Study Guide for ACI Dealing Certificate New Version Exam (002-101) | Testpreptraining.ai<\/title>\n<meta name=\"description\" content=\"Prepare for the ACI Dealing Certificate New Version Exam (002-101) with a comprehensive study guide covering financial markets, FX, rates, FICC derivatives and financial markets applications.\">\n<meta name=\"keywords\" content=\"ACI Dealing Certificate 002-101, ACI Dealing Certificate study guide, ACI exam preparation, foreign exchange exam, money markets, FICC derivatives, financial markets applications\">\n<meta name=\"robots\" content=\"index,follow\">\n<style>\n#tpt-aci{--navy:#12345a;--blue:#1769aa;--pale:#f2f7fc;--border:#d8e3ef;--ink:#29394a;--muted:#5c6d7d;--gold:#ffc857;--green:#176e49;font:17px\/1.75 Arial,Helvetica,sans-serif;color:var(--ink);max-width:1100px;margin:auto}\n#tpt-aci *{box-sizing:border-box}#tpt-aci h1,#tpt-aci h2,#tpt-aci h3{line-height:1.25;color:var(--navy);margin:1.25em 0 .55em}#tpt-aci h1{font-size:clamp(30px,4vw,45px);color:#fff;margin-top:12px}#tpt-aci h2{font-size:clamp(24px,3vw,31px);border-bottom:2px solid var(--border);padding-bottom:10px}#tpt-aci h3{font-size:21px}#tpt-aci p{margin:.75em 0}#tpt-aci a{color:#075fa8;text-underline-offset:3px}#tpt-aci .hero{background:linear-gradient(125deg,#102849,#1769aa);border-radius:18px;padding:32px;color:white}#tpt-aci .hero p{color:#e8f3ff;font-size:19px}#tpt-aci .tag{display:inline-block;background:#ffffff20;border:1px solid #ffffff55;border-radius:30px;padding:4px 11px;font-size:13px;text-transform:uppercase;letter-spacing:.5px}#tpt-aci .meta{display:flex;flex-wrap:wrap;gap:9px;margin-top:18px}#tpt-aci .meta span{background:#ffffff18;padding:6px 10px;border-radius:7px;font-size:14px}#tpt-aci .callout{background:#eaf4ff;border-left:5px solid var(--blue);padding:15px 18px;border-radius:0 10px 10px 0;margin:22px 0}#tpt-aci .warning{background:#fff7e2;border:1px solid #ecd28a;padding:14px 16px;border-radius:10px;margin:18px 0}#tpt-aci .contents{border:1px solid var(--border);border-radius:14px;padding:22px;margin:25px 0;box-shadow:0 5px 18px #173a5b0a}#tpt-aci .contents h2{border:0;margin-top:0}#tpt-aci .grid{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:9px}#tpt-aci .navlink{display:flex;gap:10px;background:var(--pale);padding:11px 12px;border:1px solid var(--border);border-radius:9px;text-decoration:none;line-height:1.4}#tpt-aci .num{background:var(--blue);color:white;border-radius:6px;padding:2px 6px;font-weight:bold;min-width:30px;text-align:center}#tpt-aci .stats{display:grid;grid-template-columns:repeat(3,minmax(0,1fr));gap:12px;margin:20px 0}#tpt-aci .stat{border:1px solid var(--border);border-radius:12px;padding:15px;background:#fff}#tpt-aci .stat strong{display:block;color:var(--blue);font-size:23px}#tpt-aci .small{font-size:14px;color:var(--muted)}#tpt-aci .tablewrap{overflow-x:auto;margin:18px 0}#tpt-aci table{border-collapse:collapse;width:100%;min-width:590px;font-size:15px}#tpt-aci th,#tpt-aci td{border:1px solid var(--border);padding:11px 12px;text-align:left;vertical-align:top}#tpt-aci th{background:#eaf2fb;color:var(--navy)}#tpt-aci tr:nth-child(even) td{background:#fafcff}#tpt-aci .cards{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:14px}#tpt-aci .card{border:1px solid var(--border);background:#f9fbfe;border-radius:12px;padding:16px}#tpt-aci .card h3{margin-top:0}#tpt-aci .scenario,#tpt-aci .quiz,#tpt-aci .tracker{border:1px solid var(--border);border-radius:13px;padding:19px;margin:22px 0;background:white}#tpt-aci .scenario{border-top:4px solid var(--gold)}#tpt-aci .option{display:block;padding:10px 12px;border:1px solid var(--border);border-radius:8px;margin:8px 0;cursor:pointer}#tpt-aci .option:hover{background:var(--pale)}#tpt-aci .btn{background:var(--blue);color:#fff;border:0;border-radius:8px;padding:11px 16px;font-weight:bold;cursor:pointer;margin:5px 5px 5px 0}#tpt-aci .btn.secondary{background:#eaf2fb;color:var(--navy);border:1px solid var(--border)}#tpt-aci .feedback{display:none;padding:12px;border-radius:8px;margin-top:12px}#tpt-aci .feedback.good{display:block;background:#e8f7ef;color:#145b38;border:1px solid #9bd7b4}#tpt-aci .feedback.bad{display:block;background:#fff0f0;color:#8e2929;border:1px solid #e5aaaa}#tpt-aci .steps{counter-reset:step;list-style:none;padding:0}#tpt-aci .steps li{counter-increment:step;padding:0 0 18px 48px;position:relative;border-left:2px solid #cbddec;margin-left:16px}#tpt-aci .steps li:before{content:counter(step);position:absolute;left:-18px;top:0;background:var(--blue);color:#fff;border-radius:50%;width:34px;height:34px;text-align:center;line-height:34px;font-weight:bold}#tpt-aci details{border:1px solid var(--border);border-radius:9px;padding:13px 15px;margin:9px 0}#tpt-aci summary{cursor:pointer;font-weight:bold;color:var(--navy)}#tpt-aci .cta{background:linear-gradient(120deg,#102849,#1769aa);padding:25px;border-radius:14px;color:#fff;margin:28px 0}#tpt-aci .cta h2{color:#fff;border:0;margin-top:0}#tpt-aci .cta p{color:#e8f3ff}#tpt-aci .cta a{display:inline-block;background:var(--gold);color:#18334e;padding:10px 15px;border-radius:8px;text-decoration:none;font-weight:bold}#tpt-aci .source{font-size:14px;color:var(--muted);border-top:1px solid var(--border);padding-top:15px}#tpt-aci .progress{height:10px;background:#e5edf6;border-radius:99px;overflow:hidden}#tpt-aci .fill{height:100%;background:#16865c;width:0}#tpt-aci code{background:#f0f4f8;padding:2px 5px;border-radius:4px}@media(max-width:700px){#tpt-aci{font-size:16px}#tpt-aci .hero{padding:24px 19px}#tpt-aci .grid,#tpt-aci .stats,#tpt-aci .cards{grid-template-columns:1fr}#tpt-aci .contents{padding:15px}}\n<\/style>\n<\/head>\n<body>\n<article id=\"tpt-aci\">\n<header class=\"hero\">\n<span class=\"tag\">Finance Certification Study Guide<\/span>\n<h1>Study Guide for ACI Dealing Certificate New Version Exam (002-101)<\/h1>\n<p>Want to work confidently with foreign exchange, money markets, interest rates and financial derivatives? The ACI Dealing Certificate New Version is designed to build the foundational market knowledge and dealing-room competence expected of early-career financial markets professionals. This guide turns the five exam topic baskets into a structured study path\u2014with concept explanations, calculation reminders, practical scenarios and interactive knowledge checks.<\/p>\n<div class=\"meta\"><span>Exam code: 002-101<\/span><span>70 questions<\/span><span>2 hours<\/span><span>5 topic baskets<\/span><\/div>\n<\/header>\n\n<div class=\"callout\"><strong>Who is this guide for?<\/strong> Recent entrants and junior dealers, middle-office and operations personnel, and compliance or risk professionals who need a structured understanding of FX, rates, FICC derivatives and market practice. ACI\u2019s official syllabus is the final reference for scope and terminology.<\/div>\n<div class=\"warning\"><strong>Important exam-detail note:<\/strong> The ACI syllabus PDF located for this guide is labelled July 2024, while ACI also publishes a formula sheet effective 22 June 2026. Fees, pass rules, examination arrangements and syllabus details can change. Verify the current information on ACI\u2019s official website before booking; this article is a study aid, not an official ACI publication.<\/div>\n\n<section class=\"contents\" id=\"contents\"><h2>Explore this study guide<\/h2><p class=\"small\">Choose a numbered topic to jump directly to that section. Complete the mini scenarios and checklist as you study.<\/p>\n<nav class=\"grid\" aria-label=\"Article contents\">\n<a class=\"navlink\" href=\"#overview\"><span class=\"num\">01<\/span>Exam overview and candidate profile<\/a>\n<a class=\"navlink\" href=\"#strategy\"><span class=\"num\">02<\/span>Study strategy and exam approach<\/a>\n<a class=\"navlink\" href=\"#environment\"><span class=\"num\">03<\/span>Financial Markets Environment<\/a>\n<a class=\"navlink\" href=\"#fx\"><span class=\"num\">04<\/span>Foreign Exchange (FX)<\/a>\n<a class=\"navlink\" href=\"#rates\"><span class=\"num\">05<\/span>Rates: money and interest-rate markets<\/a>\n<a class=\"navlink\" href=\"#derivatives\"><span class=\"num\">06<\/span>FICC derivatives<\/a>\n<a class=\"navlink\" href=\"#applications\"><span class=\"num\">07<\/span>Financial Markets Applications<\/a>\n<a class=\"navlink\" href=\"#calculations\"><span class=\"num\">08<\/span>Quantitative skills and formula practice<\/a>\n<a class=\"navlink\" href=\"#risk\"><span class=\"num\">09<\/span>Market conduct, risk and regulation<\/a>\n<a class=\"navlink\" href=\"#plan\"><span class=\"num\">10<\/span>30-day study plan<\/a>\n<a class=\"navlink\" href=\"#scenarios\"><span class=\"num\">11<\/span>Interactive dealing-room scenarios<\/a>\n<a class=\"navlink\" href=\"#quiz\"><span class=\"num\">12<\/span>Knowledge check with explanations<\/a>\n<a class=\"navlink\" href=\"#readiness\"><span class=\"num\">13<\/span>Final readiness checklist and FAQs<\/a>\n<\/nav><\/section>\n\n<section id=\"overview\"><h2>1. ACI Dealing Certificate 002-101: exam overview<\/h2>\n<p>The ACI Dealing Certificate New Version is intended to establish core competence for professionals entering dealing rooms and related financial-market roles. Its scope spans both conceptual understanding and quantitative application. Candidates need to understand how markets work, how instruments are quoted and traded, how transactions are processed, and how professional conduct and risk controls support market integrity.<\/p>\n<p>The exam brings together five topic baskets rather than isolating calculations in a separate section. This means a question may require you to combine a market concept with a calculation, date convention or interpretation of a quote. Learning definitions is necessary, but you should also practise applying them to short dealing-room situations.<\/p>\n<div class=\"stats\">\n<div class=\"stat\"><strong>70<\/strong><span>Questions in the published exam information<\/span><\/div>\n<div class=\"stat\"><strong>2 hours<\/strong><span>Published exam duration<\/span><\/div>\n<div class=\"stat\"><strong>5<\/strong><span>Core topic baskets<\/span><\/div>\n<\/div>\n<div class=\"tablewrap\"><table><thead><tr><th>Exam detail<\/th><th>Preparation note<\/th><\/tr><\/thead><tbody>\n<tr><td>Exam code<\/td><td>002-101 \u2014 ACI Dealing Certificate New Version<\/td><\/tr>\n<tr><td>Question formats<\/td><td>Multiple-choice and multi-response formats are described in current provider information; confirm the live exam instructions.<\/td><\/tr>\n<tr><td>Topic baskets<\/td><td>Financial Markets Environment; Foreign Exchange; Rates; FICC Derivatives; Financial Markets Applications.<\/td><\/tr>\n<tr><td>Calculations<\/td><td>Be ready to use a calculator for FX rates, forward points, interest, discounting, value dates and derivative concepts where relevant.<\/td><\/tr>\n<tr><td>Passing criteria<\/td><td>Published provider information describes a 60% overall pass level and a minimum 50% in each topic basket. Verify the current ACI rules before the exam.<\/td><\/tr>\n<\/tbody><\/table><\/div>\n<h3>What makes this exam distinctive?<\/h3>\n<p>The subject matter is close to the language used in financial markets. You may see terms such as bid and offer, base and quoted currency, value date, outright forward, swap points, discount yield, settlement, market-making, counterparty risk and market conduct. Small differences in wording can change the answer. Make a glossary in your own words and add a worked example to each quantitative term.<\/p>\n<p>The five topic baskets also reflect the real transaction lifecycle. Market knowledge helps you understand the instrument; FX and rates knowledge helps you quote or calculate; derivative knowledge helps you assess the structure and exposure; and financial-market applications connect those decisions to operations, controls, risk and conduct.<\/p><\/section>\n\n<section id=\"strategy\"><h2>2. How to prepare efficiently for ACI 002-101<\/h2>\n<p>Start with the official syllabus, then turn every action verb into a study task. If a topic says \u201cdistinguish,\u201d write down the difference between the two concepts. If it says \u201ccalculate,\u201d solve several examples with different numbers. If it says \u201cexplain,\u201d practise a short answer that states the purpose, mechanism and practical implication.<\/p>\n<h3>Use a three-pass learning method<\/h3>\n<ol class=\"steps\">\n<li><strong>Pass one \u2014 Understand.<\/strong> Read each topic basket and learn its terminology. Focus on why an instrument exists, who uses it, how it is quoted and what risks it creates.<\/li>\n<li><strong>Pass two \u2014 Apply.<\/strong> Solve calculations without looking at the worked example first. Practise quote interpretation, cross-rates, forward rates, simple interest, present value, value dates and derivative payoffs.<\/li>\n<li><strong>Pass three \u2014 Test and repair.<\/strong> Complete timed practice, classify each error and revisit the exact concept behind it. Retest weak areas rather than repeatedly practising only familiar questions.<\/li>\n<\/ol>\n<h3>Keep an error log<\/h3>\n<p>For every missed question, record the topic, the incorrect assumption, the correct rule and a new example. Common error categories include reversing a currency pair, confusing bid and offer, using the wrong day-count basis, mixing up discount and interest rates, applying the wrong date convention, and overlooking the difference between a hedge and a speculative position.<\/p>\n<div class=\"callout\"><strong>Study principle:<\/strong> Do not memorise a formula without knowing what each variable represents, which currency is the base or quote, which day-count convention applies, and whether the question asks for a price, an amount, a return or a value date.<\/div><\/section>\n\n<section id=\"environment\"><h2>3. Topic Basket One: Financial Markets Environment<\/h2>\n<p>This basket provides the context for everything else in the exam. Financial markets bring together borrowers, investors, dealers, intermediaries, central banks, corporations and other participants to transfer funds, manage risk, discover prices and provide liquidity. To answer questions confidently, understand both the purpose of markets and the structure through which transactions are arranged, executed and settled.<\/p>\n<h3>Market types and their functions<\/h3>\n<div class=\"cards\">\n<div class=\"card\"><h3>Foreign exchange markets<\/h3><p>Enable participants to exchange one currency for another for trade, investment, funding, hedging and speculation. FX trading includes spot, outright forward and swap transactions.<\/p><\/div>\n<div class=\"card\"><h3>Money markets<\/h3><p>Focus on short-term borrowing, lending and liquidity management. Instruments can include deposits, certificates of deposit, commercial paper and treasury bills, with features that vary by market.<\/p><\/div>\n<div class=\"card\"><h3>Capital markets<\/h3><p>Support longer-term financing and investment through instruments such as bonds and equities. Primary markets issue new securities; secondary markets allow existing securities to trade.<\/p><\/div>\n<div class=\"card\"><h3>Commodities markets<\/h3><p>Facilitate exposure to physical commodities or commodity-linked prices. Participants may hedge production, inventory, transport or input-cost risk, or take investment positions.<\/p><\/div>\n<\/div>\n<h3>Regulated markets and OTC markets<\/h3>\n<p>Regulated exchanges operate under formal rules for trading, clearing, reporting and market supervision. Over-the-counter (OTC) markets involve transactions arranged directly between counterparties or through dealers and platforms. OTC products can be tailored to a participant\u2019s needs, but bilateral arrangements make counterparty exposure, documentation and operational controls especially important. Do not assume every product or transaction follows the same settlement or clearing model.<\/p>\n<h3>Market participants and market-making<\/h3>\n<p>Market participants have different objectives. Corporates may need currency for invoices or wish to hedge future cash flows. Asset managers invest on behalf of clients. Banks and dealers provide pricing, liquidity and risk intermediation. Brokers help participants find counterparties or execute trades. Central banks may implement monetary policy or manage reserves. Regulators oversee market conduct and applicable requirements.