Fun Facts About Taiwan

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Taiwan won the 1996 Little League World Series in the U.S city of Williamsport. Baseball is the national sport in Taiwan.

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Fun Facts About Taiwan

Like France, Italy and the United States, Taiwan is very famous for its films in the world. The prizes attained include the Golden Lion awarded by the Venice International Film Festival to Hou Hsiao-hsien´s "City of Sadness"(1989). In 2001, Ang Lee´s "Crouching, Tiger, Hidden Dragon" won four Oscars at the 73rd Annual Academy Awards: Best Foreign Language Film, Best Art Direction, Best Music, and Best Art Cinematography.He is considered one of the best film directors of all times. Ang Lee was born on October 23, 1954, in Pingting, Taiwan.

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Lu Hsiu-lien is vice president of Taiwan since 18 March 2000. On December 9, 2001, she became the first woman to be awarded the World Peace Prize from the World Peace Corps Academy. Lu Hsiu-lien was born on June 7, 1944, in Taoyuan, Taiwan.

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Taiwan hosted the Miss Universe pageant in 1988. Ironically, Miss Taiwan, Jade Hu Fei-tsui, did not even make the semi-finals.

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Different from Cuba, Myanmar and Vietnam, Taiwan is a democratic country. Freedom and democracy are more than just slogans in Taiwan. The first article of the Constitution National says: "The Republic of China (or Taiwan), founded on the Three Principles of the People, shall be a democratic republic of the people, to be governed by the people and for the people".

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Taiwan competed at the 1973 Summer Olympics in Munich,West Germany. The Taiwanese delegation had 22 athletes competing in ten sports: track and field (8), boxing (1), wrestling (1), judo(4), weighlifting (1), cycling (1), shooting(1), archery (1), swimming (3), and sailing (1).

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Taiwan is slightly bigger than Belgium.

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The Nobel Prize for Chemistry was awarded to Lee Yuan-tseh. He was born on November 19, 1936, in Hsinchu, Taiwan.

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After Cold War, Taiwan emerged as one of the most powerful economies in the Third World.

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Taipei, the capital city of Taiwan, is the Asia capital of art and culture. It gathers some of the most famous museums in Asia. Taipei´s National Palace Museum has the world´s largest collection of oriental art treasures. Much of the immense collection of porcelain, jade, sculptures, paintings, and bronzes is regularly rotated.
The National Museum of Prehistory is a famous Taiwanese museum situated adjacent to the Puyuma archeological site in Taitung County.

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On November 9, 1961, Miss Taiwan, Grace Li, competed in the international beauty pageant Miss World, held in London, England.
Miss Taiwan was the first runner-up at the Miss World 1961.She was long considered one of the most beautiful women in Taiwan.

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Master Chen Yen is known by many as "The Mother Teresa of Asia".She is an advocate for the poor and homeless in Asia.In 1996, Chen Yen was nominated for the Nobel Peace Prize for her fight against poverty.She once said: " The Buddha became the Buddha because he gave up his life to save people. Donating our bone marrow does no harm to us. We can save people without hurting ourselves. So, I hope you donate. I also hope to set up a Data Bank of 20,000 donors, or 50,000 donors, or 100,000. If there is a Bank of 100,000, the opportunity for a patient to be saved will be as high as 95%."

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Taiwan has competed in the Winter Olympic Games 9 times (Sapporo-1972, Innsbruck-1976, Sarajevo-1984, Calgary-1988, Albertville-1992,Lillehammer-1994, Nagano-1998,Salt Lake City-2002, and Turin-2006).

Fun Facts About Taiwan

Alejandro Guevara Onofre: He is a freelance writer.Alejandro is of Italian, African and Peruvian ancestry.He´ve studied political science and journalism.He has published more than seventy-five research paper in English, and more than twenty in Spanish, concerning the world issues, olympic sports, countries, and tourism. His next essay is called "The Dictator and Alicia Alonso".He is an expert on foreign affairs. Futhermore, Alejandro is the first author who has published a world-book encyclopedia in Latina America.

He admires Frida Kahlo (Mexican painter), Hillary Clinton (ex-First Lady of the USA), and Jimmy Carter (former President of the USA). His favorite film is "Gorillas in the Mist".Some of his favorite books are “The Return of Eva Peron and the Killings in Trinidad” (by V.S.Naipaul), "Las Mujeres de los Dictadores" (by Juan Gasparini) and “Murder of a Gentle Land” (by John Barron and Anthony Paul).His personal motto is "The future is for those people who believe in the beauty o f their dreams" by Eleanor Roosevelt.

