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ACI 3I0-012 Online practice testing questions and answers

Welcome to your aci 3i0-012 practice test

QUESTION 1

You are quoted the following market rates:
spot EUR/CHF 1.1005 6M (180-day) EUR 3.45% 6M (180-day) CHF 1.25%
What are the 6-month EUR/CHF forward points?

A. +121

B. +120

C. -116

D. -119

QUESTION 2

Click on the Exhibit Button to view the Formula Sheet. If you bought USD 2,000,000 against CHF at 1.1020, USD
3,000,000 at 1.1040 and USD 5,000,000 at 1.1032, what is the average rate of your position?

A. 1.1030

B. 1.1035

C. 1.1028

D. 1.1032

QUESTION 3

Which of the following correctly states the Model Code\\’s recommendations regarding electronic trading and broking?

A. Liquidity providers should be cognizant of reputational risks when supplying liquidity for onward third party consumption.

B. Market participants must not seek information as to the legal status of a potential counterparty before allocating credit or trading status.

C. Transactions should be handled in accordance with the regulator\\’s dealing rule book.

D. Access to systems internally and at the client interface must be strictly controlled by the dealers.

QUESTION 4

Which of the following statements about Eurodollar deposits is correct?

A. Eurodollar deposits can only be dealt by banks in the USA

B. US withholding tax applies to Eurodollar deposits

C. Eurodollar deposits are free of US reserve requirements

D. Eurodollar deposits are subject to US exchange controls

QUESTION 5

Under what conditions can an FX broker act as a position taker?

A. if a principal refuses to honour the deal

B. no conditions are required; the broker is entitled to take positions

C. only if he can not find another counterparty for a name switching

D. brokers act only as intermediaries or arrangers of deals

QUESTION 6

Clients of a voice-broker quote EUR/GBP at 0.8345-50, 0.8346-51, 0.8348-53 and 0.8349-53. What will be the broker\\’s
price?

A. 0.8345-53

B. 0.8345-50

C. 0.8349-50

D. 0.8349-53

QUESTION 7

What does the Model Code say about netting?

A. Market participants are strongly recommended to net bilateral transactions with counterparties where activity justifies it.

B. Market participants should establish payments netting agreements with cross-border counterparties where activity justifies it.

C. Market participants should establish legally viable bilateral netting agreements with counterparties where activity justifies it.

D. Market participants should establish legally viable multilateral netting agreements where activity justifies it.

QUESTION 8

You are paying 5% per annum paid semi-annually and receiving 6-month LIBOR on a USD 10 million interest rate swap
with exactly two years to maturity . 6-month LIBOR for the next payment date is fixed today at 4.95%. You expect
6month LIBOR in 6 months to fix at 5.25%, in 12 months at 5.35% and in 18 months at 5.40%. What do you expect the
net settlement amounts to be over the next 2 years? Assume 30-day months.

A. pay 250, receive 1,250, receive 1,750, receive 2,000

B. receive 250, pay 1,250, pay 1,750, pay 2,000

C. pay 2,500, receive 12,500, receive 17,500, receive 20,000

D. receive 2,500, pay 12,500, pay 17,500, pay 20,000

QUESTION 9

The gamma of an option is:

A. The sensitivity of the option value to changes in volatility

B. The sensitivity of the option value to changes in the time to expiry

C. The sensitivity of the delta to changes in the value of the underlying

D. The sensitivity of the option value to changes in the price of the underlying

QUESTION 10

What is the purpose of a short straddle option strategy?

A. To anticipate lower volatility in the price of the underlying commodity

B. To anticipate moderately high volatility in the price of the underlying commodity

C. To anticipate increasing volatility in the price of the underlying commodity

D. To anticipate very high volatility in the price of the underlying commodity

QUESTION 11

How would you delta hedge a deeply “in-the-money” short put option?

A. Go short of the underlying commodity equal to 50% of the size of the option contract

B. Go long of the underlying commodity equal to 50% of the size of the option contract

C. Go long of the underlying commodity equal to more than 50% of the full size of the option contract

D. Go short of the underlying commodity equal to more than 5O% of the full size of the option contract

QUESTION 12

Your broker quotes you EUR/USD at 1.3425-28. You respond by saying “yours”. Which one of the following statements is true?

A. You are committed to sell a marketable EUR amount unless the quote was for a specific amount

B. You are committed to sell to the counterparty his full EUR amount subject to credit limits on the counterparty.

C. You are committed to sell EUR up to the amount permitted by your credit limits on the counterparty.

D. You are committed to sell a marketable USD amount unless the quote was for a specific amount.

QUESTION 13

What rate should be used if the settlement date in a foreign exchange transaction is no longer a “good” date?

A. The original rate of the transaction

B. The original rate of the transaction adjusted by the relevant forward points

C. The affected parties should agree to adjust the exchange rate according to the prevailing relevant forward mid swap points at the time the bank holiday is announced

D. The rate is open to negotiation by the two parties

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