FX Risk Aversion in International Investments

Running Header: MINIMIXING FX CURRENCY RISK IN INVESTING
Signature Assignment: Minimizing Foreign Currency Risk Fluctuations in Investments
A Case Study in Derivatives Products and Hedge Fund Operations
Stacey Troup
Global Finance/MBA-624
October 20, 2019
Professor Dr. Lisa Smith
Touro University Worldwide

Minimizing Foreign Currency Risk Fluctuations in Investments
Table of Contents
Abstract .................................................................................................................................. 3
Minimizing Foreign Exchange Risk ...................................................................................... 4
Hedge Funds – Overview....................................................................................................... 4
What is a Hedge Fund? ...................................................................................................... 4
Qualified Purchaser............................................................................................................ 5
Hedge Fund Structure......................................................................................................... 5
3(c)(1) Funds...................................................................................................................... 6
3(c)(7) Funds...................................................................................................................... 6
Hedge Funds & FX Risk Mitigation...................................................................................... 7
Global Macro Strategy.................................................................................................... 7
ETF ................................................................................................................................. 8
Types of ETF .................................................................................................................. 8
Hedging Strategies for Global Business Dealings & Risk Mitigation................................... 9
Strategy Options................................................................................................................. 9
Invoicing in domestic currency........................................................................................ 10
Derivative Hedges............................................................................................................ 10
Forex Forward Sample (OTC):..................................................................................... 11
Solutions: ...................................................................................................................... 11
The Currency Future (Central Market/Exchange Traded)............................................ 12
Options Contracts ......................................................................................................... 13
Growth in the Derivatives Markets...................................................................................... 13
Conclusion ........................................................................................................................... 14
Appendix “A” ...................................................................................................................... 16
FX Contract(s) – Samples from CME Group................................................................... 16
Appendix “B”....................................................................................................................... 17
OTC FX Product Samples (CME GROUP)..................................................................... 17
Appendix “C”....................................................................................................................... 18
OTC Foreign Exchange Derivatives ................................................................................ 18
Appendix “C”....................................................................................................................... 19
OTC Foreign Exchange Derivatives ................................................................................ 19
By sector of counterparty.............................................................................................. 19
Appendix “D” ...................................................................................................................... 20
Cash Invested in ETF’s................................................................................................. 20
References............................................................................................................................ 21

Abstract
Reducing risk in business boils down to reduction of cost and removal of surprises when it
comes to paying the bills. Multinational companies and specialty financial services firms such as
Hedge Funds are working collaboratively to help reduce or eliminate the risk of foreign currency
exchange fluctuations through a product offering designed to lock in exchange rates or even hedge
a currency against another in a short-sale contract. Knowing what products suit a particular
business or need is the responsibility of the investment team or CFO but having an understanding
of these complex financial products can help everyone from the large investor to the retiree looking
to make extra money for their longevity.
Keywords: Risk reduction, Hedging, Derivativates, Leveraging Risk, ETF, Hedge Funds,
OTC ETF, Market-Traded ETF, Forex, FX.

Minimizing Foreign Exchange Risk
Multinational companies establishing a presence in any foreign location face vast hurdles
when it comes to their success. Among these risks are the ability to gain market share, hire the
best employees, turn a profit, and minimize risk while striving to be a sought after employer who
draws the best talent from top colleges. Investment banks are notorious for hiring out of these Ivy
League feeder schools (as are hedge funds) and always lever their risk to minimize their losses in
ways that the public often never knows about. This paper will discuss how derivatives are used to
lever foreign currency fluctuation risks for international investing (and payments being received
in foreign currency) to reach maximum results. A special focus will be done on the hedge fund
world as they are notorious for levering their risk to minimize loss and are always established with
both an onshore and offshore entity for this purpose. Finally, visualizing how to minimize this
risk for these large firms and investments will establish to the layperson the elements they can use
to minimize their own risk in investments, no matter what the size.
Hedge Funds – Overview
“Hedge Funds”. A term often seen but rarely explained outside of the inner sanctum of
investment banks and professionals. In order to understand the basis of some of the examples
contained within this case study, it is imperative to comprehend the parameters of hedge funds,
their composition, and structure, as well as the legal (compliance) factors attached to same.
What is a Hedge Fund?
A hedge fund is similar to a mutual fund in its structure. It is a pool of investments with a
specific investment strategy, average return, capital requirement, liquidity requirement, lock-up
periods, fees, and both an onshore and offshore entity to aide in the establishment of investment
from foreign “Qualified Purchasers” (Smith, 2016). Similar to their mutual fund brethren but
afforded wider latitude of types of investments, hedge funds are not restricted to the stock market

