ACI Operations Certificate challenging (3I0-013) Practice Test

Questions # 51:

Why is the use of netting systems encouraged?

Options:

To avoid too heavy a workload for operations staff

To reduce settlement and credit risk

To enhance the straight through processing

To reduce the brokerage fees

Questions # 52:

If today is Thursday, 12 December, what is the spot date for a EUR/USD transaction?

Options:

14 December

15 December

16 December

17 December

Questions # 53:

Which of the following is required for institutions acting as prime brokers?

Options:

They must remain neutral and stay out of disputes between their customers.

They must rely on the execution venue to resolve disputes.

They must delegate the resolution of broken trades downstream to their clients.

They must take responsibility for the swift resolution of any disputes.

Questions # 54:

What is a convertible security?

Options:

A security the owner has the right to convert

A security the issuer has the right to redeem

A security the owner has the right to redeem

A security the issuer has the right to convert

Questions # 55:

You have received the requisite notification from a non-swapping counterparty that their USD correspondent is to be changed from Bank A to Bank B taking effect from value date 15 June. On 14 June, you buy JPY 50,000,000 from your counterparty against USD for value spot. What payment will you execute?

Options:

USD payment to Bank A

USD payment to Bank B

JPY payment to Bank A

JPY payment to Bank B

Questions # 56:

If the EUR/USD is quoted to you as 1.3550-53, what does this price represent?

Options:

EUR per USD

USD per EUR

The interest rate differential between EUR and USD

The fact that one USD is worth more than one EUR

Questions # 57:

The "value date" is best described as:

Options:

The date a trade is undertaken

The date the fixing rate is agreed upon

The date the settlement occurs

The date confirmations are exchanged between counterparties

Questions # 58:

Your dealer bought a 6x9 USD 4,000,000.00 FRA at 0.75%. Settlement is now due and 3 months (90 days) USD LIBOR is 0.40%. What amount do you pay or receive?

Options:

Receive USD 3,496.50

Pay USD 3,496.50

Pay USD 3,500.00

Pay USD 3,448.65

Questions # 59:

How many characters does a BIC have? (Under ISO standard 9362: 2009)

Options:

6 or 9 characters

9 or 12 characters

7 or 10 characters

8 or 11 characters

Questions # 60:

An input message for the SWIFT network is composed of up to which five parts?

Options:

1. Basic header block, 2. Communication header block, 3. Currency block, 4. Text block, 5. Trailers block

1. Basic header block, 2. Application header block, 3. User header block (optional), 4. Text block, 5. Trailers block

1. Sending header block, 2. Application header block, 3. User header block, 4. Text block (optional), 5. Transmission block

1. Basic header block, 2. System header blocks (optional), 3. User header block, 4. Text block, 5. Security block

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