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NEW QUESTION # 41
A market which employs an electronic order book to match buyers with sellers in strict order by price is known as:
Answer: B
Explanation:
In an order-driven market, an electronic order book is used to match buy and sell orders based on strict price and time priority. This system ensures transparency and fair pricing since all orders are visible to market participants.
NEW QUESTION # 42
When an investment manager manages and makes changes to a portfolio without referring to the client, this is known as:
Answer: A
Explanation:
A discretionary investment manager has full authority to buy and sell investments without seeking client approval for each transaction.
* Why is Option C Correct?
* The manager follows a pre-agreed investment mandate that aligns with the client's objectives and risk profile.
* Common in wealth management and private banking.
* Why Not Other Options?
* A (Execution-only) # The firm executes trades but does not provide investment advice or management.
* B (Advisory dealing) # The manager provides advice, but the client makes the final decision.
* D (Financial planning) # Financial planning involves long-term wealth strategies, not active portfolio management.
# Reference: FCA Conduct of Business Rules (COBS 9 - Discretionary Management), CISI Wealth & Investment Management.
NEW QUESTION # 43
An investor would regard a company's Interest Cover ratio as significant because it provides:
Answer: D
Explanation:
Interest Cover Ratio measures how easily a company can meet interest payments on its debt.
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* Why is Option A Correct?
* A higher ratio means a company comfortably covers interest costs.
* A low ratio signals higher financial risk and potential default risk.
* Why Not Other Options?
* B (Interest rate paid) # The ratio assesses coverage, not cost of debt.
* C (Debt vs equity breakdown) # This is measured by the debt-to-equity ratio.
* D (Cash for dividends) # Interest cover assesses debt serviceability, not dividend affordability
.
# Reference: CFA Institute (Financial Ratios), CISI Wealth & Investment Management.
NEW QUESTION # 44
Which of the following elements would be included in a recommendation report to a client?
Answer: B
Explanation:
A recommendation report (or suitability report) is a formal document provided by financial advisers to clients. It outlines investment recommendations and justifications based on the client's personal circumstances.
* Why is Option D Correct?
* The FCA requires firms to consider a client's existing investments, pensions, and insurance policies before making recommendations.
* This ensures that clients are not sold duplicate or unsuitable products.
* Reviewing previous arrangements helps advisers identify gaps in financial planning.
* What Else Is Included in a Recommendation Report?
* Investment objectives & risk tolerance.
* Tax considerations.
* Cost disclosures and fees.
* Why Not Other Options?
* A (Inflation rate) # While inflation is considered, it is not a mandatory section in suitability reports.
* B (Interest rate) # Relevant for fixed income investments, but not always necessary.
* C (Protection) # Only included if insurance products are being recommended.
# Reference: FCA Conduct of Business Sourcebook (COBS 9 - Suitability Reports), CISI Wealth & Investment Management.
NEW QUESTION # 45
The Arbitrage Pricing Theory (APT) assumes investors can sell short. This involves:
Answer: C
Explanation:
Short selling is a trading strategy where an investor sells borrowed securities, expecting the price to decline, and then repurchases them at a lower price.
* Why is Option B Correct?
* Short sellers borrow shares, sell them at the current price, and later buy them back at a lower price to return to the lender, profiting from the price difference.
* APT assumes investors can sell short to exploit mispricings in multiple risk factors.
* Why Not Other Options?
* A (Not selling the whole shareholding) # Short selling does not involve owning shares.
* C (Selling & buying back shortly after) # Describes day trading, not short selling.
* D (Selling many securities quickly) # Short selling is not about trading speed, but betting on price declines.
# Reference: CFA Institute (Arbitrage Pricing Theory), CISI Wealth & Investment Management.
NEW QUESTION # 46
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