trade exclusively as mutual funds are. These types of investment vehicles are allowed to invest in
everything from “ land, real estate, derivatives, currencies, and other alternative assets” (Gad,
2019). The strategies of these funds can be anything from Event-Driven, Macro Funds, Relative
Value, Distressed, and more. Each of these strategies is spearhead by a portfolio manager who
specializes in the specific strategies as well as a team of professional quantitative, analysts, traders,
lawyers, and others who help structure the deals and invest the monies to maximize the returns for
both the firm and the Qualified Purchasers (Gad, 2019).
Qualified Purchaser
Qualified purchasers are defined as (1) an individual with investments ≥ $5,000,000; (2) a
company (such as a trust or private company) with ≥ $5,000,000, provided the trust or company
was not established strictly for purposes of investment in this type of entity; (3) an investment
manager with ≥ $25,000,000 under management; or (4) a company with ≥ $25,000,000 of
investments. These “QP’s” are determined through the KYC (Know Your Customer) or AML
(Anti-Money Laundering) at the investment bank or hedge fund who is making the investment for
them (if a levered product at a bank). The thresholds which determine a QP were established under
Section 2(a)(51) of the Investment Company Act, U.S. Code § 80a–2 (Cornelius, 2010) (SEC, n.d.)
(Securities Act of 1934, N.D).
Hedge Fund Structure
Pursuant to legal requirements, hedge funds are established as either 3(c)(1) or 3(c)(7)
depending on the specific goals of the particular fund. These funds have very different parameters,
the basis of which will now be explained.

3(c)(1) Funds
Funds established as 3(c)(1) funds are open to individuals, entities, and investment
companies who meet the QP or Institutional Investor qualifications of same per the SEC
guidelines. An individual investor (QP) is considered an owner of a 3(c)(1) fund when an
investment is accepted. When an entity invests in this structure of fund, they may own a percentage
of interest in the fund provided that the entity was not established as a means to invest (solely) in
this fund (to prevent fraud), as well the entity can not be considered a 3(c)(1) nor a 3(c)(7) fund
company (itself) at the time of investment. In layman terms, a hedge fund (entity, not company)
can not invest in another hedge fund (entity) except under separate Fund of Fund regulations which
will not be covered as part of this study. These 3(c)(1) funds also have a cap of investors at a limit
of 100 per Fund and the offshore entities of same are exempt from SEC registration provided they
stay under the cap of ≤ 100 participants as well refrain from making a public offering within the
U.S., pursuant to the Securities Act of 1933, Rule 506 of Regulation D, and 501(a) relating to
Qualified purchaser, accordingly (Smith, 2016) (Davie, 2017) (Investment Company Registration
and Regulation Package, 2004).
3(c)(7) Funds
These funds are similar as they are restricted to QP’s but the funds structured in this manner
have a cap of 1,999 investors before they are required to register with the SEC. Funds will often
put a cap on the fund under this threshold and then start a new fund with a consequential roman
numeral, e.g. ABC L/S Equity Fund Partners V, LP; ABC L/S Equity Fund Partners VI, L.P. as a
way to take on investors in addition to this registration cap with the same strategy as the previously
structured fund. Qualified purchasers (QP) under this structure are required to have at least $5M
in investments, be trust accounts managed by QP’s, HNW (high net worth) investors are required
to have at least $25M worth of investments while also requiring the entities to be exclusively

owned by the QP (per Rule 144A of the Securities Act of 1933) (Davie, 2017) (Investment
Company Registration and Regulation Package, 2004).
Hedge Funds & FX Risk Mitigation
While hedge funds are developed as both on-shore or off-shore in their structure, and with
varying parameters of investment under management depending on their composition per U.S.
laws, they are experts at mitigating risk (usually) in markets both foreign and domestic. They
mitigate this risk by taking a hedged or levered risk against their investments through the use of
derivatives both simple and complex.
As previously discussed, while strategies can be varying, for the purposes of this review an
examination of a “global macro” strategy is done as it most closely relates to foreign exchange risk
mitigation.
Global Macro Strategy
The global macro strategy is one in which a hedge fund focuses on the macroeconomic
factors that impact overall performance. These factors include global economic policies as well
as monetary policy variations which are capable of creating variances (differences) in the
underlying markets for currency (fx), commodities, interest rates (LIBOR), and equity indexes.
They use sophisticated instruments such as cash positions (often levered) as well as ETF’s and
trade the currencies in “currency pairs” (Becker, N.D.).

