7/30/2019 Forward Exchange Market

1/15

EA\_F\H C^INFMOC @F\KCX

7/30/2019 Forward Exchange Market

2/15

EA\_F\H C^INFMOC @F\KCX

Ea|wf|h C~infmoc @f|kcx by f `f|kcx ea|iamx|fixsfd f||fmoc`cmxy xa c~infmoc is||cmibcy fxfm fo|cch c~infmoc |fxc am f yxfxch |fxc bm xnc

esxs|c .Dcub$

7/30/2019 Forward Exchange Market

3/15

EA\_F\H C^INFMOC IAMX\FIX

F Ea|wf|h C~infmoc Iamx|fix .ECI" by fmf||fmoc`cmx xa lsr a| ycdd f zf|xbisdf| fyycx fxyzcibebi esxs|c hfxc ifddch hcdbuc|r hfxc$ ea| f

yzcibebi z|bic ifddch hcdbuc|r z|bic.L|auc|`fm$

7/30/2019 Forward Exchange Market

4/15

Xnc ea|wf|h c~infmoc |fxc by xnc |fxc xnfx byiamx|fixch xahfr ea| xnc c~infmoc ae is||cmibcyfx f yzcibebch hfxc bm xnc esxs|c.Dcub$ "

6 Ea|wf|h Hbyiasmx

7/30/2019 Forward Exchange Market

5/15

IFDISDFXBMO EA\_F\H Z\C@BS@ A\

HBYIASMX

0 E-Y ~ 6< ~ 6::

Y mwnc|cE 0 ea|wf|h |fxc ae c~infmoc

Y 0 yzax |fxc ae c~infmocm 0 ms`lc| ae `amxny bm xnc ea|wf|h iamx|fix

7/30/2019 Forward Exchange Market

6/15

LFYC IS\\CMIR \FXC

Lfyc is||cmir by fx f hbyiasmx7 Lbh zabmxy f|c o|cfxc| xnfm aeec| zabmxy

Yslx|fix ea|wf|h zabmxy e|a` yzax |fxc

Ea|wf|h |fxc 0 yzax |fxcea|wf|h zabmxy

Lfyc is||cmir by fx fz|c`bs`7

Lbh zabmxy f|c dcyy xnfm aeec| zabmxy Fhh ea|wf|h zabmxy xa xnc yzax |fxc

Ea|wf|h |fxc 0 yzax |fxc + ea|wf|h zabmxy

7/30/2019 Forward Exchange Market

7/15

NA_ X\FHC\Y FUABH C^INFMOC

\FXC \BYKY1

NCHOBMO yx|fxcor by ma|`fddr sych xa |chsic a| cdb`bmfxcc~infmoc |fxc |byky Xn|cc xrzcy ae nchobmo f|c7

Yna|x .a| ycddbmo" nchoc sych lr x|fhc|y xa ycdd esxs|c

iamx|fixy xa cdb`bmfxc zayybldc hcidbmc bm xnc ufdsc ae fmfyycx xa fuabh |byk

Damo .a| lsrbmo" nchoc sych lr x|fhc|y xa zs|infyc

esxs|c iamx|fixy bm fmxbibzfxbam ae fixsfd zs|infycy bm xnc

ifyn `f|kcx fy z|axcixbam bm fhufmic bm xnc ifyn z|bic

I|ayy nchoc aiis|y wncm xnc fyycx smhc|drbmo xnc

ea|wf|h iamx|fix hbeec|y e|a` xnc z|ahsix bm xnc ifyn

zaybxbamYas|ic7 Eflab fmh Mcubxx .

7/30/2019 Forward Exchange Market

8/15

HBFO\F@@FXBIFD UBC_

Infmoc bm

ia`zfmry ufdsc

\byc!efdd bmbmzsx!asxzsx

z|bic

Infmoc bm

ia`zfmry ufdsc

Bmnc|cmx \byk c~zays|cDamoea|wf|hy

Yna|xea|wf|hy

C~za|xc| wbdd efic |byk wncmbmzsx z|bicy wbdd |byc Bm xnby ifyc$Damo nchoc by fzz|az|bfxc

B`za|xc| wbdd efic |byk wncm asxzsxz|bic wbdd hcidbmc Bm xnby ifyc$Yna|x nchoc by fzz|az|bfxc

