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Your dealer has sold USD 10,000,000.00 against JPY at a rate of 95.00. In settlement you would expect to:

A.

Receive JPY 105,263.16

B.

Pay JPY 950,000,000

C.

Receive JPY 950,000,000

D.

Pay JPY 105,263

Inexplicably, the Chief FX trader asks the junior settlements clerk to hold back a deal input until the following morning. Which of the following courses of action should you recommend?

A.

Refuse, input the deal as normal but keep the request to yourself

B.

Input the deal the following morning as requested by the Chief FX trader

C.

Refuse, input the deal and tell another spot trader

D.

Refuse, input the deal and report the incident to your superior

Which of the following risks is best mitigated by CLS?

A.

Currency risk

B.

Operational risk

C.

Liquidity risk

D.

Settlement risk

Which country does the BIC-address BKENGB33CUS belong to?

A.

The United Kingdom

B.

The United States of America

C.

Kenya

D.

Gambia

Which two countries are not participating in TARGET2?

A.

Denmark and Finland

B.

Latvia and Lithuania

C.

The Czeck Republic and the United Kingdom

D.

Bulgaria and Romania

Why is a failed trade log important?

A.

It helps the risk manager to adjust the limits

B.

It allows the cash positions keeper to retrace the arrival of the funds

C.

It is essential in determining compensation arrangements at a later date

D.

The auditors require these logs for their statistics

Which of the following is essential for the effective and timely execution of outward payments?

A.

Confirmation of the exact processing time of the payment order with the central bank of your counterparty

B.

The strict adherence to the cut-off times of your domestic payment system

C.

Confirmation of the time of processing of the payment order with your own central bank

D.

The strict adherence to the cut-off times for payments made worldwide

What does FSA stand for?

A.

Financial Standards Authority

B.

Financial Supervisory Association

C.

Financial Services Authority

D.

Financial Securities Association

Physical securities reconciliation software packages are based on:

A.

SWIFT MT 5XX

B.

SWIFT MT 2XX

C.

SWIFT MT 320

D.

SWIFT MT 400

What is a loro or vostro bank account?

A.

An account that you hold with another commercial bank

B.

An account that another bank holds with you

C.

An account that you hold with the Bank of England

D.

Your suspense account at the European Central Bank