<p>In today's economic landscape, UK businesses are grappling with a significant dilemma&mdash;how best to manage the financial risks associated with currency volatility.</p>
<p>With <a href="https://www.imf.org/en/Blogs/Articles/2023/10/10/higher-for-longer-interest-rate-environment-is-squeezing-more-borrowers" target="_blank" rel="noopener">higher borrowing costs</a> squeezing margins, businesses must weigh the advantages of hedging against the operational and financial challenges it presents.</p>
<p>A well-thought-out hedging strategy is like traction control on a slippery surface, helping to maintain control and direction as market conditions shift. Without it, businesses risk spinning out of control when volatility hits.</p>
<p>This blog explores these challenges and offers insights into how corporates can effectively safeguard their bottom lines:</p>
<ul>
<li><a href="#hedginglandscape">Understanding the current hedging landscape</a></li>
<li><a href="#benefits">Benefits of hedging in a volatile market</a></li>
<li><a href="#constraints">High costs and credit constraints</a></li>
<li><a href="#futurehedging">Navigating the future of hedging</a></li>
<li><a href="#outsourcing">Outsourcing FX Functions</a></li>
</ul>
<p>&nbsp;</p>
<h2 id="hedginglandscape">Understanding the current hedging landscape</h2>
<p>Our revealed that hedging remains prevalent among UK corporates, with 76% of firms hedging their forecastable currency risk.</p>
<p>Interestingly, large businesses with over 500 employees are the least likely to hedge (68%), possibly due to their larger reserve capital, which cushions them from currency fluctuations. Conversely, smaller firms, which often lack such buffers, are more inclined to hedge.</p>
<p>In today's <a href="https://londonlovesbusiness.com/fx-volatility-surges-to-a-15-month-high-amid-market-chaos/" target="_blank" rel="noopener">volatile economic climate</a>, corporates are increasingly seeking stability, the mean hedge length has increased to 5.55 months, up from 3.78 months last year, indicating a growing desire among firms to secure longer-term certainty. Whilst the average hedge ratio remained stable at 45%.</p>
<p>&nbsp;</p>
<h2 id="benefits">Benefits of hedging in a volatile market</h2>
<p><a href="https://www.milltech.com/resources/glossary/fx-hedging" target="_blank" rel="noopener">FX hedging</a> is an effective risk management strategy for businesses exposed to foreign currency, helping to safeguard financial positions against adverse exchange rate fluctuations. Given current market conditions, 68% of UK corporates that don&rsquo;t current hedge, are now considering this strategy.</p>
<h3>Enhancing financial stability through forecasting</h3>
<p>Hedging offers businesses the flexibility to plan ahead and safeguard their balance sheets against anticipated currency fluctuations. By improving forecasting accuracy, it provides greater predictability in financial planning.</p>
<p>It is therefore understandable that 53% of UK corporates are now planning to extend their hedge duration due to rising political tensions. By locking in exchange rates for future transactions, firms can improve budgeting with accurate cash flow estimates, enabling informed strategic decisions and leading to more stable financial results.</p>
<h3>Variety of hedging instruments</h3>
<p>With the various hedging instruments available, corporates have the flexibility to choose how to manage their currency risks.</p>
<p><a href="https://www.milltech.com/resources/glossary/fx-forward" target="_blank" rel="noopener">Forward contracts</a>, for instance, allow corporates to exchange two different currencies at a predetermined rate on a specific future date, with the rate being set at the start of the contract, providing certainty in costs and revenues despite market fluctuations.</p>
<p>On the other hand, <a href="https://www.milltech.com/resources/glossary/fx-options" target="_blank" rel="noopener">option contracts</a> offer more flexibility, giving businesses the right, but not the obligation, to exchange currency at a predetermined rate, which can be beneficial if market conditions change favourably, although they often come with pricey premiums.</p>
<p>Each hedging instrument has distinct features and requirements, allowing businesses to tailor their <a href="https://www.milltech.com/resources/glossary/fx-risk-management" target="_blank" rel="noopener">FX risk management</a> strategies to suit specific needs and market conditions.</p>
<p>&nbsp;</p>
<h2 id="constraints">High costs and credit constraints</h2>
<h3>Increased cost of hedging</h3>
<p>70% of UK corporates have reported an increase in the cost of FX hedging over the past year. Of those firms that don&rsquo;t hedge their currency risk, 76% cited high costs as the primary deterrent.</p>
<p>This issue is particularly pronounced among smaller companies with 50-99 employees, with 85% experiencing rising hedging costs compared to 59% of larger firms with over 500 employees. This may be due to smaller companies having less negotiating power and fewer resources to manage financial risks effectively.</p>
<p>The increasing costs of hedging are not just affecting decision-makers; they directly influence corporate priorities. For 31% of UK corporates, reducing costs is a top priority, while 29% emphasise the need for cost transparency. These figures underscore the weight of FX costs on corporate strategies and how they can even discourage proactive risk management.</p>
