If you execute a sale of bonds, and the securities have not been delivered 2 days after you have received payment on the agreed settlement date, which of the following is correct:
A. you will have to pay at least 2 days of funding costs on top of the coupon
B. the counterparty will have to pay at least 2 days of interest charges on top of the coupon
C. you have no debt to the counterparty
D. the counterparty has a debt to you
When an over-the-counter broker executes an order for your bank, what information is required on the confirmation you are sent?
A. the price of the security
B. the price of the security; the role played by the broker
C. the price of the security; the role played by the broker; and the commission, if any, that was charged
D. The price of the security; the role played by the broker; the commission, if any, that was charged and the security that was bought or sold
Which of the following is characteristically of a CD?
A. A CD is a certificate for a gold deposit
B. The CD issuer can redeem the certificate at any time
C. It is a non-negotiable instrument.
D. A CD is a certificate for a time deposit
In the UK, T-Bills are issued by:
A. the Government (Debt Management Office)
B. the Bank of England
C. the FSA
D. the International Monetary Fund (IMF)
In a scenario where long-term interest rates are higher than short-term interest rates, the yield curve would best be described as:
A. flat
B. negative or inverse
C. positive
D. neutral
A UK Treasury Bill has 91 days to maturity. Its redemption value is GBP 10,000.00. What is the purchase price of this bill using a discount rate of 6% per annum?
A. GBP 9,400.00
B. GBP 9,852.22
C. GBP 9,850.41
D. GBP 9,848.33
A USD 1 million US Treasury Bill (91 days) is offered at a discount rate of 5.50%. The offer price will be:
A. USD 1,000,000.00
B. USD 986,097.22
C. USD 945,000.00
D. USD 986,287.67
A bond selling at a discount will be selling for:
A. less than 100%
B. 100%
C. more than 100%
D. more than a bond selling at a premium
A yield curve can be drawn for a wide variety of financial instruments. The most widely analyzed yield curves are those for benchmark instruments such as:
A. consumption and inflation levels
B. money market rates and government bonds
C. mortgage rates
D. commodities
In the US commercial paper market, commercial paper is limited to
A. a 270-day tenor
B. a 360-day tenor
C. a 365-day tenor
D. a 366-day tenor
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