100+ Free JSE Cash Bonds Settlement Officer Practice Questions

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2026 Statistics

Key Facts: JSE Cash Bonds Settlement Officer Exam

70%

Passing Score

SAIFM Competency Mark

Exam Questions

SAIFM Exam Structure

60 Mins

Time Limit

SAIFM Exam Rules

R2 430

Exam Fee (incl. VAT)

SAIFM 2026 Fee Schedule

T+3

Bond Settlement Cycle

Strate CSD Rules

Act/365

Day Count Convention

JSE Debt Market Conventions

100

Practice Questions

Question Bank 2026

SAIFM

Exam Administrator

Virtual Exam Centre

Prepare for the JSE Cash Bonds Settlement Officer exam with 100 practice questions covering Strate bond settlement, trade matching, repurchase agreements, Act/365 bond math, and default management.

Sample JSE Cash Bonds Settlement Officer Practice Questions

Try these sample questions to test your JSE Cash Bonds Settlement Officer exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which regulatory statute in South Africa governs the licensing and regulation of central securities depositories (CSDs) and financial market infrastructures such as Strate?

A.Financial Markets Act (FMA) No. 19 of 2012

B.Companies Act No. 71 of 2008

C.Banks Act No. 94 of 1990

D.Collective Investment Schemes Control Act (CISCA) No. 45 of 2002

Explanation: The Financial Markets Act (FMA) No. 19 of 2012 provides the primary legal framework for the regulation of financial markets, exchanges, central securities depositories, and clearing houses in South Africa. Strate operates as an authorized CSD licensed under the FMA. The other Acts regulate companies, banking institutions, and collective investment schemes respectively.

2What is the standard trade settlement cycle for cash bond transactions executed on the Johannesburg Stock Exchange (JSE) Debt Market?

A.T+3 business days

B.T+1 business day

C.T+2 business days

D.T+5 business days

Explanation: South African cash government and corporate bonds traded on the JSE Debt Market settle on a T+3 business day cycle through Strate CSD. Equity trades on the JSE settle on T+3 as well, following market harmonisation initiatives. Spot foreign exchange and money market instruments often settle on different cycles like T+2 or T+1.

3What standard day count convention is used for calculating accrued interest on South African government and corporate cash bonds?

A.Actual/365 (Act/365)

B.Actual/360 (Act/360)

C.30/360 (Bond Basis)

D.Actual/Actual (ICMA)

Explanation: The South African bond market standard for accrued interest calculation is the Actual/365 (Act/365) day count convention. Under this convention, the exact number of days elapsed since the last coupon date is divided by 365 days. Actual/360 is common in money markets, while 30/360 is common in US corporate bond markets.

4In the South African bond market, how is the 'All-In Price' of a fixed-income instrument defined?

A.Clean Price + Accrued Interest

B.Clean Price - Accrued Interest

C.Clean Price × (1 + Coupon Rate)

D.Clean Price / (1 + Yield to Maturity)

Explanation: The All-In Price represents the total price per R100 face value paid by the buyer to the seller, comprising the quoted Clean Price plus the Accrued Interest accumulated since the previous coupon payment date. Quoted bond prices in trading screens are clean prices to eliminate seasonal jumps around coupon dates.

5Which institution performs the central securities depository function for dematerialised fixed-income securities in South Africa?

A.Strate (Pty) Ltd

B.South African Reserve Bank (SARB)

C.Financial Sector Conduct Authority (FSCA)

D.JSE Clear (Pty) Ltd

Explanation: Strate (Pty) Ltd is South Africa's licensed Central Securities Depository (CSD), responsible for dematerialising paper share and bond certificates and performing electronic clearing and settlement for equities, bonds, and money market securities. SARB acts as central bank and payment settlement operator, FSCA is the market conduct regulator, and JSE Clear is a central counterparty.

6What is the primary role of a Settlement Agent (Participant) in the Strate bond settlement environment?

A.To hold settlement accounts at Strate and settle cash and securities on behalf of trading clients and member firms

B.To execute bond trades on the JSE trading floor on behalf of retail investors

C.To issue government debt securities on behalf of National Treasury

D.To regulate the capital adequacy requirements of JSE executive members

Explanation: A Settlement Agent (or CSD Participant) is an authorized institution (typically a major bank) that holds securities and cash settlement accounts at Strate and SAMOS. They are responsible for matching, affirming, and settling bond transactions for their proprietary accounts and clients. Trade execution is performed by broker-dealers, debt issuance by National Treasury, and capital regulation by the JSE and Prudential Authority.

7What SWIFT message type is standardly used by CSD Participants to send a Receive Free of Payment (RFOP) settlement instruction for bonds?

A.MT540

B.MT541

C.MT542

D.MT543

Explanation: SWIFT MT540 is the standard ISO 15022 message for 'Receive Free of Payment' (RFOP), where securities are received without an accompanying cash transfer. MT541 is Receive Against Payment (DVP), MT542 is Deliver Free of Payment (DFOP), and MT543 is Deliver Against Payment (DVP).

