MFX Options

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Our Products

Cross Currency Swaps

In a cross currency swap, the parties exchange a stream of payments in one currency for a stream of cash flows in another. The typical cross currency swap involves the exchange of both recurring interest and principal (usually at the end of the swap) and thus can fully cover the risk of a microfinance loan transaction. Conceptually, cross currency swaps can be viewed as a series of forward contracts packaged together.

Currency Forward Contracts

In the Foreign Exchange market, a forward is a contract that locks in the price at which an entity can buy or sell a currency on a future date. A forward can be used to hedge the exposure to foreign exchange in a microfinance loan when the client only wants to protect principal repayments.

Currency Options

Option products are used when cash flows are not certain or when the client is looking for both downside protection and upside potential. Available option products include plain vanilla call options, which give the right (but not the obligation) to buy currency at a given price in the future, and range forwards (collars), which allow for risk within a band of currency movement but provide protection for loses above a certain threshold.

Portfolio risk management

MFX’s Currency Risk Management Service is designed for microfinance or other debt funds that plan to carry some level of open currency position in their portfolio. The Service is built around a portfolio analytics platform that shows the fund manager in real time her financial position and performance relative to current spot markets, forward markets and a variety of future scenarios. Using the model, the client can implement a risk strategy to guide decision-making on where to lend, whether to lend in hard or local currency, and whether and when to hedge a local currency loan. The model also provides all of the information needed for portfolio valuation.

Our Process

Whether or not your institution has experience with hedging products, MFX can help make hedging understandable and straightforward to implement. MFX uses standard derivatives contracts and our team will guide you through the steps needed to establish a hedging relationship and then help you develop a hedging strategy that meets your needs.

The set-up process involves three main steps:

Step 1
Step 2
Step 3

Know Your Customer Process

We do require other corporate documents in order to become a client, known as our KYC process, but once the basic contractual framework is in place we work with our clients to identify the best options for managing currency risk and then provide pricing and guidance through the deal process. We also provide advice on hedge accounting and other ways to make hedging easier to implement.

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Step 1 – ISDA Process

Before an MIV can engage in a hedging transaction with MFX (or anyone else), both parties must enter into an agreement which defines the relationship and commits both parties to derivative transactions undertaken between them. The agreement also contains the procedures and rules regarding payment terms and settlements. The agreement governing foreign exchange or currency swaps is known as the “ISDA”, which is a standardized contract named for the organization that established global financial derivatives standards more than 20 years ago – the International Swap Dealers Association. The most recent version is the 2002 ISDA. The agreement comes in three parts: the ISDA Master Agreement, the ISDA schedule, and the Credit Support Annex (CSA).

The ISDA Master Agreement contains standardized terms that hold for all derivative contracts and thus does not need to be negotiated. MFX can help to familiarize you with these standard terms. Please contact Anmol Chandan to discuss this further.

The ISDA schedule sets the terms and information that are unique to the contract such as specific conditions for unwinding trades, particular covenants, notification, information disclosure, etc. MFX can provide standard terms in most areas to help simplify the process for agreeing to an ISDA schedule.

See below for examples of the ISDA Master agreement and an ISDA schedule.

Los mejores corredores de opciones binarias 2020:
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    Binarium

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    Ideal para principiantes! Entrenamiento gratis! Bonos de registro!

  • FinMax
    FinMax

    2do lugar! Gran corredor!

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