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3I0-013 ACI Operations Certificate challenging Free Practice Exam Questions (2025 Updated)

Prepare effectively for your ACI 3I0-013 ACI Operations Certificate challenging certification with our extensive collection of free, high-quality practice questions. Each question is designed to mirror the actual exam format and objectives, complete with comprehensive answers and detailed explanations. Our materials are regularly updated for 2025, ensuring you have the most current resources to build confidence and succeed on your first attempt.

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Total 386 questions

What do FX swap rates represent?

A.

Largely the interest rate differential between two currencies

B.

The price of an option

C.

The expectation of an appreciation of a currency

D.

The volatility of a currency

What does a holiday file contain?

A.

It contains all weekends and bank holidays for all currencies held in the currency file

B.

It contains Saturdays, Sundays and domestic bank holidays

C.

It contains a list of deals maturing on a domestic bank holiday

D.

It contains a list of all deals where the maturity date is a weekend

Which of the following is characteristic of derivative instruments?

A.

Trades are executed in nominal amounts

B.

Derivates are bought and sold only over the counter (OTC)

C.

The final settlement of a derivates trade can only be made by physical delivery

D.

The accounting for derivative instruments is off balance sheet

Under what circumstances would you have to pay overdraft interest?

A.

If the counterparty's fees are higher than yours

B.

If your nostro account balance at the end of the month is less than the amount of fees paid

C.

If your nostro account shows a debit balance you will be charged overdraft interest on the remaining debit amount.

D.

Overdraft interest is charged if your collateral at the central bank is lower than your cash balance

A yield curve can be drawn for a wide variety of financial instruments. The most widely analyzed yield curves are those for benchmark instruments such as:

A.

Consumption and inflation levels

B.

Money market rates and government bonds

C.

Mortgage rates

D.

Commodities

What happens if an instruction remains unmatched and/or unsettled through CLS Bank?

A.

If there is more than one FX trade with a single counterparty to settle in the identical currencies, then both sides should bilaterally agree to settle the trades outside of CLS Bank on a net basis.

B.

If there is only one FX trade with a single counterparty to settle in the identical currencies, then either side can unilaterally decide to settle the trade outside of CLS Bank on a net basis.

C.

If there is more than one FX trade with a single counterparty to settle in the identical currencies, then both sides should bilaterally agree to settle the trade outside CLS Bank on a gross basis.

D.

If there is more than one FX trade with a single counterparty to settle in the identical currencies, then either side can unilaterally instruct the CLS Bank to settle the trades.

Your dealers have made the following deals in spot USD/JPY:

Sold USD 5,000,000.00 at 93.60

Bought USD 3,500,000.00 at 93.20

Bought USD 2,000,000.00 at 93.50

Sold USD 2,000,000.00 at 93.55

What is your position?

A.

Short USD 1,500,000.00 at 94.60

B.

Short USD 1,500,000.00 at 94.5857

C.

Long USD 1,500,000.00 at 94.60

D.

Short USD 1,500,000.00 at 93.55

Which of the following is considered a good practice in trade confirmation?

A.

Confirmations should be issued to non-front office personnel only

B.

All confirmations must be sent on the day following the trade date at the latest

C.

Multiple confirmations sent through different distribution channels reduce potential errors

D.

Counterparties should send confirmations, or positively affirm trades within 24 hours of the trade booking

Today is Friday, 28 July. Considering that there is a bank holiday in Switzerland on Tuesday, 1 August, what is the value date of a money market deal in CHF?

A.

31 July

B.

1 August

C.

2 August

D.

3 August

How is the price of an interest rate swap (IRS) expressed?

A.

As an exchange rate

B.

As a cash flow

C.

As a margin added to the floating rate

D.

As an interest rate expressed in percentage terms

The CLS-Bank (Continuous Linked Settlement) is one of the ways through which FX transactions can be settled. Why was this bank founded?

A.

To simplify domestic payments

B.

To handle interbank liquidity more efficiently

C.

To accelerate cross-border payments

D.

To minimize settlement risks

In the bond market, which of the following is true about the settlement amount?

A.

The settlement amount is the sum of the redemption value plus all coupons paid by the issuer.

B.

If the yield and the coupon are exactly the same, the settlement amount and the face value will be identical.

C.

The settlement amount is always calculated using the redemption price.

D.

On a coupon date, if the bond quotes at par, the settlement amount and the face value will be identical.

Which country does the BIC-address BKENGB33CUS belong to?

A.

The United Kingdom

B.

The United States of America

C.

Kenya

D.

Gambia

An American-style option is:

A.

An option traded in USD

B.

An option which can be exercised at any time between the purchase and expiration date

C.

An option based on any US dollar instrument

D.

An option which can be exercised only on its expiry date

Experience has shown that recourse to taped telephone conversations proves invaluable to the speedy resolution of disputes. Therefore, the Model Code recommends:

A.

That all telephone conversations (internal and external) be taped without informing counterparties

B.

That only conversations undertaken by dealers and brokers should be recorded

C.

That all conversations undertaken by dealers and brokers should be recorded, together with back office telephone lines used by those responsible for confirming deals or passing payments to other institutions

D.

That only telephone conversations between dealers and brokers be recorded

A dealer belongs to:

A.

The compliance staff

B.

The middle office staff

C.

The front office staff

D.

The back office staff

The market standard legal agreement for Interest Rate Swaps is:

A.

ISDA

B.

ACI

C.

SIFMA/ICMA

D.

ICMA

Which SWIFT message type is a nostro cash reconciliation software package based on?

A.

SWIFT MT 300

B.

SWIFT MT 292

C.

SWIFT MT 571 (i.e. a statement of holdings)

D.

SWIFT MT 940 and MT 950 (i.e. a statement of account)

What is a nostro bank account?

A.

An account held with another bank

B.

An account another bank holds with you

C.

A trust account

D.

A suspense account

The yield of a 1 month FRN in EUR depends on

A.

The level of short-term EUR interest rates

B.

The level of medium-term EUR interest rates

C.

The slope of EUR yield curve

D.

The level of long-term EUR interest rates

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Total 386 questions
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