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New NISM-Series-VII Exam Question | Exam NISM-Series-VII Quiz

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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions (Q175-Q180):

NEW QUESTION # 175
When a stock broker's collateral utilization breaches the specific percentage (currently 90%), the 'Risk Reduction Mode' is triggered. Which of the following operational restrictions and conditions apply during this mode? (Select all that apply)

A. Non-margined orders are accepted without restriction to maintain liquidity.
B. Only orders with 'Immediate or Cancel' (IOC) attribute are permitted.
C. Fresh orders placed by the member to reduce the open position will be accepted.
D. All unexecuted orders shall be cancelled immediately.
E. Client and Custodial Participant code modification is permitted to rectify errors.

Answer: B,C,D

Explanation:
In Risk Reduction Mode: 1) All unexecuted orders shall be cancelled. 2) Only orders with Immediate or Cancel attribute shall be permitted. 3) Fresh order placed by member to reduce the open position will be accepted. Option D is incorrect because non-margined orders shall *not* be accepted. Option E is incorrect because Client and Custodial Participant code modification shall *not* be permitted.

NEW QUESTION # 176
A stock broker executes multiple trades for a client throughout the day in various securities. According to the clearing process regarding the balancing of client accounts within the broker's firm, how is the final obligation handled?

A. At the end of the day, the position of each client is netted against all his transactions and the final pay-in/pay-out is carried out.
B. Netting is allowed only for institutional clients, while retail client accounts must be settled on a trade-to-trade basis.
C. Client accounts are balanced weekly to determine the net obligation for the settlement cycle.
D. Every trade is settled gross with the clearing corporation, and netting is strictly prohibited within the broker's books.
E. The broker must segregate buy and sell transactions and settle them separately without offsetting.

Answer: A

Explanation:
The source states: 'The stock brokers are allowed to net the clients account within the firm. At the end of the day, the position of each client is netted against all his transactions and the final pay-in/pay-out of securities/funds is carried out through clearing banks and depository participants.'

NEW QUESTION # 177
When the Clearing Corporation conducts an auction for a short delivery but fails to find any sellers for the specific security, a 'Close Out' is initiated. According to the settlement process guidelines, how is the compensation value determined for the buyer in this specific scenario?

A. At the highest price recorded for the security during the last 52 weeks.
B. At the highest price prevailing across the stock exchange from the day of trading till the auction/close out day OR 20% above the official closing price on the auction day, whichever is higher.
C. At the valuation price used for the initial valuation debit plus a 5% close-out charge.
D. At the closing price of the security on the day of the auction plus a fixed penalty of 10%.
E. At the weighted average price of the security on the trading day plus the standard deviation margin.

Answer: B

Explanation:
If on the auction day, there are no sellers for a particular short delivery, the Clearing Corporation carries out a 'Close out'. The buyer is compensated by paying the value of the short delivered security at the highest price prevailing across the stock exchange from the day of trading till the auction/close out day OR 20% above the official closing price on the auction day, whichever is higher.

NEW QUESTION # 178
Which of the following data fields must match between the transfer instruction and the Clearing Corporation's obligation data for a Pay-In instruction to be considered a 'Matched Instruction' and subsequently executed? (Select all that apply)

A. Client's Bank Account Number
B. TM ID (Trading Member ID)
C. UCC (Unique Client Code)
D. ISIN (International Securities Identification Number)
E. CM ID (Clearing Member ID)

Answer: B,C,D,E

Explanation:
The text states that in case of matching of all details like 'UCC, TM ID, CM ID, ISIN, quantity, settlement details etc.' of the transfer instruction with the obligation data, the instruction shall be carried out. The Client's Bank Account Number is not mentioned as a validation parameter for securities pay-in.

NEW QUESTION # 179
Identify the category of Clearing Member that possesses both trading and clearing rights and is authorized to clear and settle trades for themselves, other trading members, and custodial participants.

A. Custodian
B. Professional Clearing Member (PCM)
C. Trading Member-cum-Clearing Member (TCM)
D. Trading cum Self-Clearing Member (SCM)
E. Authorized Person

Answer: C

Explanation:
A Trading Member.cum.Clearing Member (TCM) has trading as well as clearing rights. They can clear and settle their own trades as well as trades of other trading members and custodial participants. SCMs can only clear their own/client trades but not for custodian participants. PCMs do not have trading rights.

NEW QUESTION # 180
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