<h3>Stricter credit market</h3>
<p>Concurrently, UK businesses are facing a tightening credit market. An overwhelming 74% of corporates report that credit providers have made it harder to access hedging in the last year. This trend has been most acute for accountants and CFOs, with 85% experiencing stricter lending criteria. Smaller companies are again at a disadvantage, with 87% reporting tougher credit conditions, compared to 59% of larger firms.</p>
<p>Additionally, 79% of corporates have noticed a rise in interest rates and fees, a sentiment echoed by 88% of accountants and CFOs. This financial environment adds another layer of complexity for businesses contemplating hedging as a strategy to mitigate currency risk.</p>
<p>&nbsp;</p>
<h2 id="futurehedging">Navigating the future of hedging</h2>
<h3>Corporates turn to options</h3>
<p>Diversifying hedging instruments is crucial to reducing FX risk, by spreading exposure across different assets, corporates can minimise the impact of market volatility, and enhance the potential for more stable returns.</p>
<p>FX options are a financial derivative that grants the holder the right, but not the obligation, to exchange a specified amount of one currency for another at a predetermined exchange rate (strike price) on or before a specified date (expiration date).</p>
<p>Options can provide the reassurance of hedging with capped downside risk, it is therefore unsurprising that 64% of corporates have started utilising FX options more frequently.</p>
<h3>Leveraging FX technology</h3>
<p>Many corporates still cling to outdated, manual processes like phone calls (34%) and emails (32%) to instruct FX trades.</p>
<p>Leveraging technology can help businesses <a href="https://www.milltech.com/product/trade-workflow-automation" target="_blank" rel="noopener">automate their entire FX workflow</a>, from execution to reporting, freeing up resources to focus on core business activities and enhancing team efficiency. For UK corporates, automating manual processes is a priority in FX management, as 41% emphasise its significance.</p>
<h3>Engaging with various credit providers</h3>
<p>Relying on one or two counterparties for liquidity is like putting all your eggs in one basket. As seen in the <a href="https://www.bis.org/bcbs/publ/d555.htm">2023 banking crisis</a>, the loss of a key counterparty can leave businesses stranded, unable to trade. Businesses should explore technology-driven alternatives that diversify their liquidity providers, ensuring they&rsquo;re never vulnerable to a single point of failure.</p>
<p>Additionally, working with various counterparties allows you to leverage competitive pricing, helping to drive down costs and ensuring you best execution.</p>
<p>&nbsp;</p>
<h2 id="outsourcing">Outsourcing FX Functions</h2>
<p><a href="https://www.milltech.com/product/fx-management" target="_blank" rel="noopener">Outsourcing FX functions</a> can be a strategic move for corporates looking to focus on their core operations while managing currency-related risks efficiently. By partnering with specialised FX service providers, businesses can access expert insights, advanced technology, and comprehensive market analyses without the need to maintain an extensive in-house FX team.</p>
<p>Setting up and onboarding new FX counterparties, centralising price discovery and navigating the post-execution phase often have their own complications and can be a huge administrative burden for some corporates, eating up much-needed time and resources. In fact, 34% of UK respondents said they use outsourcing as it provides greater scalability and flexibility in operations.</p>
<p>Following episodes like the <a href="https://www.reuters.com/article/markets/the-global-fx-rigging-scandal-idUSL5N1F14VV/" target="_blank" rel="noopener">forex rate-rigging scandal</a> in 2014, many market principles and regulations were introduced, such as the <a href="https://www.globalfxc.org/uploads/fx_global.pdf" target="_blank" rel="noopener">FX Global Code of Conduct</a> and <a href="https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mifid-ii" target="_blank" rel="noopener">MiFID II</a>, to avoid crises like this again. Whilst overall beneficial to the ecosystem, these rules and regulations require a lot of work in order to be met. This is why 29% of respondents say that they use outsourcing for risk management and compliance purposes.</p>
<p>&nbsp;</p>
<h2>Conclusion</h2>
<p>In a world of economic uncertainty, hedging remains a powerful tool for protecting your bottom line. However, rising costs and credit constraints present significant challenges that require strategic navigation. By adopting a comprehensive approach that balances risk management with financial agility, UK corporates can position themselves to thrive amidst volatility.</p>
<p>If your organisation is grappling with these decisions, you can contact us here to discuss how can provide a tailored <a href="https://www.milltech.com/product/trade-workflow-automation" target="_blank" rel="noopener">FX workflow solution</a> to meet the needs of your business. In these times, the right guidance can make all the difference.</p>
<p>&nbsp;</p>
<p><em>Please refer to our <a href="https://milltech.com/research-disclosures" target="_blank" rel="noopener">Research Disclosure Page</a> for more information on the data referred to in the above.</em></p>

This blog offers insights into how corporates can safeguard their bottom lines through hedging.

