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ACI 3I0-013 Exam -

Free 3I0-013 Sample Questions:

Q: 1
What is the main role of back office staff?
A. To confirm the accuracy of counterparties' mailing addresses
B. To inform the central bank when a country limit is higher than a fixed level
C. To ensure that trades are confirmed and settled correctly in accord with best market practice recommendations
D. To be in constant contact with the counterparties' front office staff
Answer: A

Q: 2
Who is responsible for producing the Model Code?
A. The Federation of Bankers Associations
B. The International Foreign Exchange Market Practices Committee
C. The G7 Committee of Central Banks
D. ACI - The Financial Markets Association
Answer: C

Q: 3
Which of the following is characteristic of derivative instruments?
A. Trades are executed in nominal amounts
B. Derivates are bought and sold only over the counter (OTC)
C. The final settlement of a derivates trade can only be made by physical delivery
D. The accounting for derivative instruments is off balance sheet
Answer: C

Q: 4
When is the final cut-off time for settlement payment orders using the Fedwire Funds Service?
A. 17:30 (5:30 p.m.) Eastern Time (ET)
B. 18:00 (6:00 p.m.) Eastern Time (ET)
C. 18:30 (6:30 p.m.) Eastern Time (ET)
D. 19:00 (7:00 p.m.) Eastern Time (ET)
Answer: D

Q: 5
Which of the following characterize "delivery against payment" also known as "delivery versus payment"?
A. Securities are first delivered and then the payment is processed
B. The payment order is first blocked and then the payout of securities is processed
C. Securities are exchanged into a defined currency
D. Delivery is insured if and only if payment occurs
Answer: B

Q: 6
Which combination of risks: market risk, settlement risk, basis risk, counterparty risk, is associated with a forward FX deal?
A. Market risk and settlement risk
B. Market risk, settlement risk and basis risk
C. Market risk, settlement risk and counterparty risk
D. Settlement risk and counterparty risk
Answer: D

Q: 7
Which settlement system offers the lowest risks?
Answer: B

Q: 8
What normally happens on the settlement date of a USD/TWD non deliverable forward (NDF)?
A. Both currencies (USD and TWO) are exchanged
B. The notional amount is paid out in USD
C. A cash settlement is paid out in TVVD
D. A cash settlement is paid out in USD
Answer: D

Q: 9
Minimum reserves at the European Central Bank are:
A. Never remunerated
B. Remunerated at the EONIA rate
C. Remunerated at the rate of the deposit facility
D. Remunerated at the main refinancing rate
Answer: B

Q: 10
What are the value dates of a torn next money market trade dealt Friday, 13 August?
A. 13 August-16 August
B. 16 August-17 August
C. 17 August-18 August
D. 13 August -17 August
Answer: C

Q: 11
Which of the following trades involves replacement risk?
A. The purchase of shares through Eurex Clearing (payment against delivery)
B. The purchase of an OTC call option
C. The taking of call money
D. A long position in Bund futures
Answer: B

Q: 12
A large corporate client sends you a case of expensive wine as a reward for settling a compensation case in their favor. What should you do?
A. You should decline the gift.
B. You should share the gift amongst your back office colleagues.
C. You should report the gift to management and leave it to the management's discretion as to whether you are allowed to keep the gift.
D. You should accept the gift without question as it was personally addressed to you.
Answer: D

Q: 13
What type of documentation is recommended for repos in the international markets?
A. The SEC Emergency Short Sale Rules
B. The ISDA Master Agreement
C. The Global Master Repurchase Agreement published by the ICMA
D. An International Securities Lending Agreement
Answer: C

Q: 14
If you had bought USD/CNY at 6.2500 in a NDF and if it fixed at a spot rate of 6.3000, you would expect to:
A. Pay a cash settlement in USD
B. Pay a cash settlement in CNY
C. Receive a cash settlement in USD
D. Receive a cash settlement in CNY
Answer: B

Q: 15
If a spot next EUR/USD FX Swap is traded on Monday, 18 August, and there are no holidays in the relevant currencies during the week of August 18 - 22 what would be the value dates of the two swap legs?
A. 18 -19 August
B. 20 August - 20 September
C. 20 - 21 August
D. 19 - 20 August
Answer: D

Q: 16
The discount or premium on forward foreign exchange points is calculated based on:
A. The level of interest rates in the base currency
B. The level of interest rates in the counter currency
C. The differential between the interest rates in the two currencies
D. The current volatility in the FX markets
Answer: A

Q: 17
If the EUR/USD is quoted to you as 1.3550-53, what does this price represent?
A. EUR per USD
B. USD per EUR
C. The interest rate differential between EUR and USD
D. The fact that one USD is worth more than one EUR
Answer: C

Q: 18
Forward points represent:
A. The value of a currency against its base
B. Largely the interest rate differential between two currencies
C. The time/value ratio of one currency versus another
D. The future value of a currency
Answer: C

Q: 19
Which of the following are products used in bank liquidity management?
A. Money market taking and placing, sale and repurchase agreements (repos)
B. Currency options and currency futures
C. Spot FX transactions
D. Caps, floors, collars, and interest rate futures
Answer: B

Q: 20
On the sale of a CD, the seller:
A. Receives a lower price than he originally paid
B. Receives a higher price than he originally paid
C. Receives a price calculated using the price originally paid
D. There is not enough information to know how much the seller receives
Answer: B

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