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QUESTION: 76 Topic: 1, Volume A

What ought to be done in the event a trade erroneously occurs at an off-market rate?

By agreement between the two counterparties, the trade must be cancelled as soon as practically possible since a rate amendment is prohibited.
By agreement between the two counterparts, the trade should, as soon as practically possible, either be cancelled or have its rate amended to an appropriate market rate.
The off-market rate should be adjusted as soon as possible to the appropriate current market rate and a new authenticated SWIFT confirmation sent immediately to the counterparty.
Nothing need be done, since once a trade is agreed to by the front office it is a binding agreement for both counterparties.

Answer(s): B

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QUESTION: 77 Topic: 1, Volume A

How long does the Model Code recommend that tapes and other records of dealers/brokers be kept?

at least two months
one year
up to one month
at least three months

Answer(s): A

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QUESTION: 78 Topic: 1, Volume A

What is the meaning of “under reference” in the terminology of trading?

a term the quoting dealer uses to caution the receiver of the quote that the price may have to be re-quoted at the receiver’s risk
the qualification that the rate quoted in the market may no longer be valid and requires confirmation before any trades can be agreed upon
the statement that the rates quoted by the broker are for indication only
an acknowledgement by the dealer receiving the quote that the rate may have to be re-quoted at the receiver’s risk

Answer(s): B

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QUESTION: 79 Topic: 1, Volume A

You request use of funds from your agent bank for 1 day on an amount of EUR 100,000,000.00, EONIA was 0.812% and the ECB deposit facility rate is 0.50%. What use of funds settlement amount should you expect?