3I0-012 Exam Dumps - ACI Dealing Certificate

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Question # 17

For which of the following reasons is the extension of forward contracts at non-current rates is discouraged:

i. These could be used to conceal profit or losses.

ii. These could be used to perpetrate fraud.

iii. These could result in an unauthorised extension of credit.

iv. These could result in confusing settlement instructions.

(i), (ii), (iii), & (iv).

(i), (ii) & (iii).

(i) & (iii).

none of the above.

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Question # 18

The major difference between futures and OTC instruments like FRAs and interest rate swaps is that futures are:

Exchange-traded

Guaranteed

Standardised

All of the above

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Question # 19

A Eurodollar futures price of 99.685 implies:

A forward-forward rate of 0.685%

A forward-forward rate of 0.315%

Current 3-month LIBOR of 0.6850%

Current 3-month LIBOR of 0.3150%

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Question # 20

What happens if an instruction remains unmatched and/or unsettled through CLS Bank?

If there is more than one FX trade with a single counterparty to settle in the identical currencies, then both sides should bilaterally agree to settle the trades outside of CLS Bank on a net basis.

If there is only one FX trade with a single counterparty to settle in the identical currencies, then either side can unilaterally decide to settle the trade outside of CLS Bank on a net basis.

If there is more than one FX trade with a single counterparty to settle in the identical currencies, then both sides should bilaterally agree to settle the trade outside CLS Bank on a gross basis.

If there is more than one FX trade with a single counterparty to settle in the identical currencies, then either side can unilaterally instruct the CLS Bank to settle the trades.

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Question # 21

To establish and maintain a short position in deliverable securities, you must:

Sell

Sell and subsequently buy back

Sell and borrow

Sell, borrow and buy back simultaneously

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Question # 22

Which of the following definitions of a nostro account is correct?

A nostro account is an account held by a bank in a foreign country in the banks domestic currency.

A nostro account is an account held by a bank in a foreign country for cash collateralising OTC derivative positions with banks in that country.