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ACI 3I0-013 - ACI Operations Certificate challenging

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Total 386 questions

A payment is made from Germany to a second Euro zone country. Which international payment system would normally be used?

A.

TARGET2

B.

Euro Link System (ELS)

C.

Euroclear

D.

Clearstream

Which interest rates are used to calculate the exchange rate of an outright transaction value tomorrow (over tom)?

A.

The overnight interest rates of both currencies

B.

The spot next interest rates of both currencies

C.

The one week interest rates of both currencies

D.

The torn next interest rates of both currencies

Which of the following best describes TARGET2?

A.

The real-time gross settlement (RTGS) system owned and operated by the Eurosystem

B.

The system used in Germany for settling high value domestic securities transactions

C.

The pan-Europe netting system used for reducing credit risk for derivative transactions

D.

The system used by the European Banking Federation to clear cross border Euro payments

How frequently should business contingency procedures be tested and updated?

A.

Quarterly tests / updates as needed

B.

At least every second year

C.

Half-yearly tests / yearly updates

D.

At least yearly

Which one of the following statements regarding “single changes to default SSIs” is correct?

A.

The counterparty does not need to be notified about any alterations to original payment instructions or SSIs.

B.

Any alterations to original payment instructions or SSIs are to be agreed to by the relevant parties involved either by fax or e-mail.

C.

Alterations must be agreed to by the parties involved via a written legally binding document or an authenticated confirmation message.

D.

Alterations need to be agreed to by the relevant parties involved and must be verbally confirmed.

What is the first task of the cash positions keeper every day?

A.

Makes sure the opening position for the current day is the agreed and reconciled position from the previous day

B.

Makes sure the previous day1s pending position is the opening position for the current day

C.

He/she checks to see which dealer is in charge of which currency for that day

D.

He/she checks to see which countries have bank holidays that day

Most non deliverable forwards (NDFs) are cash-settled in:

A.

GBP

B.

USD

C.

CHF

D.

EUR

You spot a rate discrepancy between you and your counterparty on a AUD/USD deal. The deal was traded direct. You refer the discrepancy to the dealer and he tells you to change the rate.

What should you do?

A.

Amend the rate yourself

B.

Ask the settlements clerk to amend the rate for you

C.

Ask the dealer to manually amend the rate on the ticket and then pass it to the settlements clerk to amend

D.

Make no amendment

What is the deadline for settling interbank spot-deals in EUR via the TARGET2 system?

A.

10:00 CET

B.

18:00 CET

C.

12:00 CET

D.

15:00 CET

When is the settlement amount of a FRA normally payable?

A.

At the beginning of the forward period

B.

On the trade date

C.

On the maturity (final) date

D.

At any time before the contract’s maturity date