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CISI-Managing Operational Risk in Financial Institutions
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Question 1 of 10
1. Question
Transferable shares are types of securities that are negotiable on the capital markets but exclude payment instruments. Shares which may not be moved include:
Correct
Laundered money can not be transfered. However, transferable shares include securitised notes and other kinds of loans, Stock of companies and other organizations and similar shares (whether listed or not, accepted to trade or otherwise and shares which are eligible to purchase or offer transferable shares (such as contracts, stocks, futures and convertible bonds).
Incorrect
Laundered money can not be transfered. However, transferable shares include securitised notes and other kinds of loans, Stock of companies and other organizations and similar shares (whether listed or not, accepted to trade or otherwise and shares which are eligible to purchase or offer transferable shares (such as contracts, stocks, futures and convertible bonds).
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Question 2 of 10
2. Question
An instrument is only an instrument for the money market if it satisfies the following conditions:
Correct
A money market instrument does not include an instrument of payment. An instrument is only a money market instrument if it also meets the following conditions:it has a value that can be determined at any time and it has a maturity at issuance of 397 days or less.
Incorrect
A money market instrument does not include an instrument of payment. An instrument is only a money market instrument if it also meets the following conditions:it has a value that can be determined at any time and it has a maturity at issuance of 397 days or less.
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Question 3 of 10
3. Question
Which of the below are not credit-risk derivative instruments?
Correct
Certificates of deposit and commercial paper is not a not credit-risk derivative instrument. Instead, Credit default products, Downgrade options and credit spread products and Synthetic collateralized debt obligations are credit-risk derivative instruments.
Incorrect
Certificates of deposit and commercial paper is not a not credit-risk derivative instrument. Instead, Credit default products, Downgrade options and credit spread products and Synthetic collateralized debt obligations are credit-risk derivative instruments.
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Question 4 of 10
4. Question
A deal for the trade of one currency against another currency shall be exempt if distribution within a defined number of trading days is planned under its terms. The number of days for trade depends on the type of deal. There are different forms of contracts required for those purposes. What form of contract is used in a joint investment undertaking for the purpose of selling or purchasing a transferable security or a unit?
Correct
The third type of contract is one used for the main purpose of the sale or purchase of a transferable security or a unit in a collective investment undertaking.
Incorrect
The third type of contract is one used for the main purpose of the sale or purchase of a transferable security or a unit in a collective investment undertaking.
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Question 5 of 10
5. Question
A day is a day of commerce, if:
Correct
A day is a day of trade if, unlike the other options provided below, the normal delivery time for currency exchange applies to third currency authority.
Incorrect
A day is a day of trade if, unlike the other options provided below, the normal delivery time for currency exchange applies to third currency authority.
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Question 6 of 10
6. Question
In the opinion of the FCA, to make a direct investment means:
Correct
In the opinion of the FCA, investing in a business to gain a lifelong stake in that product is referred to as a direct investment.
Incorrect
In the opinion of the FCA, investing in a business to gain a lifelong stake in that product is referred to as a direct investment.
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Question 7 of 10
7. Question
Which of the below is not an illustration of how the means of exclusion from payments works?
Correct
Examples of instruments which do not amount to transferable securities are securities which can only be sold to the borrower (as is the case for some commercial and provident corporate interests) and OTC securities concluded by ISDA Master Agreement approval.
Incorrect
Examples of instruments which do not amount to transferable securities are securities which can only be sold to the borrower (as is the case for some commercial and provident corporate interests) and OTC securities concluded by ISDA Master Agreement approval.
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Question 8 of 10
8. Question
Pick out the true statement about the Payment service regulations.
Correct
Regulations on payment service mandate that you have closely related foreign exchange options that are ancillary to your payment services.
Incorrect
Regulations on payment service mandate that you have closely related foreign exchange options that are ancillary to your payment services.
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Question 9 of 10
9. Question
The delivery period should be calculated for the MiFID spot exclusion. They are all based on a payment being made in one currency funded from a payment account in another currency. If your customer requests that the payment be processed some time after the order and the foreign exchange transaction is to be done at the spot rate on the day of the sale, the shipping period begins on:
Correct
If your customer asks for the payment to be made some time after the request and the foreign exchange conversion is to be carried out at the spot rate on the transfer date, the delivery period starts on that transfer date.
Incorrect
If your customer asks for the payment to be made some time after the request and the foreign exchange conversion is to be carried out at the spot rate on the transfer date, the delivery period starts on that transfer date.
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Question 10 of 10
10. Question
Which of the following asset products are protected by MiFID?
Correct
Cash-settled commodity derivatives are protected by MiFID. However, physically unsettled product contracts exchanged on a given market or facility or A derivative not relating to a commodity derivative are not protected by MiFID.
Incorrect
Cash-settled commodity derivatives are protected by MiFID. However, physically unsettled product contracts exchanged on a given market or facility or A derivative not relating to a commodity derivative are not protected by MiFID.