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Viewing page 6 out of 15 pages
Viewing questions 76-90 out of questions
Questions # 76:

Which of the following is true about interest rate swaps (IRS):

Options:

A.

Both parties know what their future payments will be at the outset of the swap

B.

There is payment of principal at maturity

C.

Payments are always made gross

D.

The fixed rate payer knows what his future payments will be at the outset of the swap

Questions # 77:

A bond is trading 50 basis points special for 1 week, while the 1-week GC repo rate is 3.25%. If you held GBP 10,500,000.00 of this bond, what would be the cost of borrowing against it in the repo market?

Options:

A.

GBP 7,551.37

B.

GBP 6,544.52

C.

GBP 5,537.67

D.

GBP 1,006.85

Questions # 78:

Which of the following statements is true?

Options:

A.

Prices quoted by brokers should be taken to be firm in marketable amounts unless otherwise qualified

B.

Prices quoted by brokers should be taken to be indicative in marketable amounts unless otherwise qualified

C.

Prices quoted by brokers should be taken to be firm in amounts of 1,000,000.00 of the quoted currency unless otherwise qualified

D.

Prices quoted by brokers should be taken to be indicative in amounts of 1,000,000.00 of the base currency unless otherwise qualified

Questions # 79:

Voice-brokers in spot FX act as:

Options:

A.

Proprietary traders

B.

Market-makers

C.

Matched principals

D.

Agents

Questions # 80:

What is the meaning of “under reference” in the terminology of trading?

Options:

A.

a term the quoting dealer uses to caution the receiver of the quote that the price may have to be re-quoted at the receiver’s risk

B.

the qualification that the rate quoted in the market may no longer be valid and requires confirmation before any trades can be agreed upon

C.

the statement that the rates quoted by the broker are for indication only

D.

an acknowledgement by the dealer receiving the quote that the rate may have to be re-quoted at the receiver’s risk

Questions # 81:

A 3-month (91-day) US Treasury bill is quoted at a rate of discount of 4.25%. What is its true yield?

Options:

A.

4.19%

B.

4.25%

C.

4.30%

D.

4.31%

Questions # 82:

In GBP/CHF, you are quoted the following prices by four different banks. You are a buyer of CHF. Which is the best quote for you?

Options:

A.

1.4340

B.

1.4343

C.

1.4337

D.

1.4335

Questions # 83:

Which party usually takes an initial margin in a classic repo?

Options:

A.

The buyer

B.

The seller

C.

Neither

D.

Both

Questions # 84:

How long does the Model Code recommend that tapes and other records of dealers/brokers be kept?

Options:

A.

at least two months

B.

one year

C.

up to one month

D.

at least three months

Questions # 85:

A bank that has quoted a firm price is obliged to deal:

Options:

A.

At that price

B.

At that price in a marketable amount

C.

At that price in a marketable amount, provided the counterparty’s name is acceptable

D.

At that price in a marketable amount, provided the counterparty’s name is acceptable and the market price has not moved excessively

Questions # 86:

Which type of repo is the most risky for the buyer?

Options:

A.

Delivery repo

B.

HIC repo

C.

TO-party repo

D.

There is no real difference

Questions # 87:

What happens when a coupon is paid on bond collateral during the term of a classic repo?

Options:

A.

Nothing

B.

A margin call is triggered on the seller

C.

A manufactured payment is made to the seller

D.

Equivalent value plus reinvestment income is deducted from the repurchase price

Questions # 88:

Responsibility for the activities of all personnel engaged in dealing (both dealers and support staff) for both principals and brokers lies with:

Options:

A.

the market supervisor

B.

the national ACI association

C.

the management of such organizations

D.

the central bank

Questions # 89:

Which of the following transactions would have the effect of lengthening the average duration of assets in the banking book?

Options:

A.

buying futures contracts on 30-year German Government bonds

B.

selling futures contracts on 30-year German Government bonds

C.

buying put options on 30-year German Government bonds

D.

buying a 3x6 forward rate agreement

Questions # 90:

Are the forward points significantly affected by changes in the spot rate?

Options:

A.

Never

B.

For very large movements and longer terms

C.

Always

D.

Spot is the principal influence

Viewing page 6 out of 15 pages
Viewing questions 76-90 out of questions
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