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3I0-013 – ACI Operations Certificate challenging

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Showing 4–6 of 15 questions

Question 4 (Volume C)

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

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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.
Question 5 (Volume C)

What documents and/or information should you hold in order to start an investigation?

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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
Question 6 (Volume D)

What ought to be done in the event a trade erroneously occurs at an off-market rate?

Select an option, then click Submit answer.

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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.