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問題 #120
In financial markets, SWIFT is used for:
答案：A
解題說明：
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global messaging system used for secure international money transfers.
* Why is Option C Correct?
* SWIFT provides a standardized messaging system for banks to send secure international payment instructions.
* It is used for cross-border wire transfers, forex transactions, and trade finance.
* Why Not Other Options?
* A (Risk management) # SWIFT is not a risk assessment tool.
* B (Securities settlement) # Securities transactions are settled via clearing houses (e.g., DTCC, Euroclear), not SWIFT.
* D (Online security) # SWIFT transmits encrypted messages but is not an online security service.
# Reference: SWIFT Organization, CISI Wealth & Investment Management.
問題 #121
According to Modern Portfolio Theory (MPT), portfolios below the efficient frontier are not efficient because:
答案：D
解題說明：
* Modern Portfolio Theory (MPT) and the Efficient Frontier
* The efficient frontier represents portfolios that offer thehighest return for a given level of risk.
* Portfolios below the frontier areinefficientbecause they providelower returns for the same level of riskorhigher risk for the same level of return.
* Why the Answer is D
* Portfolios below the efficient frontier are suboptimal; the investor is not maximizing return relative to the risk taken.
* ICWIM Study Guide, Chapter on Portfolio Theory: Discusses the efficient frontier and inefficiency of suboptimal portfolios.
* MPT Literature: Explains risk-return optimization.
References
問題 #122
What financial principle requires an adviser to gather extensive information from a client before making a recommendation?
答案：D
解題說明：
The Know Your Customer (KYC) principle is a regulatory requirement ensuring that financial advisers gather comprehensive client information before making recommendations.
* Why KYC Is Important:
* It helps in identifying the client's financial goals, risk tolerance, and investment suitability.
* It prevents fraud and money laundering by verifying the client's identity.
* It ensures that recommendations are appropriate based on the client's circumstances.
* Regulatory Requirement:
* FCA (Financial Conduct Authority) rules require firms to follow KYC processes before providing financial services.
* MiFID II (Markets in Financial Instruments Directive) mandates thorough suitability assessments.
# Reference: FCA Handbook (COBS 9 - Suitability), CISI Wealth & Investment Management.
問題 #123
Which of the following is a characteristic of a perfectly competitive industry?
答案：D
解題說明：
* Perfectly Competitive Industry Characteristics:
* Perfect competition assumes identical (homogeneous) products, no barriers to entry or exit, and numerous buyers and sellers where all face a uniform market price.
* Firms are price takers, unable to influence prices individually.
* Elimination of Other Options:
* A: Homogeneous, not heterogeneous, products are a key characteristic.
* B: Perfect competition assumes free entry and exit.
* C: Prices are uniform, not variable.
References:
* ICWIM Module 3: Microeconomics and market structures
問題 #124
Assuming an upward-sloping yield curve that does not change, how can a fund manager profit from buying a longer-dated bond?
答案：D
解題說明：
In an upward-sloping yield curve, long-term bonds typically have higher yields than short-term bonds. As the bond nears maturity:
* Price Appreciation: The bond price rises as the yield declines due to the pull-to-par effect.
* Capital Gains Opportunity: A fund manager can sell the bond before maturity for a profit if interest rates remain unchanged.
* Yield and Price Relationship: Bond prices move inversely to yields. When yields fall, prices rise, allowing for a profit upon sale.
# Reference: CISI Wealth & Investment Management (Fixed-Income Securities), CFA Institute (Bond Pricing & Yield Curves).
問題 #125
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