Click on the Detail Button to view the Formula Sheet. A broker offers a dealer an incentive in the form of a reduction to the agreed schedule of brokerage between the firms.
A. This is a normal volume discount.
B. The offer requires approval in writing by both senior managements.
C. The offer requires agreement in writing between the broker and the dealer.
D. This is illegal.
Click on the Detail Button to view the Formula Sheet. It is now permissible in most markets for brokers to be owned by banks and other principals. Where there is shared management, or a shareholding or other investment in a broker by a counterparty:
A. The broker is not obligated to reveal the connection provided Chinese Walls are in place.
B. The broker is not obligated to reveal the connection in the professional market.
C. The broker should advise the other counterparty of the connection.
D. The matter is covered in the Model Code.
Click on the Detail Button to view the Formula Sheet. The Model Code rules that deals at non-current rates:
A. Are forbidden.
B. Require prior regulatory approval.
C. Require the prior express permission of the senior management of both counterparties.
D. Should be marked to market daily.
Click on the Detail Button to view the Formula Sheet. You quote a price to a broker on EUR 100 million. Your price is hit for EUR 50 million. What does the Model Code say about this situation?
A. You have a right to qualify your quotes in terms of amounts, if you do so when you make the price.
B. You have a right to qualify your quotes in terms of amounts, provided the amounts are marketable.
C. You have a right to qualify your quotes in terms of amounts, once you have discovered the name of the counterparty for credit reasons.
D. You have a right to qualify your quotes in terms of amounts.
Click on the Detail Button to view the Formula Sheet. The Model Code is unequivocal on " position parking". What does it say?
A. The parking of deals or positions with any counterparty is discouraged.
B. The parking of deals or positions with any counterparty should be forbidden.
C. The parking of deals or positions should be subject to a clear policy laid down in writing by senior management.
D. In jurisdictions where position parking is allowed, prior approval should be sought from the regulator.
Click on the Detail Button to view the Formula Sheet. Which of the following statements reflects the Model Code on gambling or betting amongst market participants?
A. Gambling and betting between market participants should be strongly discouraged.
B. Gambling and betting between market participants can be allowed if it is monitored by management.
C. Gambling and betting between market participants should be forbidden.
D. All of the above.
Click on the Detail Button to view the Formula Sheet. Where answerphone equipment is used for reporting and recording of off-premises transactions, it should be:
A. On an special number known only to the chief dealer.
B. On a number located in the office of the internal auditor.
C. Secured so that reported transactions cannot be erased without senior management approval.
D. Secured by recordings that are stored for a suitable period.
Click on the Detail Button to view the Formula Sheet. Gambling or betting amongst market participants has obvious dangers and:
A. Should be forbidden.
B. Should be strongly discouraged.
C. Should be monitored by management.
D. All of the above.
Click on the Detail Button to view the Formula Sheet. Confirmations should be sent out by both counterparties through an efficient and secure means of communication, preferably electronic:
A. Within 24 hours of the deal.
B. Within two business days of the deal.
C. Before the value date.
D. As soon as possible.
Click on the Detail Button to view the Formula Sheet. Payment and settlement instructions should be passed:
A. As quickly as possible.
B. Within 24 hours of the transaction.
C. Before 10:00am on the value date.
D. Before close of business on the transaction date.
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