ETF
The ETF, or “Exchange Traded Fund”, are funds which are structured similarly to mutual
funds but are traded on exchanges throughout the day in the same manner as stocks and bonds are
and is considered a “marketable security” meaning it has an associated price which allows for it to
be sold on public exchanges (Chen, 2019).
The cosmetic structure of an ETF is made up of stocks, bonds, and/or commodities and come
at a lower investment cost to purchase a “basket” type investment such as an ETF over individual
purchases of the securities on their own (Chen, 2019).
Over the last 10 years, the ETF has grown by leaps and bounds in terms of the popularity for
investment options for investors, having grown from $.7 Trillion (USD) in 2008 to over $5.1
Trillion (USD) held in ETF investments as of 2018 (see Appendix “D” Investments_in_ETF).
This upward trend in the ETF market is likely caused by the diversification of investments they
contain, alongside lower fees as well as the reduced risk that come with the overall platform.
(Dohring, 2008). A sample of ETF offered Forex contracts and the futures options available for
these contracts can be found here.
Types of ETF
There are five (5) basic types of ETF’s available on the market today; Bond ETF, Industry
ETF, Commodity ETF, Currency ETF, and Inverse ETF (Chen, 2019).
These ETF’s are easily explained. The Bond ETF is made up of bonds of varying
backgrounds from government, corporate, state and local varieties. The Industry ETF is made up
of indices which track industry-specific types of companies such as technology, oil & gas, or
banking. Commodity ETF’s are made up of investments relating to underlying tradable
commodities such as oil, gold, and agricultural products (wheat, corn, oranges). The Currency
ETF is what has been referred to throughout this subject. It is made up of FX currency pairings

and purchases for maximum return on foreign currency exchange based investments. The Inverse
ETF is, at its core, a short sale side based investment meant to serve as a reverse option. This
means that the investor is betting on a downward turn in the value of the investment whereby they
can make a greater return through anticipating a loss in a marketable security through “shorting”
its valuation with an option, such as an Inverse ETF (Chen, 2019)
Hedging Strategies for Global Business Dealings & Risk Mitigation
When a company decides to open a new location in a foreign place, or opens business lines
with a company from another country, they face several risks. These risks include the probability
that the company will thrive, how they will grab market segmentation (depending on their industry)
and how they will attract the best talent for turning a profit. In addition to these implied risks lay
the associated issues within selling to customers on an international platform due to foreign
exchange (FX) risks. As a way to combat these risks, companies have a few options to minimize
this risk while maximizing profits. Derivatives are the most commonly used method as a way to
mitigate this risk for multinational companies.
Strategy Options
There are three essential strategies which allow MNC’s to reduce their inherent risk when
dealing in foreign exchange markets (invoicing in foreign currency or payment in same). These
strategies include (1) invoicing in the domestic currency; (2) derivative hedges such as forwards,
options and swaps, and (3) Natural hedges (such as foreign-currency debt). Diving deeper into
these options as follows (Dohring, 2008):

Invoicing in domestic currency
When a company enters into a contractual obligation with a client or customer, they have
the right to request that the payments required to satisfy the contract be paid in the currency which
is “domestic” to the supplier of the goods or services. This strategy shifts the risk of the currency
exchange fluctuation to the customer as the payment will be in your home country currency. This
implied risk also comes with a reward because if the contract is agreed upon in the home currency
and the exchange rate is in favor of the payor, they will end up paying less for the goods when
they convert the money to the required payment currency (and vice versa for currency opposition)
(Dohring, 2008)
Derivative Hedges
Derivatives are a way to counterattack the implied and possibilities of risk by “hedging”
(i.e. taking an adverse position in an underlying security) their investments against the currency
market or security (REIFF, 2018) (Pareto, 2019). Hedging contracts are available in the form of
Forwards (futures), Options & Swaps within the FX offerings, sold as both OTC (over the counter)
and on traded exchanges (via a broker and regulated). Both of these options come with risk and
reward and are the choice of the purchaser which methodology/strategy they wish to subscribe to
in order to best hedge their risk (Dohring, 2008).
Options, such as currency options, allow a business to buy or sell a set amount of currency
back to a bank at a predetermined rate but come with no requirement to do so. Unlike futures and
forwards which do come with the obligation to purchase, Forex options allow you to minimize
your risks within foreign currency exchanges when engaging in international business dealings
across varying countries.