<\/p>\n<p>A market maker provides two-way prices and stands ready to buy or sell within the terms of its quote. The incentive may include earning the bid-offer spread and providing a service to clients. Risks include adverse price movements, inventory risk, funding and liquidity pressures, operational failures and counterparty default. A market maker must manage exposure rather than assume the spread eliminates risk.<\/p>\n<h3>From execution to settlement<\/h3>\n<p>A financial transaction does not end when the trader agrees a price. The lifecycle can include pre-trade checks, execution, trade capture, confirmation, matching, clearing where applicable, settlement, reconciliation, reporting and ongoing risk monitoring. Front office generally focuses on pricing, execution and client activity; middle office supports independent risk oversight, valuation and controls; back office typically manages confirmation, settlement and reconciliations. Exact responsibilities vary by institution.<\/p>\n<h3>Market codes and regulations<\/h3>\n<p>Study the purpose and scope of the FX Global Code, Global Precious Metals Code and UK Money Markets Code. These codes promote good market practice and professional behaviour; understand their intended audience, leading principles and Statements of Commitment. Also learn the high-level objectives of relevant frameworks named in the syllabus, including MiFID II\/MiFIR, the Market Abuse Regulation, Benchmarks Regulation, Dodd-Frank, EMIR and Basel frameworks. Focus on what each framework seeks to address and the types of activity or risk it concerns, not just the acronym.<\/p>\n<div class=\"callout\"><strong>Exam tip:<\/strong> When a question describes a transaction problem, identify whether it concerns price discovery, execution, confirmation, settlement, market conduct, counterparty exposure or operational control. The role and the correct control often become clearer once you locate the issue in the transaction lifecycle.<\/div><\/section>\n\n<section id=\"fx\"><h2>4. Topic Basket Two: Foreign Exchange (FX)<\/h2>\n<p>FX is one of the most calculation-intensive parts of the syllabus. Build a clear mental model of currency-pair notation before attempting cross-rates or forward pricing. Always identify the base currency, the quoted currency, the direction of the transaction and whether the dealer is buying or selling the base currency.<\/p>\n<h3>Base currency, quoted currency, bid and offer<\/h3>\n<p>In a pair written as <strong>EUR\/USD<\/strong>, EUR is the base currency and USD is the quoted currency. A rate of 1.0850 means one euro is priced at 1.0850 US dollars. In a two-way quote, the bid is the price at which the price maker buys the base currency; the offer (or ask) is the price at which the price maker sells the base currency. A price taker must interpret the quote from its own desired transaction, not simply choose the lower or higher number automatically.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th>Term<\/th><th>Meaning<\/th><th>Revision prompt<\/th><\/tr><\/thead><tbody>\n<tr><td>Base currency<\/td><td>The first currency in the pair; the quantity being priced in units of the quote currency.<\/td><td>Which currency amount is the rate multiplying?<\/td><\/tr>\n<tr><td>Quoted currency<\/td><td>The second currency in the pair; it expresses the price of one unit of base currency.<\/td><td>What currency is received or paid for one base unit?<\/td><\/tr>\n<tr><td>Bid<\/td><td>Price maker\u2019s buying price for the base currency.<\/td><td>If selling base currency to the dealer, which side applies?<\/td><\/tr>\n<tr><td>Offer\/ask<\/td><td>Price maker\u2019s selling price for the base currency.<\/td><td>If buying base currency from the dealer, which side applies?<\/td><\/tr>\n<tr><td>Point\/pip<\/td><td>A standardised increment in a quoted exchange rate; the decimal place depends on the pair and convention.<\/td><td>How many points separate the two rates?<\/td><\/tr>\n<tr><td>Reciprocal rate<\/td><td>The inverse of a rate, subject to bid\/offer reversal when inverting a two-way market.<\/td><td>Have you inverted both the number and the quote sides correctly?<\/td><\/tr>\n<\/tbody><\/table><\/div>\n<h3>Choosing the best quote<\/h3>\n<p>For a price taker, the best quote depends on the transaction. If you need to buy base currency, you generally compare offers and prefer the lower offer, all else equal. If you need to sell base currency, compare bids and prefer the higher bid. Always verify that the quotes are comparable in size, settlement date, credit terms and other relevant conditions.<\/p>\n<h3>Cross-rates and reciprocal rates<\/h3>\n<p>A cross-rate derives a rate between two currencies using rates that share a common currency. The arithmetic depends on how the two quoted pairs are arranged. Before multiplying or dividing, write each rate as a relationship between currency units and cancel the common currency. This dimensional-analysis approach is safer than memorising one multiplication rule.<\/p>\n<p>A reciprocal rate is the inverse of a single exchange rate. For example, if EUR\/USD is 1.2500 as a single indicative rate, its reciprocal USD\/EUR is 1 \u00f7 1.2500 = 0.8000. With a bid-offer quote, inversion also reverses the sides: the reciprocal bid is derived from the original offer, and the reciprocal offer from the original bid.<\/p>\n<h3>Spot, outright forwards and FX swaps<\/h3>\n<p>A spot FX transaction exchanges currencies for the agreed spot value date under the market convention for the pair. An outright forward agrees an exchange today for settlement on a future date. Its forward rate reflects the spot rate adjusted for the interest-rate differential and the relevant day-count conventions. An FX swap combines a near exchange with an opposite exchange on a later date, often to manage funding or roll a currency position. A forward-forward swap involves two future value dates.<\/p>\n<h3>Forward points and benchmark fixings<\/h3>\n<p>Forward points express the difference between the spot rate and the outright forward rate under the market\u2019s quoting convention. Adding or subtracting points depends on how they are quoted and the direction of the price. Do not assume the points are always added. Benchmark fixings provide reference rates at defined times and under defined methodologies; learn their purpose and the role they play in valuation, execution or contractual settlement.<\/p>\n<div class=\"scenario\" data-answer=\"b\"><strong>Quick scenario: choosing a quote.<\/strong> You need to buy the base currency from one of several dealers. The quotes are otherwise comparable. Which side should you compare?\n<label class=\"option\"><input type=\"radio\" name=\"fxq\" value=\"a\">The bid; choose the lowest bid.<\/label>\n<label class=\"option\"><input type=\"radio\" name=\"fxq\" value=\"b\">The offer; generally choose the lowest offer.<\/label>\n<label class=\"option\"><input type=\"radio\" name=\"fxq\" value=\"c\">The offer; always choose the highest offer.<\/label>\n<button class=\"btn check\" type=\"button\">Check answer<\/button><div class=\"feedback\"><\/div><\/div><\/section>\n\n<section id=\"rates\"><h2>5. Topic Basket Three: Rates \u2014 Money and Interest-Rate Markets<\/h2>\n<p>The rates basket combines instrument knowledge with quantitative work. Learn how money-market instruments raise or place short-term funds, how they are quoted, how interest accrues, and how calendar conventions determine maturity and value dates. The details can differ by instrument and currency, so follow the convention specified in the question.<\/p>\n<h3>Money-market instruments<\/h3>\n<p>Money-market instruments support short-term funding and liquidity management. Their characteristics may differ by transferability, security, issuer, investor, return structure and quotation method. A deposit may pay interest at maturity; a discount instrument may be issued below face value and redeemed at face value. A certificate of deposit is a bank deposit instrument that may be transferable depending on its structure and market. Commercial paper is generally a short-term funding instrument issued by a company, while treasury bills are short-term government securities.<\/p>\n<p>For each instrument in the syllabus, build a comparison sheet: typical issuer\/borrower, investor\/lender, maturity range, secured or unsecured nature, transferable or not, quotation basis, return mechanism and key risks. Avoid applying one instrument\u2019s quotation convention to another without checking.<\/p>\n<h3>Simple interest, discounting and compounding<\/h3>\n<p>Simple interest is commonly expressed using principal, annual rate, the number of days and an annual day-count basis. A generic form is:<\/p>\n<div class=\"callout\"><strong>Simple interest:<\/strong> Interest = Principal \u00d7 Annual rate \u00d7 (Days \u00f7 Annual basis)<\/div>\n<p>The annual basis might be 360 or 365 days, or another convention specified for the currency or instrument. Always check whether the rate is expressed as a decimal or percentage and whether the problem specifies actual days or another day-count rule.<\/p>\n<p>Present value discounts a future cash flow back to today. Future value compounds a present amount forward. With simple interest, a generic accumulation relationship is FV = PV \u00d7 (1 + r \u00d7 t), where <em>r<\/em> is the annual rate and <em>t<\/em> is the year fraction. The exact formula for a quoted discount instrument may differ; use the instrument\u2019s convention rather than forcing every question into the same equation.<\/p>\n<h3>Value dates and business-day conventions<\/h3>\n<p>Same-day, next-day and spot value dates identify when currency settlement occurs. Forward value dates are agreed for future settlement. Calendar rules determine how a maturity date is adjusted when it falls on a non-business day. Under a following convention, the date moves to the next business day. Modified following generally moves to the next business day unless doing so crosses into the next calendar month, in which case the date is moved backward to the preceding business day. Preceding moves to the prior business day. End\/end rules and currency-specific holidays can add further detail.<\/p>\n<h3>Risk concepts<\/h3>\n<p>Operational risk can arise from people, systems, processes or external events. Legal risk relates to legal uncertainty, enforceability or disputes; regulatory risk concerns failure to meet applicable rules or supervisory requirements; reputational risk concerns damage to confidence and standing. These categories can overlap. For example, an operational error may create a settlement failure, trigger legal disputes and damage a firm\u2019s reputation.<\/p>\n<div class=\"callout\"><strong>Calculation habit:<\/strong> Write down the day count, annual basis, rate format, principal and requested output before entering numbers. Most avoidable errors begin with using the right formula with the wrong inputs.<\/div><\/section>\n\n<section id=\"derivatives\"><h2>6. Topic Basket Four: FICC Derivatives<\/h2>\n<p>FICC stands for fixed income, currencies and commodities. Derivatives derive their value from an underlying instrument, rate, currency, commodity or other reference. They can help participants hedge exposures, manage funding or take a market view, but they also introduce leverage, valuation, liquidity, collateral and counterparty considerations.<\/p>\n<h3>Forwards and futures<\/h3>\n<p>A forward is generally an agreement between counterparties to transact an underlying at a future date under agreed terms. It can be tailored but introduces bilateral counterparty exposure. A futures contract is standardised and traded through an organised exchange structure, with margining and clearing arrangements governed by the market. Understand how standardisation, margin, settlement and counterparty arrangements differ.<\/p>\n<h3>Swaps<\/h3>\n<p>A swap exchanges cash flows according to defined terms. An interest-rate swap may exchange fixed-rate payments for floating-rate payments on a notional amount; the notional is generally used to calculate payments rather than exchanged itself. A currency swap can involve cash flows in different currencies and may include exchanges of principal. FX swaps are distinct in their common use of near and far currency exchanges. Read the contract description carefully before identifying the instrument.<\/p>\n<h3>Options and payoff thinking<\/h3>\n<p>An option gives its buyer a right, but not an obligation, to buy or sell an underlying at agreed terms. A call generally gives the right to buy; a put gives the right to sell. The buyer pays a premium for that right. A seller or writer receives the premium and takes on an obligation if the option is exercised. Review intrinsic value, time value, strike, expiry and the difference between the buyer\u2019s and writer\u2019s risk profiles.<\/p>\n<h3>Fixed-income and commodity exposure<\/h3>\n<p>Bond prices and yields are linked: all else equal, a bond\u2019s price typically falls when its yield rises and rises when its yield falls. Duration provides a measure of sensitivity to yield changes, while convexity describes how that sensitivity changes as yields move. Commodity derivatives may be used by producers, consumers and traders to manage or assume exposure to price changes. Understand the economic purpose of a hedge and the possibility of basis risk when the hedging instrument does not perfectly match the underlying exposure.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th>Instrument<\/th><th>Typical use<\/th><th>Key study distinction<\/th><\/tr><\/thead><tbody>\n<tr><td>Forward<\/td><td>Tailor a future transaction or hedge an exposure.<\/td><td>Bilateral contract; terms can be customised.<\/td><\/tr>\n<tr><td>Future<\/td><td>Standardised exchange-traded exposure.<\/td><td>Standard contract specifications and margin\/clearing arrangements.<\/td><\/tr>\n<tr><td>Swap<\/td><td>Exchange cash flows to manage rates, currencies or other exposures.<\/td><td>Cash-flow schedule and calculation terms define the exposure.<\/td><\/tr>\n<tr><td>Option<\/td><td>Gain asymmetric exposure or hedge adverse price moves.<\/td><td>Buyer has a right; writer has a contingent obligation.<\/td><\/tr>\n<\/tbody><\/table><\/div>\n<p>For each derivative, learn the underlying, direction of exposure, payoff mechanics, typical use, key risks and whether it is generally OTC or exchange-traded under the syllabus context. Do not assume that every derivative with a similar name has identical settlement or collateral terms.<\/p><\/section>\n\n<section id=\"applications\"><h2>7. Topic Basket Five: Financial Markets Applications<\/h2>\n<p>This basket connects theory to practical market activity. You should be able to interpret common dealing terminology, understand transaction workflows and recognise how good market practice, controls and operational discipline apply to real situations. Read the exact current ACI syllabus for the detailed scope of this topic basket.<\/p>\n<h3>From market quote to completed transaction<\/h3>\n<p>A dealer receives a request, determines the relevant product and settlement details, obtains or provides a quote, agrees the trade, captures the transaction and ensures the details are confirmed. The institution then follows the applicable clearing and settlement process, reconciles records and completes required reporting. Each stage can introduce a different risk: an incorrect quote, miscommunication, a booking error, a failed confirmation, insufficient settlement funds or a reporting omission.<\/p>\n<h3>Trade details that must match<\/h3>\n<p>Depending on the product, trade details can include counterparties, instrument, direction, amount or notional, price or rate, trade date, value date, maturity, settlement instructions and any product-specific terms. A mismatch should be investigated and resolved through approved procedures. Never assume that a verbal agreement or a system entry alone proves that all downstream steps are complete.