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The two-week repo rate for the 5.25% Bund 2014 is quoted to you at 3.33-38%. You agree to reverse in bonds worth
EUR 266,125,000.00 with no initial margin. You would earn repo interest of:
A. EUR 349,806
B. EUR 344,632
C. EUR 319,315
D. EUR 324,110
Correct Answer: B

Using the following rates:
3M (90-day) eurodeposits3.50%
6M (180-day) eurodeposits3.75%
What is the rate for a deposit, which runs from 3 to 6 months?
A. 3.625%
B. 3.285%
C. 3.965%
D. 3.835%
Correct Answer: C

You are the fixed-rate payer in a plain vanilla interest rate swap. If your counterparty defaults, your exposure at default
A. greater, the higher the market swap rate and the shorter the term
B. lower, the lower the market swap rate and the shorter the term
C. lower, the lower the market swap rate and the longer the term
D. greater, the higher the market swap rate and the longer the term
Correct Answer: D

Deliberately inputting incorrect big figures into an electronic dealing platform is:
A. Technically impossible on electronic platforms B. Not an uncommon practice and something which professional dealers should be able to guard against.
C. Not good practice.
D. A criminal offence.
Correct Answer: C

The andquot;spot basisandquot; of a 2 against 4 months EUR/USD forward/forward swap is:
A. usually the current spot EUR/USD mid-market rate
B. commonly the prevailing 4-month forward EUR/USD mid-rate
C. always the forward EUR/USD bid rate of the first swap leg
D. generally the prevailing 2-month forward EUR/USD mid-rate
Correct Answer: D

Which of the following are specifically quoted in terms of a yield-to-maturity?
A. US Treasury bill
C. Interbank deposit
Correct Answer: B

You are paying 5% per annum paid semi-annually and receiving 6-month LIBOR on a USD 10 million interest rate swap
with exactly two years to maturity. 6month LIBOR for the next payment date is fixed today at 4.95%. How would you
hedge the swap using FRAs? How to hedge an IRS with a strip of FRAs?
A. buy a strip of 0x6, 6×12, 12×18 and 18×24 FRAs
B. sell a strip of 0x6, 6×12, 12×18 and 18×24 FRAs
C. buy a strip of 6×12, 12×10 and 16×24 FRAs
D. sell a strip of 6×12, 12×18 and 18×24 FRAs
Correct Answer: D

Today is Monday, 8th December. You sell a 9×12 FRA for value Thursday, 10th September next year. On what date is
the settlement amount due to be paid or received (assuming that there are no holidays)? A. 8th September next year
B. 10th September next year
C. 8th December next year
D. 10th December next year
Correct Answer: B

You bought a USD 4,000000 6×9 FRA at 6.75%. The settlement rate is 3-month (90-day) BBA LIBOR, which is fixed at
5.50%. What is the settlement amount at maturity?
A. You receive USD 12,330.46
B. You pay USD 12,330.46
C. You pay USD 12,163.81
D. You receive USD 12,163.81
Correct Answer: B

A customer gives you GBP 25,000,000.00 at 0.625% same day for 7 days.
Through a broker, you place the funds with a bank for the same period at 0.6875%.
Brokerage is charged at 2 basis points per annum.
What is the net profit or loss on the deal?
A. ProfitofGBP 299.66
B. Profit of GBP 203.77
C. LossofGBP299.66
D. Loss ofGBP 203.77
Correct Answer: B

You are quoted the following market rates:
Spot AUD/CAD 1.0600 12M (360-day) AUD 3.40% 12M (360-day) CAD 1.55%
What are the 12-month AUD/CAD forward points?
A. +190
B. -193 C. -192
D. -190
Correct Answer: D

A 3-month (91-day) UK Treasury bill with a face value of GBP 50,000,000.00 is quoted at a yield of 4.25%. How much is
the bill worth?
A. GBP 47,875,000.00
B. GBP 49,462,847.22
C. GBP 49,470,205.48
D. GBP 49,475,760.27
Correct Answer: D

What kind of information should dealers and brokers take care when relaying?
A. Information that could be damaging to a third party
B. Unsubstantiated rumours
C. Unsubstantiated information that they suspect may be inaccurate and damaging to a third party
D. Price-sensitive information
Correct Answer: C

Convert 8.25% quoted on a semi-annually compounded money market basis for USD to the equivalent annually-
compounded bond basis.
A. 8.30%
B. 8.52%
C. 8.54%
D. 8.69%
Correct Answer: C

How long does the Model Code recommend that tape recordings of dealers/brokers should be kept?
A. At least 2 months
B. One year C. Up to one month
D. Until the maturity of the deal
Correct Answer: A