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10 Interesting Facts About Rome, Italy

The modern city of Rome, as legend goes, was built on seven hills. A city that is accustomed to foreign influences, it is known for it architectural treasures. There is a lot more to Rome than we know. Here are some interesting facts to give you an insight into the Roman culture, its history and treasures.

1. The birth of the Eternal City, Rome, which was founded in 753BC, is celebrated every year by Romans on the 21st of April. Celebrations include fireworks, gladiator shows, traditional Roman banquets and parades.

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2. The Pantheon which was built in 27 B.C. by Marcus Agrippa is the only monument belonging to ancient Rome that still remains intact. What is even lesser known, is that it entombs Italy's king Vittorio Emanuele II, and his successor, Umberto I.

10 Interesting Facts About Rome, Italy

3. A park in Rome is named the "Park of the Monsters." Not because it is a haunted place but because it is full of grotesque figures like a crude Hercules slaying an Amazon and an ogre's face with a mouth so big that people can even walk through it!

4. The Baths of Caracalla although in a bad state now, were once in their prime days spread across 27 acres and could handle 1,600 bathers at any given time. Built in the 3rd century, they are the largest survivors of Rome's imperial era.

5. Rome has a museum which is entirely dedicated to pasta. The Pasta Museum is a one of its kind around the world and showcases different pasta-making machines, as well as paintings related to pasta by contemporary artists.

6. St Peter's Basilica inside Vatican City is the largest church ever constructed.

7. Rome's Coliseum, a huge amphitheatre which could seat 50,000 people is one among the Seven Wonders of the World.

8. The Monumental Cemetery of the Capuchin Brothers has used the bones of over 4,000 Capuchin monks, some skeletons fully intact, to create symbolic works of art in its series of chapels.

9. The Vatican Museums is a huge museum complex with over 1,000 museums and galleries like the Gallery of Tapestries and Etruscan and Egyptian Museums that are full of masterpieces collected by the successive popes. It is the world's largest museum complex.

10. St. Peter's Basilica was a structure that stood for almost 1,000 years until it neared collapse and was rebuilt by 1500s and 1600s. It is an overwhelming structure which displays the work of some of Italy's greatest artists like Raphael, Michelangelo, and Maderno.

10 Interesting Facts About Rome, Italy

Orson Johnson writes for Holiday Velvet, a website providing Rome apartments & accommodation rentals and Holiday and Vacation Rentals.

What is Mean Forex?

The foreign exchange (currency or forex or FX) market refers to the market for currencies. Transactions in this market typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The FX market is the largest and most liquid financial market in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions. The average daily volume in the global forex and related markets is continuously growing and was last reported to be over US$ 4 trillion in April 2007 by the Bank for International Settlement.

The Forex market is a non-stop cash market where currencies of nations are traded, typically via brokers. Foreign currencies are constantly and simultaneously bought and sold across local and global markets and traders' investments increase or decrease in value based upon currency movements. Foreign exchange market conditions can change at any time in response to real-time events.

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The main enticements of currency dealing to private investors and attractions for short-term Forex trading are:

What is Mean Forex?

* 24-hour trading, 5 days a week with non-stop access to global Forex dealers.

* An enormous liquid market making it easy to trade most currencies.

* Volatile markets offering profit opportunities.

* Standard instruments for controlling risk exposure.

* The ability to profit in rising or falling markets.

* Leveraged trading with low margin requirements.

* Many options for zero commission trading.

Foreign Exchange (FOREX) is the arena where a nation's currency is exchanged for that of another. The foreign exchange market is the largest financial market in the world, with the equivalent of over .9 trillion changing hands daily; more than three times the aggregate amount of the US Equity and Treasury markets combined. Unlike other financial markets, the Forex market has no physical location and no central exchange (off-exchange). It operates through a global network of banks, corporations and individuals trading one currency for another. The lack of a physical exchange enables the Forex market to operate on a 24-hour basis, spanning from one zone to another in all the major financial centers.

What is Mean Forex?

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China's Chocolate Market Dominated by Foreign Brands

Foreign chocolate brands such as Dove, Cadbury and Hershey's have now captured about 70% of the Chinese chocolate market. As Barry Callebaut, the world's largest chocolate manufacturer with 25% of the global market, recently opened its first chocolate factory in China in Suzhou City, the top 20 chocolate companies in the world have now all entered the Chinese market. But in the face of global competition, China's local chocolate companies have been further suppressed down the value chain.