<\/p>\n<h3>Conduct and professional judgement<\/h3>\n<p>Good market practice requires honesty, clear communication, appropriate handling of confidential information, awareness of conflicts of interest and adherence to applicable rules. Codes such as the FX Global Code set out principles for professional behaviour and market integrity. A sound exam answer often recognises both the commercial objective and the control obligation: a trade should not be pursued by bypassing required checks or misrepresenting a price or status.<\/p>\n<h3>Operational controls and escalation<\/h3>\n<p>Controls can include segregation of duties, access management, independent confirmation, reconciliations, limits, exception reporting, change control and incident escalation. If a process fails, preserve relevant records, notify the appropriate team and follow the institution\u2019s procedures. A junior employee should not attempt to conceal an error or make an unauthorised adjustment to force a transaction to balance.<\/p><\/section>\n\n<section id=\"calculations\"><h2>8. Quantitative skills: a method for avoiding calculation mistakes<\/h2>\n<p>Quantitative questions are easier when you use a consistent sequence. First, identify what the question asks for. Second, list the given values and units. Third, choose the correct convention or formula. Fourth, calculate with a basic calculator. Finally, check whether the answer is plausible and expressed in the correct currency, rate or time unit.<\/p>\n<h3>FX amount calculations<\/h3>\n<p>For a single rate, if a base-currency amount is converted into the quoted currency, multiply by the exchange rate. If you know the quoted-currency amount and need the base amount, divide by the rate. In a two-way market, choose the bid or offer based on the transaction direction. For example, buying base currency from a price maker generally uses the offer; selling base currency to the price maker generally uses the bid.<\/p>\n<h3>Forward-rate calculations<\/h3>\n<p>Forward FX pricing reflects the spot rate and the relative interest rates of the two currencies over the relevant period. A generic relationship under simple-interest assumptions can be represented as a spot rate multiplied by the quoted-currency accumulation factor divided by the base-currency accumulation factor, depending on the pair convention. Use the exact formula and convention sheet supplied by ACI for the exam. If forward points are given, apply them to the spot rate according to the quote convention and verify the sign.<\/p>\n<h3>Present value and future value<\/h3>\n<p>For a simple-interest period, a generic future value is FV = PV \u00d7 (1 + r \u00d7 t). Rearranging gives PV = FV \u00f7 (1 + r \u00d7 t). These are general relationships; discount instruments and specific money-market quotations may use a different convention. Practise identifying whether the rate is an interest rate or a discount rate before selecting the formula.<\/p>\n<h3>Worked practice example: simple interest<\/h3>\n<p>Suppose a hypothetical principal of 1,000,000 earns simple annual interest of 4.5% for 90 days using a 360-day basis. The year fraction is 90 \u00f7 360 = 0.25. Interest = 1,000,000 \u00d7 0.045 \u00d7 0.25 = 11,250. The hypothetical maturity amount is 1,011,250 if interest is paid at maturity and no other cash flows or fees apply.<\/p>\n<p class=\"small\">This example is for learning the arithmetic only. Actual instrument conventions, compounding, fees and day counts depend on the question and market.<\/p>\n<h3>Check your calculation method<\/h3>\n<ul>\n<li>Did you use the correct currency pair direction?<\/li>\n<li>Did you choose the correct side of the bid-offer quote?<\/li>\n<li>Did you convert the annual rate from a percentage to a decimal?<\/li>\n<li>Did you use the specified day-count and annual basis?<\/li>\n<li>Did you distinguish interest from discount?<\/li>\n<li>Did you apply the correct sign to forward points?<\/li>\n<li>Did you check that the answer\u2019s units make sense?<\/li>\n<\/ul><\/section>\n\n<section id=\"risk\"><h2>9. Market conduct, regulation and risk: what to understand<\/h2>\n<p>The syllabus references industry codes and a number of regulatory and prudential frameworks. The best preparation approach is to learn each framework\u2019s purpose and scope at a high level, then connect it to the market activity or risk it addresses. The applicable rules depend on jurisdiction, entity, product and activity, so avoid treating one framework as universally applicable to every transaction.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th>Framework or code<\/th><th>Study focus<\/th><\/tr><\/thead><tbody>\n<tr><td>FX Global Code<\/td><td>Principles for good practice in the wholesale FX market, including ethics, governance, execution, information sharing, risk management and confirmation\/settlement.<\/td><\/tr>\n<tr><td>Global Precious Metals Code<\/td><td>Good-practice principles for the wholesale precious-metals market and its participants.<\/td><\/tr>\n<tr><td>UK Money Markets Code<\/td><td>Good-practice principles relevant to wholesale sterling money-market activity.<\/td><\/tr>\n<tr><td>MiFID II \/ MiFIR<\/td><td>European investment-services and market-structure framework; understand the broad purpose of conduct, transparency and reporting requirements.<\/td><\/tr>\n<tr><td>Market Abuse Regulation (MAR)<\/td><td>Rules addressing market abuse, including insider dealing and market manipulation in its scope.<\/td><\/tr>\n<tr><td>Benchmarks Regulation (BMR)<\/td><td>Governance and oversight of benchmarks used in financial instruments and contracts within its scope.<\/td><\/tr>\n<tr><td>Dodd-Frank Act<\/td><td>US financial regulatory reforms, including important changes affecting OTC derivatives and market oversight.<\/td><\/tr>\n<tr><td>EMIR<\/td><td>EU framework addressing OTC derivatives, central clearing, reporting and risk-mitigation requirements within scope.<\/td><\/tr>\n<tr><td>Basel frameworks<\/td><td>International prudential standards for bank capital, risk management and related resilience requirements.<\/td><\/tr>\n<\/tbody><\/table><\/div>\n<h3>Understand the relationship between risk categories<\/h3>\n<p>Market risk arises from changes in market prices or rates. Credit and counterparty risk concerns the possibility that a counterparty fails to meet its obligations. Liquidity risk can arise when a position cannot be closed or funded at a reasonable cost. Operational risk comes from failures in people, systems, processes or external events. Legal, regulatory and reputational risks may arise alongside these exposures. A single incident can affect several categories at once.<\/p>\n<p>In scenario questions, look for the source of the problem rather than choosing the most familiar risk label. A pricing loss due to an adverse currency move is different from a settlement failure caused by an incorrect instruction, even if both ultimately cost money.<\/p><\/section>\n\n<section id=\"plan\"><h2>10. A practical 30-day study plan<\/h2>\n<p>This schedule is a suggested framework, not an official ACI timetable. Adjust it according to your experience, study time and diagnostic results. If FX calculations are new to you, spend extra days on currency-pair logic and forward rates. If you already work in a dealing room, focus on less familiar instruments, codes, regulations and the exact syllabus terminology.<\/p>\n<ol class=\"steps\">\n<li><strong>Days 1\u20133: Review the syllabus.<\/strong> Download the current official syllabus and formula sheet. Make a tracker for all five topic baskets and mark each topic as strong, developing or unfamiliar.<\/li>\n<li><strong>Days 4\u20137: Financial Markets Environment.<\/strong> Study market types, participants, market-making, transaction lifecycle, codes and high-level regulatory purposes. Write short explanations in your own words.<\/li>\n<li><strong>Days 8\u201312: Foreign Exchange.<\/strong> Practise base\/quoted currency, bid-offer interpretation, conversion amounts, reciprocal rates, cross-rates, spot, forwards, swaps and forward points.<\/li>\n<li><strong>Days 13\u201316: Rates.<\/strong> Compare money-market instruments, practise simple interest and present\/future value, and work through day-count and business-day conventions.<\/li>\n<li><strong>Days 17\u201320: FICC derivatives.<\/strong> Compare forwards, futures, swaps and options. Review fixed-income price\/yield relationships, commodity hedging and the risk profile of each instrument.<\/li>\n<li><strong>Days 21\u201323: Financial Markets Applications.<\/strong> Review trade lifecycle, booking and settlement, conduct, operational controls and the way errors are escalated.<\/li>\n<li><strong>Days 24\u201326: Mixed calculations and scenarios.<\/strong> Practise questions that combine a market concept with a quote, value date, instrument or risk consideration. Keep an error log.<\/li>\n<li><strong>Days 27\u201328: Timed practice.<\/strong> Complete a practice exam under time pressure. Review incorrect and guessed answers; do not count a lucky guess as mastery.<\/li>\n<li><strong>Days 29\u201330: Final revision.<\/strong> Revisit weak baskets, review the official formula sheet and definitions, confirm booking requirements and rest before the exam.<\/li>\n<\/ol>\n<div class=\"tracker\"><h3>Interactive study tracker<\/h3><p class=\"small\">Tick each item as you complete it. Progress updates in this page only.<\/p><div id=\"studylist\">\n<label class=\"option\"><input type=\"checkbox\"> Reviewed the current official syllabus and formula sheet<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Can explain the main financial-market types and participants<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Can interpret FX quotes and calculate cross\/reciprocal rates<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Practised FX forwards, swaps and forward points<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Practised simple interest, present value and date conventions<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Can distinguish forwards, futures, swaps and options<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Reviewed market codes, regulations and risk categories<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Completed timed practice and analysed mistakes<\/label>\n<\/div><div class=\"progress\"><div class=\"fill\" id=\"studyfill\"><\/div><\/div><p id=\"studycount\" class=\"small\">0 of 8 completed<\/p><button class=\"btn secondary\" type=\"button\" id=\"resetstudy\">Reset checklist<\/button><\/div><\/section>\n\n<section id=\"scenarios\"><h2>11. Interactive dealing-room scenarios<\/h2>\n<p>These are original learning scenarios, not actual ACI exam questions. Choose the best answer and read the feedback.<\/p>\n<div class=\"scenario\" data-answer=\"b\"><strong>Scenario 1: FX quote.<\/strong> You need to buy the base currency from a dealer. Assuming quotes are otherwise comparable, which side is generally relevant?\n<label class=\"option\"><input type=\"radio\" name=\"s1\" value=\"a\">Bid<\/label><label class=\"option\"><input type=\"radio\" name=\"s1\" value=\"b\">Offer<\/label><label class=\"option\"><input type=\"radio\" name=\"s1\" value=\"c\">The midpoint in every case<\/label><button class=\"btn check\" type=\"button\">Check answer<\/button><div class=\"feedback\"><\/div><\/div>\n<div class=\"scenario\" data-answer=\"a\"><strong>Scenario 2: Operational risk.<\/strong> A settlement instruction is entered incorrectly because of a manual processing error. What is the most direct risk category?\n<label class=\"option\"><input type=\"radio\" name=\"s2\" value=\"a\">Operational risk<\/label><label class=\"option\"><input type=\"radio\" name=\"s2\" value=\"b\">Only market risk<\/label><label class=\"option\"><input type=\"radio\" name=\"s2\" value=\"c\">No risk if the trade price was correct<\/label><button class=\"btn check\" type=\"button\">Check answer<\/button><div class=\"feedback\"><\/div><\/div>\n<div class=\"scenario\" data-answer=\"c\"><strong>Scenario 3: Hedging a future currency payment.<\/strong> A company knows it must pay a foreign currency amount in three months and wants to fix the exchange rate today. Which instrument is a common fit?\n<label class=\"option\"><input type=\"radio\" name=\"s3\" value=\"a\">A spot transaction settling under the normal spot convention<\/label><label class=\"option\"><input type=\"radio\" name=\"s3\" value=\"b\">A market order for an unrelated commodity<\/label><label class=\"option\"><input type=\"radio\" name=\"s3\" value=\"c\">An outright FX forward with a matching future value date<\/label><button class=\"btn check\" type=\"button\">Check answer<\/button><div class=\"feedback\"><\/div><\/div>\n<div class=\"scenario\" data-answer=\"b\"><strong>Scenario 4: Date convention.<\/strong> Under a modified-following convention, the next business day would fall in the next calendar month. What is the usual adjustment?\n<label class=\"option\"><input type=\"radio\" name=\"s4\" value=\"a\">Always move two weeks forward<\/label><label class=\"option\"><input type=\"radio\" name=\"s4\" value=\"b\">Move back to the preceding business day<\/label><label class=\"option\"><input type=\"radio\" name=\"s4\" value=\"c\">Ignore the holiday and keep the non-business day<\/label><button class=\"btn check\" type=\"button\">Check answer<\/button><div class=\"feedback\"><\/div><\/div><\/section>\n\n<section id=\"quiz\"><h2>12. Knowledge check: test your understanding<\/h2>\n<p>Answer all eight questions, then check your score and explanations. These are original practice items created for this guide.<\/p>\n<form class=\"quiz\" id=\"aci-quiz\">\n<fieldset><legend>1. In EUR\/USD, which currency is the base currency?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q1\" value=\"a\">USD<\/label><label class=\"option\"><input type=\"radio\" name=\"q1\" value=\"b\">EUR<\/label><label class=\"option\"><input type=\"radio\" name=\"q1\" value=\"c\">Both currencies are base currencies<\/label><\/fieldset>\n<fieldset><legend>2. A price taker buying the base currency from a dealer generally uses which side?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q2\" value=\"a\">Bid<\/label><label class=\"option\"><input type=\"radio\" name=\"q2\" value=\"b\">Offer<\/label><label class=\"option\"><input type=\"radio\" name=\"q2\" value=\"c\">The lowest bid in all cases<\/label><\/fieldset>\n<fieldset><legend>3. What is the main purpose of an FX outright forward?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q3\" value=\"a\">Exchange currencies on a future agreed value date at an agreed rate<\/label><label class=\"option\"><input type=\"radio\" name=\"q3\" value=\"b\">Guarantee that a market cannot move<\/label><label class=\"option\"><input type=\"radio\" name=\"q3\" value=\"c\">Replace every spot transaction<\/label><\/fieldset>\n<fieldset><legend>4. What should determine the annual basis used in a simple-interest calculation?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q4\" value=\"a\">The basis the candidate prefers<\/label><label class=\"option\"><input type=\"radio\" name=\"q4\" value=\"b\">Always 365 days<\/label><label class=\"option\"><input type=\"radio\" name=\"q4\" value=\"c\">The convention specified for the currency\/instrument or in the question<\/label><\/fieldset>\n<fieldset><legend>5. Which statement best describes a futures contract?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q5\" value=\"a\">Always a bespoke bilateral contract<\/label><label class=\"option\"><input type=\"radio\" name=\"q5\" value=\"b\">A standardised contract traded under an exchange and clearing framework<\/label><label class=\"option\"><input type=\"radio\" name=\"q5\" value=\"c\">An instrument with no market risk<\/label><\/fieldset>\n<fieldset><legend>6. Which event is most directly an operational-risk issue?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q6\" value=\"a\">A currency moves because interest-rate expectations change<\/label><label class=\"option\"><input type=\"radio\" name=\"q6\" value=\"b\">A bond yield changes in the market<\/label><label class=\"option\"><input type=\"radio\" name=\"q6\" value=\"c\">A system failure causes a trade to be booked incorrectly<\/label><\/fieldset>\n<fieldset><legend>7. What does the reciprocal of a single FX rate represent?