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The ACI Dealing Certificate

The following is an outline of the course content for the ACI Dealing Certificate exam.  The content of each course is always adjusted in the event of any changes in the ACI syllabus for that exam.

The foreign exchange market

spot, reciprocal rates, cross-rates, position-keeping
market-making, broking, electronic trading
forwards, swaps, settlement rates
relationship with the money markets, premiums/discounts, hedging via deposits
uses of the market, covered interest arbitrage
value dates, interpolation
short dates
introduction to precious metals

The money markets

time value of money, present/future value
simple/compound interest
annual/semi-annual equivalent yields
the yield curve
day/year conventions, reference rates
loan, CD, CP, BA, T-bill
calculation of settlement amounts
yield and discount calculations

Introduction to derivatives

forward-forwards, FRAs and STIR futures:
mechanics, pricing, settlement and uses
concepts and mechanics of interest rate swaps
applications, asset and liability swaps, OIS
concepts and terminology of options
pricing concepts and quotations
straddle, strangle
IRG, cap, floor, collar, zero-cost structures
delta hedging
gamma, vega, theta and rho

The repo markets

classic repo, buy/sell-back
general collateral v. specials, haircut, margin calls
coupon payments, substitution
bilateral, triparty and hold-in-custody

Risk management

risk types, controls and limits
use of collateral
documentation and netting, CLS
nostro accounts and reconciliation
transaction, translation and economic exposures

The ACI Model Code  

candidates are provided with the ACI's code of conduct and detailed guidance on exam questions


Markets International Ltd
Aylworth, Naunton
Cheltenham GL54 3AH

e-mail: ask@markets-international.com

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