You buy a 181-day 2.75% CD with a face value of USD 1,500,000.00 at par when it is issued. You sell it in the
secondary market after 150 days at 2.60%. What is your holding period yield?
A. 2.60%
B. 2.75%
C. 2.775%
D. 2.813%
Correct Answer: C

Which one of the following best describes expected shortfall/conditional value-at-risk at the 95% level?
A. the expected loss on the portfolio in the worst 95% of cases
B. the expected loss in those cases where the loss exceeds the VaR at the 95% level
C. the maximum loss in those cases where the loss exceeds the VaR at the 95% level
D. the expected loss in those cases where the loss exceeds the VaR at the 5% level
Correct Answer: B

You quote spot EUR/USD at 1.3023-26 in 5 to another bank. He says, andquot;Take 5, could do 8andquot;. How much
are you obliged to do?
A. Nothing, as he changed the terms of the deal
B. EUR 5,000,000.00
C. More than EUR 5,000,000.00, but a maximum of EUR 8,000,000.00
D. EUR 8,000,000.00
Correct Answer: B

What would be the strategy for a bank if it is unable to speculate on interest rates and/or unable to absorb market risk?
A. to run a zero gap
B. to hold more interest rate sensitive assets than interest rate sensitive liabilities C. to reduce the size of the balance sheet
D. to hold fewer interest rate sensitive assets than interest rate sensitive liabilities
Correct Answer: A

An interest rate guarantee (IRG) is:
B. An option on an FRA
C. A collar
Correct Answer: B

An interest rate swap is:
A. A contract to exchange one stream of income payments for another
B. A temporary exchange of one deposit for another of a longer maturity in the same currency
C. A forward-forward contract
D. All of the above
Correct Answer: A

Management has a specific responsibility to issue guidelines to staff on transacting after-hours and off- premises. Which
of the following does the Model Code suggest?
A. Dealing should only be allowed during normal trading hours.
B. It is not recommended that an unofficial close of business be specified for each trading day.
C. There should be clear written guidelines regarding the limit and type of deals that are permitted after normal hours or
D. All after-hours and off-premises transactions must be dealt exclusively with the dealer\’s personal mobile phones
Correct Answer: C

How is an outright forward FX transaction quoted?
A. pared points
B. Depends on the term C. Depends on whether it is interbank or to a customer
D. Depends on the currency pair
Correct Answer: C

Where dealing for personal account is allowed, what safeguards to prevent abuse or insider dealing are stated by the
Model Code?
A. The need to maintain confidentiality with respect to non-public price sensitive information
B. The maximum amounts or sizes of trades dealers are allowed to trade for their own account
C. The instruments/products dealers can trade for their own account
D. The pledge that no action is taken by employees that might adversely affect the interests of clients or counterparties
Correct Answer: B

Bank participants have a duty to make it clear that their prices are firm or merely indicative:
A. Only if they are dealing with brokers.
B. Only if they are dealing in a fast moving market.
C. Only if the amount is not marketable.
D. At all times.
Correct Answer: D

To curb attempted fraud, banks should: A. Require greater vigilance by the management and staff.
B. Take particular care when the beneficiary is a third party to the deal.
C. Ensure that details of all telephone deals which do not include pre-agreed standard settlement instructions are
confirmed by telex or similar means without delay.
D. All of the above.
Correct Answer: D

Which one of the following is a major objective of ACI-The Financial Markets Association?
A. to promote globalization and deregulation of the financial markets
B. to maintain the professional level of competence and to disseminate a high level of ethical and professional behavior
C. to act as the official international market regulator in the absence of government regulation D. to become the sole global corporation of wholesale financial market professionals
Correct Answer: B

If several banks hit a broker simultaneously for an amount greater than the amount for which the price was shown:
A. no transaction is done
B. the broker has to honor each and every amount hit
C. the broker has to split the amount among the banks on a pro rata basis
D. the broker may freely choose the bank(s) he will deal with
Correct Answer: C

Which one of the following statements about claims is true?
A. Claims are not expected to be submitted after 15 days from the actual settlement date.
B. Claims of less than USD 5,000.00 are not expected to be submitted.
C. Claims are calculated on the full principal amount of the failed transaction. Interest rates are imposed by the agent
banks, unless a higher negotiated rate is to be applied.
D. Acknowledgement of receipt of a claim should be confirmed within 48 hours by email or SWIFT.
Correct Answer: C

If spot GBP/CHF is quoted 2.3875-80 and the 3-month forward outright is 2.3660-70, what are the forward points?
A. 21.5/21
B. 210/215
C. 215/210
D. 21/21.5
Correct Answer: C

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