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q7\" value=\"a\">The inverse rate<\/label><label class=\"option\"><input type=\"radio\" name=\"q7\" value=\"b\">The bid-offer spread<\/label><label class=\"option\"><input type=\"radio\" name=\"q7\" value=\"c\">The forward points<\/label><\/fieldset>\n<fieldset><legend>8. What is a key purpose of a market-practice code?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q8\" value=\"a\">To eliminate every financial-market risk<\/label><label class=\"option\"><input type=\"radio\" name=\"q8\" value=\"b\">To promote good practice and professional conduct in the relevant market<\/label><label class=\"option\"><input type=\"radio\" name=\"q8\" value=\"c\">To guarantee a profit on each trade<\/label><\/fieldset>\n<button class=\"btn\" type=\"submit\">Check my score<\/button><button class=\"btn secondary\" type=\"button\" id=\"resetquiz\">Try again<\/button><div class=\"feedback\" id=\"quizresult\" aria-live=\"polite\"><\/div>\n<\/form><\/section>\n\n<section id=\"readiness\"><h2>13. Final readiness checklist and FAQs<\/h2>\n<div class=\"tracker\"><div id=\"readylist\">\n<label class=\"option\"><input type=\"checkbox\"> I can explain all five topic baskets without relying only on memorised definitions.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I can interpret bid\/offer quotes and perform FX conversions correctly.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I can work through cross-rates, reciprocal rates and forward pricing conventions.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I can calculate simple interest and handle the stated day-count basis.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I can compare money-market instruments and common FICC derivatives.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I understand the trade lifecycle, market codes, regulation and risk categories.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I have taken timed practice and reviewed the reasoning behind every mistake.<\/label>\n<\/div><div class=\"progress\"><div class=\"fill\" id=\"readyfill\"><\/div><\/div><p class=\"small\" id=\"readycount\">0 of 7 completed<\/p><\/div>\n<h3>Frequently asked questions<\/h3>\n<details><summary>What is the ACI Dealing Certificate New Version exam code?<\/summary><p>The exam code is 002-101. Confirm the current exam listing and syllabus on ACI\u2019s official website before registering.<\/p><\/details>\n<details><summary>How many questions are in the exam and how long is it?<\/summary><p>Published information lists 70 questions and a two-hour duration. Check current ACI registration information for the latest delivery details.<\/p><\/details>\n<details><summary>What are the five topic baskets?<\/summary><p>Financial Markets Environment; Foreign Exchange; Rates (Money and Interest Rate Markets); FICC (Fixed Income, Currency and Commodities) Derivatives; and Financial Markets Applications.<\/p><\/details>\n<details><summary>Do I need to practise calculations?<\/summary><p>Yes. The syllabus includes quantitative applications in areas such as FX rates, forward points, interest, discounting and date conventions. Practise with the official formula sheet and ensure you understand the assumptions behind each formula.<\/p><\/details>\n<details><summary>Who should consider this certificate?<\/summary><p>It is designed for recent entrants and junior dealers, middle-office and operations personnel, and compliance and risk officers who need foundational financial-market competence.<\/p><\/details>\n<details><summary>Are the questions in this article actual exam questions?<\/summary><p>No. The scenarios and quiz questions are original study exercises, not official or recalled ACI exam items. Use them to practise concepts, then validate your preparation against the official syllabus.<\/p><\/details>\n<div class=\"cta\"><h2>Ready to practise for ACI Dealing Certificate 002-101?<\/h2><p>Build confidence by combining the official syllabus, the current ACI formula sheet, calculation drills and timed practice. Review your results by topic basket, revisit weak concepts and repeat the questions you missed until you can explain the reasoning clearly.<\/p><a href=\"https:\/\/www.testpreptraining.ai\/aci-dealing-certificate-new-version-exam-002-101\" target=\"_blank\" rel=\"noopener\">Explore ACI 002-101 practice resources<\/a><\/div>\n<\/section>\n<\/article>\n<script>\n(function(){const root=document.getElementById('tpt-aci');if(!root)return;\nroot.querySelectorAll('.scenario .check').forEach(btn=>btn.addEventListener('click',()=>{const s=btn.closest('.scenario'),pick=s.querySelector('input[type=radio]:checked'),f=s.querySelector('.feedback');if(!pick){f.className='feedback bad';f.textContent='Choose an answer first.';return}const ok=pick.value===s.dataset.answer;f.className='feedback '+(ok?'good':'bad');f.textContent=ok?'Correct. This is the best answer for the stated situation.':'Not quite. Revisit the relevant concept and choose the answer that matches the transaction or risk described.'}));\nfunction wire(listId,fillId,countId){const box=document.getElementById(listId),fill=document.getElementById(fillId),count=document.getElementById(countId);if(!box||!fill||!count)return;const checks=[...box.querySelectorAll('input[type=checkbox]')];function upd(){const n=checks.filter(x=>x.checked).length;fill.style.width=(100*n\/checks.length)+'%';count.textContent=n+' of '+checks.length+' completed'}checks.forEach(x=>x.addEventListener('change',upd));upd();return{checks,upd}}\nconst study=wire('studylist','studyfill','studycount');wire('readylist','readyfill','readycount');const reset=document.getElementById('resetstudy');if(reset&&study)reset.addEventListener('click',()=>{study.checks.forEach(x=>x.checked=false);study.upd()});\nconst answers={q1:'b',q2:'b',q3:'a',q4:'c',q5:'b',q6:'c',q7:'a',q8:'b'};const explanations={q1:'EUR is the first currency in EUR\/USD, so it is the base currency.',q2:'A buyer of base currency generally buys from the dealer at the offer.',q3:'An outright forward agrees a future currency exchange at an agreed rate.',q4:'Use the stated or applicable market convention.',q5:'Futures are standardised and traded under an exchange\/clearing framework.',q6:'A system failure that causes incorrect booking is operational risk.',q7:'The reciprocal is the inverse of the rate.',q8:'Market-practice codes promote good practice and professional conduct.'};const form=document.getElementById('aci-quiz'),res=document.getElementById('quizresult');if(form)form.addEventListener('submit',e=>{e.preventDefault();let score=0,rows=[];Object.keys(answers).forEach((q,i)=>{const sel=form.querySelector('input[name='+q+']:checked'),ok=sel&&sel.value===answers[q];if(ok)score++;rows.push('<li><strong>'+(i+1)+'. '+(ok?'Correct':'Review')+':<\/strong> '+explanations[q]+'<\/li>')});res.className='feedback '+(score>=6?'good':'bad');res.innerHTML='<strong>Score: '+score+'\/8<\/strong><p>'+(score>=6?'Good progress. Review the explanations and keep practising.':'Use this as a diagnostic. Revisit the related sections, then try again.')+'<\/p><ul>'+rows.join('')+'<\/ul>'});const rq=document.getElementById('resetquiz');if(rq)rq.addEventListener('click',()=>{form.reset();res.className='feedback';res.style.display='none';res.innerHTML=''});\n})();\n<\/script>\n<\/body>\n<\/html>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><a href=\"https:\/\/www.testpreptraining.ai\/aci-dealing-certificate-new-version-exam-002-101-free-practice-test\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"960\" height=\"150\" src=\"https:\/\/www.testpreptraining.ai\/blog\/wp-content\/uploads\/2020\/08\/ACI-Dealing-Certificate-002-100-Exam-1.png\" alt=\"ACI Dealing Certificate 002-100 Exam\" class=\"wp-image-9614\" srcset=\"https:\/\/www.testpreptraining.ai\/blog\/wp-content\/uploads\/2020\/08\/ACI-Dealing-Certificate-002-100-Exam-1.png 960w, https:\/\/www.testpreptraining.ai\/blog\/wp-content\/uploads\/2020\/08\/ACI-Dealing-Certificate-002-100-Exam-1-300x47.png 300w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The financial markets are constantly moving, and every trading decision depends on understanding currencies, interest rates, market instruments, and risk. Whether you aspire to work in a dealing room, begin a career in financial markets, or strengthen your understanding of trading and treasury operations, the ACI Dealing Certificate New Version Exam (002-101) can be an…<\/p>\n","protected":false},"author":1,"featured_media":40016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[225],"tags":[9,8703,8699,9805,8715,33,9810,9814,9812,9804,9807,5647,9815,9803,9808,9809,9806,9813,9811],"class_list":["post-40015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-aws-certification","tag-aws-certification-2026","tag-aws-certification-roadmap","tag-aws-certification-roadmap-2026","tag-aws-certification-roadmap-for-beginners","tag-aws-certifications","tag-aws-certifications-2026","tag-aws-roadmap-2026","tag-best-aws-certifcations","tag-best-aws-certification","tag-best-aws-certification-2026","tag-certification-roadmap","tag-complete-aws-certification-roadmap-for-beginners","tag-top-5-aws-certifications","tag-top-5-aws-certifications-2022","tag-top-aws-certifications","tag-top-aws-certifications-2026","tag-top-certifications-aws","tag-which-aws-certification-is-best"],"acf":[],"yoast_head":"\n<title>Study Guide for ACI Dealing New Version Exam (002-101)<\/title>\n<meta name=\"description\" content=\"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Study Guide for ACI Dealing New Version Exam (002-101)\" \/>\n<meta property=\"og:description\" content=\"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-15T11:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-15T16:34:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.testpreptraining.ai\/blog\/wp-content\/uploads\/2026\/10\/ACI-Dealing-Certificate-Study-Guide.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1672\" \/>\n\t<meta property=\"og:image:height\" content=\"941\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"TestPrepTraining\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"TestPrepTraining\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"25 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/\",\"url\":\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/\",\"name\":\"Study Guide for ACI Dealing New Version Exam (002-101)\",\"isPartOf\":{\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/#website\"},\"datePublished\":\"2026-10-15T11:30:00+00:00\",\"dateModified\":\"2026-10-15T16:34:22+00:00\",\"author\":{\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/b46daaf932dbfb07cbe7db807006780c\"},\"description\":\"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!\",\"breadcrumb\":{\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.testpreptraining.ai\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Study Guide for ACI Dealing Certificate New Version Exam (002-101)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/#website\",\"url\":\"https:\/\/www.testpreptraining.ai\/blog\/\",\"name\":\"Learning Resources\",\"description\":\"Testprep Training Blogs\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.testpreptraining.ai\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/b46daaf932dbfb07cbe7db807006780c\",\"name\":\"TestPrepTraining\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4cd4f7acc79865d9ba457114e386c039833599aae3707598a92eda256c6a5278?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4cd4f7acc79865d9ba457114e386c039833599aae3707598a92eda256c6a5278?s=96&d=mm&r=g\",\"caption\":\"TestPrepTraining\"},\"description\":\"Testprep Training offers a wide range of practice exams and online courses for Professional certification exam curated by field experts and working professionals. Evaluate your skills and build confidence to appear for the exam.\"}]}<\/script>\n","yoast_head_json":{"title":"Study Guide for ACI Dealing New Version Exam (002-101)","description":"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/","og_locale":"en_US","og_type":"article","og_title":"Study Guide for ACI Dealing New Version Exam (002-101)","og_description":"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!","og_url":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/","og_site_name":"Blog","article_published_time":"2026-10-15T11:30:00+00:00","article_modified_time":"2026-10-15T16:34:22+00:00","og_image":[{"width":1672,"height":941,"url":"https:\/\/www.testpreptraining.ai\/blog\/wp-content\/uploads\/2026\/10\/ACI-Dealing-Certificate-Study-Guide.jpg","type":"image\/jpeg"}],"author":"TestPrepTraining","twitter_card":"summary_large_image","twitter_misc":{"Written by":"TestPrepTraining","Est. reading time":"25 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/","url":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/","name":"Study Guide for ACI Dealing New Version Exam (002-101)","isPartOf":{"@id":"https:\/\/www.testpreptraining.ai\/blog\/#website"},"datePublished":"2026-10-15T11:30:00+00:00","dateModified":"2026-10-15T16:34:22+00:00","author":{"@id":"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/b46daaf932dbfb07cbe7db807006780c"},"description":"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!","breadcrumb":{"@id":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.testpreptraining.ai\/blog\/"},{"@type":"ListItem","position":2,"name":"Study Guide for ACI Dealing Certificate New Version Exam (002-101)"}]},{"@type":"WebSite","@id":"https:\/\/www.testpreptraining.ai\/blog\/#website","url":"https:\/\/www.testpreptraining.ai\/blog\/","name":"Learning Resources","description":"Testprep Training Blogs","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.testpreptraining.ai\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/b46daaf932dbfb07cbe7db807006780c","name":"TestPrepTraining","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4cd4f7acc79865d9ba457114e386c039833599aae3707598a92eda256c6a5278?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4cd4f7acc79865d9ba457114e386c039833599aae3707598a92eda256c6a5278?s=96&d=mm&r=g","caption":"TestPrepTraining"},"description":"Testprep Training offers a wide range of practice exams and online courses for Professional certification exam curated by field experts and working professionals. Evaluate your skills and build confidence to appear for the exam."}]}},"_links":{"self":[{"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/posts\/40015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/comments?post=40015"}],"version-history":[{"count":2,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/posts\/40015\/revisions"}],"predecessor-version":[{"id":40018,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/posts\/40015\/revisions\/40018"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/media\/40016"}],"wp:attachment":[{"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/media?parent=40015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/categories?post=40015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/tags?post=40015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

{"id":40015,"date":"2026-10-15T17:00:00","date_gmt":"2026-10-15T11:30:00","guid":{"rendered":"https:\/\/www.testpreptraining.ai\/blog\/?p=40015"},"modified":"2026-10-15T22:04:22","modified_gmt":"2026-10-15T16:34:22","slug":"study-guide-for-aci-dealing-certificate-new-version-exam-002-101","status":"publish","type":"post","link":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/","title":{"rendered":"Study Guide for ACI Dealing Certificate New Version Exam (002-101)"},"content":{"rendered":"\n

