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«Catalogue of questions October 2016 Exchange Trader Examination FWB Frankfurt Stock Exchange Version 7.1 Catalogue of questions October 2016 Page 2 ...»

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Exchange Trader Examination FWB

Frankfurt Stock Exchange

Catalogue of questions

October 2016

Exchange Trader Examination FWB Frankfurt Stock Exchange Version 7.1

Catalogue of questions October 2016

Page 2

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Exchange Trader Examination FWB Frankfurt Stock Exchange Version 7.1

–  –  –

Information material Additional information material concerning exam questions in this catalogue can be found on www.xetra.com.

® Questions in chapter 1 are based on the rules and regulations for the Frankfurter Wertpapierbörse (FWB, the Frankfurt Stock Exchange), a link to it can be found in the header of www.xetra.com. Exam questions refer to the Exchange Rules, the Conditions for Transactions and the Trading Regulation for the Regulated Unofficial Market on the Frankfurter Wertpapierbörse.

Information on chapter 2 can be found under the menu item Trading Trading Models. The Market Model Equities for continuous trading and the Mini Auction as well as the Market Model Continuous Auction are available in the box “Further information” at the bottom of the page.

Details on trading risk limits covered in chapter 3 can be found in Xetra Circular 030/14 (Newsroom Xetra circulars).

Exchange Trader Examination FWB Frankfurt Stock Exchange Version 7.1

–  –  –

Table of contents 1 Rules and Regulation of the FWB

2 Functionality of FWB electronic trading

2.1 Xetra - Continuous Trading/Mini Auction

2.2 Börse Frankfurt (Frankfurt Stock Exchange) - Continuous Auction

3 Additional Functionalities

Exchange Trader Examination FWB Frankfurt Stock Exchange Version 7.1

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1 Rules and Regulation of the FWB 1-001 For which of the following functions is the Exchange Council not responsible?

D A: Adoption of the Exchange Rules B: Supervision of the Board of Management C: Appointment of the head of the Trading Surveillance Office D: Admission of securities 1-002 Which Exchange body decides on the commencement, suspension, interruption and discontinuation of the price fixing for securities?

C A: Market Supervision Xetra B: Trading Surveillance Office C: Board of Management of the Exchange D: Exchange Council 1-003 For which of the following functions is the Board of Management of the Exchange responsible?





B A: Monitoring of exchange trading as the implementing body of the Supervisory Authority B: Definition of start and end of price determination C: Brokerage of exchange transactions D: Prosecution of insider trading violations 1-004 Which German law requires every exchange to establish and operate a Trading Surveillance Office?

C A: German Securities Trading Act B: German Banking Act C: German Exchange Act D: German Exchange Supervisory Act 1-005 Under the Exchange Rules trading participants must provide sufficient collateral to settle their transactions. Which body is responsible for monitoring compliance with the security limit to be provided by the individual trading participants?

B A: Board of Management of the Exchange B: Trading Surveillance Office C: German Federal Financial Supervisory Authority (BaFin) D: Exchange Supervisory Authority

–  –  –

1-007 Which statement is not correct in case of technical problems?

D A: In the event of blocking the access to the exchange EDP for all companies, no more entries can be effected.

B: In the event that the trading system of a company is non-functional, the Management Board may, upon request, enter data into the exchange EDP on behalf of such trading participant.

C: A breakdown of the telephone system or another failure which prevents a communication via telephone shall immediately be made known to the Management Board by the company or the concerned exchange trader.

D: Trading Surveillance Office can block the access to the exchange EDP for one, several or all companies.

1-008 When can the Board of Management of the Exchange lock the access to the Exchange EDP?

A A: If there will be technical problems B: If there will technical problems at a participant with a high trading turnover.

C: As a rule, the access to the trading system cannot be locked.

D: None of the above 1-009 How is the identity of participants verified for "trading on behalf" in emergencies?

C A: The identity is verified using a personal identification number.

B: The identity is verified by callback from Market Supervision Xetra or Floor/Scoach staff members.

C: The identity of the calling trader is verified using the active trader ID.

D: The identity is verified by giving the system password.

1-010 According to section 57 of the Exchange Rules for the Frankfurt Stock Exchange, on which occasion is trading on FWB suspended in the Regulated Market?

C A: If orderly settlement is temporarily at risk B: On the day before the annual financial statement of a stock corporation is released C: If it is deemed necessary in order to protect investors D: On the day of the stock corporation’s annual general meeting 1-011 Who must be immediately informed by the Exchange’s Board of Management, if trading in Regulated Market is suspended?

