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QUESTION 1
What is the amount of the principal plus interest due at maturity on a 1-month (32-day) deposit of USD 50,000,000.00 placed at 0.37%?
A. EUR 50,015,416.67
B. EUR 50,016,219.18
C. EUR 50,016,444.44
D. EUR 50,016,958.33
Correct Answer: C QUESTION 2
Which of the following currencies is quoted on an ACT/360 basis in the money market?
A. SGD
B. PLN
C. GBP

D. NZD
Correct Answer: D QUESTION 3
Today’s spot value date is the 30th of June. What is the maturity date of a 2-month EUR deposit deal today? Assume no bank holidays.
A. 27th August
B. 30th August
C. 31st August
D. 1 September

Correct Answer: C QUESTION 4
How many GBP would you have to invest at 0.55% to be repaid GBP 2,000,000.00 (principal plus interest) in 90 days?
A. GBP 1,997,253.78
B. GBP 1,997,291.34
C. GBP 1,997,287.67
D. GBP 1,997,250.00
Correct Answer: B QUESTION 5
From the following GBP deposit rates:
1M (30-day) GBP deposits 0.45% 2M (60-day) GBP deposits 0.50% 3M (91-day) GBP deposits 0.55% 4M (123-day) GBP deposits 0.65% 5M (153-day) GBP deposits 0.70% 6M (184-day) GBP deposits 0.75%
Calculate the 3×4 forward-forward rate.
A. 0.60%
B. 0.949%
C. 1.074%

D. 0.933%
Correct Answer: D QUESTION 6
What is EONIA?
A. Volume-weighted average overnight EUR deposit rate
B. Volume-weighted average overnight EUR LIBOR
C. Arithmetic average overnight EUR deposit rate
D. ECB overnight lending rate

Correct Answer: A QUESTION 7
Which of the following is not a negotiable instrument?
A. CD
B. FRA
C. BA
D. ECP
Correct Answer: B QUESTION 8
Which of the following is a Eurocurrency deposit?
A. A 3-month deposit of USD 10,000,000.00 offered by a US bank in New York
B. A 3-month deposit of USD 10,000,000.00 offered by the US branch of a UK bank in New York
C. A 3-month deposit of USD 10,000,000.00 offered by a US bank in London
D. A 3-month deposit of GBP 10,000,000.00 offered by the UK branch of a US bank in London

Correct Answer: C QUESTION 9
What is the maximum maturity of an unsecured USCP?
A. One year
B. 270 days
C. 183 days
D. 5 years

Correct Answer: B QUESTION 10
Which party usually takes an initial margin in a classic repo?
A. The buyer
B. The seller
C. Neither
D. Both

Correct Answer: A QUESTION 11
What are the primary reasons for taking an initial margin in a classic repo?
A. Counterparty risk and operational risk
B. Counterparty risk and legal risk
C. Collateral illiquidity and counterparty risk
D. Collateral illiquidity and legal risk

Correct Answer: C QUESTION 12
What happens when a coupon is paid on bond collateral during the term of a classic repo?
A. Nothing
B. A margin call is triggered on the seller
C. A manufactured payment is made to the seller
D. Equivalent value plus reinvestment income is deducted from the repurchase price

Correct Answer: C QUESTION 13
A CD with a face value of EUR 10,000,000.00 and a coupon of 3% was issued at par for 182 days and is now trading at 3.10% with 120 days remaining to maturity. What has been the capital gain or loss since issue?
A. -EUR 52,161.00
B. -t-EUR 47,839.00

C. -EUR 3,827.67
D. Nil
Correct Answer: C QUESTION 14
You have taken 3-month (92 days) deposits of CAD 12,000,000.00 at 1.10% and CAD 6,000,000.00 at 1.04%. Minutes later, you quote 3-month CAD 1.09-14% to another bank. The other dealer takes the CAD 18,000,000.00 at your quoted price. What is your profit or loss on this deal?
A. CAD 2,722.19
B. CAD 460.00