The financial markets are constantly moving, and every trading decision depends on understanding currencies, interest rates, market instruments, and risk. Whether you aspire to work in a dealing room, begin a career in financial markets, or strengthen your understanding of trading and treasury operations, the ACI Dealing Certificate New Version Exam (002-101)<\/a> can be an important step in building your professional foundation. But preparing for this exam involves more than memorising financial terminology\u2014you need to understand how markets operate, interpret foreign exchange quotes, work through interest-rate calculations, recognise derivative instruments, and apply market practices in real-world situations. In this comprehensive study guide, we\u2019ll walk you through the key exam topics, essential concepts, calculation techniques, and practical preparation strategies to help you approach the ACI Dealing Certificate exam with greater confidence.<\/p>\n\n\n\n\n\n\n\n\nStudy Guide for ACI Dealing Certificate New Version Exam (002-101) | Testpreptraining.ai<\/title>\n<meta name=\"description\" content=\"Prepare for the ACI Dealing Certificate New Version Exam (002-101) with a comprehensive study guide covering financial markets, FX, rates, FICC derivatives and financial markets applications.\">\n<meta name=\"keywords\" content=\"ACI Dealing Certificate 002-101, ACI Dealing Certificate study guide, ACI exam preparation, foreign exchange exam, money markets, FICC derivatives, financial markets applications\">\n<meta name=\"robots\" content=\"index,follow\">\n<style>\n#tpt-aci{--navy:#12345a;--blue:#1769aa;--pale:#f2f7fc;--border:#d8e3ef;--ink:#29394a;--muted:#5c6d7d;--gold:#ffc857;--green:#176e49;font:17px\/1.75 Arial,Helvetica,sans-serif;color:var(--ink);max-width:1100px;margin:auto}\n#tpt-aci *{box-sizing:border-box}#tpt-aci h1,#tpt-aci h2,#tpt-aci h3{line-height:1.25;color:var(--navy);margin:1.25em 0 .55em}#tpt-aci h1{font-size:clamp(30px,4vw,45px);color:#fff;margin-top:12px}#tpt-aci h2{font-size:clamp(24px,3vw,31px);border-bottom:2px solid var(--border);padding-bottom:10px}#tpt-aci h3{font-size:21px}#tpt-aci p{margin:.75em 0}#tpt-aci a{color:#075fa8;text-underline-offset:3px}#tpt-aci .hero{background:linear-gradient(125deg,#102849,#1769aa);border-radius:18px;padding:32px;color:white}#tpt-aci .hero p{color:#e8f3ff;font-size:19px}#tpt-aci .tag{display:inline-block;background:#ffffff20;border:1px solid #ffffff55;border-radius:30px;padding:4px 11px;font-size:13px;text-transform:uppercase;letter-spacing:.5px}#tpt-aci .meta{display:flex;flex-wrap:wrap;gap:9px;margin-top:18px}#tpt-aci .meta span{background:#ffffff18;padding:6px 10px;border-radius:7px;font-size:14px}#tpt-aci .callout{background:#eaf4ff;border-left:5px solid var(--blue);padding:15px 18px;border-radius:0 10px 10px 0;margin:22px 0}#tpt-aci .warning{background:#fff7e2;border:1px solid #ecd28a;padding:14px 16px;border-radius:10px;margin:18px 0}#tpt-aci .contents{border:1px solid var(--border);border-radius:14px;padding:22px;margin:25px 0;box-shadow:0 5px 18px #173a5b0a}#tpt-aci .contents h2{border:0;margin-top:0}#tpt-aci .grid{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:9px}#tpt-aci .navlink{display:flex;gap:10px;background:var(--pale);padding:11px 12px;border:1px solid var(--border);border-radius:9px;text-decoration:none;line-height:1.4}#tpt-aci .num{background:var(--blue);color:white;border-radius:6px;padding:2px 6px;font-weight:bold;min-width:30px;text-align:center}#tpt-aci .stats{display:grid;grid-template-columns:repeat(3,minmax(0,1fr));gap:12px;margin:20px 0}#tpt-aci .stat{border:1px solid var(--border);border-radius:12px;padding:15px;background:#fff}#tpt-aci .stat strong{display:block;color:var(--blue);font-size:23px}#tpt-aci .small{font-size:14px;color:var(--muted)}#tpt-aci .tablewrap{overflow-x:auto;margin:18px 0}#tpt-aci table{border-collapse:collapse;width:100%;min-width:590px;font-size:15px}#tpt-aci th,#tpt-aci td{border:1px solid var(--border);padding:11px 12px;text-align:left;vertical-align:top}#tpt-aci th{background:#eaf2fb;color:var(--navy)}#tpt-aci tr:nth-child(even) td{background:#fafcff}#tpt-aci .cards{display:grid;grid-template-columns:repeat(2,minmax(0,1fr));gap:14px}#tpt-aci .card{border:1px solid var(--border);background:#f9fbfe;border-radius:12px;padding:16px}#tpt-aci .card h3{margin-top:0}#tpt-aci .scenario,#tpt-aci .quiz,#tpt-aci .tracker{border:1px solid var(--border);border-radius:13px;padding:19px;margin:22px 0;background:white}#tpt-aci .scenario{border-top:4px solid var(--gold)}#tpt-aci .option{display:block;padding:10px 12px;border:1px solid var(--border);border-radius:8px;margin:8px 0;cursor:pointer}#tpt-aci .option:hover{background:var(--pale)}#tpt-aci .btn{background:var(--blue);color:#fff;border:0;border-radius:8px;padding:11px 16px;font-weight:bold;cursor:pointer;margin:5px 5px 5px 0}#tpt-aci .btn.secondary{background:#eaf2fb;color:var(--navy);border:1px solid var(--border)}#tpt-aci .feedback{display:none;padding:12px;border-radius:8px;margin-top:12px}#tpt-aci .feedback.good{display:block;background:#e8f7ef;color:#145b38;border:1px solid #9bd7b4}#tpt-aci .feedback.bad{display:block;background:#fff0f0;color:#8e2929;border:1px solid #e5aaaa}#tpt-aci .steps{counter-reset:step;list-style:none;padding:0}#tpt-aci .steps li{counter-increment:step;padding:0 0 18px 48px;position:relative;border-left:2px solid #cbddec;margin-left:16px}#tpt-aci .steps li:before{content:counter(step);position:absolute;left:-18px;top:0;background:var(--blue);color:#fff;border-radius:50%;width:34px;height:34px;text-align:center;line-height:34px;font-weight:bold}#tpt-aci details{border:1px solid var(--border);border-radius:9px;padding:13px 15px;margin:9px 0}#tpt-aci summary{cursor:pointer;font-weight:bold;color:var(--navy)}#tpt-aci .cta{background:linear-gradient(120deg,#102849,#1769aa);padding:25px;border-radius:14px;color:#fff;margin:28px 0}#tpt-aci .cta h2{color:#fff;border:0;margin-top:0}#tpt-aci .cta p{color:#e8f3ff}#tpt-aci .cta a{display:inline-block;background:var(--gold);color:#18334e;padding:10px 15px;border-radius:8px;text-decoration:none;font-weight:bold}#tpt-aci .source{font-size:14px;color:var(--muted);border-top:1px solid var(--border);padding-top:15px}#tpt-aci .progress{height:10px;background:#e5edf6;border-radius:99px;overflow:hidden}#tpt-aci .fill{height:100%;background:#16865c;width:0}#tpt-aci code{background:#f0f4f8;padding:2px 5px;border-radius:4px}@media(max-width:700px){#tpt-aci{font-size:16px}#tpt-aci .hero{padding:24px 19px}#tpt-aci .grid,#tpt-aci .stats,#tpt-aci .cards{grid-template-columns:1fr}#tpt-aci .contents{padding:15px}}\n<\/style>\n<\/head>\n<body>\n<article id=\"tpt-aci\">\n<header class=\"hero\">\n<span class=\"tag\">Finance Certification Study Guide<\/span>\n<h1>Study Guide for ACI Dealing Certificate New Version Exam (002-101)<\/h1>\n<p>Want to work confidently with foreign exchange, money markets, interest rates and financial derivatives? The ACI Dealing Certificate New Version is designed to build the foundational market knowledge and dealing-room competence expected of early-career financial markets professionals. This guide turns the five exam topic baskets into a structured study path\u2014with concept explanations, calculation reminders, practical scenarios and interactive knowledge checks.<\/p>\n<div class=\"meta\"><span>Exam code: 002-101<\/span><span>70 questions<\/span><span>2 hours<\/span><span>5 topic baskets<\/span><\/div>\n<\/header>\n\n<div class=\"callout\"><strong>Who is this guide for?<\/strong> Recent entrants and junior dealers, middle-office and operations personnel, and compliance or risk professionals who need a structured understanding of FX, rates, FICC derivatives and market practice. ACI\u2019s official syllabus is the final reference for scope and terminology.<\/div>\n<div class=\"warning\"><strong>Important exam-detail note:<\/strong> The ACI syllabus PDF located for this guide is labelled July 2024, while ACI also publishes a formula sheet effective 22 June 2026. Fees, pass rules, examination arrangements and syllabus details can change. Verify the current information on ACI\u2019s official website before booking; this article is a study aid, not an official ACI publication.<\/div>\n\n<section class=\"contents\" id=\"contents\"><h2>Explore this study guide<\/h2><p class=\"small\">Choose a numbered topic to jump directly to that section. Complete the mini scenarios and checklist as you study.<\/p>\n<nav class=\"grid\" aria-label=\"Article contents\">\n<a class=\"navlink\" href=\"#overview\"><span class=\"num\">01<\/span>Exam overview and candidate profile<\/a>\n<a class=\"navlink\" href=\"#strategy\"><span class=\"num\">02<\/span>Study strategy and exam approach<\/a>\n<a class=\"navlink\" href=\"#environment\"><span class=\"num\">03<\/span>Financial Markets Environment<\/a>\n<a class=\"navlink\" href=\"#fx\"><span class=\"num\">04<\/span>Foreign Exchange (FX)<\/a>\n<a class=\"navlink\" href=\"#rates\"><span class=\"num\">05<\/span>Rates: money and interest-rate markets<\/a>\n<a class=\"navlink\" href=\"#derivatives\"><span class=\"num\">06<\/span>FICC derivatives<\/a>\n<a class=\"navlink\" href=\"#applications\"><span class=\"num\">07<\/span>Financial Markets Applications<\/a>\n<a class=\"navlink\" href=\"#calculations\"><span class=\"num\">08<\/span>Quantitative skills and formula practice<\/a>\n<a class=\"navlink\" href=\"#risk\"><span class=\"num\">09<\/span>Market conduct, risk and regulation<\/a>\n<a class=\"navlink\" href=\"#plan\"><span class=\"num\">10<\/span>30-day study plan<\/a>\n<a class=\"navlink\" href=\"#scenarios\"><span class=\"num\">11<\/span>Interactive dealing-room scenarios<\/a>\n<a class=\"navlink\" href=\"#quiz\"><span class=\"num\">12<\/span>Knowledge check with explanations<\/a>\n<a class=\"navlink\" href=\"#readiness\"><span class=\"num\">13<\/span>Final readiness checklist and FAQs<\/a>\n<\/nav><\/section>\n\n<section id=\"overview\"><h2>1. ACI Dealing Certificate 002-101: exam overview<\/h2>\n<p>The ACI Dealing Certificate New Version is intended to establish core competence for professionals entering dealing rooms and related financial-market roles. Its scope spans both conceptual understanding and quantitative application. Candidates need to understand how markets work, how instruments are quoted and traded, how transactions are processed, and how professional conduct and risk controls support market integrity.<\/p>\n<p>The exam brings together five topic baskets rather than isolating calculations in a separate section. This means a question may require you to combine a market concept with a calculation, date convention or interpretation of a quote. Learning definitions is necessary, but you should also practise applying them to short dealing-room situations.<\/p>\n<div class=\"stats\">\n<div class=\"stat\"><strong>70<\/strong><span>Questions in the published exam information<\/span><\/div>\n<div class=\"stat\"><strong>2 hours<\/strong><span>Published exam duration<\/span><\/div>\n<div class=\"stat\"><strong>5<\/strong><span>Core topic baskets<\/span><\/div>\n<\/div>\n<div class=\"tablewrap\"><table><thead><tr><th>Exam detail<\/th><th>Preparation note<\/th><\/tr><\/thead><tbody>\n<tr><td>Exam code<\/td><td>002-101 \u2014 ACI Dealing Certificate New Version<\/td><\/tr>\n<tr><td>Question formats<\/td><td>Multiple-choice and multi-response formats are described in current provider information; confirm the live exam instructions.<\/td><\/tr>\n<tr><td>Topic baskets<\/td><td>Financial Markets Environment; Foreign Exchange; Rates; FICC Derivatives; Financial Markets Applications.<\/td><\/tr>\n<tr><td>Calculations<\/td><td>Be ready to use a calculator for FX rates, forward points, interest, discounting, value dates and derivative concepts where relevant.<\/td><\/tr>\n<tr><td>Passing criteria<\/td><td>Published provider information describes a 60% overall pass level and a minimum 50% in each topic basket. Verify the current ACI rules before the exam.<\/td><\/tr>\n<\/tbody><\/table><\/div>\n<h3>What makes this exam distinctive?<\/h3>\n<p>The subject matter is close to the language used in financial markets. You may see terms such as bid and offer, base and quoted currency, value date, outright forward, swap points, discount yield, settlement, market-making, counterparty risk and market conduct. Small differences in wording can change the answer. Make a glossary in your own words and add a worked example to each quantitative term.<\/p>\n<p>The five topic baskets also reflect the real transaction lifecycle. Market knowledge helps you understand the instrument; FX and rates knowledge helps you quote or calculate; derivative knowledge helps you assess the structure and exposure; and financial-market applications connect those decisions to operations, controls, risk and conduct.<\/p><\/section>\n\n<section id=\"strategy\"><h2>2. How to prepare efficiently for ACI 002-101<\/h2>\n<p>Start with the official syllabus, then turn every action verb into a study task. If a topic says \u201cdistinguish,\u201d write down the difference between the two concepts. If it says \u201ccalculate,\u201d solve several examples with different numbers. If it says \u201cexplain,\u201d practise a short answer that states the purpose, mechanism and practical implication.<\/p>\n<h3>Use a three-pass learning method<\/h3>\n<ol class=\"steps\">\n<li><strong>Pass one \u2014 Understand.<\/strong> Read each topic basket and learn its terminology. Focus on why an instrument exists, who uses it, how it is quoted and what risks it creates.<\/li>\n<li><strong>Pass two \u2014 Apply.<\/strong> Solve calculations without looking at the worked example first. Practise quote interpretation, cross-rates, forward rates, simple interest, present value, value dates and derivative payoffs.<\/li>\n<li><strong>Pass three \u2014 Test and repair.<\/strong> Complete timed practice, classify each error and revisit the exact concept behind it. Retest weak areas rather than repeatedly practising only familiar questions.<\/li>\n<\/ol>\n<h3>Keep an error log<\/h3>\n<p>For every missed question, record the topic, the incorrect assumption, the correct rule and a new example. Common error categories include reversing a currency pair, confusing bid and offer, using the wrong day-count basis, mixing up discount and interest rates, applying the wrong date convention, and overlooking the difference between a hedge and a speculative position.<\/p>\n<div class=\"callout\"><strong>Study principle:<\/strong> Do not memorise a formula without knowing what each variable represents, which currency is the base or quote, which day-count convention applies, and whether the question asks for a price, an amount, a return or a value date.<\/div><\/section>\n\n<section id=\"environment\"><h2>3. Topic Basket One: Financial Markets Environment<\/h2>\n<p>This basket provides the context for everything else in the exam. Financial markets bring together borrowers, investors, dealers, intermediaries, central banks, corporations and other participants to transfer funds, manage risk, discover prices and provide liquidity. To answer questions confidently, understand both the purpose of markets and the structure through which transactions are arranged, executed and settled.<\/p>\n<h3>Market types and their functions<\/h3>\n<div class=\"cards\">\n<div class=\"card\"><h3>Foreign exchange markets<\/h3><p>Enable participants to exchange one currency for another for trade, investment, funding, hedging and speculation. FX trading includes spot, outright forward and swap transactions.<\/p><\/div>\n<div class=\"card\"><h3>Money markets<\/h3><p>Focus on short-term borrowing, lending and liquidity management. Instruments can include deposits, certificates of deposit, commercial paper and treasury bills, with features that vary by market.<\/p><\/div>\n<div class=\"card\"><h3>Capital markets<\/h3><p>Support longer-term financing and investment through instruments such as bonds and equities. Primary markets issue new securities; secondary markets allow existing securities to trade.<\/p><\/div>\n<div class=\"card\"><h3>Commodities markets<\/h3><p>Facilitate exposure to physical commodities or commodity-linked prices. Participants may hedge production, inventory, transport or input-cost risk, or take investment positions.<\/p><\/div>\n<\/div>\n<h3>Regulated markets and OTC markets<\/h3>\n<p>Regulated exchanges operate under formal rules for trading, clearing, reporting and market supervision. Over-the-counter (OTC) markets involve transactions arranged directly between counterparties or through dealers and platforms. OTC products can be tailored to a participant\u2019s needs, but bilateral arrangements make counterparty exposure, documentation and operational controls especially important. Do not assume every product or transaction follows the same settlement or clearing model.