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CISI International Certificate in Wealth & Investment Management Sample Questions (Q126-Q131):

NEW QUESTION # 126
What term describes the process that enables savings institutions to transform into banks?

A. Peer-to-peer
B. Demutualisation
C. Swap
D. Refinancing

Answer: B

Explanation:
Demutualisation refers to the process by which a mutual savings institution, such as a building society, converts into a publicly traded company or bank. This transformation allows the institution to raise capital through equity issuance and expand its services beyond mutual members.
Example:
* The Abbey National Building Society in the UK demutualised in the 1980s to become a bank.

NEW QUESTION # 127
When investors wish to sell units in mutual funds, there is a risk of the fund being gated. Why might this happen?

A. To ensure that the commission as a proportion of the fund remains small
B. Because the investor has not held the units past the 'lock-in' period
C. To allow fund managers to raise enough funds to pay out to those wishing to sell their units
D. To ensure any tax deferral benefits are not lost

Answer: C

Explanation:
* Fund Gating:
* Gating occurs when fund managers temporarily restrict redemptions to protect the remaining investors and ensure liquidity.
* This allows the fund to sell illiquid assets to generate sufficient cash for redemptions.
* Elimination of Other Options:
* A: Tax deferral benefits are irrelevant to gating.
* B: Commission proportions are unrelated to liquidity.
* C: Lock-in periods are predetermined and not linked to gating.
References:
* ICWIM Module 3: Focus on fund structures and liquidity management.

NEW QUESTION # 128
What is the role of a central counterparty (CCP)?

A. To act as a market maker between counterparties
B. The CCP guarantees that the counterparties will not default
C. It interposes itself between the counterparties to a trade, becoming the buyer to every seller and the seller to every buyer
D. To provide funding to counterparties as and when required

Answer: C

Explanation:
* Role of a Central Counterparty (CCP):
* A CCP acts as a mediator in financial transactions, ensuring stability and reducing counterparty risk.
* By becoming the buyer to every seller and the seller to every buyer, the CCP ensures that trades are completed even if one party defaults.
* Elimination of Other Options:
* A: CCP does not guarantee no default but mitigates its impact.
* C: Market making involves liquidity provision, not CCP's role.
* D: CCP does not provide funding but manages trade clearing.
References:
* ICWIM Module 5: Explanation of trade clearing mechanisms and the CCP's role.

NEW QUESTION # 129
An execution-only sale usually means a sale where there is an absence of:

A. Guarantee
B. Charges
C. Advice
D. Product

Answer: C

Explanation:
* Understanding Execution-Only Sales:
* Execution-only sales occur when the client makes a financial transaction without receiving any advice or recommendations from the intermediary.
* The client assumes full responsibility for the decision.
* Elimination of Other Options:
* A: Charges are typically present in execution-only sales.
* C: The product is being sold; the sale cannot occur without it.
* D: Guarantees are unrelated to the advisory process.
References:
* ICWIM Module 4: Focus on financial advice models, including execution-only services.

NEW QUESTION # 130
Why might a custom benchmark be required when measuring portfolio performance?

A. So that the portfolio can be measured in absolute terms
B. The portfolio spans several different asset classes
C. To establish the size of the tracking error
D. It is easier than using a pre-defined benchmark

Answer: B

Explanation:
* What is a Benchmark?
* A benchmark is a standard against which the performance of a portfolio is measured.
* Common benchmarks include stock indices like the S&P 500 or FTSE 100.
* Why a Custom Benchmark is Required
* When a portfolio spansseveral different asset classes, such as equities, fixed income, and alternative investments, a single pre-defined benchmark may not be sufficient.
* A custom benchmark aligns with the specific composition and strategy of the portfolio, ensuring that performance is evaluated accurately.
* Key Reason for Custom Benchmark
* It reflects thediversity and allocationof the portfolio across asset classes.
* Example: If a portfolio is 50% equity, 30% fixed income, and 20% real estate, the benchmark must reflect this mix, combining indices like MSCI World, Bloomberg Barclays Bond Index, and a real estate index.
* ICWIM Study Material, Chapter on Performance Measurement: Highlights the necessity for custom benchmarks in multi-asset portfolios.
* CFA Institute Standards: Custom benchmarks are required for complex portfolios spanning various classes.
ReferencesThus, the answer isD. The portfolio spans several different asset classes.

NEW QUESTION # 131
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ICWIM free download dumps & ICWIM passleader study torrent

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q126-Q131):

Pass Guaranteed CISI - ICWIM - International Certificate in Wealth & Investment Management –Reliable Exam Reviews

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