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Question 1

If GBP/USD is 1.5350-53 and USD/JPY is 97.50-53, what is GBP/JPY?

Options :

A : 63.52-53

B : 149.66-74

C : 63.51-54

D : 149.69-71

Answer: B

Question 2

An 'at-the-money' call option:

Options :

A : Costs less than an 'out-of-the-money' call option

B : Costs the same as an 'in-the-money' put option

C : Costs more than an 'in-the-money' call option

D : Costs more than an 'out-of-the-money' call option

Answer: D

Question 3

What does the Model Code say concerning repos and stock-lending?

Options :

A : The exact maturity (end) dates for transactions must be agreed as soon as possible after a transaction.

B : All market participants should use the Modified Following Business Day Convention.

C : Legal documentation must be put in place as soon as possible after transaction.

D : All market participants should use the Modified Previous Business Day Convention.

Answer: B

Question 4

3-month USD/CHF is quoted at 12/10. Interest rates in Switzerland are reduced but USD rates (which are higher) are unchanged. What would you expect the 3-month forward USD/CHF rate to be?

Options :

A : unchanged

B : 10/8

C : 15/13

D : 6/4

Answer: C

Question 5

On fixing date, the settlement payment of an NDF reflects the differential between the agreed forward rate and:

Options :

A : the daily high

B : the days' average rate

C : the fixing spot rate

D : the average rate over the NDF period

Answer: C