Second largest chocolate market

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As the CHF 4 billion-revenue-per-year Barry Callebaut set up its first production line in Suzhou, a complete multinational chocolate industry chain is also emerging. Industry insiders suggested that this would be a blow to local Chinese chocolate companies in this globalized competition. It further indicated that keeping up with international competition is particularly important, or the Chinese industry chain will become even more vulnerable.

China's Chocolate Market Dominated by Foreign Brands

In recent years, the global chocolate market has notably slowed down, with only 2-3% growth per annum. This is mainly because per capita chocolate consumption in developed countries is already at a high level, averaging 11 kg. On the other hand, China's per capita chocolate consumption is only 0.1 kg, and its domestic chocolate market has been growing at a staggering 10-15% per year, with an estimated market potential of US.7 billion. Thus China has become the world's second biggest chocolate market only behind the US. The world's top 20 chocolate companies have all entered China, and there are more than 70 imported or JV chocolate brands in today's Chinese market.

Barry Callebaut has made it clear that they are coming to share and participate in China's economic growth. It plans to build the Suzhou factory into the largest among its 38 factories globally, and achieve a 6-fold sales increase in the next five years via the Suzhou factory's high capacity. "We hope we can fully utilise this factory's capacity to rapidly increase output from 25,000 tons to 75,000 tons, making it the world's largest chocolate factory," said Barry Callebaut CEO Patrick De Maeseneire.

Multinational ambitions

It is understood that Barry Callebaut's new plant in Suzhou will become the company's Asia-Pacific headquarter, as well as a sales network centre for serving China and multinational food manufacturers and specialised customers. Major brands, such as Cadbury, Hershey's and Nestle, all currently have large quantity of outsourcing manufacturing contracts with Barry Callebaut, whose OEM output of cocoa liquor and chocolate products amounts to 15-20% of each of the three major brands' annual output. So the Swiss Barry Callebaut is indeed the Big Brother of the global chocolate industry.

In fact, even before the arrival of Barry Callebaut, China's local chocolate companies had already been losing market shares to multinational competitors. The US Hershey's has determined to plough the Chinese market, planning to achieve 23% share of the local market by 2010 and the runner-up position in China. Meanwhile, Korean and Japanese chocolate producers are also accelerating their entry into the Chinese market.

Local companies not in the local market

Although the rapidly growing Chinese chocolate market is good news for its local chocolate companies, Chinese consumers today are frequently referring to foreign brands such as Dove, Cadbury, Hershey's and Ferrero but seldom mentioning local brands.

As a foreign product, China only has a chocolate manufacturing history of less than 50 years, so there is inevitable gap behind foreign brands in terms of production techniques and technologies. Due to inappropriate processing equipment and incomplete production facilities, product quality assurance is difficult for many local chocolate companies. Furthermore, most Chinese chocolate companies are weak in product R&D, resulting in slow product changes and updates. At present, most local chocolate companies are stuck in an embarrassing situation of low product quality.

The above industry issues have costed local companies' opportunities to participate in the competition for the Chinese chocolate market. Multinational chocolate brands have come to the Chinese market one by one since the 1990s, and now they are in a dominant market position. With their considerable financial power, multinationals can play their technological and cultural cards, as well as promoting their premium quality and unique tastes, to rapidly capture the Chinese market.

As Barry Callebaut finally entered the Chinese market, its Suzhou factory will make chocolate production even cheaper for multinational brands. For local Chinese companies that are mostly in the low-end market, they may no longer hold this market segment firm.

Keep up with the globalization

Statistics showed that there are about 63 large-scale local chocolate companies in China, with annual production of 150,000 tons. Statistics from industry associations also revealed that China currently has about 250 chocolate companies in total.

Industry insiders pointed out that the Chinese food and beverage industry is a highly and internationally competitive market. The vast potential of China's chocolate market is not only for foreign brands, but is also laid in front of local chocolate producers. The local chocolate industry is now in a structural change and survival-of-the-fittest stage, and no doubt the entry of foreign brands will present challenges to the local industry. But if local chocolate companies can participate in this international competition, it could not only drive the chocolate demand from Chinese consumers, but also promote development of China's chocolate market.

Local Chinese chocolate companies need to constantly improve their product quality, select finer raw ingredients, upgrade production facilities, adopt international technologies, enhance product innovation and brand management. Only then can they compete with multinational companies on a level-playing field, and make a breakthrough in this foreign-dominated Chinese chocolate market.

