the products they're selling. I haven't seen any license that covers market microstructure details such as order submission/cancellation ratios... (maybe on the 56?) I think for such details you need to look through the exchange rule books...