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ICMA SOFQ Securities Operations Foundation Qualification (SOFQ) Exam Practice Test

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Total 50 questions
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Securities Operations Foundation Qualification (SOFQ) Questions and Answers

Question 1

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

Options:

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

Question 2

The date on which a securities trade is intended to settle is:

Options:

A.

The actual settlement date

B.

The contractual trade date

C.

The value date

D.

The trade date

Question 3

A S.W.I.FT. 'Bank Identifier Code' comprises::

Options:

A.

A region code, a country code and a city code

B.

A bank code, a country code and a location code

C.

A continent code, a country code and a municipality code

D.

A bank code, a continent code and a currency code

Question 4

Within internal books and records, the recording of the trading book on a securities trade facilitates:

Options:

A.

Reconciliation of settled positions, per trading book and per security - between the trading department and operations

B.

Reconciliation of settled positions, per trading book and per security - between operations and the firm's custodian

C.

Reconciliation of trading positions, per trading book and per security - between the firm's counterparty and the firm's custodian

D.

Reconciliation of trading positions, per trading book and per security - between the trading department and operations

Question 5

The 3 largest centres for foreign exchange trading are:

Options:

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

Question 6

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

Options:

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

Question 7

The calculation of profit and loss for securities includes:

Options:

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

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Total 50 questions
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