B A: The Trading Surveillance Office and the Exchange Supervisory Authority B: The German Federal Financial Supervisory Authority (BaFin) and the Exchange Supervisory Authority C: The Exchange Council and the Trading Surveillance Office D: The Exchange Supervisory Authority and the Exchange Council Exchange Trader Examination FWB Frankfurt Stock Exchange Version 7.1

–  –  –

1-012 Which statement is wrong?

C A: If trading in the Regulated Market is suspended by the Management Board existing orders are deleted.

B: Suspension of trading can be restricted to parts of trading.

C: Suspension of trading is only possible for trading as a whole.

D: If trading in the Regulated Market is interrupted by the Management Board existing orders are not deleted.

–  –  –

1-014 Which of the following statements is not applicable for Quote Providers in structured products?

C A: They must have access to electronic trading at the Frankfurt Stock Exchange.

B: They shall guarantee the staff, technical and financial resources necessary for fulfilment of the quotation duty.

C: They have to be the issuer.

D: They need an expert contact person being admitted at the Frankfurt Stock Exchange as exchange trader.

1-015 Which requirements must quotes for structured products fulfil in the Market Maker model?

B A: They must be provided with three decimal places.

B: They shall be valid up to a customary volume.

C: They must be updated within 10 seconds.

D: They must have a minimum volume on bid and ask side.

–  –  –

1-017 Which of the following obligations must be fulfilled by Quote Providers for structured products?

B|C|D A: In the Market Maker model they shall permanently enter indicative quotes during the trading hours.

B: In the Specialist model they shall provide at least one indicative quote to the respective Specialist on each trading day.

C: In the Market Maker model they shall permanently enter binding quotes during the trading hours.

D: They shall name a binding quote to the Specialist upon his/her request.

1-018 Which special provisions for trading of structured products in Continuous Auction are applicable?

A|B A: Short selling is prohibited.

B: The issuer shall name a quote provider for the respective security in his/her application for

introduction.

C: The issuer shall name a Specialist for the respective security in his/her application for introduction.

D: Trading Surveillance Office determines if trading of the security will be included in the market-maker model or Specialist model.

1-019 What is prohibited according to the market integrity clause (section 117 Exchange Rules for the FWB)?

C A: Concluding OTC trades.

B: Placing orders in accordance with the common market practice.

C: Effect a price which is not in line with the market or an artificial price level in the Exchange EDP.

D: None of the above.

1-020 Which of the following circumstances does not violate the market integrity clause (section 117 Exchange Rules for the FWB)?

D A: Causing an artificial price level.

B: Misleading influence of supply und demand in a security by one trading participant.

C: Influencing the price of a security due to orders of one trading participant.

D: None of the above.

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1-025 Which statements are correct for pre-arranged trades under section 3 of the Conditions of Transactions on the Frankfurt Stock Exchange?

A|C A: During continous trading (trading model continuous trading with intraday auctions) they are admissible if one of the participants, prior to entering his/her order, has enterted an appropriate cross request.

B: During continuous trading (trading model continuous trading with intraday auctions) they are always forbidden.

C: The order leading to the pre-arranged trade must to be entered earliest 5 seconds and latest 35 seconds after the cross request.

D: None of the above.

1-026 Which of the following circumstances violate section 3 of the Conditions of Transactions on the Frankfurt Stock Exchange?

B|C|D A: The entry of opposite orders concerning the same security and executable immediately by several traders of one company.

B: A knowing cross trade without cross request before.

C: A pre-arranged trade without cross request before.

D: Orders entered with the intention of influencing the price of the relevant security in midpoint order matching.

1-027 When is a cross trade or a pre-arranged trade permitted according to section 3 of the Conditions of Transactions on the Frankfurt Stock Exchange?

A|B A: If one of the involved traders had entered a cross request in continuous trading (trading model continuous trading with intraday auctions) before.

B: If the order leading to the cross trade or pre-arranged trade had been entered earliest 5 seconds and latest 35 seconds after the cross request.

C: If one of the involved traders had announced the cross trade or pre-arranged trade to trading surveillance office.

D: If the phase crossing is active in the trading system.

Exchange Trader Examination FWB Frankfurt Stock Exchange Version 7.1

–  –  –

1-028 Which statements are correct for cross trades?

B|C A: During continuous trading (trading model continuous trading with intraday auctions) they are always forbidden.

B: If the self match prevention function is used by a trading participant, unintended crossings during continuous trading (trading model continuous trading with intraday auctions) are prevented by the trading system.

C: During continous trading (trading model continuous trading with intraday auctions) they are admissible if one of the participants, prior to entering his/her order, has enterted an appropriate cross request.

D: None of the above.

1-029 Which details must a cross request contain?



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