What is a convertible security?
A. a security the owner has the right to convert
B. a security the issuer has the right to redeem
C. a security the owner has the right to redeem
D. a security the issuer has the right to convert
The interest rate below which the coupon for a FRN may not be fixed is called the:
A. variable rate
B. fixed rate
C. floating rate
D. minimum or floor rate
A bank responsible for making due payments of principal and interest on a bond is called the
A. purchase agent
B. paying agent
C. fiscal agent
D. market maker
All trades, internal and external, should be entered into trade capture systems:
A. the same day they are executed
B. as soon as possible
C. within 24 hours of execution
D. within an hour of execution
What is a SWIFT message type 210?
A. a payment by a private customer
B. a confirmation of a spot transaction
C. an interbank payment
D. payment advice
If a GBP/CHF trade is made on the spot foreign exchange market on Tuesday, when will the two currencies be settled if tomorrow (Wednesday) is a bank holiday in the U.K.?
A. both currencies will be settled value date Friday
B. GBP will be settled value Friday, CHF value Thursday
C. both currencies will be settled value Thursday
D. GBP will be settled value today, CHF will be settled value Friday
What guidelines does the Model Code provide concerning the practice of only one party to a transaction sending a written confirmation?
A. it is only permissible in derivatives markets
B. it is not recommended
C. it is recommended only when dealing interbank
D. it is only permissible when dealing value today
Confirmation is a function that can be performed by:
A. any dealer as long as he/she is not a party to the trade
B. back-office staff
C. dealing room staff who is not currently dealing
D. any staff outside the dealing room
A corporate client instructs you to make a USD payment to his account in London. What two message types should you send?
A. MT 202 and MT 103
B. MT 202 and MT 210
C. MT 200 and MT 103
D. MT 103 and MT 210
In the unexpected event that a public holiday is declared on the date a particular contract matures, what is the normal market practice?
A. if that day is NOT the final trading day of the month, all contracts maturing on that day are extended to the next business day
B. if that day is NOT the final trading day of the month, all contracts maturing on that day are shortened to the preceding business day
C. all new maturity dates have to be agreed upon with the counterparties involved
D. decisions about the maturity dates of trading contracts are made by ACI's Committee for Professionalism on a case-by- case basis and must be adhered to
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