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Key Facts: ACI Operations Certificate Exam

Exam Questions

ACI FMA Official

2 hours

Time Limit

ACI FMA Official

320 EUR

Exam Fee (Non-Member)

ACI FMA 2026

50%

Basket Minimum

Sub-passing requirement

PvP

CLS Settlement Mechanism

Payment-versus-Payment

T+2

Standard Spot FX Settlement

Market Convention

The ACI Operations Certificate is a 2-hour, 70-question MCQ exam administering by ACI FMA. Passing requires an overall score of 60% and at least 50% in each of the 5 topic baskets (Environment, FX, Rates, Derivatives, Applications). The non-member fee is 320 EUR.

Sample ACI Operations Certificate Practice Questions

Try these sample questions to test your ACI Operations Certificate exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which of the following functions is primarily the responsibility of the Middle Office in a treasury operations environment?

A.Trade execution and market price making

B.Independent valuation, risk management, and product control

C.Settlement, payment instructions, and Nostro reconciliation

D.SWIFT MT300 message transmission and bilateral matching

Explanation: The Middle Office is responsible for risk control, compliance, product control, and independent valuation of trades, acting as a bridge between the front and back offices. Trade execution is a Front Office duty, whereas settlement, payment, matching, and Nostro reconciliations are Back Office operations.

2What is the primary operational benefit of implementing Straight-Through Processing (STP) in treasury transactions?

A.To maximize bid-ask spreads for the trading desk

B.To eliminate the need for any credit limit checks

C.To minimize manual intervention and reduce operational risk

D.To guarantee that counterparties will not default on transactions

Explanation: Straight-Through Processing (STP) allows financial transactions to flow electronically from execution to settlement without manual re-keying or intervention. This significantly reduces the risk of human input errors (operational risk) and speeds up trade lifecycles.

3In the clearing process, how does a Central Counterparty (CCP) mitigate counterparty credit risk for participants?

A.By acting as a broker to match trades without taking legal responsibility

B.By offering unsecured overdraft facilities to clearing members

C.By interposing itself as the buyer to every seller and the seller to every buyer

D.By forcing all trades to settle on a Delivery-versus-Payment (DvP) basis only

Explanation: A Central Counterparty (CCP) interposes itself between trade counterparties through a process called novation, becoming the buyer to every seller and the seller to every buyer. This consolidates and mitigates counterparty credit risk, backed by clearing fund rules and margin requirements.

4Which of the following currency pairs has a standard spot value date of T+1 rather than T+2?

A.EUR/USD

B.GBP/USD

C.USD/CAD

D.USD/JPY

Explanation: The standard spot value date for foreign exchange transactions is T+2 (two business days after the trade date). However, USD/CAD, USD/MXN, and USD/TRY are notable exceptions that settle on T+1 (one business day after the trade date) due to regional market proximity and clearing efficiency.

5Which of the following characteristics distinguishes over-the-counter (OTC) markets from exchange-traded markets?

A.OTC trades are always cleared through a central counterparty by law

B.OTC contracts are bilaterally negotiated and customized rather than standardized

C.OTC markets use order-driven central limit order books for all executions

D.OTC transactions have absolutely no credit or counterparty risk

Explanation: Over-the-counter (OTC) transactions are bilaterally negotiated between counterparties, allowing for customized contract specifications, terms, and sizes. Exchange-traded markets, by contrast, offer highly standardized contracts traded on a centralized exchange platform.

6What is the primary function of an International Central Securities Depository (ICSD) such as Euroclear or Clearstream?

A.To act as a central bank providing currency monetary policies

B.To execute FX spot and option contracts on behalf of retail bank clients

C.To provide cross-border safekeeping, clearing, settlement, and asset servicing of securities

D.To regulate national stock exchanges under domestic securities laws

Explanation: International Central Securities Depositories (ICSDs) facilitate cross-border settlement, clearing, custody, and asset servicing for international securities (such as Eurobonds) and domestic securities. They play a critical infrastructure role in global debt and capital markets.

7What does the term 'Herstatt Risk' refer to in financial markets operations?

A.The risk of a clearinghouse defaulting on variation margin payments

B.The risk that a trade confirmation is lost during SWIFT transmission

C.The risk that one party settles its leg of an FX transaction but the counterparty defaults before delivering the other leg

D.The risk of a software bug corrupting the dirty price calculation of Eurobonds

Explanation: Herstatt Risk (or settlement risk) is the risk that a counterparty defaults during the settlement process of an FX trade, after one party has already paid out its currency leg but before it receives the matching currency leg. It is named after the collapse of Herstatt Bank in 1974.

8What is the operational distinction between Initial Margin and Variation Margin in derivative clearing?

A.Initial Margin is paid in cash only, while Variation Margin is always paid in securities

B.Initial Margin is collateral posted to cover potential future exposure, while Variation Margin covers daily mark-to-market price changes

C.Initial Margin is returned at the end of each trading day, while Variation Margin is held until maturity

D.Initial Margin is determined by the front office, while Variation Margin is determined by the back office

Explanation: Initial Margin is collateral deposited by a participant at trade inception to cover potential future losses during a liquidation period. Variation Margin is paid/received daily to cover actual mark-to-market fluctuations in the contract price.

9Which of the following statements correctly describes the operational difference between a broker and a market maker?