Hedge or Not

To hedge or not? Navigating FX market swings

<p>The recent woes of Silicon Valley Bank, Credit Suisse and First Republic Bank has brought counterparty diversity and due diligence back into the spotlight for many <a title="fund managers" href="https://milltechfx.com/clients/fund-managers-and-institutional-investors/" target="_blank" rel="noopener">fund managers</a>. When it comes to FX risk management, many fund managers are considering the best way to implement a more robust FX infrastructure and insulate themselves from future shocks.</p>
<ul>
<li><a href="#risksassociatedwithlimitedfxcounterparties">The risks associated with limited FX counterparties</a></li>
<li><a href="#lessonslearnedinthefxmarket">Lessons learned in the FX market</a></li>
<li><a href="#duediligencemonitoring">FX due diligence monitoring</a></li>
<li><a href="#importanceofcounterpartydiversity">The importance of counterparty diversity</a></li>
<li><a href="#reducingdirectcounterpartyrisk">Reducing direct counterparty risk</a></li>
<li><a href="#barrierstomultiplecounterparties">Barriers to having and maintaining multiple counterparty relationships</a></li>
<li><a href="#thesolution">The solution</a></li>
</ul>
<h2>&nbsp;</h2>
<h2 id="risksassociatedwithlimitedfxcounterparties"><strong>What are the risks?</strong></h2>
<p>Firstly, it&rsquo;s important to frame what the risks to a fund manager are, should a banking counterparty no longer be able to function as their FX provider. There are obvious business continuity issues and if you are a fund manager who overlooks different share classes, invests overseas or converts management fees into foreign currencies - then you will not be able to perform these functions until you have a new facility open with a different FX counterparty.</p>
<p>Other risks to consider might include&hellip;</p>
<ul>
<li><strong>In-the-money FX hedges</strong> &ndash; if a fund manager has open <a href="https://milltechfx.com/resources/glossary/fx-forward/" target="_blank" rel="noopener">FX forwards</a> with a failing counterparty and those positions have a positive mark-to-market (i.e. they make a profit if they were to be sold back into the market today at the prevailing spot rate), then the manager might be at risk from not realising that mark-to-market gain.</li>
<li><strong>Loss of collateral</strong> &ndash; if a fund manager has had to post collateral with their counterparty in order to book an FX forward, then that collateral may be at risk, in a similar way to cash deposits.</li>
<li><strong>Not being able to maintain the FX hedge</strong> &ndash; crucially, there is a risk that any pre-existing forward contract will not be honoured. If the purpose of that forward was to mitigate the effect of FX volatility on a portfolio of foreign currency assets, then fund level returns could be negatively impacted.</li>
</ul>
<h2 id="lessonslearnedinthefxmarket"><strong>Lessons learned in the FX market</strong></h2>
<p>Spanish philosopher, George Santayana is famously quoted as saying &ldquo;<em>Those who cannot remember the past are condemned to repeat it</em>&rdquo; which was ironically paraphrased and repeated by many other prominent historical figures.</p>
<p>The 2008 Global Financial Crisis is one event in recent history that brought to light many faults and failings in the banking world.</p>
<p style="text-align: center;"><em>One key takeaway for any fund manager should have been - don&rsquo;t put all your eggs in one basket when it comes to banking relationships.</em></p>
<p>Still, that&rsquo;s not particularly helpful advice for a fund manager that isn&rsquo;t currently well diversified and has overlooked this potential business risk.</p>
<p>As the dust settles on the recent turmoil in the banking market, fund managers can learn several lessons from this event and help &lsquo;future proof&rsquo; their organisation should similar shocks reoccur. &nbsp;</p>
