Asia Risk 15: Corporates more savvy users of derivatives after learning important lessons

Adam Gilmour, now Asia Pacific co-head of foreign exchange and derivatives sales at Citi in Singapore, first joined the bank three years before the Asian currency crisis. “Back then there were hardly any customers that used derivatives to manage risk,” he recalls. “There was very little awareness and many corporates weren’t taking steps to quantify financial risk.”

It was not unusual at this time for corporate directors to announce losses in the $100 million range caused by foreign exchange