8What SWIFT message type is used to instruct a 'Deliver Against Payment' (DVP) bond settlement in Strate?

A.MT543

B.MT541

C.MT540

D.MT542

Explanation: MT543 is the SWIFT ISO 15022 instruction message for 'Deliver Against Payment' (Deliver DVP). The delivering party sends MT543 to specify bond delivery details and the cash consideration to be received. MT541 is Receive Against Payment, MT540 is Receive Free, and MT542 is Deliver Free.

9What is the term given to the process of converting physical paper bond certificates into electronic ledger balances registered at Strate?

A.Dematerialisation

B.Immobilisation

C.Rematerialisation

D.Reconciliation

Explanation: Dematerialisation is the process by which physical paper certificates are eliminated and replaced by electronic book-entry records in the central securities depository (Strate). Immobilisation stores physical paper in a central vault, whereas dematerialisation cancels paper certificates entirely.

10In a classic repurchase agreement (Repo), what happens on the first leg (settlement date T+3)?

A.The seller transfers cash bonds to the buyer in exchange for immediate cash payment

B.The buyer returns equivalent cash bonds to the seller in exchange for repo interest

C.The buyer pays repo interest without receiving securities

D.The seller cancels the underlying securities and issues a promissory note

Explanation: A classic repo consists of two legs. On the first leg (start date), the seller (cash borrower) transfers eligible securities to the buyer (cash lender) in exchange for cash consideration based on the starting all-in price. On the second leg (maturity date), the transaction is reversed at the repurchase price.

About the JSE Cash Bonds Settlement Officer Exam

The JSE Cash Bonds Settlement Officer Examination assesses theoretical knowledge and technical competence required to oversee trade matching, clearing, and electronic settlement of South African government and corporate cash bonds in Strate CSD.

Assessment

1-hour computer-based exam containing 50 multiple-choice questions covering JSE market rules (20%), Strate settlement (25%), trade matching (20%), repos & calculations (20%), and risk management (15%).

Time Limit

1 hour (60 minutes)

Passing Score

70% competency mark

Exam Fee

R2 430 (incl. VAT) (Johannesburg Stock Exchange (JSE) / SAIFM)

JSE Cash Bonds Settlement Officer Exam Content Outline

20%

JSE Bond Market Structure & Regulatory Framework

JSE Debt Market rules, Financial Markets Act (FMA), SAIFM code of conduct, roles of Primary Dealers, Settlement Agents, and Clearing Members.

25%

Strate Bond Settlement & CSD Operations

Strate central securities depository (CSD) operations, dematerialised bonds, T+3 settlement cycle, unbundling, electronic settlement, and SWIFT messaging.

20%

Trade Matching, Affirmation & Allocation

Pre-settlement trade capture, matching engines, trade affirmation timings, client allocation, block trades, and settlement status monitoring.

20%

Repurchase Agreements (Repos) & Bond Calculations

Classic repos, buy/sell-backs, reverse repos, accrued interest calculations (Act/365 convention), clean vs. all-in prices, and repo settlement values.

15%

Risk Management, Margining & Default Handling

JSE clearing risk management, margining, settlement failure resolution, buy-in procedures, securities lending and borrowing (SLB), and default waterfall.

How to Pass the JSE Cash Bonds Settlement Officer Exam

What You Need to Know

Passing score: 70% competency mark
Assessment: 1-hour computer-based exam containing 50 multiple-choice questions covering JSE market rules (20%), Strate settlement (25%), trade matching (20%), repos & calculations (20%), and risk management (15%).
Time limit: 1 hour (60 minutes)
Exam fee: R2 430 (incl. VAT)

Keys to Passing

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

JSE Cash Bonds Settlement Officer Study Tips from Top Performers

1Memorize the All-In Price formula: All-In Price = Clean Price + Accrued Interest.

2Master the Act/365 accrued interest formula: Accrued Interest = Coupon Amount × (Days Accrued / 365).

3Understand the T+3 settlement timeline and key daily cutoff times for trade affirmation in Strate.

4Review the mechanics of classic repos vs buy/sell-backs, including how margin calls and coupon drops are handled in South Africa.

Frequently Asked Questions

What is the passing mark for the JSE Cash Bonds Settlement Officer exam?

The passing threshold is a 70% competency mark.

How many questions are on the official exam and how much time is allocated?

The exam consists of 50 multiple-choice questions to be completed within 1 hour (60 minutes).

Where can candidates register and schedule the exam?

Registration and scheduling are managed through the SAIFM Virtual Exam Centre at http://www.virtualexamcentre.co.za/.

What is the settlement cycle for South African cash bonds on the JSE?

Cash bond trades executed on the JSE Debt Market settle on a T+3 cycle through Strate CSD.

What day count convention is standard for South African government bond accrued interest calculations?

South African cash bond market calculations standardly use the Actual/365 (Act/365) day count convention.