Free 3I0-013 – ACI Operations Certificate challenging Practice Test Question

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  30/360

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  ACT/365

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  ACT/ACT

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  ACT/360
  

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  That all telephone conversations (internal and external) be taped without informing counterparties

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  That only conversations undertaken by dealers and brokers should be recorded

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  That all conversations undertaken by dealers and brokers should be recorded, together with back office telephone lines used by those responsible for confirming deals or passing payments to other institutions

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  That only telephone conversations between dealers and brokers be recorded
  

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  The SEC Emergency Short Sale Rules

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  The ISDA Master Agreement

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  The Global Master Repurchase Agreement published by the ICMA

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  An International Securities Lending Agreement
  

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

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  They must rely on the execution venue to resolve disputes.

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

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

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  From the counterparty: the trade confirmation, In-house: the trade confirmation, nostro reconciliation details, the dealing ticket and eventually dealing-system conversation printout

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  From the counterparty: the dealers name and phone number. In-house: dealer's name as well as the exact time the deal was processed

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  From the counterparty: the trade confirmation, In-house: the open item list, nostro reconciliation details and the dealing ticket

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  From counterparty: the balance report and the trade confirmation; In-house: the dealing-system conversation printout
  

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  By agreement between the two counterparties, the trade must be cancelled as soon as practically possible since a rate amendment is prohibited.

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  By agreement between the two counterparts, the trade should, as soon as practically possible, either be cancelled or have its rate amended to an appropriate market rate.

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  The off-market rate should be adjusted as soon as possible to the appropriate current market rate and a new authenticated SWIFT confirmation sent immediately to the counterparty.

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  Nothing need be done, since once a trade is agreed to by the front office it is a binding agreement for both counterparties.
  

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  28 March

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  29 March

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  30 March

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  31 March
  

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  Frequently purchased by issuers of floating rate debt

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  Frequently sold by issuers of floating rate debt

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  Frequently sold by issuers having an FX risk

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  Frequently purchased by issuers having an FX risk
  

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  Currency risk, interest rate risk and swap risk

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  Settlement risk, delivery risk and replacement cost

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  Operational risk

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  Settlement risk and swap risk
  

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  A security the owner has the right to convert

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  A security the issuer has the right to redeem

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  A security the owner has the right to redeem

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  A security the issuer has the right to convert
  

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  Sell EUR/USD or GBP/USD spot

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  Deal Reverse Repos (Reverse Sale and Repurchase Agreements)

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  Place USD in torn next

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  Deal Repos (Sale and Repurchase Agreements)
  

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  The price of the security

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  The price of the security; the role played by the broker

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  The price of the security; the role played by the broker; and the commission, if any, that was charged

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  The price of the security; the role played by the broker; the commission, if any, that was charged and the security that was bought or sold
  

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  Pay EUR 10,000.00

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  Receive EUR 10,000.00

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  Pay EUR 9,993.75

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  Receive EUR 9,993.75
  

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  Swap a fixed leg into a variable leg

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  Buy or sell the currency of your choice

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  Arbitrage between foreign exchange and interest rates

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  Arbitrage between deposits and forward points
  

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  SWIFT MT 103+

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  SWIFT MT 202

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  SWIFT MT 204

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  SWIFT MT 210