C. CAD 3,220.00
D. CAD 2,760.00
Correct Answer: D QUESTION 15
A 7% CD was issued at par, which you now purchase at 6.75%. You would expect to pay:
A. The face value of the CD
B. More than the face value
C. Less than the face value
D. Too little information to decide

Correct Answer: B QUESTION 16
The tom/next GC repo rate for German government bonds is quoted to you at 1.75-80%. As collateral, you sell EUR 10,000,000.00 nominal of the 5.25% Bund July 2012, which is worth EUR 11,260,000.00, with no initial margin. The Repurchase Price is:
A. EUR 10,000,500.00
B. EUR 10,000,486.11
C. EUR 11,260,563.00
D. EUR 11,260,547.36
Correct Answer: C
QUESTION 17
The tom/next GC repo rate for German government bonds is quoted to you at 1.75-80%. As collateral, you sell EUR 10,000,000.00 million nominal of the 5.25% Bund July 2012, which is worth EUR 11,260,000.00. If you have to give an initial margin of 2%, the Repurchase Price is:
A. EUR 11,035,336.41
B. EUR 11,035,351.74
C. EUR 11,039,752.32
D. EUR 11,039,767.65
Correct Answer: D
QUESTION 18
A bond is trading 50 basis points special for 1 week, while the 1-week GC repo rate is 3.25%. If you held GBP 10,500,000.00 of this bond, what would be the cost of borrowing against it in the repo market?
A. GBP 7,551.37
B. GBP 6,544.52
C. GBP 5,537.67
D. GBP 1,006.85
Correct Answer: C
QUESTION 19
If EUR/USD is quoted to you as 1.3050-53, does this price represent?
A. The number of EUR per USD
B. The number of USD per EUR
C. Depends on whether the price is being quoted in Europe or the US
D. Depends on whether the price is being quoted interbank or to a customer
Correct Answer: B

QUESTION 20
The seller of a EUR/RUB NDF could be:
A. a potential buyer of EUR against RUB
B. speculating on an appreciation of the Russian Rouble
C. expecting rising EUR/RUB exchange rates
D. a seller of Russian Rouble
Correct Answer: B

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QUESTION 1
The control failings involving Barings and Daiwa highlight the critical importance of what operational risk management practice?
A. the taping of conversations between counterparties
B. model signing-off and implementation controls
C. the separation between front/back office duties
D. the existence of contingency plans

Correct Answer: C QUESTION 2
The maximum term for which a London Certificate of Deposit may be issued is:
A. 1 year
B. 3 years
C. 5 years
D. 10 years

Correct Answer: C QUESTION 3
A collateral pool can be defined as:
A. assets lent by members of a payment system collectively available to the system as collateral to enable them to obtain funds in specific circumstances
B. liabilities owned by members of a payments system collectively available to the system as collateral to enable them to obtain funds in specific circumstances
C. assets owned by members of a payment system collectively available to the system as collateral to enable them to obtain funds in specific circumstances
D. assets swapped by members of a payment system collectively available to the system as collateral to enable them to obtain funds in specific circumstances

Correct Answer: C QUESTION 4
The prompt sending and checking of confirmations is considered a best practice when dealing in:
A. amounts higher than USD 10,000,000.00 or the equivalent in other currencies
B. amounts higher than USD 1,000,000.00 or the equivalent in other currencies
C. any amount unless dealt via a broker
D. any amount by any counterparty

Correct Answer: D QUESTION 5
When should discrepancies between front-office and back-office systems be resolved?
A. by the end of the trading day
B. on the next business day
C. on the value date
D. as soon as they become apparent

Correct Answer: D QUESTION 6
What is a nostro bank account?
A. an account held with another bank
B. an account another bank holds with you
C. a trust account
D. a suspense account

Correct Answer: A QUESTION 7
What is a feature of multilateral netting?
A. there are no more than two participants involved in the netting process
B. there is no redistribution of default risk
C. there is a central clearing house
D. no legal entity is required

