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How could you close out a futures contract?

A.

Reverse and cash trade

B.

Cash and carry

C.

Reverse cash and carry

D.

Offset

In what order would the currencies of the major currency pairs generally be quoted in forex?

A.

EUR/USD, USD/JPY, USD/GBP, USD/CHF, USD/CAD, USD/AUD

B.

EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD

C.

EUR/USD, USD/JPY, GBP/USD, USD/CHF, CAD/USD, AUD/USD

D.

EUR/USD, USD/JPY, GBP/USD, USD/CHF, CAD/USD, USD/AUD

If a trade is to settle in a CCP or CLS:

A.

The parties may agree verbally not to exchange confirmations

B.

A party can unilaterally eliminate confirmations for these trades

C.

It is left to the discretion of each party to send a confirmation or not

D.

The parties may agree in writing not to exchange confirmations

The "centralized collateral management service" offers which of the following services for its clients?

A.

The valuation and transfer of collateral in general collateral (GC) repos only

B.

The valuation and transfer of collateral in tri party repos only

C.

The valuation and transfer of collateral in special repos only

D.

The valuation and transfer of collateral in any type of repo

Which of the following statements about operational risk awareness is correct?

A.

It is good practice to collect and disclose incidents and near-misses for the future benefit of the professional community.

B.

It is good practice to collect and analyze incidents and near-misses so as to set up preventive action plans for the future.

C.

A report describing operational risks should be made at the request of the front office.

D.

A report describing operational risks should be made at least once a year and provided to the front office.

Operational efficiency, STP rates, quality and control effectiveness are the main indicators of operational performance. With whom and how often should they be reviewed?

A.

On a monthly basis with senior management and operations

B.

At least monthly with compliance and risk management; on a more frequent and regular basis within operations

C.

Quarterly with senior management and on a monthly basis within operations

D.

At least monthly with senior management and on a more frequent and regular basis within operations

What is the disadvantage having separate cash accounts?

A.

You need more back office staff to book the fees

B.

One account could be overdrawn while the other has excess funds. The surplus balance would earn less interest than the amount being charged on the corresponding overdraft if an error occurs in settlement. Thus there is a risk of overdraft interest versus idle balances

C.

One securities account could be overdrawn while the other has excess securities. The surplus balance would earn less interest, if any, than that being charged on the corresponding overdraft if an error occurs in settlement

D.

The workload of the auditors, compliance officers, risk managers and dealers will be higher

Payments to the wrong correspondent, payments in the wrong amount, late or duplicate payments are considered:

A.

Transaction irregularities

B.

Confirmation discrepancies

C.

CIS mismatches

D.

Settlement discrepancies

A callable bond attributes a right to:

A.

The lead manager to acquire the entire issue

B.

The lead manager to acquire the entire issue and the issuer to redeem the note at specified dates

C.

The issuer to redeem agreed upon quantities of the note at specified dates

D.

The note holder to sell the notes at specified dates

The fixing of a EUR FRA usually takes place:

A.

At the end of the FRA period

B.

When the deal is done

C.

Two business days before the start date of the FRA period

D.

On the third Monday of the contract month