Click on the Detail Button to view the Formula Sheet. When using legal documentation, proposed modifications:
A. Should be documented as soon as possible after a deal is done.
B. Should be clearly stated before a deal.
C. Can be agreed verbally.
D. Are not permissible.
Click on the Detail Button to view the Formula Sheet. What are IMM dates?
A. The 10th of March, June, September and December.
B. The third Wednesdays of January, April, July and October.
C. The Mondays before the third Wednesdays of March, June, September and December.
D. The third Wednesdays of March, June, September and December.
Click on the Detail Button to view the Formula Sheet. How could your firm avoid the risks of dealing through an agent with an unknown principal?
A. Insist on a guarantee by the intermediary.
B. Have the intermediary identify the principal to the compliance, legal or credit functions, but only give codes to your dealers.
C. It is not possible to avoid these risks unless you demand that the principal is identified before each transaction.
D. In practice, the risks are minimal provided you deal through a reputable agent.
Click on the Detail Button to view the Formula Sheet. Market participants should, where activity justifies it, aim to reduce settlement and related credit risk on currency transactions by:
A. Establishing realistic daylight limits for counterparties.
B. Monitoring all payments to counterparties who are known to be experiencing difficulties.
C. Establishing legally binding bilateral netting agreements with counterparties or participating in a multilateral netting system.
D. Seeking pre-payment.
Click on the Detail Button to view the Formula Sheet. Where internet trading facilities are established by a bank for a client, the conditions and controls should be stated in a rulebook produced by:
A. The bank.
B. The local bankers association.
C. The local regulator.
D. Negotiation between the bank and client.
Click on the Detail Button to view the Formula Sheet. You deal over the phone with a counterparty. The subsequent confirmation differs from the terms agreed verbally. What is the result?
A. The confirmation takes precedence as it is a written contract.
B. The matter will have to be submitted to arbitration in order to establish the mutual intent of the parties.
C. It depends on local law.
D. The verbal agreement is binding.
Click on the Detail Button to view the Formula Sheet. It is up to the vendors of electronic dealing platforms to ensure that dealers are trained to use their systems.
A. Management should ensure dealers fully understand the systems they use and dealers should read the manuals.
B. Management, dealers and vendors share responsibility.
C. Dealers are required to pass the ACI Dealing Certificate before being allowed to access electronic dealing platforms.
D. Given the wide range of electronic dealing platforms used by banks, it is the responsibility of the vendors to ensure individual users are adequately trained.
Click on the Detail Button to view the Formula Sheet. One of your brokers asks you to buy and sell EUR/ USD at the same price net of brokerage in order to allow him to clear a transaction.
A. You must have prior senior management approval.
B. You must have the authority to switch names.
C. You must execute such transactions as promptly as possible within policy guidelines .
D. All of the above.
Click on the Detail Button to view the Formula Sheet. A person who appears to be a technician asks for your help in accessing treasury systems as he has forgotten his list of access codes. The Model Code recommends:
A. You should provide all reasonable assistance.
B. You should report the request immediately to senior management.
C. Do not get involved; you may be at risk.
D. There is no recommendation in the Model Code.
Click on the Detail Button to view the Formula Sheet. You are quoting forward FX prices to a broker subject to finding a counterparty for a matching transaction. The Model Code says:
A. You must tell the broker, who must qualify your quotes.
B. For credit reasons, you must tell the broker when he presents a name.
C. You cannot do this.
D. The Model Code does not make recommendations on this subject.
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