CURRENCY HEDGING Copyright Framework Private Equity Investment Data Management Ltd
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1 CURRENCY HEDGING Copyright Framework Private Equity Investment Data Management Ltd
2 Table of Contents Introduction and Prerequisites... 3 : Introduction... 4 Prerequisites to Post Transactions... 6 Spot Hedging...12 Spot Trade...13 Spot Settlement...22 Forward Hedging...31 Forward Trade...32
3 Introduction and Prerequisites Page 3
4 : Introduction Currency hedging is the act of entering into a financial contract in order to protect against unexpected, expected or anticipated changes in currency exchange rates. Currency hedging is used by financial investors and businesses to eliminate risks they encounter when conducting business internationally. Framework provides functionality to post currency hedge transactions. Below are two types of hedging allowed by the application. Spot FX: A FX spot transaction is an agreement between two parties to buy one currency against selling another currency at an agreed price for settlement on the spot date. The exchange rate at which the transaction is done is called the spot exchange rate. Forward FX: An FX forward contract will lock in an exchange rate today at which the currency transaction will occur at the future date. Each of the types is further divided into the below two types of transactions. Trade Settlement Note: Currently, currency hedging is only available for capital transactions, under Corporate and Partnership funds. Spot Hedging Below is the general process for Spot Hedging. Page 4
5 Trade: At the time of capturing the trade, the GL entries will consist of recording a currency receivable amount (for the purchased currency), as well as a currency payable amount (for the sold currency), both expressed in trade and fund currencies. Settlement: Upon settlement, the receivable/payable should be moved out against the respective cash accounts, with a realized FX gain/loss as for any other acquisition/disposal settlement made in a foreign currency. Period end revaluation: There might be instances where the trade and settlement happen in 2 different periods. In such cases, Framework calculates the unrealised FX gain/loss on the closing date. Forward Hedging Below is the general process for Forward Hedging. Trade: At the time of capturing the Trade, the GL entries will consist of recording a currency receivable amount (for the purchased currency), as well as a currency payable amount (for the sold currency), both expressed in trade and fund currencies. Forward FX Valuation: Unrealised FX can be calculated for any open or unsettled forward trade transaction. Settlement: Upon settlement, the receivable/payable should be moved out against the respective cash accounts, with a realized FX gain/loss as for any other acquisition/disposal settlement made in a foreign currency. Period end revaluation: There might be instances where the trade and settlement happen in 2 different periods. In such cases, Framework calculates the unrealised FX gain/loss on the closing date. Page 5
6 Prerequisites to Post Transactions Below are the prerequisites/setup that needs to be completed before transactions can be posted in the application. Transaction Codes Transaction codes for currency hedging can be set up using one of the below listed activities. Transaction codes are required to post transactions or import data via FIT. Activity Currency Spot Capital Hedge Currency Forward Capital Hedge Currency Spot Portfolio Hedge Currency Spot Portfolio Hedge Fund F/X Adj Transaction Trade and Settlement Spot transactions for Capital accounting Trade and Settlement Forward transactions for Capital accounting Trade and Settlement Spot transactions for Portfolio accounting Trade and Settlement Forward transactions for Portfolio accounting Forward FX Valuation transactions Note: Currently, currency hedging is only available for capital transaction, under Corporate and Partnership funds. Transaction codes are created in the Transaction Group business object in the Admin role. Page 6
7 Create Currency Bands and Define Exchange Rates Spot and Forward Trade and Settlement transactions can be posted using the Currency band mapped to the fund. However, in order to perform Forward FX Valuations, currency bands using the code FETnnn need to be set up. Create Currency Band Navigate to the Admin role, click Currency Bands, click the New Currency Band icon. Page 7
8 Create currency bands using FETnnn for the code. For example, FET001 (lower limit used for calculations) & FET999 (upper limit used for calculations). 001 in FET001 represents the number of days. The maximum number of days for calculations and inherently for these currency bands is FET999. Click the Save icon to save the changes. Define Exchange Rates Now, exchange rates need to be set up for the created currency bands. Navigate to the Supervisor role and navigate to Currencies and Exchange Rates. Select the currency bands from the Currency Band drop down, set the date from which the exchange date will be come into effect by selecting a date from the Effective Date date picker, and define the exchange rates for the various currencies. Page 8
