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ForeignCurrencyDerivativesand
Swaps
•FinancialmanagementoftheMNEinthe21st
centuryinvolvesfinancialderivatives.
•Thesederivatives,sonamedbecausetheirvalues
arederivedfromunderlyingassets,areapowerful
toolusedinbusinesstoday.
•Theseinstrumentscanbeusedfortwoverydistt
managementobjectives:
–Speculation–useofderivativeinstrumentstotakea
positionintheexpectationofaprofit
–Hedging–useofderivativeinstrumentstoreducetherisks
associatedwiththeeverydaymanagementofcorporate
cashflow
ForeignCurrencyDerivatives
•Derivativesareusedbyfirmstoachieveoneof
moreofthefollowingindividualbenefits:
–Permitfirmstoachievepayoffsthattheywouldnotbeable
toachievewithoutderivatives,orcouldachieveonlyat
greatercost
–Hedgerisksthatotherwisewouldnotbepossibletohedge
–Makeunderlyingmarketsmoreefficient
–Reducevolatilityofstockreturns
–Minimizeearningsvolatility
–Reducetaxliabilities
–Motivatemanagement(agencytheoryeffect)
ForeignCurrencyFutures
•Aforeigncurrencyfuturescontractisternative
toaforwardcontractthatcallsforfuturedeliveryof
astandardamountofforeignexchangeatafixed
time,ceandprice.
•Itissimilartofuturescontractsthatexistfor
commoditiessuchascattle,lumber,interest-
bearingdeposits,gold,etc.
•IntheU.S.,themostimportantmarketforforeign
currencyfuturesistheInternationalMary
Market(IMM),adivisionoftheChicagoMercantile
Exchange.
ForeignCurrencyFutures
•Contractspecificationsareestablishedbythe
exchangeonwhichfuturesaretraded.
•Majorfeaturesthatarestandardizedare:
–Contractsize
–Methodof
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