1. Understanding the foreign exchange market and currency risk
The foreign exchange market transfers purchasing power from one currency to another. Currencies belonging to different zones evolve according to their own characteristics, resulting in a difference in value over time.
The international operator must therefore protect himself against this risk of difference.
1.1 Organization of the foreign exchange market
The foreign exchange market includes (figure 1 ):
the spot exchange of currencies with each other, using derivatives such as forward exchange, futures and currency options;
treasury transactions that...
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Understanding the foreign exchange market and currency risk
External hedging techniques
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