Your agent bank accepts your back-valuation request for 1 day on an amount of EUR 50,000,000.00. EONIA is 0.375% and the ECB marginal lending facility rate is 1.50%. Applying conventional administration fees, how much will this be charged?
A. EUR 620.83
B. EUR 868.06
C. EUR 968.06
D. EUR 2,183.33
Confirmations of non-prime brokerage deals using CLS should be exchanged:
A. within 2 hours after deal agreed with counterparty
B. before the value date of the trade
C. by the end of the trade date
D. within 24 hours
A bank that has quoted a firm price is obliged to deal:
A. At that price
B. At that price in a marketable amount
C. At that price in a marketable amount, provided the counterparty's name is acceptable
D. At that price in a marketable amount, provided the counterparty's name is acceptable and the market price has not moved excessively
Which of the following statements is true concerning dealing and rollovers at non-current rates?
A. When setting the rates for an FX swap to extend the maturity, the spot rate should be fixed immediately within the current spread
B. Where the use of non-current rates may be necessary, they should only be entered into with the prior explicit permission of the quoting party's senior management
C. Dealing and rollovers at non-current rates are relatively common market practice and therefore should not be treated differently from any other transaction
D. Dealing and rollovers at non-current rates are forbidden as they can help perpetrate fraud and tax evasion
The use of standard settlement instructions (SSI's) is strongly encouraged because:
A. it reduces operational risk
B. it splits differences arising from failed settlement between the two counterparties
C. it removes the need for sending out SWIFT confirmations
D. the use of SSI's secures the trading on more secure platforms
When do bank participants have a duty to make absolutely clear whether the prices they are quoting are firm or merely indicative?
A. only if they are dealing with brokers
B. only if dealing on an e-trading platform
C. only if they are dealing in non-marketable amounts
D. always
Which one of the following statements is true?
A. Brokers should only show the names of banks to counterparties who have prime credit ratings.
B. Brokers should only show the names of banks to counterparties who provide good liquidity to the brokered market.
C. Brokers should only show the names of banks to counterparties whom they know well.
D. Brokers should only show the names of bank counterparties if both sides display a serious intention to transact
Regarding access to production systems, which of the following is incorrect?
A. Profiles for functions are encouraged and should be reviewed semi-annually by a manager.
B. Developers should have unrestricted access to production systems.
C. Access to production systems should be rigorously controlled.
D. Users should not have access to change system functionalities.
Which of the following does the Model Code mention with regards to recording telephone conversations?
A. There is no need to inform new counterparties and clients that conversations will be recorded.
B. It is normal practice that tapes and other records should be kept for at least twelve months.
C. The periods for which tapes and other records should be retained should reflect the way in which the terms and conditions of transactions have been agreed, and the duration of transactions.
D. Dealers and other staff are reminded that telephones and electronic text messaging systems in the firm are intended for business and private use and that conversations and exchanges of text messages
should be conducted in a casual manner.
How frequently should business contingency procedures be tested and updated?
A. quarterly tests I updates as needed
B. at least every second year
C. half-yearly tests / yearly updates
D. at least yearly
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