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Glosario

Navegue por el complejo mundo de la administración de divisas con nuestro completo diccionario de términos y definiciones financieras.

Seguro de cambio abierto
Seguro de cambio abierto

Un seguro de cambio abierto, también conocido como forward americano, es un contrato entre dos partes que se comprometen a cambiar divisas a un tipo de cambio predeterminado en una fecha futura. Esta transacción se puede hacer de una vez -seguro de cambio cerrado o forward europeo- o en liquidaciones parciales dentro de un periodo límite, que suele ser de hasta 24 meses.

Características del seguro de cambio abierto

Este acuerdo de transacción no regulado, también se conoce por el nombre de forward flexible, ya que ofrece un cierto grado de flexibilidad en relación con la liquidación del contrato. A diferencia del seguro de cambio simple, el forward flexible permite hacer todas las disposiciones que el titular del contrato desee durante la duración del contrato, siempre que se liquide antes de su fecha de vencimiento.

Este tipo de Seguro de cambio es muy interesante, por ejemplo, en el caso de empresas importadoras. Pensemos en una empresa española que importa de un proveedor en Asia al que paga en dólares. Es posible que, al inicio del año, el importador sepa aproximadamente lo que va a necesitar de su proveedor durante todo el año, pero no el momento en el que va a tener que hacer los pagos. En este sentido, puede adquirir un seguro de cambio abierto de EUR/USD por el valor aproximado de las compras totales del año e ir haciendo disposiciones cada vez que venza una factura.

De esta forma, el importador tendrá asegurados los costes del proveedor durante todo el año, independientemente de las evoluciones del tipo de cambio.

Software de procesamiento de pagos globales
Software de procesamiento de pagos globales

La categoría de soluciones de software para el procesamiento de pagos y transferencias globales comprende un amplio rango de sistemas utilizados por las empresas para enviar y recibir pagos internacionales.

Tipos de software de gestión de pagos

Se pueden distinguir, sin embargo, dos categorías principales de software de gestión de cobros y pagos: las soluciones B2B, y las B2C.

Las soluciones de gestión de pagos B2C son, principalmente, pasarelas de pagos que permiten a las tiendas online y plataformas de comercio electrónico procesar de forma segura los pagos de sus clientes con diferentes tarjetas de crédito y en diversas divisas.

Los softwares de procesamiento de pagos globales B2B son programas que ayudan a las empresas a simplificar la gestión de pagos en masa, gracias a la sistematización y la automatización de pagos recurrentes a proveedores y empresas asociadas. Estos aumentan la eficiencia de los procesos al minimizar el proceso manual y reducir el riesgo de error humano.

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sWIFT payment
sWIFT payment

A SWIFT payment is a cross-border payment processed through the Society for Worldwide Interbank Financial Telecommunication international payment network. This procedure is internationally recognised as the fastest and most secure system for sending financial messages internationally.The SWIFT international payment network sends more than 15 million payments every day and has not lost the documentation of a single transfer in its over 40-year history. Any failure to send funds to their payment destination is due to errors in the details included in the SWIFT payment.The vast majority of the world’s interbank network use SWIFT. Over 10,000 financial institutions worldwide operate in over 200 countries and territories with SWIFT.

sensitivity analysis
sensitivity analysis

The concept of sensitivity analysis in corporate finance refers to a technique used by businesses exposed to currency risk to test the resilience of a company or a business line to a range of variables in different likely scenarios.The main objective of this exercise is to assess the potential impact of variations in elements that are strategic for the business, like exchange rates, interest rates, oil or commodity prices.For instance, a eurozone business that gets 40% of its yearly turnover by selling their products in British pound in the UK market should be interested in assessing the potential impact on their margins of the variations on the EURGBP exchange rate.With that objective, the company could study the volatility ranges of the EURGBP in the last five years and identify the:smallest variation;average variation;largest variation.With those three numbers create three different models to analyse how sensitive is that business line to the different likely scenarios on the euro-pound exchange rate.

set-and-forget hedging strategy
set-and-forget hedging strategy

A set-and-forget hedging strategy, also known as static hedging, is a budget hedging program where a big hedge is taken at the start of the period and is not reactivated until this period is over. Set-and-forget or static hedging makes sense for businesses with a high degree of forecast accuracy, rarely adjusted and FX-driven pricing, whose customers accept the potential ‘cliff’ created by sharp intra-period currency moves. If forward points are in favour, so much the better.