<\/p>\n<h3>Market participants and market-making<\/h3>\n<p>Market participants have different objectives. Corporates may need currency for invoices or wish to hedge future cash flows. Asset managers invest on behalf of clients. Banks and dealers provide pricing, liquidity and risk intermediation. Brokers help participants find counterparties or execute trades. Central banks may implement monetary policy or manage reserves. Regulators oversee market conduct and applicable requirements.<\/p>\n<p>A market maker provides two-way prices and stands ready to buy or sell within the terms of its quote. The incentive may include earning the bid-offer spread and providing a service to clients. Risks include adverse price movements, inventory risk, funding and liquidity pressures, operational failures and counterparty default. A market maker must manage exposure rather than assume the spread eliminates risk.<\/p>\n<h3>From execution to settlement<\/h3>\n<p>A financial transaction does not end when the trader agrees a price. The lifecycle can include pre-trade checks, execution, trade capture, confirmation, matching, clearing where applicable, settlement, reconciliation, reporting and ongoing risk monitoring. Front office generally focuses on pricing, execution and client activity; middle office supports independent risk oversight, valuation and controls; back office typically manages confirmation, settlement and reconciliations. Exact responsibilities vary by institution.<\/p>\n<h3>Market codes and regulations<\/h3>\n<p>Study the purpose and scope of the FX Global Code, Global Precious Metals Code and UK Money Markets Code. These codes promote good market practice and professional behaviour; understand their intended audience, leading principles and Statements of Commitment. Also learn the high-level objectives of relevant frameworks named in the syllabus, including MiFID II\/MiFIR, the Market Abuse Regulation, Benchmarks Regulation, Dodd-Frank, EMIR and Basel frameworks. Focus on what each framework seeks to address and the types of activity or risk it concerns, not just the acronym.<\/p>\n<div class=\"callout\"><strong>Exam tip:<\/strong> When a question describes a transaction problem, identify whether it concerns price discovery, execution, confirmation, settlement, market conduct, counterparty exposure or operational control. The role and the correct control often become clearer once you locate the issue in the transaction lifecycle.<\/div><\/section>\n\n<section id=\"fx\"><h2>4. Topic Basket Two: Foreign Exchange (FX)<\/h2>\n<p>FX is one of the most calculation-intensive parts of the syllabus. Build a clear mental model of currency-pair notation before attempting cross-rates or forward pricing. Always identify the base currency, the quoted currency, the direction of the transaction and whether the dealer is buying or selling the base currency.<\/p>\n<h3>Base currency, quoted currency, bid and offer<\/h3>\n<p>In a pair written as <strong>EUR\/USD<\/strong>, EUR is the base currency and USD is the quoted currency. A rate of 1.0850 means one euro is priced at 1.0850 US dollars. In a two-way quote, the bid is the price at which the price maker buys the base currency; the offer (or ask) is the price at which the price maker sells the base currency. A price taker must interpret the quote from its own desired transaction, not simply choose the lower or higher number automatically.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th>Term<\/th><th>Meaning<\/th><th>Revision prompt<\/th><\/tr><\/thead><tbody>\n<tr><td>Base currency<\/td><td>The first currency in the pair; the quantity being priced in units of the quote currency.<\/td><td>Which currency amount is the rate multiplying?<\/td><\/tr>\n<tr><td>Quoted currency<\/td><td>The second currency in the pair; it expresses the price of one unit of base currency.<\/td><td>What currency is received or paid for one base unit?<\/td><\/tr>\n<tr><td>Bid<\/td><td>Price maker\u2019s buying price for the base currency.<\/td><td>If selling base currency to the dealer, which side applies?<\/td><\/tr>\n<tr><td>Offer\/ask<\/td><td>Price maker\u2019s selling price for the base currency.<\/td><td>If buying base currency from the dealer, which side applies?<\/td><\/tr>\n<tr><td>Point\/pip<\/td><td>A standardised increment in a quoted exchange rate; the decimal place depends on the pair and convention.<\/td><td>How many points separate the two rates?<\/td><\/tr>\n<tr><td>Reciprocal rate<\/td><td>The inverse of a rate, subject to bid\/offer reversal when inverting a two-way market.<\/td><td>Have you inverted both the number and the quote sides correctly?<\/td><\/tr>\n<\/tbody><\/table><\/div>\n<h3>Choosing the best quote<\/h3>\n<p>For a price taker, the best quote depends on the transaction. If you need to buy base currency, you generally compare offers and prefer the lower offer, all else equal. If you need to sell base currency, compare bids and prefer the higher bid. Always verify that the quotes are comparable in size, settlement date, credit terms and other relevant conditions.<\/p>\n<h3>Cross-rates and reciprocal rates<\/h3>\n<p>A cross-rate derives a rate between two currencies using rates that share a common currency. The arithmetic depends on how the two quoted pairs are arranged. Before multiplying or dividing, write each rate as a relationship between currency units and cancel the common currency. This dimensional-analysis approach is safer than memorising one multiplication rule.<\/p>\n<p>A reciprocal rate is the inverse of a single exchange rate. For example, if EUR\/USD is 1.2500 as a single indicative rate, its reciprocal USD\/EUR is 1 \u00f7 1.2500 = 0.8000. With a bid-offer quote, inversion also reverses the sides: the reciprocal bid is derived from the original offer, and the reciprocal offer from the original bid.<\/p>\n<h3>Spot, outright forwards and FX swaps<\/h3>\n<p>A spot FX transaction exchanges currencies for the agreed spot value date under the market convention for the pair. An outright forward agrees an exchange today for settlement on a future date. Its forward rate reflects the spot rate adjusted for the interest-rate differential and the relevant day-count conventions. An FX swap combines a near exchange with an opposite exchange on a later date, often to manage funding or roll a currency position. A forward-forward swap involves two future value dates.<\/p>\n<h3>Forward points and benchmark fixings<\/h3>\n<p>Forward points express the difference between the spot rate and the outright forward rate under the market\u2019s quoting convention. Adding or subtracting points depends on how they are quoted and the direction of the price. Do not assume the points are always added. Benchmark fixings provide reference rates at defined times and under defined methodologies; learn their purpose and the role they play in valuation, execution or contractual settlement.<\/p>\n<div class=\"scenario\" data-answer=\"b\"><strong>Quick scenario: choosing a quote.<\/strong> You need to buy the base currency from one of several dealers. The quotes are otherwise comparable. Which side should you compare?\n<label class=\"option\"><input type=\"radio\" name=\"fxq\" value=\"a\">The bid; choose the lowest bid.<\/label>\n<label class=\"option\"><input type=\"radio\" name=\"fxq\" value=\"b\">The offer; generally choose the lowest offer.<\/label>\n<label class=\"option\"><input type=\"radio\" name=\"fxq\" value=\"c\">The offer; always choose the highest offer.<\/label>\n<button class=\"btn check\" type=\"button\">Check answer<\/button><div class=\"feedback\"><\/div><\/div><\/section>\n\n<section id=\"rates\"><h2>5. Topic Basket Three: Rates \u2014 Money and Interest-Rate Markets<\/h2>\n<p>The rates basket combines instrument knowledge with quantitative work. Learn how money-market instruments raise or place short-term funds, how they are quoted, how interest accrues, and how calendar conventions determine maturity and value dates. The details can differ by instrument and currency, so follow the convention specified in the question.<\/p>\n<h3>Money-market instruments<\/h3>\n<p>Money-market instruments support short-term funding and liquidity management. Their characteristics may differ by transferability, security, issuer, investor, return structure and quotation method. A deposit may pay interest at maturity; a discount instrument may be issued below face value and redeemed at face value. A certificate of deposit is a bank deposit instrument that may be transferable depending on its structure and market. Commercial paper is generally a short-term funding instrument issued by a company, while treasury bills are short-term government securities.<\/p>\n<p>For each instrument in the syllabus, build a comparison sheet: typical issuer\/borrower, investor\/lender, maturity range, secured or unsecured nature, transferable or not, quotation basis, return mechanism and key risks. Avoid applying one instrument\u2019s quotation convention to another without checking.<\/p>\n<h3>Simple interest, discounting and compounding<\/h3>\n<p>Simple interest is commonly expressed using principal, annual rate, the number of days and an annual day-count basis. A generic form is:<\/p>\n<div class=\"callout\"><strong>Simple interest:<\/strong> Interest = Principal \u00d7 Annual rate \u00d7 (Days \u00f7 Annual basis)<\/div>\n<p>The annual basis might be 360 or 365 days, or another convention specified for the currency or instrument. Always check whether the rate is expressed as a decimal or percentage and whether the problem specifies actual days or another day-count rule.<\/p>\n<p>Present value discounts a future cash flow back to today. Future value compounds a present amount forward. With simple interest, a generic accumulation relationship is FV = PV \u00d7 (1 + r \u00d7 t), where <em>r<\/em> is the annual rate and <em>t<\/em> is the year fraction. The exact formula for a quoted discount instrument may differ; use the instrument\u2019s convention rather than forcing every question into the same equation.<\/p>\n<h3>Value dates and business-day conventions<\/h3>\n<p>Same-day, next-day and spot value dates identify when currency settlement occurs. Forward value dates are agreed for future settlement. Calendar rules determine how a maturity date is adjusted when it falls on a non-business day. Under a following convention, the date moves to the next business day. Modified following generally moves to the next business day unless doing so crosses into the next calendar month, in which case the date is moved backward to the preceding business day. Preceding moves to the prior business day. End\/end rules and currency-specific holidays can add further detail.<\/p>\n<h3>Risk concepts<\/h3>\n<p>Operational risk can arise from people, systems, processes or external events. Legal risk relates to legal uncertainty, enforceability or disputes; regulatory risk concerns failure to meet applicable rules or supervisory requirements; reputational risk concerns damage to confidence and standing. These categories can overlap. For example, an operational error may create a settlement failure, trigger legal disputes and damage a firm\u2019s reputation.<\/p>\n<div class=\"callout\"><strong>Calculation habit:<\/strong> Write down the day count, annual basis, rate format, principal and requested output before entering numbers. Most avoidable errors begin with using the right formula with the wrong inputs.<\/div><\/section>\n\n<section id=\"derivatives\"><h2>6. Topic Basket Four: FICC Derivatives<\/h2>\n<p>FICC stands for fixed income, currencies and commodities. Derivatives derive their value from an underlying instrument, rate, currency, commodity or other reference. They can help participants hedge exposures, manage funding or take a market view, but they also introduce leverage, valuation, liquidity, collateral and counterparty considerations.<\/p>\n<h3>Forwards and futures<\/h3>\n<p>A forward is generally an agreement between counterparties to transact an underlying at a future date under agreed terms. It can be tailored but introduces bilateral counterparty exposure. A futures contract is standardised and traded through an organised exchange structure, with margining and clearing arrangements governed by the market. Understand how standardisation, margin, settlement and counterparty arrangements differ.<\/p>\n<h3>Swaps<\/h3>\n<p>A swap exchanges cash flows according to defined terms. An interest-rate swap may exchange fixed-rate payments for floating-rate payments on a notional amount; the notional is generally used to calculate payments rather than exchanged itself. A currency swap can involve cash flows in different currencies and may include exchanges of principal. FX swaps are distinct in their common use of near and far currency exchanges. Read the contract description carefully before identifying the instrument.<\/p>\n<h3>Options and payoff thinking<\/h3>\n<p>An option gives its buyer a right, but not an obligation, to buy or sell an underlying at agreed terms. A call generally gives the right to buy; a put gives the right to sell. The buyer pays a premium for that right. A seller or writer receives the premium and takes on an obligation if the option is exercised. Review intrinsic value, time value, strike, expiry and the difference between the buyer\u2019s and writer\u2019s risk profiles.<\/p>\n<h3>Fixed-income and commodity exposure<\/h3>\n<p>Bond prices and yields are linked: all else equal, a bond\u2019s price typically falls when its yield rises and rises when its yield falls. Duration provides a measure of sensitivity to yield changes, while convexity describes how that sensitivity changes as yields move. Commodity derivatives may be used by producers, consumers and traders to manage or assume exposure to price changes. Understand the economic purpose of a hedge and the possibility of basis risk when the hedging instrument does not perfectly match the underlying exposure.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th>Instrument<\/th><th>Typical use<\/th><th>Key study distinction<\/th><\/tr><\/thead><tbody>\n<tr><td>Forward<\/td><td>Tailor a future transaction or hedge an exposure.<\/td><td>Bilateral contract; terms can be customised.<\/td><\/tr>\n<tr><td>Future<\/td><td>Standardised exchange-traded exposure.<\/td><td>Standard contract specifications and margin\/clearing arrangements.<\/td><\/tr>\n<tr><td>Swap<\/td><td>Exchange cash flows to manage rates, currencies or other exposures.<\/td><td>Cash-flow schedule and calculation terms define the exposure.<\/td><\/tr>\n<tr><td>Option<\/td><td>Gain asymmetric exposure or hedge adverse price moves.<\/td><td>Buyer has a right; writer has a contingent obligation.<\/td><\/tr>\n<\/tbody><\/table><\/div>\n<p>For each derivative, learn the underlying, direction of exposure, payoff mechanics, typical use, key risks and whether it is generally OTC or exchange-traded under the syllabus context. Do not assume that every derivative with a similar name has identical settlement or collateral terms.<\/p><\/section>\n\n<section id=\"applications\"><h2>7. Topic Basket Five: Financial Markets Applications<\/h2>\n<p>This basket connects theory to practical market activity. You should be able to interpret common dealing terminology, understand transaction workflows and recognise how good market practice, controls and operational discipline apply to real situations. Read the exact current ACI syllabus for the detailed scope of this topic basket.<\/p>\n<h3>From market quote to completed transaction<\/h3>\n<p>A dealer receives a request, determines the relevant product and settlement details, obtains or provides a quote, agrees the trade, captures the transaction and ensures the details are confirmed. The institution then follows the applicable clearing and settlement process, reconciles records and completes required reporting. Each stage can introduce a different risk: an incorrect quote, miscommunication, a booking error, a failed confirmation, insufficient settlement funds or a reporting omission.