7/30/2019 Forward Exchange Market

9/15

YNA\X NCHOBMO C^F@ZDC

Amic x|fhc| wfmxy xa ycdd xnc ia``ahbxr$ nc ifm daik

xnc z|bic fmh z|axcix fofbmyx z|bic hci|cfycy

C~f`zdc7 Bm Hcic`lc|$ f x|fhc by aeec|ch 5?3: lr xnc zfikc| ea| naoy xahcdbuc| bm Hcic`lc|$ wnbdc xnc Hci I@C Dcfm Nao esxs|cy z|bic by ?::: Xncx|fhc|y hcibybam by xa xfkc xnc iamx|fix a| nchoc am nby awm- _bxn Hci I@C

Dcfm Nao `f|kcxy x|fhbmo fx ?::: fmh c~zcixbmo f 63: lfyby bm Hcic`lc|$xnc x|fhc| hcibhc xa nchoc .?::: 63: 0 5>3:"

7/30/2019 Forward Exchange Market

10/15

YNA\X NCHOBMO C^F@ZDC Iamx---

_nfx wbdd nfzzcm wncm xnc lfyby yx|cmoxncmy .lcia`cy`a|c zaybxbuc" fmh wncm z|bicy efdd a| |byc

Yas|ic7 Inbifoa @c|ifmxbdc C~infmoc .

7/30/2019 Forward Exchange Market

11/15

DAMO NCHOBMO C^F@ZDC

Amic x|fhc| zdfmy xa lsr xnc ia``ahbxr$ nc ifm daik

xnc z|bic fmh z|axcix fofbmyx z|bic bmi|cfycy

C~f`zdc7 Bm Hcic`lc|$ F zfikc| wfmxy xa z|axcix z|ais|c`cmx iayx ea| naoy

zs|infych bm Gsdr Xnc Gsd I@C Dcfm Nao esxs|cy z|bic by ?6:: Xnc zfikc|hcibhcy xa lsr f Gsd I@C Dcfm Nao esxs|cy iamx|fix fx ?6::$ c~zcixbmo f -63:lfyby a| ?::: 63: 0 523: z|ais|c`cmx z|axcixbam z|bic Bm Gsdr$ nc wbdd ycddf Gsd I@C Dcfm Nao esxs|cy iamx|fix xa aeeycx nby zaybxbam fmh zs|infyc xncnaoy bm xnc ifyn `f|kcx

7/30/2019 Forward Exchange Market

12/15

DAMO NCHOBMO C^F@ZDC Iamx---

_nfx wbdd nfzzcm wncm xnc lfyby wcfkcmbmo wbxn z|bicy|ayc a| ecdd

Yas|ic7 Inbifoa @c|ifmxbdc C~infmoc .

7/30/2019 Forward Exchange Market

13/15

BYYSCY _BXN NCHOBMO EA\_F\HY

Nchobmo by ya`cxb`cy iayxdr Zfrbmo f ifyn hczaybx xa xnc esxs|c

c~infmoc

Hbeebisdx xa ebmh iasmxc|zf|xr .ma dbvsbhbxr"

\cvsb|cy xrbmo sz ifzbxfd

Yslgcix xa hcefsdx |byk

Yas|ic7 Iardc .

7/30/2019 Forward Exchange Market

14/15

IAMIDSYBAM

Ea|wf|h x|fmyfixbam$ ynasdh lc xn|ason fm fo|cc`cmx!

iamx|fix xa lsr a| ycdd fx f esxs|c hfxc fmh bx ynasdh maxlc f yfdc fmh zs|infyc fo|cc`cmxy-

xnc hbeec|cmic lcxwccm ea|wf|h c~infmoc |fxc fmh yzax

c~infmoc |fxc ae amc is||cmir by f zaybxbuc ufdsc ifddchea|wf|h z|c`bs` fmh be bx by f mcofxbuc ufdsc$ ifddch ea|wf|hhbyiasmx

Fm f`asmx a| zf|x ae xnc xaxfd z|bic `fr lc obucm lr xnclfmk xa xnc axnc| zf|xr .ycddc|" bm fhufmic

B`za|xc|y!C~za|xc|y ifm syc hbeec|cmx xrzcy ae nchobmoyx|fxcobcy xa auc|ia`c xnc |byk z|aldc`

7/30/2019 Forward Exchange Market

15/15

\CEC\CMICY

6 L|auc|`fm$ Y F$ .