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benchmark in certifying the financial industry globally”  \nACI -The Financial Markets Association  \n8 Rue Du Mail  \n75002 Paris France  \n[www.acifma.com](www.acifma.com)  \n1 – Financial Markets Environment  \n1.1 Which of the following types of persons or organisations does the FX Global Code state would generally be expected to engage in FX Market activities as Market Participants (as defined in the FX Global Code)?  \nA An individual retail client  \nB A high-net-worth individual acting as a private banking client C A pricing display platform  \nD 􀃆 A family office running treasury operations  \n1.2 When can a market be considered efficient?  \nA When prices of products never reflect the available information B 􀃆 When prices of products always reflect the available information C When prices of products sometimes reflect the available information  \nD When prices of products reflect the available information from the Central Bank  \n1.3 Identify the correct phases in a financial markets transaction:  \nA Execution, placement, layering and liquidation B Registration, affirmation, placement and confirmation C 􀃆 Execution, registration, confirmation and settlement D Integration, placement, layering and dissolution  \n1.4 What are the four main economic agents for a country?  \nA 􀃆 Government, Households, Corporations and Financial Institutions B Government, Brokers, Funds and Banks  \nC Major Banks, Major Corporations, Family Offices and Debt Management Agency  \nD Government, World Bank, International Monetary Fund and Organisation for Economic Co-operation and Development  \n1.5 Which of the following products is currently out of scope of the MiFID II regulatory package?  \nA 􀃆 FX Spot  \nB FX Forwards  \nC Government Bonds  \nD FX Options  \n2 – Foreign Exchange  \n2.1 You are a customer asking four banks to provide Spot FX quotes in EUR/GBP. Which is the best price for you to buy GBP?  \nA 0.8735  \nB 0.8717  \nC 0.8727  \nD 􀃆 0.8737  \n2.2 If USD/CHF is quoted to you as 0.9675-0.9680, does this price represent?  \nA 􀃆 The number of CHF per 1 USD B The number of USD per 1 CHF  \nC It is not clear, as it will depend if the price is quoted in Switzerland or in the United States D It is not clear, as it will depend if the price is quoted by a bank or by a broker  \n2.3 A customer asks for a price in 6-month EUR/USD. You quote 53-63 and he deals at 53. What have you done?  \nA Bought EUR against USD 6-month forward only B Sold EUR against USD 6-month forward only  \nC Sold USD against EUR on Spot and bought USD against EUR on 6-month forward D 􀃆 Sold EUR against USD on Spot and bought EUR against USD on 6-month forward  \n2.4 What do forward points in FX represent?  \nA The expected appreciation or depreciation of the base currency B The expected appreciation or depreciation of the quoted currency C Only the interest rate differential between two currencies  \nD 􀃆 The interest rate differential between two currencies, amongst other factors  \n2.5 Spot USD/JPY is quoted at 107.60-107.65 and JPY interest rates are lower than USD interest rates. Would you expect the USD/JPY forward points?  \nA To be added to the Spot price  \nB To have no impact in the Spot price C To be subtracted from the bid of the Spot only D 􀃆 To be subtracted from the Spot price  \n2.6 You wish to sell a customer EUR/CHF for value tomorrow. How can you hedge yourself?  \nA Sell EUR/CHF Spot, and Sell and Buy EUR/CHF tom/next B 􀃆 Buy EUR/CHF Spot, and Buy and Sell EUR/CHF tom/next C Buy and Sell EUR/CHF tom/next only  \nD Sell and Buy EUR/CHF tom/next only  \n2.7 Spot USD/JPY is quoted to you at 107.50-55. If you bought JPY 500,000,000.00 at this quote, how many USD would you have to sell in exchange?  \nA USD 4,644,681 .84 B USD 4,649,000 .46 C 􀃆 USD 4,651,162 .79 D USD 4,653,327 .13  \n2.8 Spot GBP/USD is quoted at 1.2522-1.2527 and Spot USD/JPY is quoted at 107.70-107.75. What is the GBP/JPY cross rate?  \nA 1","cbCaip0Rm9Q29fQx","https://ap.wps.com/l/cbCaip0Rm9Q29fQx","pdf",272699,"English","# 1 - Financial Markets Environment\n## 1.1 Market participants for FX market activities\n## 1.2 When a market is efficient\n## 1.3 Phases in a financial markets transaction\n## 1.4 Four main economic agents\n## 1.5 MiFID II out-of-scope product\n# 2 – Foreign Exchange\n## 2.1 Best price to buy GBP from EUR/GBP quotes\n## 2.2 Meaning of a USD/CHF quote range\n## 2.3 Rate dealing when quoting 6-month EUR/USD\n## 2.4 What forward points represent\n## 2.5 Expected USD/JPY forward points with rate differential\n## 2.6 Hedging EUR/CHF for tomorrow settlement\n## 2.7 Converting USD/JPY to determine USD to sell\n## 2.8 Calculating GBP/JPY cross rate\n## 2.9 Quoting EUR per USD when customers request reverse\n# 3 – Rates\n## 3.1 Deposit settlement when maturity falls on month-end Sunday\n## 3.2 Day count/annual basis for ZAR money market deposits\n## 3.3 Initial margin in a classic repo\n## 3.4 Coupon payments on bond collateral in buy-back terms\n## 3.5 Instrument not transferable\n## 3.6 Interpreting 1-month USD deposit pricing with “20 yours”\n## 3.7 Rolled overnight deposit repayment calculation\n## 3.8 Investing to be repaid EUR principal plus interest in days","[{\"question\":\"What does the FX Global Code identify as market participants in FX Market activities?\",\"answer\":\"It expects specific types of persons or organisations to participate, and the questions distinguish between retail clients, private banking/HNW individuals, pricing platforms, and family offices running treasury operations.\"},{\"question\":\"How do you interpret a quote like USD/CHF 0.9675-0.9680?\",\"answer\":\"The question tests whether the quote expresses CHF per 1 USD or USD per 1 CHF, emphasizing that the direction matters when interpreting the price range.\"},{\"question\":\"What do forward points represent in FX?\",\"answer\":\"They represent the interest rate differential between the two currencies, and can also be influenced by other factors, rather than only a simple expected appreciation/depreciation of one currency.\"}]","ACI Dealing Certificate New Version - Sample Questions - Exam Code 002-101 | PDF",1790735336,23]