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SOFQ ICMA Securities Operations Foundation Qualification (SOFQ) Free Practice Exam Questions (2025 Updated)

Prepare effectively for your ICMA SOFQ Securities Operations Foundation Qualification (SOFQ) 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 50 questions

The calculation of profit and loss for securities includes:

A.

Realised (potential) P&Land Unrealised (actual) P&L

B.

Realised (projected) P&L and Unrealised (authentic) P&L

C.

Realised (predicted) P&L and Unrealised (likely) P&L

D.

Realised (actual) P&Land Unrealised (potential) P&L

Accrued interest is designed to:

A.

Compensate the buyer of an interest-bearing bond for interest earned, (but not paid) since the previous coupon payment date

B.

Compensate the seller of an interest-bearing bond for interest earner, (but not paid) relating to the next coupon payment date

C.

Compensate the buyer of an interest-bearing bond for interest earned, (but not paid) relating to the next coupon payment date

D.

Compensate the seller of an interest-bearing bond for interest earned, (but not paid) since the previous coupon payment date

The number of days of accrued interest, and the cash value of accrued interest - on a trade of USD 45,000,000 World Bank 4.37% Bonds 1st December 2032, paying interest semi-annually on 1st December and Ist June, trade date 22~d October, value date 25tl October, is:

A.

144 days and USD 786,600.00

B.

174 days and USD 950,475.00

C.

141 days and USD 770,212.50

D.

171 days and USD 934,087-50

Within the security entitled 'Exxon Mobil Corporation USD 1.00 Common Stock', the 'USD 1.00' is commonly known as the:

A.

issue value

B.

par value

C.

notional quantity

D.

share size

DTC - the central securities depository for US equities is the abbreviation for:

A.

Depository Trust Company

B.

Depot Transaction

C.

Deposit and Trade Conglomerate

D.

Depot for Trades Corporation

Thefollowing is an inaccurate statement:

A.

Warrants have a variable exercise price

B.

Warrants are exercisable by the warrant holder

C.

Warrants will expire if not exercised by the expiry date

D.

Warrants are detachable from the original security

Where Firm A has borrowed a fixed cash amount on a secured basis from Firm B, an increase in the collateral value means that:

A.

Firm A has exposure and must return some collateral to Firm B

B.

FirmB has exposure and must request additional collateral from Firm A

C.

Firm B has exposure and must request the return of collateral from Firm A

D.

Firm A has exposure and must request the return of some collateral from Firm B

On a scale of 1,500,000 Microsoft Corporation shares at a price of USD 3.78 per share, the SEC Fee payable is::

A.

USD 1.89

B.

USD 18.90

C.

USD 189.00

D.

USD 1890.00

The abbreviation WAC stands for:

A.

Wheel and Calculate

B.

Weighted Average Cost

C.

West Against Charge

D.

Wait About Control

From the perspective of one party to a securities trade, Free of Payment settlement without risk means:

A.

Delivering an asset to the counterparty prior to receipt of the contra asset from the counterparty

B.

Simultaneously exchanging securities and cash with the counterparty

C.

Delivering an asset to the counterparty following successful exchange of trade confirmations

D.

Receiving the counterparty's asset before instructing release of the contra asset

A cash amount of GBP 5,909,658.47 lent on a Thursday until the second Monday (just over 1 week later) at a rate of 2.973%, would attract:

A.

7 days of interest and a cash interest amount of GBP 3369.48

B.

9 days of interest and a cash interest amount of GBP 4392.35

C.

13 days of interest and a cash interest amount of GBP 6344.51

D.

11 days of interest and a cash interest amount of GBP 5294.89

A firm executing a securities trade in the capacity of agency broker intends:

A.

To take a securities position, and to remain market risk neutral

B.

Not to take a securities position, and not to remain market risk neutra

C.

Not to take a securities position, and to remain market risk neutral

D.

To take a securities position, and not to remain market risk neutral

Internal trading systems typically do not:

A.

Reflect the firm's settled positions at CSDs/custodians

B.

Have the capability to capture new trades

C.

Hold the firm's current trading positions

D.

Have the capability to amend and cancel trades

The 3 largest centres for foreign exchange trading are:

A.

US, 2) Japan, 3) UK

B.

Hong Kong, 2) UK, 3) US

C.

US, 2) Singapore, 3) UK

D.

UK, 2) US, 3) Singapore

Grey market trading refers to:

A.

Trading of equity and bonds by investors aged 65 and over at the start of the tax year

B.

Trading in convertible and exchangeable bonds prior to their conversion

C.

Trading in corporate bonds following the bondholder's decision to take-up a put option

D.

Trading in a new issue of bonds by parties not involved in the syndication process

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