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NISM Series VII - Securities Operations and Risk Management Certification Sample Questions:

1. Regarding the operational parameters for the beta version of the T+0 rolling settlement cycle, how is the price band determined and re-calibrated during the trading session?

A) It operates with a price band of +100 basis points from the price in the regular T+1 market, re-calibrated after every 50 basis points movement in the underlying T+1 market.
B) It is set at +1- 10% of the opening price of the T+0 market and remains static throughout the continuous trading session.
C) It mirrors the price band of the T+1 market exactly, including any circuit breaker halts.
D) It is dynamically linked to the futures market price with a variance of 0.5%.
E) It is fixed at +1-5% of the previous day's closing price without any intraday recalibration.

2. Under the Beta version of the T+0 rolling settlement cycle, how are securities shortages handled differently compared to the standard T+1 settlement cycle?

A) Shortages are settled using the Securities Lending and Borrowing (SLB) mechanism immediately.
B) Shortages are carried forward to the T+1 auction session.
C) The trade is annulled and no close out or auction is performed.
D) Shortages are auctioned on T+0 day at 4:00 PM.
E) Security shortages are directly closed out at 10% above the highest price of the day across all exchanges for the T+0 market.

3. 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) Netting is allowed only for institutional clients, while retail client accounts must be settled on a trade-to-trade basis.
B) Client accounts are balanced weekly to determine the net obligation for the settlement cycle.
C) 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.
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.

4. Which of the following statements correctly describe the clearing and netting processes involving brokers and the Clearing Corporation?
(Select all that apply)

A) Stock brokers are permitted to net client accounts within their firm at the end of the day.
B) Netting at the Clearing Corporation level is done on a bilateral basis between buying and selling brokers.
C) The final pay-in/pay-out of securities and funds is carried out through clearing banks and depository participants.
D) Every day, the Clearing Corporation sends the clearing member a list of all trading transactions made by him and his clients.
E) The Clearing Corporation performs multilateral netting to determine the net settlement obligations of members.

5. Stock brokers are required to maintain evidence of clients placing orders to prevent unauthorized trades. Which of the following statements accurately describes the regulatory requirements regarding the forms of evidence and the retention period?

A) Evidence can be physical records, telephone recordings, emails, or SMS logs, and must be retained for a minimum of 3 years.
B) Evidence must be physical records only, retained for 5 years.
C) Evidence is optional for internet-based transactions and must be retained for 1 year.
D) Telephone recordings are mandatory only for institutional clients and must be kept for 2 years.
E) In case of a dispute, records can be disposed of immediately after the broker files a response.

Solutions: