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ACI 3I0-012 Exam Success: ACI Dealing Certificate Complete Study and Preparation Tips

Questions 166

Your are quoted the following rates:

spot CHF/JPY 60.12-22

3M CHF/JPY 25.5/22.5

At what rate can you buy 3-month outright JPY against CHF?

Options:
A.

79.995

B.

79.965

C.

79.895

D.

79.865

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Questions 167

You have just sold USD 5,000,000.00 spot against JPY. What type of risk does not apply?

Options:
A.

Market risk

B.

Settlement risk

C.

Basis risk

D.

Credit risk

Questions 168

What is the principal risk identified by gap management reporting?

Options:
A.

Currency risk

B.

Interest rate risk

C.

Operational risk

D.

Credit risk

Questions 169

The intrinsic value of a long call option:

Options:
A.

Falls and rises with the price of the underlying commodity, but is always positive

B.

Rises if the price of the underlying commodity falls and vice versa

C.

Depends solely on the volatility of the price of the underlying commodity

D.

Becomes negative if the market price of the underlying commodity falls below the strike price of the option

Questions 170

Which of the following statements is true?

Options:
A.

Banks should not ask brokers to disclose details of third party transactions unless they are between overseas principals.

B.

Banks should not ask brokers to disclose details of third party transactions unless these transactions are already settled.

C.

Banks should not ask brokers to disclose transactions between third parties in any circumstances.

D.

Banks should not ask brokers for details of third party transactions unless senior management has approved.

Questions 171

What usually happens to the collateral in a tri-party repo?

Options:
A.

It is put at the disposal of the buyer

B.

It is held by the seller in the name of the buyer

C.

It is held by the tn-party agent in the name of the buyer

D.

It is frozen in the sellers account with the tri-panty agent

Questions 172

Voice-brokers in spot FX are remunerated with:

Options:
A.

Commission paid by both parties at rates agreed beforehand

B.

A fee paid by the seller

C.

Bid/offer spread

D.

A share of the bid/offer spread

Questions 173

A payer’s 3-month USD LIBOR swap with a remaining term of five years must be reported as:

Options:
A.

a five-year liability and a three-month asset

B.

a five-year asset and a three-month liability

C.

a five-year asset only

D.

a three-month liability only

Questions 174

A sold JUN 3-month STIR-future should be reported in the gap report as of 22 May:

Options:
A.

as a given deposit with a term of one month and a taken deposit with a term of four months

B.

as a taken deposit with a term of one month

C.

as a taken deposit with a term of one month and a given deposit with a term of four months

D.

as a given deposit with a term of four months

Questions 175

For which of the following reasons is the extension of forward contracts at non-current rates is discouraged:

i. These could be used to conceal profit or losses.

ii. These could be used to perpetrate fraud.

iii. These could result in an unauthorised extension of credit.

iv. These could result in confusing settlement instructions.

Options:
A.

(i), (ii), (iii), & (iv).

B.

(i), (ii) & (iii).

C.

(i) & (iii).

D.

none of the above.

Questions 176

When a stop-loss/profit order is taken, the rate specified in the order:

Options:
A.

must be transacted regardless of where the market moved

B.

must be transacted if a broker confirms that the specified rate was reached

C.

cannot be taken as a fixed-price guarantee unless agreed in writing

D.

will always be the stop loss rate, if the order is executed

Questions 177

How much is a big figure worth per million of base currency it EUR/GBP is 0.6990?

Options:
A.

GBP 10,000

B.

EUR 10,000

C.

GBP 6,990

D.

EUR 6,990

Questions 178

What is the probability of an at-the-money option being exercised?

Options:
A.

Less than 50% probability

B.

50% probability

C.

More than 50% probability

D.

Zero probability

Questions 179

A dealer does the following deals in EUR/USD:

buys EUR 1 m at 11020

sells EUR 3 m at 1.1022

buys EUR 2 m at 1.1002

buys EUR 1.5 m at 1.1012

What position does the dealer now have?

Options:
A.

Long EUR 1.5 m at 1.0984

B.

Short EUP 1.5 m at 1.1036

C.

Long EUR 1.5 m at 1.1012

D.

Short EUR 3.0 mat 1.1025

Questions 180

What is an FX swap?

Options:
A.

An exchange ot two streams of interest payments in different currencies and an exchange of the principal amounts of those currencies at maturity

B.

A spot sale (purchase) and a forward purchase (sale) of two currencies agreed simultaneously between two parties

C.

An exchange of currencies on a date beyond spot and at a price fixed today

D.

None of the above

Exam Code: 3I0-012
Certification Provider: ACI
Exam Name: ACI Dealing Certificate
Last Update: Jan 19, 2025
Questions: 740

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