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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

A middle or back office clerk receives an FX ticket in which the counterparty is not clearly identified. What should he/she do?

A.

Keep the ticket in “stand-by mode” until a matching confirmation is received

B.

Immediately refer the ticket to the compliance officer

C.

Refer the ticket to the FX dealer for further details

D.

Refer the ticket to the nostro account manager for further instructions

What is the primary role of the position-keeper in a dealing room?

A.

To keep the multilateral limits updated

B.

To invest funds at the highest available interest rate

C.

To keep the balance or position of the accounts or nostros in each currency representing the accounts held by the bank’s agents

D.

To keep the management informed about interest rate developments

In the absence of his normal dealer contact, a counterparty calls the back office and asks the clerk for his opinion about how long his money should be placed on deposit. What action should the back office clerk take?

A.

He should give his opinion.

B.

He should give his opinion and tell the counterparty that he is not qualified to do so.

C.

He should tell the counterparty that he is not qualified to give an opinion and refer the counterparty to another dealer.

D.

He should give his opinion and refer the counterparty to another dealer.

As to futures contracts:

A.

The maintenance margin is a predetermined fraction of initial margin

B.

The initial margin is a predetermined fraction of maintenance margin

C.

The maintenance margin represents the brokerage costs

D.

The maintenance margin represents management fees

What is an essential feature of nostro reconciliations?

A.

That a daily nostro reconciliation report is sent out to the correspondent bank

B.

That they are performed before the next business day

C.

That they are performed in a timely and efficient way

D.

That open items are booked on an internal account

An input message for the SWIFT network is composed of up to which five parts?

A.

1. Basic header block, 2. Communication header block, 3. Currency block, 4. Text block, 5. Trailers block

B.

1. Basic header block, 2. Application header block, 3. User header block (optional), 4. Text block, 5. Trailers block

C.

1. Sending header block, 2. Application header block, 3. User header block, 4. Text block (optional), 5. Transmission block

D.

1. Basic header block, 2. System header blocks (optional), 3. User header block, 4. Text block, 5. Security block

Which one of the following excerpts completes this statement of a best market practice? “Any exception to the confirmation process should be resolved?

A.

No later than the value date

B.

Within 2 days

C.

Within 1 week

D.

On the day it is discovered

A broker:

A.

Is an agent who mediates between buyers and sellers, for their mutual financial interest

B.

Controls country limits in cooperation with the compliance officer

C.

Is responsible for reducing transaction fees

D.

Acts as a correspondent bank

You have received the requisite notification from a non-swapping counterparty that their USD correspondent is to be changed from Bank A to Bank B taking effect from value date 15 June. On 14 June, you buy JPY 50,000,000 from your counterparty against USD for value spot. What payment will you execute?

A.

USD payment to Bank A

B.

USD payment to Bank B

C.

JPY payment to Bank A

D.

JPY payment to Bank B

Which of the following are products used in bank liquidity management?

A.

Money market taking and placing, sale and repurchase agreements (repos)

B.

Currency options and currency futures

C.

Spot FX transactions

D.

Caps, floors, collars, and interest rate futures

When should discrepancies between front-office and back-office systems be resolved?

A.

By the end of the trading day

B.

On the next business day

C.

On the value date

D.

As soon as they become apparent

The "value date" is best described as:

A.

The date a trade is undertaken

B.

The date the fixing rate is agreed upon

C.

The date the settlement occurs

D.

The date confirmations are exchanged between counterparties

Which of the following is the main objective of position-keeping?

A.

Measuring market exposure

B.

Defining capital adequacy

C.

Evaluating country risk

D.

Monitoring counterparty credit risk

If the EUR/USD is quoted to you as 1.3550-53, what does this price represent?

A.

EUR per USD

B.

USD per EUR

C.

The interest rate differential between EUR and USD

D.

The fact that one USD is worth more than one EUR

If you had bought USD/CNY at 6.2500 in a NDF and if it fixed at a spot rate of 6.3000, you would expect to:

A.

Pay a cash settlement in USD

B.

Pay a cash settlement in CNY

C.

Receive a cash settlement in USD

D.

Receive a cash settlement in CNY

What are the communication channels most often used for investigations?

A.

VoIP

B.

Mail, fax

C.

Phone, SWIFT

D.

Reuter Dealing

The fixing of a EUR FRA usually takes place:

A.

At the end of the FRA period

B.

When the deal is done

C.

Two business days before the start date of the FRA period

D.

On the third Monday of the contract month

When is the settlement amount of a FRA normally payable?

A.

At the beginning of the forward period

B.

On the trade date

C.

On the maturity (final) date

D.

At any time before the contracts maturity date

The use of a bilateral netting scheme for FX settlements results in:

A.

One net settlement per currency, per counterparty, per day

B.

One net settlement per currency, per day

C.

A single net settlement per day

D.

Multiple settlements per currency, per counterparty, per day for those netted settlements

Generally, "initial margin" means:

A.

The notional amount of a contract

B.

A deposit amount per contract that is determined by the futures exchange

C.

The maximum net loss during the contract period

D.

The minimum net loss during the contract period

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