ACI ACI Certifications 3I0-010 Questions & Answers

• Question 221:

  You have dealt an interbank money market trade with a Spanish bank and must pay USD. Whom do you instruct for payment?

  A. your correspondent bank in Spain

  B. your national central bank

  C. the European Central Bank

  D. your correspondent bank in the USA

  Correct Answer: D

• Question 222:

  How would you denote that EUR funds are to be paid via TARGET on a typical MT 202 message?

  A. There is no need to note this separately as payments via TARGET are made only in euro.

  B. The word TARGET is used in field 72 "Bank to Bank Information".

  C. "//RT" is indicated once in the optional account number field 56A, 57A or 58A.

  D. TARGET is used in the "Pay To Bank" field.

  Correct Answer: C

• Question 223:

  What payment system is used by EU national central banks and the European Central Bank?

  A. SWIFT

  B. CHAPS

  C. EAF

  D. TARGET

  Correct Answer: D

• Question 224:

  What is the deadline for a same day customer payment in EUR using TARGET?

  A. 15:00 hours Central European Time (CET)

  B. 17:00 hours Central European Time (CET)

  C. 18:00 hours Central European Time (CET)

  D. 16:00 hours Central European Time (CET)

  Correct Answer: B

• Question 225:

  Which two countries are not participating in TARGET2?

  A. Poland and Sweden

  B. Luxembourg and Great Britain

  C. Sweden and Great Britain

  D. Poland and Luxembourg

  Correct Answer: C

• Question 226:

  CHIPS is the name commonly used for the domestic clearing system in:

  A. London

  B. Frankfurt

  C. New York

  D. Hong Kong

  Correct Answer: C

• Question 227:

  CLS stands for which of the following:

  A. Continuous Linked Settlement

  B. Cash Limit Standards

  C. Credit Linked Securities

  D. Correspondent Limit System

  Correct Answer: A

• Question 228:

  When is the "final settlement" cut-off for interbank payments using TARGET?

  A. 19:00 (7.00 p.m.) Central European Time (CET)

  B. 18:00 (6.00 p.m.) Central European Time (CET)

  C. 18:30 (6.30 p.m.) Central European Time (CET)

  D. 18:30 (6.30 p.m.) CET, but on the last minimum reserve fulfilment day (23rd of a month) 19:30 (7.30 p.m.) CET

  Correct Answer: B

• Question 229:

  Which of the following is the primary responsibility of an Operations Department?

  A. writing the deal ticket

  B. arranging the delivery of currency payments

  C. checking the availability of counterparty limits

  D. agreeing on the FX rate with the counter parts middle office

  Correct Answer: B

• Question 230:

  If a bank incurs interest charges from having overdrawn an account due to a late payment from counterparty:

  A. The bank is entitled to seek reimbursement from the party responsible for the late payment.

  B. Nothing can be done to compensate the bank for the interest charges it incurs.

  C. The bank should file a complaint with ACI s Committee for Professionalism.

  D. The bank will automatically be reimbursed by the party responsible for the late payment.

  Correct Answer: A