By Gary Shoup
Concentrates on an incredible sector of fine enterprise perform, the prudent and skilful administration of forex probability. The booklet deals an easy, direct method of knowing the elemental and complex techniques of forex threat administration, geared toward a huge diversity of monetary pros.
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Additional info for Currency Risk Management: A Handbook for Financial Managers, Brokers, and Their Consultants
The engineers of financial futures distanced themselves from such goings-on in the agricultural market place. " After all, they sniffed, stocks, bonds, and currencies are really a breed apart from pork bellies and soybeans. Then program trading with index futures became implicated in the 1987 stock market collapse. Almost immediately, this term also began to fall into disfavor. We turned to a neutral, sophisticated sounding term. One that was not implicated in unsavory goings-on. One that had a nice ring to itderivatives.
Whereas accounting exposure concerns historical events, cash flow exposure usually applies to future events, in other words, anticipated transactions that are not yet contracted. Page 12 Operating exposureThis concerns the supply, demand, and price variables that affect sales performance, operational profitability, and competitive position. Identifying operating exposures involves questions such as: is the product still in the consumer's reach after a shift in foreign exchange? Is it easily substituted?
If the dollar made a major advance against the Deutsche mark while the hedge was in place, it would produce a loss of major proportions. The fact that it was offset by a savings somewhere else may not be enough justification, especially when the loss, or "hedge burden" as it is sometimes known, is being explained to a senior manager who has had no input in the risk management program. This is the single biggest obstacle to foreign currency management. Unless there are clearly defined objectives, safeguards in place, and clear communications among the various levels of management, a hedging program can end up as a non-starter at best and a financial disaster at worst.
Currency Risk Management: A Handbook for Financial Managers, Brokers, and Their Consultants by Gary Shoup