套期保值策略與風(fēng)險(xiǎn)管理ppt-文庫吧在線文庫
【正文】 possible to hedge its generation purchases pletely even if it were otherwise sensible to do so. Hedges may be obtained in a currency other than Sterling. This would result in a currency exposure between the currency denomination of the hedging instrument and that of the hedged item (Sterling pool cost). Where NIE Energy is exposed to currency risk it may hedge some or all of the associated exposure using an appropriate financial instrument. 20 保值政策－示例 31 Policy for Board Approval This is a sample of a forex hedging policy with a mixture of targets and methods, to be approved by members of the Corporate Board. Mandate One of the responsibilities of the Board of Directors is to periodically review the significant risks and opportunities that may affect the pany and its business, and to oversee the actions, systems, and controls that have been put in place to manage and monitor these risks and opportunities. Foreign Currency Risks and Opportunities The pany is exposed to the following foreign currency risks and opportunities: Balance Sheet Translation Risk: Existing foreign currency assets or liabilities are subject to an unfavorable movement in the foreign currency exchange rate, which would have a negative impact on the pany. Future Transaction Risk: Future foreign currency transactions creating assets or liabilities are subject to an unfavorable movement in the foreign currency exchange rate, which would have a negative impact on the pany. Speculative Risk: Management may believe that current foreign currency exchange rates will move in a predictable direction that will have a positive impact on the pany. Under adequate authorization and with an aim to limit the potential loss, certain speculative foreign currency trading may be approved by the Board. 21 保值政策－示例 32 Policies The Board of Directors will approve the following policies for managing foreign currency risk exposure: Balance Sheet Foreign Currency Exposure (existing balance sheet amounts) Management will review at least monthly the current exposure to foreign currencies for assets and liabilities on the balance sheet and determine the exposure. Management will hedge out a minimum of 75% of the foreign exposures (assets less liabilities) on those occasions where the exposure exceeds $50,000 USD [or an amount in the reporting currency]. Anticipated Future Foreign Currency Cash Flows At minimum, management will prepare and update forecasted future foreign currency cash flows (for example, sale
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