Glosario
Navegue por el complejo mundo de la gestión de divisas con nuestro completo diccionario de términos y definiciones financieras.
Trading platforms, also known as electronic trading platforms, are software programs provided by third parties that allow investors and traders to access, monitor and operate in the financial markets in exchange for a fixed fee, at a discount rate or, in some cases, for free.The Internet and financial technology developments have provided investors with the possibility of trading by themselves using a wide choice of online platforms. Some even provide services including information, research and recommendations of specific stocks or mutual funds (groups of stocks) for investment.Rather than trading through a broker or an investment bank, platforms such as Nutmeg are becoming more and more common among market participants. The Foreign exchange market has experienced spectacular growth in recent years as the advent of online forex trading platforms has boosted the volume of retail operations.
El término transferencia internacional se refiere a las transacciones entre particulares, empresas bancos o entidades de compensación y liquidación que operan en, al menos, dos países diferentes.
Transacciones internacionales para empresas
En la mayor parte de los casos, la transacción se realiza entre dos países que tienen distintas divisas, por lo tanto, las partes implicadas tienen que ejecutar una operación de cambio de divisas para liquidar el pago.
Una excepción a esta norma se produce cuando dos empresas de diferentes países dentro de la zona euro realizan operaciones entre sí, pues utilizan la misma divisa: el euro. Los pagos internacionales en la UE están sujetos a la Regulación (EC) No 924/2009, que obliga a los bancos a aplicar las mismas tarifas a las transacciones internacionales que a las transacciones nacionales.
Las empresas multinacionales que trabajan con cadenas de producción y distribución globales o simplemente con varios proveedores internacionales, pueden tener volumenes importantes de pagos internacionales de forma periódica. En estos casos, muchas compañías integran soluciones de software de procesamiento de pagos globales, para mejorar la eficiencia y liberar al equipo de tesorería de las tareas relacionadas con el procesamiento de pagos manual.
Transaction Cost Analysis (TCA) is the study of trade prices to determine whether past trades were arranged at favourable prices—low prices for purchases and high prices for sales. At the heart of TCA is the difference between the cost of the transaction at the time the manager decided to execute it and the actual cost, including all operating charges—spreads, commissions and fees. The resulting differential is called “slippage”. Currency Management Automation solutions aim at both minimising trading costs —by providing connectivity to best-price execution platforms— and providing the necessary data to conduct Transaction Cost Analysis.
Transaction exposure is the degree to which future FX-denominated cash flows from contractually binding transactions are affected by currency fluctuations. Transaction exposure exists whether or not the corresponding receivables/payables have been created. Some elements of transaction exposure are included in the firm’s accounting exposure This is the case of AR/AP receivables/payables) that have been created and appear on the balance sheet. Other elements of transaction exposure, such as contractually binding SO/PO (sales/purchase orders) not appearing on the balance sheet, are part of the firm’s operating exposure). Transaction exposure, because of its significance in terms of profit margins and cash flows, is the most widely hedged FX exposure.
Transaction exposure management is the hedging of future FX-denominated cash flows that result from contractually binding transactions, whether or not the corresponding receivables/payables have been created. In transaction exposure management, currency forwards are booked for SO/POs (sales orders/purchase orders) and/or AR/AP (accounts receivable/accounts payable). Transaction exposure management requires constant vigilance, as new orders keep on arriving. It is best implemented with Currency Management Automation solutions that allow firms to monitor and hedge their FX transaction exposure in any currency pair, whatever the number of transactions and their size.
El término transferencia internacioanal se refiere a las transacciones entre particulares, empresas bancos o entidades de compensación y liquidación que operan en, al menos, dos países diferentes.
En la mayor parte de los casos, la transacción se realiza entre dos países que tienen distintas divisas, por lo tanto, las partes implicadas tienen que ejecutar una operación de cambio de divisas para liquidar el pago.
Una excepción a esta norma se produce cuando dos empresas de diferentes países dentro de la zona euro realizan operaciones entre sí, pues utilizan la misma divisa: el euro. Los pagos internacionales en la UE están sujetos a la Regulación (EC) No 924/2009, que obliga a los bancos a aplicar las mismas tarifas a las transacciones internacionales que a las transacciones nacionales.
Las empresas multinacionales que trabajan con cadenas de producción y distribución globales o simplemente con varios proveedores internacionales, pueden tener volumentes importantes de pagos internacionales de forma periódica. En estos casos, muchas compañías integran soluciones de software de procesamiento de pagos globales, para mejorar la eficiencia y liberar al equipo de tesorería de las tareas relacionadas con el procesamiento de pagos manual.
Translation account exposure management refers to the methods used when a firm restates, in the currency in which a company presents its financial statements, of all assets, liabilities, revenues, expenses, gains and losses that are denominated in foreign currencies. This process of foreign currency translation results in accounting FX gains and losses. There are three main translation account exposure management methods available. With the current/noncurrent method, all the foreign exchange denominated current assets and liabilities are translated at the current exchange rate, while non-current assets and liabilities are translated at the historical exchange rate. With the monetary/nonmonetary method, monetary items such as cash, accounts receivable and payable, are translated at the current exchange rate, while nonmonetary items (inventory, fixed assets) are translated at the historical exchange rate. Finally, with the current rate method, all balance sheet and income statement items are translated at the current exchange rate. No matter what translation account exposure management method is used, the resulting FX gains and losses are paper only, and rarely affect cash flows.
Translation risk is the possibility that the translation into a company’s assets, liabilities, revenues, expenses, gains and losses that are denominated in foreign currencies will result in foreign exchange gains and losses. Translation risk is also known as accounting risk. Unlike transaction risk, translation risk reflects paper gains and losses determined by the accounting rules that prevail in each country. It is retrospective because it is based on activities that occurred in the past.
Under-hedging is to the application of a lower-than-optimal optimal hedge ratio to hedge a given FX exposure. Under-hedging is common when forward points are ‘against’ a company, for example when a European firm sells in Emerging Markets currencies that trade at a forward discount to EUR. Risk managers are naturally reluctant to sell these currencies in forward markets, given the high cost of carry. Under-hedging, in such a situation, can be counter-productive. This is because currencies with a high cost of carry tend to be highly volatile and can cause severe losses. The solution is to use Currency Management Automation solutions to calculate a weighted-average rate of all individual pieces of exposure and to build a ‘tolerance’ (in % terms) around that benchmark rate. Then, ‘take-profit’ and ‘stop-loss’ orders are automatically set, allowing the firm to effectively delay the execution of the trades, and thus to take shorter-maturity hedges that create savings on the carry.
Unrealised FX gains or losses reflect the change in the value of foreign currency denominated sales/purchase transactions that are recorded in financial statements prior to the settlement of the invoices. For example, a U.S.-based company sells EUR 100,000 worth of motor vehicle parts to a European distributor. When the invoice was recognised, the spot EUR-USD rate was 1.10. As financial statements are drawn, the transaction hasn’t been settled still, and the exchange rate has moved to 1.15. The corresponding unrealised FX gain of USD 5,000 is recorded on the balance sheet under the owner’s equity section.