settlement date
settlement date

In a business transaction, the settlement date is the date on which it is due for payment in cash. In the chronology of a typical transaction, the settlement date is the last stage. It is preceded by other stages: forecasting, pricing, contracting (SO/PO, sales order/payment order) and recording (AR/AP, accounts receivable/payable). In a FX forward contract, the settlement date, also known as the ‘value date’, maturity date’ or ‘delivery date’ is the date at which delivery and payment of the agreed-upon amounts take place.

short currency hedge
short currency hedge

A short currency is the creation of an offsetting short FX position with forward contracts, in order to neutralize any gain or loss on an original ‘long’ currency exposure by a corresponding foreign exchange loss or gain on the hedge. For example, a U.S.-based exporter sells EUR 100,000 of goods worth to a European customer is said to be ‘long’ EUR since EUR will be received from the sale. In order to hedge that position, the firm undertakes a short currency hedge by selling an equivalent amount of EUR in the forward market, with a value date matching the settlement of the business transaction.

shortcut method
shortcut method

The shortcut method is a qualitative method of analysis approved only by the US accounting standards to test the effectiveness of a hedge relationship. In order to adopt hedge accounting, companies may use quantitative methods like the dollar offset method or qualitative methods, the most common of which are the critical terms match (CTM) method. The shortcut method exempts companies from having to prove the future and continuing effectiveness of a hedge if they meet a set of criteria. It is accepted in cases when the hedging relationship involves interest rate swaps and meets a series of very specific criteria. These limitations in effect restrict its use to certain types of simplified hedging relationships involving interest rate risk.

single euro payment area sepa
single euro payment area sepa

The Single Euro Payments Area (SEPA) is the geographical area where cashless EUR payments across Europe are harmonised. SEPA allows European consumers, businesses and public administrations to make and receive —under the same basic conditions— credit transfers, direct debit payments and card payments. The purpose of SEPA is to make all cross-border payments in EUR as easy as domestic payments. Covering the whole of the EU, SEPA also applies to payments in EUR in other Andorra, Iceland, Norway, Switzerland, Liechtenstein, Monaco, San Marino and Vatican City State.

soft peg
soft peg

A soft peg describes the type of exchange rate regime applied to a currency to keep its value stable against a reserve currency or a basket of currencies. Currencies with a soft peg are halfway between those with a fixed or hard pegged exchange rate and those with a floating exchange rate. The main difference between soft and hard pegged currencies is that the soft peg systems provide a limited degree of monetary policy flexibility to allow governments and central banks to deal with economic shocks.Practical examples of soft pegsA soft peg can be applied to the reserve currency within a narrow (e.g. 1%) or a wide (e.g. -25-25%) range and can sometimes be modified over time, usually in relation to variations in international inflation rates.Soft peg currencies include the Chinese yuan, an interesting soft peg currency as it is softly pegged to the U.S. dollar while also being a reserve currency, the Venezuelan bolivar and the Hong Kong dollar (which are both pegged to the U.S. dollar).Any kind of peg can be vulnerable to financial crises - which can result in a significant devaluation or even lead institutions to abandon the peg. Notorious examples of events like these are the Argentinian crisis of 2001 of the Swiss National Bank's decision to abandon the euro peg in 2015.

stagflation
stagflation

Stagflation is a term used to describe an economy that is stagnant and experiences little to no economic growth.Signs of stagflation include high rises in the price of consumer goods and services through high inflation, a reduction in gross domestic product and high unemployment.It is exceptionally difficult to move a country out of a stagflated economic state, as the methods used to promote greater economic growth - for instance, to lower inflation - may have a detrimental effect on unemployment figures.Stagflation in JapanJapan's economy has remained largely stagnant since 1990, after a national asset price bubble crisis. The nineties became known as Japan's "lost decade", which has now stretched out over the better part of three decades, as the country has still not been able to return to sustained economic growth.Successive Japanese governments have attempted a plethora of policies in order to try to kick-start the economy, largely to no avail.

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