<p>&nbsp;</p>
<p><a title="Request a free TCA" href="https://milltechfx.com/tca-form/" target="_blank" rel="noopener"><img src="https://directus.corp.milltechfx.com/assets/1ed1e427-1782-434b-986d-274acfd63197" alt="Request a free TCA" width="600" height="90"></a></p>
<h2>&nbsp;</h2>
<h2 id="duediligencemonitoring"><strong>FX due diligence &amp; monitoring</strong></h2>
<p>Recent events underscore the importance of due diligence when selecting banking counterparties.</p>
<p style="text-align: center;"><em>It is essential to thoroughly vet potential banking partners and assess their financial stability, risk management practices, and reputation before beginning a relationship.</em></p>
<p>Ongoing due diligence should be carried out regularly, until that relationship comes to an end, which might involve:</p>
<ul>
<li>Daily monitoring of CDS levels and AML/compliance alerts.</li>
<li>Checking for updates from ratings agencies.</li>
<li>Regular communication with the front office at each bank and annual reviews.</li>
</ul>
<p>It is vital to keep track of any changes in the financial stability of banking counterparties and adjust a panel of banks accordingly. By doing so, fund managers can help ensure they are partnering with financially stable banks that can provide reliable services.</p>
<h2>&nbsp;</h2>
<h2 id="importanceofcounterpartydiversity"><strong>The importance of counterparty diversity</strong></h2>
<p>Counterparty diversity is a pre-requisite for FX best execution and best execution should be a priority for any fiduciary firm. By having a panel of banks at their disposal, fund managers can ensure they have access to a variety of liquidity providers, which can improve the efficiency and execution of your trades.</p>
<p style="text-align: center;"><em>However, for some fund managers, FX might be considered a non-core business activity meaning counterparty diversity may have been overlooked.</em></p>
<p>When it comes to foreign exchange trading, counterparty diversity means having relationships with <a title="multiple banks" href="https://www.milltech.com/product/fx-management" target="_blank" rel="noopener">multiple banks</a> and not relying on just one to execute trades. In the context of recent events, this is important because if one bank were to fail, it could have serious consequences for your fund's trading activities, and potentially lead to significant losses.</p>
<h2>&nbsp;</h2>
<h2 id="reducingdirectcounterpartyrisk"><strong>Reducing direct counterparty risk</strong></h2>
<p>The ability to hedge foreign exchange risk without having to post collateral in the form of initial margin or variation margin offers numerous benefits to almost any type of investor.</p>
<p style="text-align: center;"><em>No margin hedging allows fund managers to remain fully invested while mitigating their FX risk.</em></p>
<p>It also enables fund managers to better forecast future cash flows as they are not at risk of daily margin calls. They can therefore focus on the core task at hand, maximising returns.</p>
<p>Fund managers should also consider, that because capital hasn&rsquo;t been deposited with their banking counterparties in the form of initial margin or variation margin, their collateral isn&rsquo;t at risk if their bank faces hard times.</p>
<h2>&nbsp;</h2>
<h2 id="barrierstomultiplecounterparties"><strong>Barriers to having and maintaining multiple counterparty relationships?</strong></h2>
<p>To summarise, fund managers should consider three things to help insulate their FX function from future turmoil in the banking market:</p>
<ul>
<li><span style="font-size: 16px;">Raise the bar on counterparty dye diligence and monitoring.</span></li>
<li><span style="font-size: 16px;">Have a <a title="multi-bank FX panel" href="https://www.milltech.com/product/fx-management" target="_blank" rel="noopener">multi-bank FX panel</a> at your disposal.</span></li>
