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GARP International Certificate in Banking Risk and Regulation (ICBRR) Sample Questions:

1. To hedge a foreign exchange exposure on behalf of a client, a small regional bank seeks to enter into an offsetting foreign exchange transaction. It cannot access the large and liquid interbank market open primarily to larger banks. At which one of the following exchanges can the smaller bank trade the currency futures contracts?
I. The Tokyo Futures Exchange
II. The Euronext-Liffe Exchange
III.
The Chicago Mercantile Exchange

A) III
B) II, III
C) I, II, III
D) I

2. Which of the following statements about parametric and nonparametric methods for calculating Value-at-risk is correct?

A) Both parametric and nonparametric methods assume returns are normally distributed.
B) Parametric methods generally assume returns are normally distributed, and nonparametric methods make no assumptions about return distributions.
C) Parametric methods make no assumptions about return distributions, and non-parametric methods assume returns are normally distributed.
D) Both parametric and nonparametric methods make no assumptions about return distributions.

3. What is the explanation offered by the liquidity preference theory for the upward sloping yield curve shape?

A) The long term rates must rise enough to get some borrowers to borrow long-term and some lenders to lend short-term.
B) The long term rates must rise enough to get some borrowers to borrow short-term and some lenders to lend long-term.
C) The short term rates must rise enough to get some borrowers to borrow short-term and some lenders to lend long-term.
D) The short term rates must fall enough to get some borrowers to borrow long-term and some lenders to lend short-term.

4. Which one of the following statements is an advantage of using implied volatility as an input when calculating VaR?

A) Implied volatilities are better at predicting actual volatilities
B) Loss probabilities from the standard normal distribution are used to compute implied volatilities, which makes it easy to compute the.
C) Current market data is used to determine implied volatilities, which makes them forward looking measures
D) Implied volatility assumes volatilities are constant which makes it easy to implement in models.

5. Which one of the following four statements correctly describes an American call option?

A) An American call option gives the buyer of that call option the right to sell the underlying instrument on any date up to and including the expiry date.
B) An American call option gives the buyer of that call option the right to sell the underlying instrument on the expiry date.
C) An American call option gives the buyer of that call option the right to buy the underlying instrument on the expiry date.
D) An American call option gives the buyer of that call option the right to buy the underlying instrument on any date up to and including the expiry date.

Solutions: