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Question 1:

What is the amount of the principal plus interest due at maturity on a 1-month (32-day) deposit of USD 50,000,000.00 placed at 0.37%?

A. EUR 50,015,416.67

B. EUR 50,016,219.18

C. EUR 50,016,444.44

D. EUR 50,016,958.33

Correct Answer: C

Question 2:

Today\’s spot value date is the 30th of June. What is the maturity date of a 2-month EUR deposit deal today? Assume no bank holidays.

A. 27th August

B. 30th August

C. 31st August

D. 1 September

Correct Answer: C

Question 3:

From the following GBP deposit rates:

1M (30-day) GBP deposits 0.45% 2M (60-day) GBP deposits 0.50% 3M (91-day) GBP deposits 0.55% 4M (123-day) GBP deposits 0.65% 5M (153-day) GBP deposits 0.70% 6M (184-day) GBP deposits 0.75%

Calculate the 3×4 forward-forward rate.

A. 0.60%

B. 0.949%

C. 1.074%

D. 0.933%

Correct Answer: D

Question 4:

What is EONIA?

A. Volume-weighted average overnight EUR deposit rate

B. Volume-weighted average overnight EUR LIBOR

C. Arithmetic average overnight EUR deposit rate

D. ECB overnight lending rate

Correct Answer: A

Question 5:

Which of the following is not a negotiable instrument?





Correct Answer: B

Question 6:

Which party usually takes an initial margin in a classic repo?

A. The buyer

B. The seller

C. Neither

D. Both

Correct Answer: A

Question 7:

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

D. Nil

Correct Answer: C

Question 8:

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

Correct Answer: D

Question 9:

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

Correct Answer: C

Question 10:

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

Correct Answer: B

Question 11:

Voice-brokers in spot FX act as:

A. Proprietary traders

B. Market-makers

C. Matched principals

D. Agents

Correct Answer: D

Question 12:

Are the forward points significantly affected by changes in the spot rate?

A. Never

B. For very large movements and longer terms

C. Always

D. Spot is the principal influence

Correct Answer: B

Question 13:

Which of the following CHF/JPY quotes that you have received is the best rate for you to buy CHF?

A. 105.80

B. 105.75

C. 105.70

D. 105.85

Correct Answer: C

Question 14:

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

Correct Answer: C

Question 15:

As far as fineness and weight are concerned, what are the London Bullion Market Association (LBMA) requirements for a “good delivery bar”?

A. at least 995/1000 pure gold; weight between 350 and 430 fine ounces

B. minimum 999.9/1000 pure gold; weight between 350 and 430 fine ounces

C. at least 995/1000 pure gold; weight of 400 fine ounces

D. minimum 995/1000 pure gold; weight of 400 fine ounces

Correct Answer: A

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