<li><span style="font-size: 16px;">Seek to negotiate no-margin hedging terms with your FX panel.&nbsp;</span></li>
</ul>
<p>However, in our opinion this is easier said than done.</p>
<p>In a post from 2021, we wrote about <a title="the roadblocks to fund managers accessing FX best execution" href="https://milltechfx.com/resources/blog/approach-to-FX-best-execution/" target="_blank" rel="noopener">the roadblocks to fund managers accessing FX best execution</a>, and best execution is synonymous with counterparty diversity.</p>
<p>We commented that setting up new FX relationships can be labour intensive and difficult which was recently supported by the MillTech CFO FX Survey <a title="&ldquo;The intensifying FX challenges for Fund Managers&rdquo;." href="https://milltechfx.com/resources/currency-insight-and-education/the-intensifying-fx-challenges-for-fund-managers" target="_blank" rel="noopener">&ldquo;The intensifying FX challenges for Fund Managers&rdquo;.</a></p>
<p>In our survey of 250 fund managers we should also note that -</p>
<ul>
<li>88% of respondents said it took them between 6 months and 1 year to setup their current FX infrastructure meaning fund managers should plan ahead and should not assume they can quickly set up FX facilities elsewhere.</li>
</ul>
<p><img src="https://directus.corp.milltechfx.com/assets/148dab86-73a2-4142-98a5-9fe320a9ade8" alt="Graph representing time taken to setup current FX infrastructure" width="492" height="350"></p>
<ul>
<li>35.6% of those surveyed said that onboarding liquidity providers (i.e. getting setup with FX counterparties) was the most challenging aspect of their FX operation which is directly related to having a multi-bank FX panel.</li>
</ul>
<p><img src="https://directus.corp.milltechfx.com/assets/35f6ff92-3278-440b-94e6-382e8e0bc851" alt="Graph representing challenges of FX operations" width="518" height="350"></p>
<ul>
<li>34% said that securing credit lines was their biggest challenge when dealing with FX, meaning that negotiating no-margin hedging terms is difficult to achieve.</li>
</ul>
<p><img src="https://directus.corp.milltechfx.com/assets/40e40b9f-7b3f-4a2d-947e-15fe8ff52d81" alt="Graph representing biggest challenges when dealing with FX" width="517" height="350"></p>
<h2 id="thesolution"><strong>The Solution</strong></h2>
<p>The good news is that MillTech solutions can facilitate multibank execution on day one. Rather than having to manage multiple onboarding processes simultaneously, fund managers can plug into our ready-made marketplace that offers counterparty diversity as well as no-margin hedging.</p>
<p>At MillTech we carry out strict, ongoing due diligence of counterparties so the end client doesn&rsquo;t have to. This means they have a second pair of eyes to monitor performance and potentially move exposures away from that counterparty in good time.</p>
<p>Onboarding timeframes are drastically reduced compared to our <a title="observations from the survey" href="https://milltechfx.com/resources/currency-insight-and-education/the-intensifying-fx-challenges-for-fund-managers" target="_blank" rel="noopener">observations from the survey</a> and fund managers can set up facilities in as little as 4 weeks. Transitioning to a multibank framework can often seem like a daunting task but this can allow fund managers to pivot quickly if they are not currently well diversified.</p>
<p>If you are interested in find out more about our solutions, get in touch <a href="https://milltechfx.com/contact/" target="_blank" rel="noopener">here</a>.</p>
<p>&nbsp;</p>
<p><em>Please refer to our <a href="https://milltech.com/research-disclosures" target="_blank" rel="noopener">Research Disclosure Page</a> for more information on the data referred to in the above.</em></p>

When it comes to FX risk management, many fund managers are considering the best way to implement a more robust FX infrastructure and insulate themselves from future shocks.

