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Hedging using a forward contract

Example of using a hedging forward contract:

  1. The bank opens 2 accounts. One account is intended for spot transaction, another account is intended to hedge, ie transactions with derivative financial instruments (forward, swap).

  2. Spot transactions. After opening an account for spot transactions Lightbank creates an opportunity for the company to carry out the conversion of currency as close to the interbank rate. In practice, such an operation conversion takes no more than 2-3 hours. If the company carries out spot transactions in the bank, in which it conducts its main operations, conversion takes a maximum of half a day. For example, if a company sends money 10.00 in rubles for the purchase of 100,000 euros, about 13.00 to sent rubles will be converted into euros and sent back to the company.

  3. Savings on spot transactions. The cost of currency conversion ranges from 300 rubles to 0.1%. In Lightbank costs of conversion operations is determined individually for each client.

  4. Portion of the hedge. There are 2 options you started:
    1. Option with collateral. Lightbank asks to keep on deposit of about 5-10% of the monthly turnover as collateral hedges.

    2. Option with a credit limit. If Lightbank sets of the credit limit, the warranty provision on the deposit is not required.

  5. Hedging process begins after signing the hedging contract with Lightbank. After the Bank allocates a credit limit, you can actually begin to hedge currency risks.

  6. A quantitative example of the process of hedging. 

    For example, 15.11.11 a company enters into a contract with a supplier for 100,000 euros (41.90 at current exchange rates) for the purchase of goods that it sells for rubles and that within 75 days it will have to return the money in euros. Lightbank assigns the contract a unique ID, for example, 4055, and immediately the same day open a forward contract to purchase the same amount of 100,000 euros for a period of 15 days (to enter into a forward contract by 75 days does not make sense, because the longer contracts are more expensive, but with the help of currency swaps Lightbank can transfer the value date of the forward almost any period when the emerging need for) a peg at 41.55. In this case, it means that the contract with the ID 4055 hedged at the rate of 41.55 for 75 days.

  7. Example of contract hedging. 

    A company sold 21.11.11 the ruble equivalent of 20,000 euros. Lightbank buys euros at a fixed rate on 15.11.11 and thus reduces the amount of hedging forward contract for 20,000 euros to 80,000 euros level. Further, if the managers of the company carry out the sale 25.11.11 amounting to 40,000 euros, Lightbank in turn, reduces the amount of hedging for another 40,000 euros. So you can do as managers of the company does not sell out the entire volume. Thus, in this case a forward contract is the pool from which the company can change the euro clearly fixed rate, 100% protection against currency risks.

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