<\/p>\n<h3>Trade details that must match<\/h3>\n<p>Depending on the product, trade details can include counterparties, instrument, direction, amount or notional, price or rate, trade date, value date, maturity, settlement instructions and any product-specific terms. A mismatch should be investigated and resolved through approved procedures. Never assume that a verbal agreement or a system entry alone proves that all downstream steps are complete.<\/p>\n<h3>Conduct and professional judgement<\/h3>\n<p>Good market practice requires honesty, clear communication, appropriate handling of confidential information, awareness of conflicts of interest and adherence to applicable rules. Codes such as the FX Global Code set out principles for professional behaviour and market integrity. A sound exam answer often recognises both the commercial objective and the control obligation: a trade should not be pursued by bypassing required checks or misrepresenting a price or status.<\/p>\n<h3>Operational controls and escalation<\/h3>\n<p>Controls can include segregation of duties, access management, independent confirmation, reconciliations, limits, exception reporting, change control and incident escalation. If a process fails, preserve relevant records, notify the appropriate team and follow the institution\u2019s procedures. A junior employee should not attempt to conceal an error or make an unauthorised adjustment to force a transaction to balance.<\/p><\/section>\n\n<section id=\"calculations\"><h2>8. Quantitative skills: a method for avoiding calculation mistakes<\/h2>\n<p>Quantitative questions are easier when you use a consistent sequence. First, identify what the question asks for. Second, list the given values and units. Third, choose the correct convention or formula. Fourth, calculate with a basic calculator. Finally, check whether the answer is plausible and expressed in the correct currency, rate or time unit.<\/p>\n<h3>FX amount calculations<\/h3>\n<p>For a single rate, if a base-currency amount is converted into the quoted currency, multiply by the exchange rate. If you know the quoted-currency amount and need the base amount, divide by the rate. In a two-way market, choose the bid or offer based on the transaction direction. For example, buying base currency from a price maker generally uses the offer; selling base currency to the price maker generally uses the bid.<\/p>\n<h3>Forward-rate calculations<\/h3>\n<p>Forward FX pricing reflects the spot rate and the relative interest rates of the two currencies over the relevant period. A generic relationship under simple-interest assumptions can be represented as a spot rate multiplied by the quoted-currency accumulation factor divided by the base-currency accumulation factor, depending on the pair convention. Use the exact formula and convention sheet supplied by ACI for the exam. If forward points are given, apply them to the spot rate according to the quote convention and verify the sign.<\/p>\n<h3>Present value and future value<\/h3>\n<p>For a simple-interest period, a generic future value is FV = PV \u00d7 (1 + r \u00d7 t). Rearranging gives PV = FV \u00f7 (1 + r \u00d7 t). These are general relationships; discount instruments and specific money-market quotations may use a different convention. Practise identifying whether the rate is an interest rate or a discount rate before selecting the formula.<\/p>\n<h3>Worked practice example: simple interest<\/h3>\n<p>Suppose a hypothetical principal of 1,000,000 earns simple annual interest of 4.5% for 90 days using a 360-day basis. The year fraction is 90 \u00f7 360 = 0.25. Interest = 1,000,000 \u00d7 0.045 \u00d7 0.25 = 11,250. The hypothetical maturity amount is 1,011,250 if interest is paid at maturity and no other cash flows or fees apply.<\/p>\n<p class=\"small\">This example is for learning the arithmetic only. Actual instrument conventions, compounding, fees and day counts depend on the question and market.<\/p>\n<h3>Check your calculation method<\/h3>\n<ul>\n<li>Did you use the correct currency pair direction?<\/li>\n<li>Did you choose the correct side of the bid-offer quote?<\/li>\n<li>Did you convert the annual rate from a percentage to a decimal?<\/li>\n<li>Did you use the specified day-count and annual basis?<\/li>\n<li>Did you distinguish interest from discount?<\/li>\n<li>Did you apply the correct sign to forward points?<\/li>\n<li>Did you check that the answer\u2019s units make sense?<\/li>\n<\/ul><\/section>\n\n<section id=\"risk\"><h2>9. Market conduct, regulation and risk: what to understand<\/h2>\n<p>The syllabus references industry codes and a number of regulatory and prudential frameworks. The best preparation approach is to learn each framework\u2019s purpose and scope at a high level, then connect it to the market activity or risk it addresses. The applicable rules depend on jurisdiction, entity, product and activity, so avoid treating one framework as universally applicable to every transaction.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th>Framework or code<\/th><th>Study focus<\/th><\/tr><\/thead><tbody>\n<tr><td>FX Global Code<\/td><td>Principles for good practice in the wholesale FX market, including ethics, governance, execution, information sharing, risk management and confirmation\/settlement.<\/td><\/tr>\n<tr><td>Global Precious Metals Code<\/td><td>Good-practice principles for the wholesale precious-metals market and its participants.<\/td><\/tr>\n<tr><td>UK Money Markets Code<\/td><td>Good-practice principles relevant to wholesale sterling money-market activity.<\/td><\/tr>\n<tr><td>MiFID II \/ MiFIR<\/td><td>European investment-services and market-structure framework; understand the broad purpose of conduct, transparency and reporting requirements.<\/td><\/tr>\n<tr><td>Market Abuse Regulation (MAR)<\/td><td>Rules addressing market abuse, including insider dealing and market manipulation in its scope.<\/td><\/tr>\n<tr><td>Benchmarks Regulation (BMR)<\/td><td>Governance and oversight of benchmarks used in financial instruments and contracts within its scope.<\/td><\/tr>\n<tr><td>Dodd-Frank Act<\/td><td>US financial regulatory reforms, including important changes affecting OTC derivatives and market oversight.<\/td><\/tr>\n<tr><td>EMIR<\/td><td>EU framework addressing OTC derivatives, central clearing, reporting and risk-mitigation requirements within scope.<\/td><\/tr>\n<tr><td>Basel frameworks<\/td><td>International prudential standards for bank capital, risk management and related resilience requirements.<\/td><\/tr>\n<\/tbody><\/table><\/div>\n<h3>Understand the relationship between risk categories<\/h3>\n<p>Market risk arises from changes in market prices or rates. Credit and counterparty risk concerns the possibility that a counterparty fails to meet its obligations. Liquidity risk can arise when a position cannot be closed or funded at a reasonable cost. Operational risk comes from failures in people, systems, processes or external events. Legal, regulatory and reputational risks may arise alongside these exposures. A single incident can affect several categories at once.<\/p>\n<p>In scenario questions, look for the source of the problem rather than choosing the most familiar risk label. A pricing loss due to an adverse currency move is different from a settlement failure caused by an incorrect instruction, even if both ultimately cost money.<\/p><\/section>\n\n<section id=\"plan\"><h2>10. A practical 30-day study plan<\/h2>\n<p>This schedule is a suggested framework, not an official ACI timetable. Adjust it according to your experience, study time and diagnostic results. If FX calculations are new to you, spend extra days on currency-pair logic and forward rates. If you already work in a dealing room, focus on less familiar instruments, codes, regulations and the exact syllabus terminology.<\/p>\n<ol class=\"steps\">\n<li><strong>Days 1\u20133: Review the syllabus.<\/strong> Download the current official syllabus and formula sheet. Make a tracker for all five topic baskets and mark each topic as strong, developing or unfamiliar.<\/li>\n<li><strong>Days 4\u20137: Financial Markets Environment.<\/strong> Study market types, participants, market-making, transaction lifecycle, codes and high-level regulatory purposes. Write short explanations in your own words.<\/li>\n<li><strong>Days 8\u201312: Foreign Exchange.<\/strong> Practise base\/quoted currency, bid-offer interpretation, conversion amounts, reciprocal rates, cross-rates, spot, forwards, swaps and forward points.<\/li>\n<li><strong>Days 13\u201316: Rates.<\/strong> Compare money-market instruments, practise simple interest and present\/future value, and work through day-count and business-day conventions.<\/li>\n<li><strong>Days 17\u201320: FICC derivatives.<\/strong> Compare forwards, futures, swaps and options. Review fixed-income price\/yield relationships, commodity hedging and the risk profile of each instrument.<\/li>\n<li><strong>Days 21\u201323: Financial Markets Applications.<\/strong> Review trade lifecycle, booking and settlement, conduct, operational controls and the way errors are escalated.<\/li>\n<li><strong>Days 24\u201326: Mixed calculations and scenarios.<\/strong> Practise questions that combine a market concept with a quote, value date, instrument or risk consideration. Keep an error log.<\/li>\n<li><strong>Days 27\u201328: Timed practice.<\/strong> Complete a practice exam under time pressure. Review incorrect and guessed answers; do not count a lucky guess as mastery.<\/li>\n<li><strong>Days 29\u201330: Final revision.<\/strong> Revisit weak baskets, review the official formula sheet and definitions, confirm booking requirements and rest before the exam.<\/li>\n<\/ol>\n<div class=\"tracker\"><h3>Interactive study tracker<\/h3><p class=\"small\">Tick each item as you complete it. Progress updates in this page only.<\/p><div id=\"studylist\">\n<label class=\"option\"><input type=\"checkbox\"> Reviewed the current official syllabus and formula sheet<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Can explain the main financial-market types and participants<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Can interpret FX quotes and calculate cross\/reciprocal rates<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Practised FX forwards, swaps and forward points<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Practised simple interest, present value and date conventions<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Can distinguish forwards, futures, swaps and options<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Reviewed market codes, regulations and risk categories<\/label>\n<label class=\"option\"><input type=\"checkbox\"> Completed timed practice and analysed mistakes<\/label>\n<\/div><div class=\"progress\"><div class=\"fill\" id=\"studyfill\"><\/div><\/div><p id=\"studycount\" class=\"small\">0 of 8 completed<\/p><button class=\"btn secondary\" type=\"button\" id=\"resetstudy\">Reset checklist<\/button><\/div><\/section>\n\n<section id=\"scenarios\"><h2>11. Interactive dealing-room scenarios<\/h2>\n<p>These are original learning scenarios, not actual ACI exam questions. Choose the best answer and read the feedback.<\/p>\n<div class=\"scenario\" data-answer=\"b\"><strong>Scenario 1: FX quote.<\/strong> You need to buy the base currency from a dealer. Assuming quotes are otherwise comparable, which side is generally relevant?\n<label class=\"option\"><input type=\"radio\" name=\"s1\" value=\"a\">Bid<\/label><label class=\"option\"><input type=\"radio\" name=\"s1\" value=\"b\">Offer<\/label><label class=\"option\"><input type=\"radio\" name=\"s1\" value=\"c\">The midpoint in every case<\/label><button class=\"btn check\" type=\"button\">Check answer<\/button><div class=\"feedback\"><\/div><\/div>\n<div class=\"scenario\" data-answer=\"a\"><strong>Scenario 2: Operational risk.<\/strong> A settlement instruction is entered incorrectly because of a manual processing error. What is the most direct risk category?\n<label class=\"option\"><input type=\"radio\" name=\"s2\" value=\"a\">Operational risk<\/label><label class=\"option\"><input type=\"radio\" name=\"s2\" value=\"b\">Only market risk<\/label><label class=\"option\"><input type=\"radio\" name=\"s2\" value=\"c\">No risk if the trade price was correct<\/label><button class=\"btn check\" type=\"button\">Check answer<\/button><div class=\"feedback\"><\/div><\/div>\n<div class=\"scenario\" data-answer=\"c\"><strong>Scenario 3: Hedging a future currency payment.<\/strong> A company knows it must pay a foreign currency amount in three months and wants to fix the exchange rate today. Which instrument is a common fit?\n<label class=\"option\"><input type=\"radio\" name=\"s3\" value=\"a\">A spot transaction settling under the normal spot convention<\/label><label class=\"option\"><input type=\"radio\" name=\"s3\" value=\"b\">A market order for an unrelated commodity<\/label><label class=\"option\"><input type=\"radio\" name=\"s3\" value=\"c\">An outright FX forward with a matching future value date<\/label><button class=\"btn check\" type=\"button\">Check answer<\/button><div class=\"feedback\"><\/div><\/div>\n<div class=\"scenario\" data-answer=\"b\"><strong>Scenario 4: Date convention.<\/strong> Under a modified-following convention, the next business day would fall in the next calendar month. What is the usual adjustment?\n<label class=\"option\"><input type=\"radio\" name=\"s4\" value=\"a\">Always move two weeks forward<\/label><label class=\"option\"><input type=\"radio\" name=\"s4\" value=\"b\">Move back to the preceding business day<\/label><label class=\"option\"><input type=\"radio\" name=\"s4\" value=\"c\">Ignore the holiday and keep the non-business day<\/label><button class=\"btn check\" type=\"button\">Check answer<\/button><div class=\"feedback\"><\/div><\/div><\/section>\n\n<section id=\"quiz\"><h2>12. Knowledge check: test your understanding<\/h2>\n<p>Answer all eight questions, then check your score and explanations. These are original practice items created for this guide.<\/p>\n<form class=\"quiz\" id=\"aci-quiz\">\n<fieldset><legend>1. In EUR\/USD, which currency is the base currency?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q1\" value=\"a\">USD<\/label><label class=\"option\"><input type=\"radio\" name=\"q1\" value=\"b\">EUR<\/label><label class=\"option\"><input type=\"radio\" name=\"q1\" value=\"c\">Both currencies are base currencies<\/label><\/fieldset>\n<fieldset><legend>2. A price taker buying the base currency from a dealer generally uses which side?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q2\" value=\"a\">Bid<\/label><label class=\"option\"><input type=\"radio\" name=\"q2\" value=\"b\">Offer<\/label><label class=\"option\"><input type=\"radio\" name=\"q2\" value=\"c\">The lowest bid in all cases<\/label><\/fieldset>\n<fieldset><legend>3. What is the main purpose of an FX outright forward?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q3\" value=\"a\">Exchange currencies on a future agreed value date at an agreed rate<\/label><label class=\"option\"><input type=\"radio\" name=\"q3\" value=\"b\">Guarantee that a market cannot move<\/label><label class=\"option\"><input type=\"radio\" name=\"q3\" value=\"c\">Replace every spot transaction<\/label><\/fieldset>\n<fieldset><legend>4. What should determine the annual basis used in a simple-interest calculation?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q4\" value=\"a\">The basis the candidate prefers<\/label><label class=\"option\"><input type=\"radio\" name=\"q4\" value=\"b\">Always 365 days<\/label><label class=\"option\"><input type=\"radio\" name=\"q4\" value=\"c\">The convention specified for the currency\/instrument or in the question<\/label><\/fieldset>\n<fieldset><legend>5. Which statement best describes a futures contract?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q5\" value=\"a\">Always a bespoke bilateral contract<\/label><label class=\"option\"><input type=\"radio\" name=\"q5\" value=\"b\">A standardised contract traded under an exchange and clearing framework<\/label><label class=\"option\"><input type=\"radio\" name=\"q5\" value=\"c\">An instrument with no market risk<\/label><\/fieldset>\n<fieldset><legend>6. Which event is most directly an operational-risk issue?