Fund Managers Need to Rethink Their Fx Infrastructure

Why fund managers must rethink FX infrastructure

<p>Best execution is one of the most commonly used terms across financial markets. Many believe that it just refers to pricing, but as recent events in the banking industry demonstrate, there are other important considerations that you shouldn&rsquo;t take for granted.</p>
<p>When assessing the overall FX execution quality and execution governance in the context of best execution, it is important to consider a wide range of execution factors to determine the optimal execution arrangements that can help a firm achieve a best execution on a continuous basis.</p>
<ul>
<li><a href="#importanceofpricinginfx">Importance of pricing in FX</a></li>
<li><a href="#FXCounterpartyRiskAssessmentFrameworkFX">Counterparty Risk Assessment Framework</a></li>
<li><a href="#Executioncontingencyplan">Execution contingency plan</a></li>
</ul>
<h2>&nbsp;</h2>
<h2 id="importanceofpricinginfx"><strong>Importance of pricing in FX</strong></h2>
<p>It is widely known that execution prices and costs are probably the most important execution factors in a normal market environment.</p>
<p>We believe firms should seek to achieve competitive execution prices and transparent cost structure. They can do this by adopting a <a title="multi-bank FX execution platform" href="https://www.milltech.com/product/fx-management" target="_blank" rel="noopener">multi-bank FX execution platform</a> where multiple liquidity providers are competing to provide exchanges rates. This enables them to transparently compare and execute FX rates from multiple providers. The execution prices and costs can be accessed and monitored via an independent <a title="Transaction Cost Analysis (TCA)" href="https://milltechfx.com/product/transaction-cost-analysis/" target="_blank" rel="noopener">Transaction Cost Analysis (TCA)</a> to demonstrate best execution.</p>
<p>&nbsp;</p>
<h2 id="FXCounterpartyRiskAssessmentFrameworkFX"><strong>FX counterparty Risk Assessment Framework</strong></h2>
<p>However, as the recent events with Silicon Valley Bank and Credit Suisse illustrate, other execution factors beyond pricing and costs can play a significant role.</p>
<p>For instance, the likelihood of settlement typically becomes the crucial execution factor when counterparty risk dominates the market.&nbsp; As a result, selecting and performing appropriate due diligence on counterparties become an integral part of the best execution.</p>
<p>Firms should consider establishing a robust counterparty risk evaluation framework that considers of a range of risk factors, including:</p>
<ul>
<li>Monitoring realised and unrealised profit and loss (P&amp;L) for each counterparty</li>
<li>Credit rating from reputable rating agencies</li>
<li>Credit default swaps</li>
<li>Regular counterparty review and monitoring activities.</li>
</ul>
<p>&nbsp;</p>
<p><a title="Request a free TCA here" href="https://milltechfx.com/tca-form/" target="_blank" rel="noopener"><img src="https://directus.corp.milltechfx.com/assets/1ed1e427-1782-434b-986d-274acfd63197" alt="Request a free TCA" width="600" height="90"></a></p>
<p>&nbsp;</p>
<h2 id="Executioncontingencyplan"><strong>Execution contingency plan</strong></h2>
<p>In addition to reviewing and assessing the counterparty risks, the recent banking crisis events also highlight the importance of establishing a robust FX execution contingency plan that takes into account of legal and operational complexities.</p>
<p>If the counterparty becomes unavailable, the firm should be able to quickly and efficiently manage the existing FX trades by way of:</p>
<ul>
<li>Novation - replacing an agreement in place with consent of all parties involved</li>
<li>Close-out - termination of the transaction</li>
<li>Implement Net Present Value (NPV) any future profits</li>
</ul>
<p>Once existing trades have been managed, firms can then implement new FX trades as required by the business.</p>
<p>&nbsp;</p>
<h3><strong>How MillTech can Help</strong></h3>
<p>MillTech was born out of Millennium Global Investments, considered one of the founding firms in currency overlay,</p>
<p>Our multi-bank market not only can help firms significantly reduce both FX costs and operational burden associated with FX execution and rolling hedging requirements, but also significantly reduces counterparty risks. This is because we offer multiple arrangements with tier one banks (if available) within a rigorous MillTech counterparty onboarding and monitoring framework</p>
<p>We provide access to a <a title="transparent marketplace" href="https://www.milltech.com/product/fx-management" target="_blank" rel="noopener">transparent marketplace</a> for comparative FX execution from up to 15 tier-one counterparty banks, while harnessing a unique and significant pricing efficiency for our clients In addition, MillTech provides clients with full transparency of execution via independent TCA reporting.</p>
<p>Get in touch today to&nbsp;<a title="contact page" href="https://milltechfx.com/contact/" target="_blank" rel="noopener">find out more</a>.</p>

Best execution is one of the most commonly used terms across financial markets. Many believe that it just refers to pricing...

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