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ACI 3I0-012 pdf questions and answers
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Share some ACI-Financial Markets Association 3I0-012 exam questions and answers below.
You are short in 6-month JPY deposit. You need to square the position using the USD deposit market and a USD/JPY swap. You are quoted the following USD/JPY swap rates.Which would be the best rate to use?
A. 21/18
B. 18/15
C. 22/17
D. 19/16
Answer: A
Given a flat yield curve of 6%, which of the following assets would have the greatest interest rate sensitivity?
A. a zero-coupon bond with 8 years to maturity
B. a 5% fixed coupon bond with 8 years to maturity
C. a 7% fixed coupon bond with 8 years to maturity
D. a floating rate note with 8 years to maturity
Answer: A
Which of the following statements is correct?
A. Unilateral collateral obligations to sovereign counterparties provide liquidity to banks
B. Under Basel III commercial banks are most likely to incur lower costs to service their sovereign clients.
C. While banks usually do not call for collateral from sovereign counterparties, they must often provide collateral for the offsetting hedge transactions which are undertaken with commercial counterparties
D. Uncollateralised exposures to sovereign counterparties require banks to hold additional regulatory capital
Answer: C
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 50% of the full size of the option contract
Answer: D
How is an outright forward FX transaction quoted?
A. Forward points
B. Depends on the term
C. Depends on whether it is interbank or to a customer
D. Depends on the currency pair
Answer: C
You are the fixed-rate payer in a plain vanilla interest rate swap.If your counterparty defaults, your exposure at default is:
A. greater, the higher the market swap rate and the shorter the term
B. lower, the lower the market swap rate and the shorter the term
C. lower, the lower the market swap rate and the longer the term
D. greater, the higher the market swap rate and the longer the term
Answer: D
Which of the following is used in historical stress testing?
A. +200 b.p. parallel shifts of the interest rate curve
B. ?200 b.p. parallel shifts of the interest rate curve
C. historical data for simulating a crisis scenario
D. hypothetical data for simulating a crisis scenario
Answer: C
What does the Model Code say about extending forward contracts at non-current rates?
A. Such practices should be avoided as they could be used to conceal profit or losses and unauthorised extensions of credit.
B. Non-current rates are not recommended as they could result in confusing settlement instructions and additional work.
C. In fact, trades at non-current rates are a good way to increase margins and therefore the Model Code recommends that they be widely used
D. The practice is tolerated since, due to the recent turmoil in financial markets, calculating accurate prices has become increasingly difficult
Answer: A
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About Jayson Bowdoin 
Customer Support
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Created on Oct 17th 2017 21:03. Viewed 492 times.
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