9 Maintenance Tab Setup Similar to Fund Invoice Maintenance, when the Framework General ledger is active the Maintenance tab is activated, currently, for the below listed investment types. Corporate Funds Partnership Funds Forward FX and Spot FX are configured independently. All fields in these sheets must be completed before posting currency hedging transactions. Forward FX Page 9
10 Spot FX Page 10
11 Setup Investors Just like any other transactions, currency hedging transactions also require investors. Investors are not defined separately for currency hedging transactions, instead investors from the respective funds are considered. For example, in corporate funds, investors are defined when posting commitments. In partnership funds, investors are defined when defining splits. The below table lists the investment type and the precondition required to post currency hedging transactions. Fund Type Corporate Fund Partnership Fund Precondition Commitment Transaction Note: There is no correlation between the commitment transaction date and the trade transaction date, i.e., commitment sessions with transaction dates after the trade session transaction date are also considered. Note: All investors from all securities in the corporate fund are considered for currency hedging transactions. Split Note: There is no correlation between the split start date and the trade transaction date, i.e., splits with start dates after the trade session transaction date are also considered. Note: Splits with the Basic Units checked are not considered for currency hedging transactions. Page 11
12 Spot Hedging Page 12
13 Spot Trade The Spot Trade screen consists of these tabs: Spot Trade Details Spot FX Investor Allocation Details Spot Trade GL Spot Trade Details This screen contains details of the Spot Trade transaction. Page 13
14 The below table lists the various fields on the Spot Trade Details screen and gives a brief description of the field. Panel Spot Trade Session List Split Allocation Field Session Transaction Code Transaction date Document Reference Status Partnership Allocation Description Read only field that displays the session number for the transaction. Dropdown list box used to select the transaction code for the posting. Date picker field used to set the date for transaction. Text box used to key in a document reference for the transaction. Read only field that displays the status of the transaction. Dropdown list box used to select the split for a partnership fund. Note: Splits that have the Basis unit option selected will not be Page 14
15 Panel Spot Trade Details Field Buy Currency Description displayed in this dropdown list box. This field has no function for a corporate fund. Note: If only one split is available for a partnership fund, then the split is automatically selected. Dropdown list box used to select the currency being bought. Sell currency Exchange Rate Dropdown list box used to select the currency being sold. Number text field used to define the exchange rate between the buy and sell currencies. If a value is keyed in here, the Sell field is automatically populated when an amount is keyed into the Buy field. If no value is entered, this value is calculated using the values keyed into the Buy and Sell fields. Counterparty Buy Sell Currency FX Rate Dropdown list box used to select a company. This company acts as a guarantor for the transaction. The value of the currency being bought in the various currencies. The first row is for the buy currency. The value of the currency being sold in the various currencies. The first row is for the sell currency. Read only fields that display the Fund, Group, Base, and Reporting currencies. The exchange rates for the various currencies. Spot FX Investor Allocation Details The Spot FX Investor Allocation Details panel on this screen displays details of the various investors and the Buy and Sell amount split for each investor for the selected transaction. All fields on this screen are read only. Page 15
16 Spot Trade GL This screen displays the general ledger (GL) details for the transactions. Page 16
17 The below table lists the various fields available in the Spot Trade GL panel and give a brief description about them. Field GL date Financial Period Account Code Fund Currency Amount Description Date picker field used to set the date the transaction should reflect in the GL. For spot trade transaction, the GL date has to be the same as the transaction date. Displays the Financial period for the GL entry. Dropdown list box used to select the bank accounts for the various GL entries. Note: Only accounts selected in the Fund Maintenance tab and having same currency as the buy and sell currency display against the respective general ledger lines. Read only field that displays the amount in the Fund currency Page 17
