Knock-on FX


Hedging foreign exchange risk has become a more complicated and critical issue for corporate treasurers since the onset of the financial crisis. As both implied and realised volatility leapt following the collapse of Lehman Brothers in September 2008, many companies discovered the hedges they had put in place in more benign conditions were inadequate – and in many cases left them exposed to negative mark-to-market valuations and close to breaching internal value-at-risk limits.

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