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ACI 3I0-013 - ACI Operations Certificate challenging

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Page: 8 / 12
Total 386 questions

Which SWIFT message should be used to advise the netting position of a currency resulting from FX, NDF, options and other trades?

A.

MTn99

B.

MT300

C.

MT370

D.

MT670/671

Internal nostro ledger accounts:

A.

Are commonly used to register off-balance sheet movements

B.

Are used to book internal tax related items

C.

Generally mirror the nostro statements

D.

Are reserved for audit and compliance purposes only

In the US commercial paper market, commercial paper is limited to:

A.

a 270-day tenor

B.

a 360-day tenor

C.

a 365-day tenor

D.

a 366-day tenor

What do FX swap rates represent?

A.

Largely the interest rate differential between two currencies

B.

The price of an option

C.

The expectation of an appreciation of a currency

D.

The volatility of a currency

In using futures contracts there is:

A.

Only market risk

B.

Only credit risk

C.

Market risk and credit risk

D.

Market risk, credit risk and delivery risk

When a deal is done via a broker:

A.

It need not be confirmed between the counterparties as the broker confirms it immediately with both counterparties

B.

It should also be confirmed directly between the two counterparties

C.

It is important to note that broker confirmations are bilateral confirmations between the principals of the trade

D.

The dealer should obtain acknowledgement that the deal has been agreed to but may assume agreement to the trade in the absence of such acknowledgement

A collateral pool can be defined as:

A.

Assets lent by members of a payment system collectively available to the system as collateral to enable them to obtain funds in specific circumstances

B.

Liabilities owned by members of a payments system collectively available to the system as collateral to enable them to obtain funds in specific circumstances

C.

Assets owned by members of a payment system collectively available to the system as collateral to enable them to obtain funds in specific circumstances

D.

Assets swapped by members of a payment system collectively available to the system as collateral to enable them to obtain funds in specific circumstances

In error, your dealer enters a trade whereby he buys GBP 8,000,000.00 against USD at 1.5500, but manages to cover it at the same rate. When the initial mistaken trade is cancelled, however, the rate has since changed to 1.5200. What is the effect on P&L?

A.

Profit GBP 240,000.00

B.

Loss GBP 240,000.00

C.

Profit USD 240,000.00

D.

Loss USD 240,000.00

A "turn of the month" deposit would be a transaction:

A.

Value first business day of a month against last business day of the same month

B.

Value last business day of a month against first business day of the next month

C.

Value last business day of a month against last business day of the following month

D.

Value first business day of a month against first business day of the following month

What are "de minimis" claims?

A.

Claims of less than USD 100.00

B.

Claims of less than USD 1,000.00

C.

Claims of less than EUR 100.00

D.

Claims of less than EUR 1,000.00