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Question 1

Which of the following is the best description of a broken trade”?

Options :

A : When a trade has been agreed to with dates (maturities) different from the standard dates

B : When one of the parties to the deal unilaterally decides to withdraw from the on-going transaction

C : When, due to a system break, one or both parties to the deal chooses to withdraw from the ongoing transaction

D : When, due to a system break, one or both parties to the deal are unclear as to whether the deal has been done

Answer: D

Question 2

You bought a 6x9 EUR 8,000,000.00 FRA at 4.50%. Settlement is now due and 3 months (90 days) EURIBOR is 3.50%. What amount do you pay or receive?

Options :

A : pay EUR 20,000.00

B : receive EUR 20,000.00

C : pay EUR 19,826.52

D : receive EUR 19,826.52

Answer: C

Question 3

Which risk factors fall under counterparty risk?

Options :

A : Currency risk, interest rate risk and swap risk

B : Settlement risk, delivery risk and replacement cost

C : Operational risk

D : Settlement risk and swap risk

Answer: B

Question 4

Which one of the following best describes the correct order of the settlements process?

Options :

A : netting, trade entry, settlement, confirmation, nostro reconciliation

B : confirmation, netting, trade entry, settlement, nostro reconciliation

C : trade entry, confirmation, netting, settlement, nostro reconciliation

D : trade entry, confirmation, settlement, nostro reconciliation, netting

Answer: C

Question 5

Which SWIFT message formats would you use for a foreign exchange confirmation and fixed money market confirmation, respectively?

Options :

A : MT 400, MT 950

B : MT 200, MT 100

C : MT 300, MT 950

D : MT 300, MT 320

Answer: D