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100+ Free SIAA Foreign Exchange Practice Questions
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2026 Statistics
Key Facts: SIAA Foreign Exchange Exam
$470-$520
Fee (member/non-member)
SIAA
3 sittings
Exam Opportunities
SIAA
16 weeks
Enrolment Window
SIAA
Tier 1
RG146 FX
ASIC RG 146
T+2
Spot Settlement
Market convention
The SIAA Foreign Exchange accreditation is a single supervised online multiple-choice exam meeting ASIC RG146 Tier 1 for foreign exchange general advice. The fee is $470/$490/$520 (individual member/org member/non-member), with up to 90 hours of study supported and 16 weeks to complete (three sittings included). SIAA does not publish the question count, time limit, or pass mark.
Sample SIAA Foreign Exchange Practice Questions
Try these sample questions to test your SIAA Foreign Exchange exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1In a standard currency pair quotation of AUD/USD = 0.6850, which currency is the base currency and which is the quote currency?
A.AUD is the base currency, USD is the quote currency
B.USD is the base currency, AUD is the quote currency
C.AUD is the quote currency, USD is the base currency
D.Both currencies can act as base or quote depending on the transaction size
Explanation: In any standard currency quotation, the first currency listed (AUD) is the base currency, representing one unit. The second currency (USD) is the quote (or term) currency, representing the amount of quote currency needed to purchase one unit of the base currency.
2What is the standard settlement timeframe for a spot foreign exchange contract between AUD and USD?
A.Same day (T+0)
B.Next business day (T+1)
C.Two business days after the transaction date (T+2)
D.Three business days after the transaction date (T+3)
Explanation: The standard market convention for spot foreign exchange transactions is T+2 (two business days from the trade date). This allows sufficient time for confirmation, netting, and settlement across different time zones.
3A market maker quotes AUD/USD at 0.6520 - 0.6522. At what rate can a corporate client sell AUD to the market maker?
A.0.6520
B.0.6521
C.0.6522
D.0.6523
Explanation: Clients sell the base currency (AUD) at the bid price, which is the lower rate quoted by the market maker (0.6520). The market maker buys AUD at the bid and sells AUD at the ask (0.6522).
4Which of the following participants primarily provides liquidity to the global foreign exchange market by continuously quoting bid and ask prices?
A.Hedge funds
B.Central banks
C.Market makers (commercial and investment banks)
D.Retail importers
Explanation: Commercial and investment banks act as market makers, providing liquidity to the market by quoting continuous buy and sell rates. Hedge funds and retail importers are liquidity consumers, while central banks typically intervene only for monetary policy objectives.
5If a spot FX trade is executed on a Thursday, under standard T+2 settlement rules, on which day will the funds be exchanged, assuming no public holidays?
A.Friday
B.Monday
C.Tuesday
D.Wednesday
Explanation: Spot trades settle T+2 business days after trade date. Since weekends (Saturday and Sunday) are non-business days, two business days after Thursday is Monday of the following week.
6For most major currency pairs (such as EUR/USD or AUD/USD), what is the value of one 'pip'?
A.0.01
B.0.001
C.0.0001
D.0.00001
Explanation: For most major currency pairs, a pip represents the fourth decimal place (0.0001 or 1/100th of a percent). The major exception is JPY pairs, where a pip represents the second decimal place (0.01).
7Given the exchange rates AUD/USD = 0.6500 and NZD/USD = 0.6000, calculate the cross-rate for AUD/NZD.
A.1.0833
B.0.9231
C.0.3900
D.1.2500
Explanation: The cross-rate AUD/NZD is calculated by dividing the AUD/USD rate by the NZD/USD rate: 0.6500 / 0.6000 = 1.0833. This indicates that 1 Australian Dollar purchases 1.0833 New Zealand Dollars.
8A corporate client wants to purchase USD 100,000 using AUD. If the bank quotes AUD/USD = 0.6800/0.6805, how much AUD will the client need to pay?
A.AUD 146,950.77
B.AUD 147,058.82
C.AUD 68,000.00
D.AUD 68,050.00
Explanation: The client is buying USD and therefore selling AUD to the bank. The bank buys AUD at its bid rate of 0.6800 USD per AUD (the lower side of the 0.6800/0.6805 quote). To obtain USD 100,000 the client must sell USD 100,000 / 0.6800 = AUD 147,058.82. The bank never lets the client trade at the 0.6805 ask, which would give the client more USD per AUD than the market bid allows.
9Calculate the bid price for the cross-rate AUD/EUR given the quotes: AUD/USD = 0.6500 - 0.6504 and EUR/USD = 1.0800 - 1.0804.
A.0.6016
B.0.6022
C.0.7020
D.1.6605
Explanation: To find the bid rate for AUD/EUR, we divide the bid price of the base currency (AUD/USD bid = 0.6500) by the ask price of the quote currency (EUR/USD ask = 1.0804). The calculation is: 0.6500 / 1.0804 = 0.6016.
10What is the primary purpose of the Continuous Linked Settlement (CLS) system in the foreign exchange market?
A.To provide real-time leverage calculations for retail traders
B.To eliminate settlement risk through a payment-versus-payment (PvP) mechanism
C.To standardise the tax reporting of foreign exchange derivatives
D.To act as a central clearing counterparty for all currency options
Explanation: CLS eliminates settlement risk (Herstatt risk) by using a payment-versus-payment (PvP) mechanism where both legs of an FX transaction are settled simultaneously. If one party fails to pay, the other party does not lose their principal currency payment.
About the SIAA Foreign Exchange Practice Questions
Verified exam format metadata for SIAA Foreign Exchange Accreditation Exam is pending. The practice questions above remain available while official exam length, timing, passing score, fee, and administrator details are reviewed.