Glosario

Una empresa de servicios monetarios (MSB, Money Services Business) es una organización que transfiere dinero o convierte divisas. El término abarca a instituciones financieras bancarias y no bancarias, tales como las sociedades de inversión, las empresas de cambio de divisas y de seguros.

La definición de MSB puede variar en función de la jurisdicción. Según el Servicio de Aduanas e Impuestos de Su Majestad la Reina de Inglaterra (HRMC), una empresa se considera MSB si se encuentra en alguna de las siguientes categorías:

• Actúa como casa de cambio (incluso si se trata de un barco que no se encuentra en aguas territoriales del Reino Unido).
• Transfiere dinero, o cualquier representación del mismo, de cualquier modo (la recogida y entrega de dinero como un “mensajero” no se considera transferencia de dinero).
• Cobra cheques que son pagaderos a los clientes de una empresa.

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Las entidades de contraparte central (CCP, por sus siglas en inglés), también conocidas como cámaras de compensación, son organismos, normalmente pertenecientes a grandes bancos, cuya función es facilitar el comercio de acciones y derivados en los mercados internacionales.

Las Entidades de Contraparte Central tienen dos funciones principales en su papel de intermediarias: la compensación y la liquidación.

En el proceso de compensación, la entidad media entre el comprador y el vendedor ofreciéndose como contrapartida a las contrapartes y definiendo los requisitos de cada parte para llevar a cabo la operación.

En la liquidación, comprueba que la transferencia de valores y capital para completar la transacción se ha realizado correctamente y a tiempo y en caso necesario garantiza la transacción, cubriendo el riesgo de insolvencia de las partes.

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El concepto estrategia de riesgo de divisas o de hedging, como se le conoce por su nombre en inglés, engloba todas las reglas y procesos que los inversores y las empresas internacionales implementan con el fin de proteger sus márgenes del impacto de las variaciones del tipo de cambio.

Tipos de cobertura de riesgo

El método más común de cobertura de riesgo de tipo de cambio consiste en la adquisición de productos financieros, como los swap de divisas, los contratos forward , los futuros o las opciones. De distinta manera, estos productos compensan la fluctuación de los tipos de cambio, de modo que protegen la inversión de la empresa del riesgo de devaluación de la divisa.

En un entorno corporativo cada vez más competitivo e internacionalizado, hacer negocios fuera de las propias fronteras es cada vez más común. En este contexto, la estrategia cobertura del riesgo se convierte en un elemento esencial para evitar que las variaciones en el tipo de cambio erosionen la rentabilidad o la competitividad de una determinada línea de negocio.

Una estrategia de hedging multinivel o layered hedging strategy, como se conoce en inglés, es un proceso diseñado para aumentar la flexibilidad en la gestión del riesgo de tipo de cambio de una empresa. La diferencia principal es que utiliza instrumentos de cobertura con fechas distintas de inicio y vencimiento, en lugar de productos únicos que cubran todo el ciclo de exposición.

Las empresas que utilizan esta estrategia disfrutan de dos ventajas principales: por un lado, pueden calcular sus ingresos en divisa de forma más efectiva y, por otro, tienen más flexibilidad para cubrir su exposición acumulada.

Las estrategias de hedging multinivel son más prácticas y ofrecen mejores resultados  que el pre-hedging, sin embargo, existen alternativas que van un paso más allá. El Kantox Dynamic Hedging® proporciona una fiabilidad absoluta por que permite ejecutar micro-coberturas del riesgo de divisa desde el mismo momento en que se genera.

The European Markets Infrastructure Regulation (EMIR) is an EU regulation implemented by the European Securities and Markets Authority (ESMA) that came into force on 16 August 2012.

Its primary aim is to supervise all over-the-counter (OTC) derivatives - such as forward or futures contracts- through measures to improve transparency and reduce risk in the financial system.

EMIR established three key provisions:

1. Clearing

Derivatives should be cleared through a central counterparty. Foreign exchange derivatives include forward contracts, options and swaps. Clearing must be approved by a competent authority authorised by ESMA.

2. Risk mitigation for non-cleared derivatives

This includes the exchange of collateral and ensuring mitigation procedures are in place. Risk-mitigation procedures are designed to measure, monitor and mitigate the operational and credit risk arising from such contracts.

3. Reporting to Trade Repositories (TR)

All derivative contracts (without exception) must be reported to a Trade Repository on a T+1 business day (transaction date + 1 business day) basis. These reports are to include a considerable amount of information, including details such as derivative class and contract terms.

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An early draw involves exchanging a portion of the total amount specified in a flexible FX forward contract before the expiration of the contract.The period in which the contract holder can activate early draws, for example three months, is established in the contract terms. Flexible forward contracts are an effective method of hedging against currency risk, and allow the contract holder to make regular payments using the same exchange rate for a specific time period. They can therefore be useful for companies that make regular payments to an overseas supplier.

ECB exchange rates are a set of daily foreign exchange rates, published by the European Central Bank (ECB), that are used as reference by companies and other participants in FX markets. The reference rates are usually updated around 16:00 CET on every working day on the ECB website. ECB exchange rates are based on a regular daily concertation procedure between central banks across Europe, which normally takes place at 14:15 CET. All currencies are quoted against the euro, the base currency. ECB exchange rates are published for information purposes only. They are often used for the annual financial statements of corporations, tax returns, statistical reports and economic analyses.

The economic calendar is a schedule of the most relevant economic events followed by investors. These events often have a significant impact on the financial markets and currency volatility.Foreign exchange markets are most affected by monetary and fiscal policy announcements, as well as by financial reports. A currency calendar allows investors to know what is going to happen when.Some of the most important events for the currency market include the US non-farm payroll reports, inflation figures and changes in interest rates. Investors also scrutinise central bank meetings and statements for even slight indicators of impending monetary policy.

Economic exposure to foreign exchange risk is the extent to which the present value of a firm’s expected future cash flows is affected by exchange rate changes. Economic exposure comprises two cash flow exposures: transaction exposure and operating exposure. Transaction exposure reflects future FX-denominated cash flows that result from already existing, contractually binding, sales or purchase orders (SO/PO), whether or not the corresponding receivables/payables have been created. Operating exposure measures the extent to which currency fluctuations alter the firm’s future operating cash flows, that is, its future revenues and costs. Operating exposure may arise even in a firm with cash flows denominated solely in its home currency, if its costs and/or price competitiveness are affected by FX fluctuations.

Economic exposure management is the set of hedging programs, pricing strategies and other measures taken by companies to protect themselves from the effects of adverse currency fluctuations. Economic exposure comprises two cash flow exposures: transaction exposure and operating exposure. Transaction exposure can be managed by implementing the adequate hedging program or combination of hedging programs. The details of each program vary according to the pricing dynamics, the weight of FX in the business, the location of competitors, and the situation in terms of forward points. Operating exposure can be managed by adjusting the firm’s market selection, pricing policy and product mix. With the appropriate hedging programs, many firms have the opportunity to ‘embrace currencies’ —buying and selling in the currency of their suppliers and clients—, thus expanding market share while protecting profit margins.

Economic Value Added (EVA) is an economic performance metric that results from comparing a firm’s return on capital ROC with its cost of capital r. In its simplest version, the formula is: EVA = (ROC - r) x Total capital When a firm’s return on capital exceeds its cost, the performance is satisfactory from investors’s point of view. Currency management can affect EVA in a variety of ways. ROC can be enhanced by buying and selling in foreign currencies, while a solid risk management process could lead —everything else remaining equal— and to a lower r. Both impacts would create more Economic Value Added.