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Free ICMA SOFQ Practice Exam with Questions & Answers

Questions 1

Where Firm A has borrowed a fixed cash amount on a secured basis from Firm B, an increase in the collateral value means that:

Options:
A.

Firm A has exposure and must return some collateral to Firm B

B.

FirmB has exposure and must request additional collateral from Firm A

C.

Firm B has exposure and must request the return of collateral from Firm A

D.

Firm A has exposure and must request the return of some collateral from Firm B

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Questions 2

Grey market trading refers to:

Options:
A.

Trading of equity and bonds by investors aged 65 and over at the start of the tax year

B.

Trading in convertible and exchangeable bonds prior to their conversion

C.

Trading in corporate bonds following the bondholder's decision to take-up a put option

D.

Trading in a new issue of bonds by parties not involved in the syndication process

Questions 3

The calculation of profit and loss for securities includes:

Options:
A.

Realised (potential) P&Land Unrealised (actual) P&L

B.

Realised (projected) P&L and Unrealised (authentic) P&L

C.

Realised (predicted) P&L and Unrealised (likely) P&L

D.

Realised (actual) P&Land Unrealised (potential) P&L

Questions 4

IPO' stands for:

Options:
A.

International Private Offering

B.

Inclusive Pre Offering

C.

Initial Public Offering

D.

Integrated Post Offering

Questions 5

Thefollowing is an inaccurate statement:

Options:
A.

Warrants have a variable exercise price

B.

Warrants are exercisable by the warrant holder

C.

Warrants will expire if not exercised by the expiry date

D.

Warrants are detachable from the original security

Questions 6

On a scale of 1,500,000 Microsoft Corporation shares at a price of USD 3.78 per share, the SEC Fee payable is::

Options:
A.

USD 1.89

B.

USD 18.90

C.

USD 189.00

D.

USD 1890.00

Questions 7

From the perspective of one party to a securities trade, Free of Payment settlement without risk means:

Options:
A.

Delivering an asset to the counterparty prior to receipt of the contra asset from the counterparty

B.

Simultaneously exchanging securities and cash with the counterparty

C.

Delivering an asset to the counterparty following successful exchange of trade confirmations

D.

Receiving the counterparty's asset before instructing release of the contra asset

Questions 8

A cash amount of GBP 5,909,658.47 lent on a Thursday until the second Monday (just over 1 week later) at a rate of 2.973%, would attract:

Options:
A.

7 days of interest and a cash interest amount of GBP 3369.48

B.

9 days of interest and a cash interest amount of GBP 4392.35

C.

13 days of interest and a cash interest amount of GBP 6344.51

D.

11 days of interest and a cash interest amount of GBP 5294.89

Questions 9

The ISIN stands for:

Options:
A.

International Securities Identification Number; a 13-character alpha-numeric code

B.

International Secondary ID Notation; a 13-character alpha-numeric code

C.

International Securities Identification Number; a 12-character alpha-numeric code

D.

International Secondary ID Notation; a 12-character alpha-numeric code

Questions 10

The term 'SSI' stands for:

Options:
A.

Standing Settlement Instruction

B.

Standard Securities Instruction

C.

Settlement Standard Instruction

D.

Securities Standing Instruction

Exam Code: SOFQ
Certification Provider: ICMA
Exam Name: Securities Operations Foundation Qualification (SOFQ)
Last Update: Jul 17, 2025
Questions: 50

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