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q6\" value=\"a\">A currency moves because interest-rate expectations change<\/label><label class=\"option\"><input type=\"radio\" name=\"q6\" value=\"b\">A bond yield changes in the market<\/label><label class=\"option\"><input type=\"radio\" name=\"q6\" value=\"c\">A system failure causes a trade to be booked incorrectly<\/label><\/fieldset>\n<fieldset><legend>7. What does the reciprocal of a single FX rate represent?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q7\" value=\"a\">The inverse rate<\/label><label class=\"option\"><input type=\"radio\" name=\"q7\" value=\"b\">The bid-offer spread<\/label><label class=\"option\"><input type=\"radio\" name=\"q7\" value=\"c\">The forward points<\/label><\/fieldset>\n<fieldset><legend>8. What is a key purpose of a market-practice code?<\/legend><label class=\"option\"><input type=\"radio\" name=\"q8\" value=\"a\">To eliminate every financial-market risk<\/label><label class=\"option\"><input type=\"radio\" name=\"q8\" value=\"b\">To promote good practice and professional conduct in the relevant market<\/label><label class=\"option\"><input type=\"radio\" name=\"q8\" value=\"c\">To guarantee a profit on each trade<\/label><\/fieldset>\n<button class=\"btn\" type=\"submit\">Check my score<\/button><button class=\"btn secondary\" type=\"button\" id=\"resetquiz\">Try again<\/button><div class=\"feedback\" id=\"quizresult\" aria-live=\"polite\"><\/div>\n<\/form><\/section>\n\n<section id=\"readiness\"><h2>13. Final readiness checklist and FAQs<\/h2>\n<div class=\"tracker\"><div id=\"readylist\">\n<label class=\"option\"><input type=\"checkbox\"> I can explain all five topic baskets without relying only on memorised definitions.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I can interpret bid\/offer quotes and perform FX conversions correctly.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I can work through cross-rates, reciprocal rates and forward pricing conventions.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I can calculate simple interest and handle the stated day-count basis.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I can compare money-market instruments and common FICC derivatives.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I understand the trade lifecycle, market codes, regulation and risk categories.<\/label>\n<label class=\"option\"><input type=\"checkbox\"> I have taken timed practice and reviewed the reasoning behind every mistake.<\/label>\n<\/div><div class=\"progress\"><div class=\"fill\" id=\"readyfill\"><\/div><\/div><p class=\"small\" id=\"readycount\">0 of 7 completed<\/p><\/div>\n<h3>Frequently asked questions<\/h3>\n<details><summary>What is the ACI Dealing Certificate New Version exam code?<\/summary><p>The exam code is 002-101. Confirm the current exam listing and syllabus on ACI\u2019s official website before registering.<\/p><\/details>\n<details><summary>How many questions are in the exam and how long is it?<\/summary><p>Published information lists 70 questions and a two-hour duration. Check current ACI registration information for the latest delivery details.<\/p><\/details>\n<details><summary>What are the five topic baskets?<\/summary><p>Financial Markets Environment; Foreign Exchange; Rates (Money and Interest Rate Markets); FICC (Fixed Income, Currency and Commodities) Derivatives; and Financial Markets Applications.<\/p><\/details>\n<details><summary>Do I need to practise calculations?<\/summary><p>Yes. The syllabus includes quantitative applications in areas such as FX rates, forward points, interest, discounting and date conventions. Practise with the official formula sheet and ensure you understand the assumptions behind each formula.<\/p><\/details>\n<details><summary>Who should consider this certificate?<\/summary><p>It is designed for recent entrants and junior dealers, middle-office and operations personnel, and compliance and risk officers who need foundational financial-market competence.<\/p><\/details>\n<details><summary>Are the questions in this article actual exam questions?<\/summary><p>No. The scenarios and quiz questions are original study exercises, not official or recalled ACI exam items. Use them to practise concepts, then validate your preparation against the official syllabus.<\/p><\/details>\n<div class=\"cta\"><h2>Ready to practise for ACI Dealing Certificate 002-101?<\/h2><p>Build confidence by combining the official syllabus, the current ACI formula sheet, calculation drills and timed practice. Review your results by topic basket, revisit weak concepts and repeat the questions you missed until you can explain the reasoning clearly.<\/p><a href=\"https:\/\/www.testpreptraining.ai\/aci-dealing-certificate-new-version-exam-002-101\" target=\"_blank\" rel=\"noopener\">Explore ACI 002-101 practice resources<\/a><\/div>\n<\/section>\n<\/article>\n<script>\n(function(){const root=document.getElementById('tpt-aci');if(!root)return;\nroot.querySelectorAll('.scenario .check').forEach(btn=>btn.addEventListener('click',()=>{const s=btn.closest('.scenario'),pick=s.querySelector('input[type=radio]:checked'),f=s.querySelector('.feedback');if(!pick){f.className='feedback bad';f.textContent='Choose an answer first.';return}const ok=pick.value===s.dataset.answer;f.className='feedback '+(ok?'good':'bad');f.textContent=ok?'Correct. This is the best answer for the stated situation.':'Not quite. Revisit the relevant concept and choose the answer that matches the transaction or risk described.'}));\nfunction wire(listId,fillId,countId){const box=document.getElementById(listId),fill=document.getElementById(fillId),count=document.getElementById(countId);if(!box||!fill||!count)return;const checks=[...box.querySelectorAll('input[type=checkbox]')];function upd(){const n=checks.filter(x=>x.checked).length;fill.style.width=(100*n\/checks.length)+'%';count.textContent=n+' of '+checks.length+' completed'}checks.forEach(x=>x.addEventListener('change',upd));upd();return{checks,upd}}\nconst study=wire('studylist','studyfill','studycount');wire('readylist','readyfill','readycount');const reset=document.getElementById('resetstudy');if(reset&&study)reset.addEventListener('click',()=>{study.checks.forEach(x=>x.checked=false);study.upd()});\nconst answers={q1:'b',q2:'b',q3:'a',q4:'c',q5:'b',q6:'c',q7:'a',q8:'b'};const explanations={q1:'EUR is the first currency in EUR\/USD, so it is the base currency.',q2:'A buyer of base currency generally buys from the dealer at the offer.',q3:'An outright forward agrees a future currency exchange at an agreed rate.',q4:'Use the stated or applicable market convention.',q5:'Futures are standardised and traded under an exchange\/clearing framework.',q6:'A system failure that causes incorrect booking is operational risk.',q7:'The reciprocal is the inverse of the rate.',q8:'Market-practice codes promote good practice and professional conduct.'};const form=document.getElementById('aci-quiz'),res=document.getElementById('quizresult');if(form)form.addEventListener('submit',e=>{e.preventDefault();let score=0,rows=[];Object.keys(answers).forEach((q,i)=>{const sel=form.querySelector('input[name='+q+']:checked'),ok=sel&&sel.value===answers[q];if(ok)score++;rows.push('<li><strong>'+(i+1)+'. '+(ok?'Correct':'Review')+':<\/strong> '+explanations[q]+'<\/li>')});res.className='feedback '+(score>=6?'good':'bad');res.innerHTML='<strong>Score: '+score+'\/8<\/strong><p>'+(score>=6?'Good progress. Review the explanations and keep practising.':'Use this as a diagnostic. Revisit the related sections, then try again.')+'<\/p><ul>'+rows.join('')+'<\/ul>'});const rq=document.getElementById('resetquiz');if(rq)rq.addEventListener('click',()=>{form.reset();res.className='feedback';res.style.display='none';res.innerHTML=''});\n})();\n<\/script>\n<\/body>\n<\/html>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><a href=\"https:\/\/www.testpreptraining.ai\/aci-dealing-certificate-new-version-exam-002-101-free-practice-test\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"960\" height=\"150\" src=\"https:\/\/www.testpreptraining.ai\/blog\/wp-content\/uploads\/2020\/08\/ACI-Dealing-Certificate-002-100-Exam-1.png\" alt=\"ACI Dealing Certificate 002-100 Exam\" class=\"wp-image-9614\" srcset=\"https:\/\/www.testpreptraining.ai\/blog\/wp-content\/uploads\/2020\/08\/ACI-Dealing-Certificate-002-100-Exam-1.png 960w, https:\/\/www.testpreptraining.ai\/blog\/wp-content\/uploads\/2020\/08\/ACI-Dealing-Certificate-002-100-Exam-1-300x47.png 300w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The financial markets are constantly moving, and every trading decision depends on understanding currencies, interest rates, market instruments, and risk. Whether you aspire to work in a dealing room, begin a career in financial markets, or strengthen your understanding of trading and treasury operations, the ACI Dealing Certificate New Version Exam (002-101) can be an…<\/p>\n","protected":false},"author":1,"featured_media":40016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[225],"tags":[9,8703,8699,9805,8715,33,9810,9814,9812,9804,9807,5647,9815,9803,9808,9809,9806,9813,9811],"class_list":["post-40015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-aws-certification","tag-aws-certification-2026","tag-aws-certification-roadmap","tag-aws-certification-roadmap-2026","tag-aws-certification-roadmap-for-beginners","tag-aws-certifications","tag-aws-certifications-2026","tag-aws-roadmap-2026","tag-best-aws-certifcations","tag-best-aws-certification","tag-best-aws-certification-2026","tag-certification-roadmap","tag-complete-aws-certification-roadmap-for-beginners","tag-top-5-aws-certifications","tag-top-5-aws-certifications-2022","tag-top-aws-certifications","tag-top-aws-certifications-2026","tag-top-certifications-aws","tag-which-aws-certification-is-best"],"acf":[],"yoast_head":"\n<title>Study Guide for ACI Dealing New Version Exam (002-101)<\/title>\n<meta name=\"description\" content=\"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Study Guide for ACI Dealing New Version Exam (002-101)\" \/>\n<meta property=\"og:description\" content=\"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-15T11:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-15T16:34:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.testpreptraining.ai\/blog\/wp-content\/uploads\/2026\/10\/ACI-Dealing-Certificate-Study-Guide.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1672\" \/>\n\t<meta property=\"og:image:height\" content=\"941\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"TestPrepTraining\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"TestPrepTraining\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"25 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/\",\"url\":\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/\",\"name\":\"Study Guide for ACI Dealing New Version Exam (002-101)\",\"isPartOf\":{\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/#website\"},\"datePublished\":\"2026-10-15T11:30:00+00:00\",\"dateModified\":\"2026-10-15T16:34:22+00:00\",\"author\":{\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/b46daaf932dbfb07cbe7db807006780c\"},\"description\":\"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!\",\"breadcrumb\":{\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.testpreptraining.ai\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Study Guide for ACI Dealing Certificate New Version Exam (002-101)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/#website\",\"url\":\"https:\/\/www.testpreptraining.ai\/blog\/\",\"name\":\"Learning Resources\",\"description\":\"Testprep Training Blogs\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.testpreptraining.ai\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/b46daaf932dbfb07cbe7db807006780c\",\"name\":\"TestPrepTraining\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4cd4f7acc79865d9ba457114e386c039833599aae3707598a92eda256c6a5278?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4cd4f7acc79865d9ba457114e386c039833599aae3707598a92eda256c6a5278?s=96&d=mm&r=g\",\"caption\":\"TestPrepTraining\"},\"description\":\"Testprep Training offers a wide range of practice exams and online courses for Professional certification exam curated by field experts and working professionals. Evaluate your skills and build confidence to appear for the exam.\"}]}<\/script>\n","yoast_head_json":{"title":"Study Guide for ACI Dealing New Version Exam (002-101)","description":"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/","og_locale":"en_US","og_type":"article","og_title":"Study Guide for ACI Dealing New Version Exam (002-101)","og_description":"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!","og_url":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/","og_site_name":"Blog","article_published_time":"2026-10-15T11:30:00+00:00","article_modified_time":"2026-10-15T16:34:22+00:00","og_image":[{"width":1672,"height":941,"url":"https:\/\/www.testpreptraining.ai\/blog\/wp-content\/uploads\/2026\/10\/ACI-Dealing-Certificate-Study-Guide.jpg","type":"image\/jpeg"}],"author":"TestPrepTraining","twitter_card":"summary_large_image","twitter_misc":{"Written by":"TestPrepTraining","Est. reading time":"25 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/","url":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/","name":"Study Guide for ACI Dealing New Version Exam (002-101)","isPartOf":{"@id":"https:\/\/www.testpreptraining.ai\/blog\/#website"},"datePublished":"2026-10-15T11:30:00+00:00","dateModified":"2026-10-15T16:34:22+00:00","author":{"@id":"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/b46daaf932dbfb07cbe7db807006780c"},"description":"Get ready to practice and pass the ACI Dealing Certificate New Version Exam (002-101) with the latest and updated exam questions Now!","breadcrumb":{"@id":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.testpreptraining.ai\/blog\/study-guide-for-aci-dealing-certificate-new-version-exam-002-101\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.testpreptraining.ai\/blog\/"},{"@type":"ListItem","position":2,"name":"Study Guide for ACI Dealing Certificate New Version Exam (002-101)"}]},{"@type":"WebSite","@id":"https:\/\/www.testpreptraining.ai\/blog\/#website","url":"https:\/\/www.testpreptraining.ai\/blog\/","name":"Learning Resources","description":"Testprep Training Blogs","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.testpreptraining.ai\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/b46daaf932dbfb07cbe7db807006780c","name":"TestPrepTraining","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.testpreptraining.ai\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4cd4f7acc79865d9ba457114e386c039833599aae3707598a92eda256c6a5278?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4cd4f7acc79865d9ba457114e386c039833599aae3707598a92eda256c6a5278?s=96&d=mm&r=g","caption":"TestPrepTraining"},"description":"Testprep Training offers a wide range of practice exams and online courses for Professional certification exam curated by field experts and working professionals. Evaluate your skills and build confidence to appear for the exam."}]}},"_links":{"self":[{"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/posts\/40015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/comments?post=40015"}],"version-history":[{"count":2,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/posts\/40015\/revisions"}],"predecessor-version":[{"id":40018,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/posts\/40015\/revisions\/40018"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/media\/40016"}],"wp:attachment":[{"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/media?parent=40015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/categories?post=40015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.testpreptraining.ai\/blog\/wp-json\/wp\/v2\/tags?post=40015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}