18 Account Currency Read only field that displays the currency for the selected bank account. Post a Spot Trade Transaction Follow the steps below to post a Spot Trade transaction. Navigate to the User role, navigate to the required investment object, and click the Trade option screen under Spot. The Spot Trade screen displays. Click the New Session icon to create a new spot trade session. Page 18
19 Complete all the required details on the various tabs. Page 19
20 Complete both the Transaction and GL for the transaction. The transaction is updated. Page 20
21 Page 21
22 Spot Settlement The Spot Trade screen consists of three tabs: Spot Trade Details Spot FX Investor Allocation Details Spot Settlement GL Spot Trade Details This screen contains details of the Spot Settlement transaction. Page 22
23 Most of the fields on this sheet are similar to the Spot Trade Details sheet for Spot Trade transactions. Refer to the Spot Trade Details section under Spot Trade transaction for further details. However, the below listed fields are read only for settlement transactions. Partnership Allocation Buy Currency Sell Currency Exchange Rate Buy Sell The below table lists the various fields that are unique to the Spot Settlement transaction and gives a brief description of the field. Panel Spot Settlement Session List Field Trade Session Transaction Code Description Dropdown list box used to select the trade session for which the settlement is being posted. Dropdown list box used to select the transaction code for the posting. Page 23
24 Panel Field Description Settlement date Date picker field used to set the date for settlement. Spot FX Investor Allocation Details This sheet is similar to the Spot FX Investor Allocation Details panel for Spot Trade transactions. This screen displays details of the various investors and the Buy and Sell amount split for each investor for the selected transaction. All fields on this screen are read only. Spot Settlement GL This screen is similar to the Spot Trade GL screen for Spot Trade transactions, including the fields. Refer to the Spot Trade GL section under Spot Trade transaction for further details. This screen displays the general ledger (GL) details for the transactions. Page 24
25 Post a Spot Settlement Transaction Follow the steps below to post a Spot Settlement transaction. Navigate to the User role, navigate to the required investment object, and click the Settlement option screen under Spot. The Spot Settlement screen displays. Page 25
26 Click the New Session icon to create a new spot trade session. Complete all the required details on the various tabs. Page 26
27 Note: The settlement date need not be the same as the trade date. Note: It is not possible to change the buy or sell currencies or the associated values. However, the FX rates for Fund, Group, Base, and Reporting can be changed. Page 27
28 Note: The difference between the currency exchange rates on the trade and settlement dates is recorded as the Realised FX in the general ledger. Complete both the Transaction and GL for the transaction. Page 28
29 The transaction is updated. GL accounts and amounts can be verified in the database or by running the Trial Balance report: Page 29
30 Page 30
31 Forward Hedging Page 31
32 Forward Trade A Forward trade transaction is a notional transaction recording the contract, which in effect becomes a Spot transaction on the settlement date. No GL Journals are generated for the Forward Trade Transaction, but they are generated for the Forward Settlement Transactions. The Forward Trade screen consists of these tabs: Forward Contract Details Forward FX Investor Allocation Details Forward Contract Details This screen contains details of the Forward Trade transaction. Page 32
33 Most of the fields on this sheet are similar to the Spot Trade Details sheet for Spot Trade transactions. Refer to the Spot Trade Details section under Spot Trade transaction for further details. The below table lists the various fields that are unique to the Forward Trade transaction and gives a brief description of the field. Panel Forward Contract Details Field Maturity Date Description Date picker field used to set the date for transaction. Forward FX Investor Allocation Details The Forward FX Investor Allocation Details panel on this screen displays details of the various investors and the Buy and Sell amount split for each investor for the selected transaction. All fields on this screen are read only. Page 33
34 Post a Forward Trade Transaction Follow the steps below to post a Forward Trade transaction. Navigate to the User role, navigate to the required investment object, and click the Trade option screen under Forward. The Forward Trade screen displays. Page 34
35 Click the New Session icon to create a new forward trade session. Complete all the required details on the various tabs. Page 35
36 Note: If the Transaction and Maturity dates are the same, the transaction essentially becomes a Spot transaction. Page 36
37 Complete using the Transaction icon. Forward Trade transactions do not have general ledger entries. The transaction is updated. Page 37
38 Page 38
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