By Gary Shoup
Concentrates on an enormous quarter of excellent company perform, the prudent and skilful administration of forex hazard. The ebook deals an easy, direct method of figuring out the elemental and complicated suggestions of foreign money threat administration, aimed toward a extensive variety of monetary execs.
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Extra resources for Currency Risk Management: A Handbook for Financial Managers, Brokers, and Their Consultants
The company may decide to watch the market and take action only if the Deutsche mark begins an upward trend in value, or 4. It may hedge the transaction at the time the order is placed. A simple way to do this would be to exchange $500,000 for DM1,000,000 when the contract is signed, perhaps through the foreign exchange desk at the manufacturer's bank. The Deutsche marks are then deposited into a bank account established in Germany for that purpose, and paid out when the shipment is received. The exposure is eliminated, and the transaction is insulated from any potential changes in exchange rates, up or down.
This illustrates the amorphous nature of foreign currency exposure. It crops up in unexpected places. As this export manager discovered, the exposure risk was not confined to a specific asset or liability, but involved an entire market. In some cases, the entire business can be at risk while management remains blissfully unaware of any exposure at all. Examples abound. They crop up whenever brokers gather in corners to exchange war stories. " 3 Laker Air, a British air charter company, enjoyed a robust business in the 1970s.
The record is littered with casualties. S. firm. Its economists were forecasting a stronger dollar. Perhaps aware of Laker Air's experience, it locked up the Deutschemark/dollar exchange rate with a forward contract. The economists guessed wrong. In one year, Lufthansa had lost somewhere around $150 million, and one or two financial managers reportedly lost their jobs. Separately, the chairman of Porsche found himself unemployed two years later. S. market for 61% of its revenue without hedging against a downturn in the dollar.