As Regards Controls, Which of the Following Best Practices for Counterparty

question 54

Multiple Choice

As regards controls, which of the following best practices for counterparty identification is incorrect?

• A) Amendments to customer standing data should be subject to 4 eyes control and only changed if the appropriately authorized documentation is provided.
• B) The set up of settlement instructions and the confirmation method should be fixed when setting the first transaction.
• C) No trading should be done without first identifying and setting up the counterparty.
• D) Counterparty identification and setup of settlement instructions should be completed in less than 2 working days.