Forex Forward Sample (OTC):
ABC distribution company, a New York company who specializes in the U.S. distribution
of British edible products, needs to replenish its British toffee supplies for the upcoming holiday
season. In July 2019 they place an order with their UK manufacturer for an order to accomplish
this goal and are given a contractual obligation of 25,000£ as a value of the order, to be paid in
GBP (Pound Sterling) at the 90-day mark of the invoice (post shipping).
ABC Company, concerned over the impact that Brexit will have on the currency exchange
and the climate for the financial markets within that country, decides to simultaneously purchase
a Forex forward contract on the open market (OTC) as a way to ensure their contract price does
not rise beyond expectations which could negatively impact their ability to have positive sell-
through of the imported goods to the end-user.
The Forex forward contract has the following parameters (partial mock):
 July 15, 2019 @ 1.20224
 October 31, 2019 @ 1.27618
ABC Company begins to see trouble in the waters of the climate of the exchange rate
valuation of the GBP and decides to exercise their option as of July 15, 2019, in order to ensure
the lowest rate consistent with their projections of cost.
Solutions:
 The contract, purchased July 1, 2019 locks in an exchange rate of 1.20224
(USD/GBP) for a value of the 25,000£ resulting in an obligation to purchase value
of $30,056 USD at that time (25,000£ x 1.20224 to convert to US dollars).
 Had we exercised our option at the contract end date (October 31, 2019, we would
have paid 1.27618 (USD/GPB) resulting in an end cost of $31,904.50 (costing us
an additional $1,904.50).

 Had we not entered into a Forex forward contract and just paid the bill on the date
it became due (using the exchange rate of October 26, 2019), we would have paid
1.28272 (USD/GBP), resulting in a cost of $32,068.09 (USD).
By hedging our risk with the futures contract, we mitigate unforeseen fluctuations in the
currency risk by locking in a firm rate with execution dates set in stone. This ensures that our
profit margins remain intact and we do not end up losing money on the sellthrough of our products
to our customers as a result of rising prices. This ensures our profitability and positive impact on
our P&L statements going forward. By not hedging our FX risks, we are not leveraging our
position to maintain stability in our company.
The Currency Future (Central Market/Exchange Traded)
The currency future contract holds the (basic) principles of a forward contract with the
exception that they are purchased through brokers and are traded on an exchange such as the
Chicago Mercantile Exchange which holds a bulk of the currency options which are traded in the
U.S. The brokers are the intermediaries who are responsible for selling the futures contracts to
the buyers and are referred to as “currency brokers”. The aforementioned sample stands true for
the currency futures contracts as it does for the Forward contracts. The term Forex is limited to
the Forward contract as a Forex option is strictly traded OTC and not through a central exchange
like the futures contract (Daniel's Trading, 2018) (Milton, 2019). A sample of Forex contracts and
the futures options available for these contracts can be found here.

Options Contracts
Unlike its Forward and Futures relatives, the options contract is exactly as it implies, it is
an option to purchase a currency at a future date at an agreed-upon exchange rate but not an
obligation to do so. They also cost a premium to hold where Forwards and Futures do not. The
alternative side of this fee is that they offer a choice, rather than an obligation for those who may
be less than sure of their investment strategy, which creates an asymmetric hedge. Futures and
Forwards have an inherent guard against an overall risk due to their locked-in structures of rates
and pricing (Asymmetric Risk, N.D.) (Picardo, 2015) (Dohring, 2008). See Appendix “B”,
FX_FORWARD_OPT
Growth in the Derivatives Markets
As showcased in “Appendix C”, the derivatives markets have also grown in popularity on a
global scale over the past 10 years as showcased in Appendix "C", specifically within the Chinese
Yen (¥) contracts who have a maturity date of less than 5 years. This is, no doubt, fueled by the
immense growth in the Chinese imports being brought into the U.S (Derivative Statistics, N.D.).
Investors see the writing on the wall in terms of the short term viability of the Options on the
ETF market as current political climates in the U.S. favor a halt on trade with China or levied
tariffs meant to deter importation and reduce the GDP within the U.S. The UK is also seeing an
influx of ETF investments from both the brokerage and institutional investors as the implications
of Brexit are looming and the euro seeks to gain value, as a result, see Derivatives Held By Sector
(Derivative Statistics, N.D.).