Correct Answer: C QUESTION 8
You have two nostro accounts in USD, one account is long USD 5 million and the other is short USD 5 million. What action should be taken to reconcile the accounts?
A. No action is required. The credit interest earned on the credit balance will offset the debit interest incurred on the short balance
B. You should borrow USD 5 million to cover the short balance and leave the long balance as it is
C. You should lend the surplus USD 5 million in order to overdraft charges on the short balance with the interest earned on the loan
D. You should instruct the bank with the long balance to pay USD 5 million to the other bank

Correct Answer: D QUESTION 9
Physical securities reconciliation software packages are based on:
A. SWIFT message type 5XX
B. SWIFT message type 2XX
C. SWIFT message type 320
D. SWIFT message type 400

Correct Answer: A QUESTION 10
Which of the following is the main objective of position-keeping?
A. measuring market exposure
B. defining capital adequacy
C. evaluating country risk
D. monitoring counterparty credit risk

Correct Answer: A QUESTION 11
How many characters does a BIC have? (Under ISO standard 9362, 2nd edition)
A. 6 or 9 characters
B. 9 or 12 characters
C. 7 or 10 characters
D. 8 or 11 characters

Correct Answer: D QUESTION 12
You have just opened a position in EUR/USD that you run overnight. What risk is present?
A. settlement, counterparty and equity risk
B. only counterparty risk
C. only currency and interest rate risks
D. settlement, counterparty and market risk

Correct Answer: D QUESTION 13
What type of documentation is recommended for repos in the international markets?
A. An Overseas Securities Lenders Agreement
B. A ISDA Master Repurchase Agreement
C. A SIFMA/ICMA Global Master Repurchase Agreement
D. An International Securities Lenders Agreement

Correct Answer: C QUESTION 14
If the EUR/USD is quoted to you as 1.1050-53, 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

Correct Answer: B QUESTION 15
In FX swaps, the rate of the spot leg
A. may be freely chosen by the quoting party as long as both parties agree on it
B. must always be fixed immediately at the current mid rate, to reflect the rate at the time the deal was made
C. should be fixed immediately within the current spread, to reflect current rates at the time the transaction was made
D. should always be fixed off the current spread in order not to be mistaken for a spot FX transaction

Correct Answer: C QUESTION 16
Under normal circumstances, which of the following is a non-negotiable instrument?
A. a Medium Term Note
B. a Bankers Acceptance
C. a Money Market Deposit
D. a Treasury Bill Correct Answer: C
QUESTION 17
Your money market dealer has lent GBP 5,000,000.00 at 4 3/4% for 6 months (183 days). How much must the counterparty pay back to you in capital plus accrued interest at maturity?
A. GBP 5,117,123.29
B. GBP 5,119,075.00
C. GBP 5,119,075.34
D. GBP 5,120,729.17

Correct Answer: C QUESTION 18
Today is the fixing date for 6×9 FRA that you sold at 5.50% and for which the FRABBA LIBOR is now 6.00%. Which of the following is true?
A. You will pay a cash settlement to the counterparty
B. You will receive the cash settlement
C. There is no cash settlement pending
D. There is insufficient information to make a determination

Correct Answer: A QUESTION 19
The notional amount in an interest rate swap is:
A. the sum of all the fixed and floating rate payments
B. the net difference between fixed and floating rate payments
C. the principal amount on which floating and fixed interest payments is calculated
D. the amount at which the two counterparties can close-out their transaction

Correct Answer: C QUESTION 20
What does “modified following business day convention” mean?
A. a convention whereby a transaction is dated the following business day, unless that day extends into the next month, in which case it is dated the preceding business day
B. a convention whereby a transaction is dated the following business day
C. a convention whereby a transaction is dated the preceding business day
D. a convention whereby a transaction is dated the next business day that corresponds to the same numerical day of the month as the preceding payment

Correct Answer: A QUESTION 21

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