Exam Code: 3I0-012
Exam Name: ACI Dealing Certificate
A CD with a face value of EUR 10,000,000.00 and a coupon of 3% was issued at par for 182 days and is now trading at 3.10% with 120 days remaining to maturity. What has been the capital gain or loss since issue?
A. -EUR 52,161.00
B. -t-EUR 47,839.00
C. -EUR 3,827.67
You have taken 3-month (92 days) deposits of CAD 12,000,000.00 at 1.10% and CAD 6,000,000.00 at 1.04%. Minutes later, you quote 3-month CAD 1.09-14% to another bank. The other dealer takes the CAD 18,000,000.00 at your quoted price. What is your profit or loss on this deal?
A. CAD 2,722.19
B. CAD 460.00
C. CAD 3,220.00
D. CAD 2,760.00
A 7% CD was issued at par, which you now purchase at 6.75%. You would expect to pay:
A. The face value of the CD
B. More than the face value
C. Less than the face value
D. Too little information to decide
The tom/next GC repo rate for German government bonds is quoted to you at 1.75-80%. As collateral, you sell EUR 10,000,000.00 nominal of the 5.25% Bund July 2012, which is worth EUR 11,260,000.00, with no initial margin. The Repurchase Price is:
A. EUR 10,000,500.00
B. EUR 10,000,486.11
C. EUR 11,260,563.00
D. EUR 11,260,547.36
The tom/next GC repo rate for German government bonds is quoted to you at 1.75-80%. As collateral, you sell EUR 10,000,000.00 million nominal of the 5.25% Bund July 2012, which is worth EUR 11,260,000.00. If you have to give an initial margin of 2%, the Repurchase Price is:
A. EUR 11,035,336.41
B. EUR 11,035,351.74
C. EUR 11,039,752.32
D. EUR 11,039,767.65
A bond is trading 50 basis points special for 1 week, while the 1-week GC repo rate is 3.25%. If you held GBP 10,500,000.00 of this bond, what would be the cost of borrowing against it in the repo market?
A. GBP 7,551.37
B. GBP 6,544.52
C. GBP 5,537.67
D. GBP 1,006.85
If EUR/USD is quoted to you as 1.3050-53, does this price represent?
A. The number of EUR per USD
B. The number of USD per EUR
C. Depends on whether the price is being quoted in Europe or the US
D. Depends on whether the price is being quoted interbank or to a customer
The seller of a EUR/RUB NDF could be:
A. a potential buyer of EUR against RUB
B. speculating on an appreciation of the Russian Rouble
C. expecting rising EUR/RUB exchange rates
D. a seller of Russian Rouble
Voice-brokers in spot FX act as:
A. Proprietary traders
C. Matched principals
Are the forward points significantly affected by changes in the spot rate?
B. For very large movements and longer terms
D. Spot is the principal influence
In GBP/CHF, you are quoted the following prices by four different banks. You are a buyer of CHF.
Which is the best quote for you?
Which of the following CHF/JPY quotes that you have received is the best rate for you to buy CHF?
You have quoted spot USD/CHF at 0.9423-26. Your customer says “I take 5”. What does he mean?
A. He buys CHF 5,000,000.00 at 0.9423
B. He buys CHF 5,000,000.00 at 0.9426
C. He buys USD 5,000,000.00 at 0.9423
D. He buys USD 5,000,000.00 at 0.9426
A 12-month EUR/USD swap is quoted at 41/44. EUR interest rates are expected to fall, with USD interest rates remaining stable.
Assuming no change in the spot rate what effect would you expect on the forward points?
B. Move towards 28/31
C. Move towards 5 7/60
D. Insufficient information
Assuming a flat yield curve in both currencies, when quoting a 1- to 2-month forward FX time option price in a currency pair trading at a discount to a customer:
A. you would take as bid rate the bid side of the 2-month forward and as offered rate the offered side of
the 1-month forward
B. you would take as bid rate the offered side of the 2-month forward and as offered rate the bid side of
the 1-month forward
C. you would take as bid rate the offered side of the 1-month forward and as offered rate the offered side
of the 2-month forward
D. you would take as bid rate the bid side of the 1-month forward and as offered rate the bid side of the
Clients of a voice-broker quote EUR/USD at 1.3556-61, 1.3559-62, 1.3557-63 and 1.3555-59.
What will be the broker’s price?
A. 1.3559 choice
A “time option” is an outright forward FX transaction where the customer:
A. has the option to fulfill the outright forward or not at maturity
B. may freely choose the maturity, given a 24-hour notice to the bank
C. can choose any maturity within a previously fixed period
D. may decide to deal at the regular maturity or on either the business day before or after
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