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Ctc guide fx ctc guide FX Risk Management The Right Steps for a New Era ctc guide FX Risk Management The Right Steps for a New Era How the evolution of FX programs and market uncertainty are driving a new way of looking at risk By Nilly Essaides Contents

ctc guide FX Risk Management The Right Steps for a New Era ctc guide FX Risk Management The Right Steps for a New Era How the evolution of FX programs and market uncertainty are driving a new way of looking at risk By Nilly Essaides Contents Overview Why Now The Current State of U S Corporate Hedging The Spectrum of Risk Management Programs Case Studies Case Study billion Multinational Case Study Privately Owned U S Multinational Case Study billion Multinational Case Study Newly Public Multinational Case Study Airline and FX Commodity Exposures Case Study Privately Held Canadian Multinational The Disconnect How to Build an E ?ective Program Conclusion Page Page Page Page Page Page Page Page Page Page Page Page Page CTC GUIDE Corporate FX Risk Management Overview Foreign exchange risk is not a new issue for today ? s organizations Multinationals have struggled with it for years However the current ?nancial and economic environment presents new challenges and opportunities and they are triggering a reexamination of the way corporations manage their currency exposures This is welcome news There are several reasons why currency risk is getting more attention ??and not all of them are positive What comes to mind ?rst of course is the sharp decline of the euro That combined with the European debt crisis has had a negative impact on the earnings of U S -based multinationals The impact was evident in the many disappointing second-quarter earnings reports and companies blamed the stronger dollar for substantial hits to their earnings per share EPS The media is also playing a role in the increased focus on currency risk There have been numerous front-page stories about derivatives ? ??losses ? While those media reports typically o ?er a onesided view of the use of derivatives those stories unfortunately tend to get the attention of Boards of Directors In addition impending ?nancial regulations are likely to change the way companies manage all sorts of risk including currency exposure primarily by making derivatives more expensive to trade and documentation more burdensome Speci ?cally new capital requirements for banks under the international regulatory framework known as Basel III and new rules under the Dodd-Frank legislation in the U S are going to a ?ect how much banks charge for products access and ease of credit and the kinds of reporting requirements with which companies will need to comply for some common risk management strategies But these may just be the ??headline ? reasons behind the greater emphasis on currency exposure Experts interviewed for this guide point to a broader trend toward a systematic reevaluation of the substance and process of risk management Speci ?cally they note treasury ? s growing role as a strategic partner and how its greater involvement with an organization ? s operations is allowing companies to do a better job at identifying their true economic exposures Additionally constantly evolving treasury technology is ?nally reaching some critical mass Many companies still rely on Excel spreadsheets to track exposures and