The different types of traders, including agency, principal, market-making, and other specialized trading functions
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Types of traders appears in the official CIRO Trader Exam syllabus as part of Role of Traders
and Trade Execution. Questions in this area usually test whether you can identify the
controlling rule, role, or workflow consequence in a trading scenario rather than simply restate
a definition.
Learning Objectives
The different types of traders, including agency, principal, market-making, and other specialized trading functions.
The type of trader or trading function that best matches the facts of a market or desk scenario.
Exam Angle
The stronger answer usually classifies the participant, marketplace, product, or control issue
first, then applies the rule to the exact trading context. Watch for fact patterns that blur
client service, market structure, supervision, and escalation, because those are the scenarios
where this syllabus language becomes exam-relevant.
Key Takeaways
Start by identifying which participant, desk role, marketplace, or control framework governs the fact pattern.
Translate the rule into a trading consequence such as order handling, supervision, documentation, reporting, or escalation.
Treat this section as scenario logic, not as isolated terminology.