Foreign Exchange Consultants provides exposure assessment, risk management advice, and trade execution services for companies. They help companies develop hedging policies, centrally manage FX trading and risk, adopt uniform accounting, measure hedging performance, and oversee treasury risk management. Their trade execution services provide indicative pricing on FX derivatives and engage client bank pricing. They also offer ongoing position monitoring, post-trade hedge valuations, periodic assessment of hedge efficacy, and annual reviews of hedging programs. The company is led by Managing Director Keith Underwood, who has over 25 years of FX trading and risk management experience, and Managing Director Brian Doyle, who has 15 years of experience in the inter-bank currency derivatives market.

2. Foreign Exchange Consultants
Exposure Assessment and Risk
Management Advice
Providing a Company-specific Hedging
Policy
Trade Execution Service
Support and Maintenance
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3. EUR/USD Spot Chart
16%
16%
20%
22%
?
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4. Hedging Policy Principles
Document FX Policy
Who, what, why, when, where and how
Centralized FX Trading and Risk
Management
Too many cooks…
Adopt Uniform Accounting Principles
Apples for apples
Measure Hedging Performance
Segregate Back Office Function
Lessons from Barings Bank
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5. Hedging Policy Principles
Manage Counterparty Risk
Lessons from credit crunch
Buy Derivatives Competitively
FX Risk Advisors
Utilize Pricing Tools and Systems
FX Risk Advisors
Measure FX Risk
VaR and stress testing
Oversight of Treasury Risk Management
Board or committee to authorize
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6. Trade Execution Service
Indicative Pricing on FX Derivatives
Access to Market Pricing From Our Global
Network of FX Professionals.
Providing Transparency on Cost of
Execution
Engage Client Bank Pricing
Providing execution guidance

7. Support and Maintenance
On-going Position Monitoring
FX alerts, market commentary and
trends
Post-trade Hedge Valuations (Mark to
Market)
Periodic Assessment of Hedge Efficacy
Annual Review of Hedging Program
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8. Management
Keith Underwood
Managing Director - Head of Foreign Exchange Risk and
Strategy Analysis has 25+ years experience in FX trading and risk
management. Mr. Underwood has successfully built and managed
global FX derivatives businesses for major US investment banks
(Morgan Stanley and Lehman Brothers) and European Commercial
banks (Credit Agricole and Standard Chartered). Mr. Underwood
gained his economics degree from Syracuse University in 1985
and his Executive M.B.A. from the University of Colorado in 2005.
Brian Doyle
Managing Director - Relationship Management and Business
Development has 15 years of experience in the inter-bank
currency derivatives market. Over the last ten years Mr. Doyle
helped build the Asia operation of GFI Group’s currency options
brokerage business from a start up to three offices with a diverse
range of products. His experience spans both G10 vanilla and
emerging market derivative products. A focus on delivering a
tailored product to meet customer’s needs is at the core of his
business philosophy.
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