ACI-Operations Certificate Set 5

Poland and Sweden ✘ Luxembourg and Great Britain ✘ Sweden and Great Britain ✘ Poland and Luxembourg ✔

London ✘ Frankfurt ✘ New York ✘ Hong Kong ✔

Continuous Linked Settlement ✘ Cash Limit Standards ✘ Credit Linked Securities ✘ Correspondent Limit System ✔

Belgium does not participate in TARGET but it does participate in TARGET2 ✘ The cut-off time for TARGET2 is 20:00 (8.00 p.m.) CET, whereas the cut-off time for TARGET is 18:00(6.00 p.m.) CET ✘ TARGET2 runs on a single shared platform whereas TARGET does not. ✘ TARGET2 processes payment orders denominated in EUR as well as USD ✔

to avoid too heavy a workload for operations staff ✘ to reduce settlement and credit risk ✘ to enhance the straight through processing ✘ to reduce the brokerage fees ✔

the close-out process ✘ the customer matching process ✘ the settlement process ✘ the securities lending process ✔

securities are first delivered and then the payment is processed ✘ the payment order is first blocked and then the payout of securities is processed ✘ securities are exchanged into a defined currency ✘ delivery is insured if and only if payment occurs ✔

a bank which processes payment orders on behalf of another bank ✘ a bank which processes payment orders on national level only ✘ a bank which has subsidiaries in CLS-countries ✘ a bank which has a minimum reserve account in more than one country ✔

an account that you hold with another bank ✘ an account that another bank holds with you ✘ an account that you hold with the Bank of England ✘ a suspense account ✔

SWIFT message type 103+ ✘ SWIFT message type 202 ✘ SWIFT message type 204 ✘ SWIFT message type 210 ✔