A.A broker trades as principal taking inventory risk, while a market maker acts only as agent

B.A broker acts as an agent matching buyers and sellers without taking principal risk, while a market maker acts as a principal taking inventory risk

C.A broker settles transactions via CLS, while a market maker is legally barred from using CLS

D.A broker operates under the Middle Office, while a market maker operates under the Back Office

Explanation: A broker matches buy and sell orders between third parties as an agent, earning a commission without taking the position onto its own balance sheet. A market maker acts as a principal, quoting bid/ask prices and taking inventory risk by holding the positions on its balance sheet.

10A spot foreign exchange transaction is agreed on Monday, June 1st. Assuming no holidays in either currency center, what is the correct spot value date?

A.Tuesday, June 2nd

B.Wednesday, June 3rd

C.Thursday, June 4th

D.Friday, June 5th

Explanation: The standard spot value date for currency transactions is two business days after the trade date (T+2). If the trade is executed on Monday, June 1st, then T+1 is Tuesday, June 2nd, and the spot value date (T+2) is Wednesday, June 3rd.

About the ACI Operations Certificate Exam

The ACI Operations Certificate is a globally recognized professional qualification designed for individuals working in treasury back-office, middle-office, settlement, risk management, and operations teams. The certificate validates competence in financial market structures, FX spot and forward mechanics, money market products, repo transactions, FICC derivatives, payment routing, clearing and settlement standards, risk mitigation, and codes of conduct.

Assessment

70 multiple-choice questions (MCQ)

Time Limit

2 hours

Passing Score

60% overall (42/70 correct) and minimum 50% in each topic basket

Exam Fee

320 EUR (non-member) / 250 EUR (member) (ACI Financial Markets Association (ACI FMA))

ACI Operations Certificate Exam Content Outline

20%

Financial Markets Environment

Structure of exchange vs. OTC markets, roles of front/middle/back offices, transaction lifecycle, clearing and settlement utilities (CSDs, ICSDs), and brokerage models.

20%

Foreign Exchange

Spot contracts, value date conventions, forward rate mechanics, swap points, non-deliverable forwards (NDFs), precious metals Loco London settlement, and trade lifecycles.

20%

Rates (Money and Interest Rate Markets)

Day-count calculations (ACT/360, ACT/365, 30/360), deposit instruments, classic repo vs. buy-sell backs, commercial paper, treasury bills, and yield-to-price dynamics.

20%

FICC Derivatives

Forward Rate Agreements (FRAs) settlement formulas, Interest Rate Swaps (IRS) payment flows, options terminology, futures clearing, confirmation matching (ISDA rules), and margins.

20%

Financial Markets Applications

Asset & Liability Management (ALM) gap analysis, market/credit/operational risk, settlement risk (Herstatt), SWIFT messaging standards (MT103/MT202/MT202COV), and the FX Global Code.

How to Pass the ACI Operations Certificate Exam

What You Need to Know

Passing score: 60% overall (42/70 correct) and minimum 50% in each topic basket
Assessment: 70 multiple-choice questions (MCQ)
Time limit: 2 hours
Exam fee: 320 EUR (non-member) / 250 EUR (member)

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

ACI Operations Certificate Study Tips from Top Performers

1Memorize the day-count conventions (ACT/360 vs ACT/365) for major global currencies — a single day-count error will lead to the wrong answer in calculations.

2Understand the FRA settlement payment formula, remembering that FRA payments settle at the start of the contract period and are discounted to present value.

3Learn the difference between SWIFT MT103 (customer payment), MT202 (bank-to-bank), and MT202COV (covered payment with customer information preserved for AML).

4Be prepared for questions on Loco London gold settlement, noting that standard delivery is T+2 and settles in unallocated gold ounces through the London clearing system.

5Focus on risk definitions, especially the difference between counterparty credit risk (default prior to settlement) and settlement risk (default on the settlement day itself).

6Study repo calculations, including initial margins (haircuts) and how variation margin calls are processed to restore initial collateral coverage.

Frequently Asked Questions

What are the passing requirements for the ACI Operations Certificate?

To pass the exam, you must achieve an overall score of at least 60% (42 correct answers out of 70). Additionally, you must meet a strict sub-minimum passing score of 50% in each of the five core topic baskets. Failing to hit 50% in even one basket will result in an exam fail, regardless of your overall score.

Who is the ACI Operations Certificate designed for?

It is designed for professionals working in treasury back-office, middle-office, risk management, internal audit, and compliance teams. It is also highly suitable for financial software developers, operations specialists, and consultants who need to understand the end-to-end clearing, settlement, and reporting lifecycle.

What is the difference between classic repo and buy-sell backs in the syllabus?

Under the ACI FMA syllabus, a classic repo involves a single contract where coupon payments on the collateral are passed through directly to the seller immediately. A buy-sell back consists of two separate spot and forward transactions, where coupon payments are not passed through immediately but are accounted for by reducing the forward repurchase price.

How are day-count conventions tested on the exam?

Candidates are expected to know the standard money market conventions for different currencies. For example, USD, EUR, CHF, and JPY interbank deposits use the ACT/360 convention. GBP, SGD, and HKD use the ACT/365 convention. You will need to calculate the actual number of days in interest periods to compute exact interest proceeds.

What is the role of CLS (Continuous Linked Settlement) in FX operations?

CLS mitigates settlement risk (historically known as Herstatt risk) by using a Payment-versus-Payment (PvP) mechanism. It links the settlement of both currency legs of an FX transaction, ensuring that one leg is settled if and only if the other leg settles simultaneously, operating through a multi-lateral netting framework.

Does the exam cover the FX Global Code?

Yes, the ACI FMA syllabus places a heavy emphasis on ethical market practices. Candidates are tested on the principles of the FX Global Code, particularly regarding execution, information sharing, risk management, and the requirement for timely trade confirmation and settlement.