Starting next month, the Bourse de Montréal Inc. (MX) will require aspiring derivatives traders to undertake new training.

Starting Nov. 1, to be recognized as an “approved person” by the exchange’s regulatory division, applicants must complete a new mandatory online training course and pass the exams associated with the products they want to trade.

Among other things, the new training requires familiarity with the trading ecosystem, the MX’s trading platform and the different stages of an order.

The course is free, while each exam costs $250.

The new requirements won’t apply to existing approved traders, but existing traders will have to complete the training and pass exams if they want to start trading new products.