Conclusion
While companies from the very small to the Fortune 100 seek to reduce their risk in their
daily dealings, the idea of hedging your risk when dealing internationally is particularly important
if you wish to remain competitive.
The ability to foresee how hedging risk with a derivatives product can help reduce or even
eliminate this risk by locking in a specific exchange rate when covering costs on an international
market, or even monitoring your own personal investments with a levered product in the ETF
Forex marketplace can help reduce anyones risk when currencies fluctuate or macroeconomic
influences cause a shift in currency valuation due to strife or positive impact.
For the institutional investor and the high net worth investor, they rely on a basket of options
in order to reduce their risk while maximizing profits. Hedge funds bring this to the forefront and
the investor can choose a strategy that best suits their objectives, be it to maximize profit, reduce
risk, or gamble on emerging markets. These products are all levered in a way that the investor
takes the least risk as the portfolio manager has a pay structure driven on the overall performance
of the fund.
Anyone in the business world in this day and age need to be not only aware of the risks of
currency fluctuation but also how to reduce this risk through options contracts. The biggest
companies in the world hold a variety of options contracts, visible in their audited financ ial
statements. They do this for the same reason anyone else would, to reduce risk of investments
losing value and to maximize their returns.
The principles contained in this overview can be applied from the layperson to the large
institutional company. Reducing risk is always a top concern in business today. Determining the
right investment for the specific risk a person or company faces is entirely up to the projection
results that are discovered as a result of their research, as no investment is “one size fits all” but

the currency exchange Futures, Forwards, and Options seem to be the first (and possibly most
important) step to reducing (or almost eliminating) risk through locked-in interest rates and the
loss of “surprise” when paying in foreign currency.

Appendix “A”
FX Contract(s) – Samples from CME Group
Exchange-Traded Options Contracts (FX)

Appendix “B”
OTC FX Product Samples (CME GROUP)

Appendix “C”
OTC Foreign Exchange Derivatives
Lhp: in trillions of USD; Chp: in percent; Rhp: in percent (lhs) and in trillions of USD (rhs)
Notional principal1
US dollar Euro
Pound
sterling Yen <1 yr
>1 but <5
yr >5 yr
12-2011 63.5 26.3 7.9 14.5 12-2011 71.6 20.2 8.2
06-2012 66.7 27.3 8.5 14.5 06-2012 72.6 19.4 8.0
12-2012 66.9 26.8 8.7 15.0 12-2012 71.5 20.4 8.1
06-2013 71.3 26.2 8.9 15.6 06-2013 73.8 18.8 7.4
12-2013 68.0 27.0 9.3 14.5 12-2013 73.0 19.2 7.7
06-2014 71.9 28.2 9.6 13.6 06-2014 74.0 18.6 7.4
12-2014 73.3 26.3 8.8 14.6 12-2014 75.1 18.0 6.9
06-2015 69.4 27.9 9.4 13.8 06-2015 76.3 16.8 6.9
12-2015 66.1 24.7 9.4 12.8 12-2015 76.8 16.3 6.9
06-2016 75.4 26.5 10.5 15.4 06-2016 79.4 14.7 5.8
12-2016 70.5 24.3 9.1 14.1 12-2016 76.3 16.5 7.1
By currency By maturity
Further information on the BIS derivatives statistics is available at www.bis.org/statistics/derstats.htm.
1 At half-year end (end-June and end-December). Amounts denominated in currencies other than the US dollar
are converted to US dollars at the exchange rate prevailing on the reference date.

Appendix “C”
OTC Foreign Exchange Derivatives
By sector of counterparty
Share of CCPs
(lhs)
Reporting
dealers
Other financial
institutions
Non-financial
institutions
12-2011 31.3 31.3 11.7
06-2012 32.8 32.9 11.8
12-2012 32.1 34.1 11.8
06-2013 33.2 35.2 12.4
12-2013 33.8 34.1 10.6
06-2014 34.5 37.1 10.8
12-2014 34.2 37.0 10.8
06-2015 32.7 35.7 11.4
12-2015 31.7 33.6 10.6
06-2016 1.5 35.1 39.7 11.0
12-2016 2.2 33.0 35.3 10.4
06-2017 2.4 36.5 40.3 11.6
12-2017 2.4 36.1 39.1 11.8
06-2018 3.0 40.6 43.3 11.8
12-2018 3.0 37.7 41.5 11.3
06-2019
Further information on the BIS derivatives statistics is available at www.bis.org/statistics/derstats.htm.
1 At half-year end (end-June and end-December). Amounts denominated in currencies other than the US dollar
are converted to US dollars at the exchange rate prevailing on the reference date.

Appendix “D”
Cash Invested in ETF’s
The dollar amount, in trillions, invested in exchange-traded funds worldwide
Source: EY; ETFGI
Get the data Add this chart to your site
0.7
1.1
1.4 1.5
1.9
2.3
2.7
3
3.4
4.5
5.1
0
1
2
3
4
5
6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Cash (Trillions)

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