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ACI 3I0-013 - ACI Operations Certificate challenging

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Total 386 questions

Your FX swap dealer bought and sold 1 month GBP/USD 25,000,000,00; rates were set to 1,5305 against 1.5300. What payment is your bank expecting in a month from now?

A.

USD 38,250,000.00

B.

USD 38,262,500.00

C.

GBP 25,000,000.00

D.

USD 16,339,869.28

How is the price of an interest rate swap (IRS) expressed?

A.

As an exchange rate

B.

As a cash flow

C.

As a margin added to the floating rate

D.

As an interest rate expressed in percentage terms

What is the cut-off time for a same day customer payment using TARGET2?

A.

16:00 (4:00 p.m.) Central European Time (CET)

B.

17:00 (5:00 p.m.) Central European Time (CET)

C.

18:00 (6:00 p.m.) Central European Time (CET)

D.

18:30 (6:30 p.m.) Central European Time (CET)

Which SWIFT message type is a nostro cash reconciliation software package based on?

A.

SWIFT MT 300

B.

SWIFT MT 292

C.

SWIFT MT 571 (i.e. a statement of holdings)

D.

SWIFT MT 940 and MT 950 (i.e. a statement of account)

In the weekend newspapers you read that one of your FX counterparties has gone into liquidation. You have no netting or close-out agreements in place with this counterparty and remember that you have one forward deal outstanding. What is the main risk affecting your bank?

A.

The loss of the entire principal amount of the deal

B.

The “replacement risk”, also known as “replacement-cost risk”

C.

The loss of the negative mark-to-market value of the deal

D.

As the deal is in the future, there is no impact on P&L

What is the "spread" in an interest rate swap (IRS)?

A.

The interest rate differential between the fixed and floating leg of the swap

B.

The brokerage fee for an interest rate swap transaction

C.

The payment made when a swap is terminated

D.

The difference between the swap rate and the benchmark government yield

A bank responsible for making due payments of principal and interest on a bond is called the

A.

Purchase agent

B.

Paying agent

C.

Fiscal agent

D.

Market maker

Physical securities reconciliation software packages are based on:

A.

SWIFT MT 5XX

B.

SWIFT MT 2XX

C.

SWIFT MT 320

D.

SWIFT MT 400

The writer of an options contract:

A.

Bears a risk limited to the premium paid

B.

Bears a substantial risk

C.

Bears a risk limited to the premium received

D.

Bears no risk

A "basis point", expressed as a percentage, is:

A.

1%

B.

0.01%

C.

0.1%

D.

0.0001%