For more information on Chinese businesses, please visit www.chinabizintel.com

China's Chocolate Market Dominated by Foreign Brands

http://www.ChinaBizIntel.com

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Forex Options Market Overview

The forex options market started as an over-the-counter (OTC) financial vehicle for large banks, financial institutions and large international corporations to hedge against foreign currency exposure. Like the forex spot market, the forex options market is considered an "interbank" market. However, with the plethora of real-time financial data and forex option trading software available to most investors through the internet, today's forex option market now includes an increasingly large number of individuals and corporations who are speculating and/or hedging foreign currency exposure via telephone or online forex trading platforms.

Forex option trading has emerged as an alternative investment vehicle for many traders and investors. As an investment tool, forex option trading provides both large and small investors with greater flexibility when determining the appropriate forex trading and hedging strategies to implement.

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Most forex options trading is conducted via telephone as there are only a few forex brokers offering online forex option trading platforms.

Forex Options Market Overview

Forex Option Defined - A forex option is a financial currency contract giving the forex option buyer the right, but not the obligation, to purchase or sell a specific forex spot contract (the underlying) at a specific price (the strike price) on or before a specific date (the expiration date). The amount the forex option buyer pays to the forex option seller for the forex option contract rights is called the forex option "premium."

The Forex Option Buyer - The buyer, or holder, of a foreign currency option has the choice to either sell the foreign currency option contract prior to expiration, or he or she can choose to hold the foreign currency options contract until expiration and exercise his or her right to take a position in the underlying spot foreign currency. The act of exercising the foreign currency option and taking the subsequent underlying position in the foreign currency spot market is known as "assignment" or being "assigned" a spot position.

The only initial financial obligation of the foreign currency option buyer is to pay the premium to the seller up front when the foreign currency option is initially purchased. Once the premium is paid, the foreign currency option holder has no other financial obligation (no margin is required) until the foreign currency option is either offset or expires.

On the expiration date, the call buyer can exercise his or her right to buy the underlying foreign currency spot position at the foreign currency option's strike price, and a put holder can exercise his or her right to sell the underlying foreign currency spot position at the foreign currency option's strike price. Most foreign currency options are not exercised by the buyer, but instead are offset in the market before expiration.

Foreign currency options expires worthless if, at the time the foreign currency option expires, the strike price is "out-of-the-money." In simplest terms, a foreign currency option is "out-of-the-money" if the underlying foreign currency spot price is lower than a foreign currency call option's strike price, or the underlying foreign currency spot price is higher than a put option's strike price. Once a foreign currency option has expired worthless, the foreign currency option contract itself expires and neither the buyer nor the seller have any further obligation to the other party.

The Forex Option Seller - The foreign currency option seller may also be called the "writer" or "grantor" of a foreign currency option contract. The seller of a foreign currency option is contractually obligated to take the opposite underlying foreign currency spot position if the buyer exercises his right. In return for the premium paid by the buyer, the seller assumes the risk of taking a possible adverse position at a later point in time in the foreign currency spot market.

Initially, the foreign currency option seller collects the premium paid by the foreign currency option buyer (the buyer's funds will immediately be transferred into the seller's foreign currency trading account). The foreign currency option seller must have the funds in his or her account to cover the initial margin requirement. If the markets move in a favorable direction for the seller, the seller will not have to post any more funds for his foreign currency options other than the initial margin requirement. However, if the markets move in an unfavorable direction for the foreign currency options seller, the seller may have to post additional funds to his or her foreign currency trading account to keep the balance in the foreign currency trading account above the maintenance margin requirement.

Just like the buyer, the foreign currency option seller has the choice to either offset (buy back) the foreign currency option contract in the options market prior to expiration, or the seller can choose to hold the foreign currency option contract until expiration. If the foreign currency options seller holds the contract until expiration, one of two scenarios will occur: (1) the seller will take the opposite underlying foreign currency spot position if the buyer exercises the option or (2) the seller will simply let the foreign currency option expire worthless (keeping the entire premium) if the strike price is out-of-the-money.

Please note that "puts" and "calls" are separate foreign currency options contracts and are NOT the opposite side of the same transaction. For every put buyer there is a put seller, and for every call buyer there is a call seller. The foreign currency options buyer pays a premium to the foreign currency options seller in every option transaction.

Forex Call Option - A foreign exchange call option gives the foreign exchange options buyer the right, but not the obligation, to purchase a specific foreign exchange spot contract (the underlying) at a specific price (the strike price) on or before a specific date (the expiration date). The amount the foreign exchange option buyer pays to the foreign exchange option seller for the foreign exchange option contract rights is called the option "premium."

Please note that "puts" and "calls" are separate foreign exchange options contracts and are NOT the opposite side of the same transaction. For every foreign exchange put buyer there is a foreign exchange put seller, and for every foreign exchange call buyer there is a foreign exchange call seller. The foreign exchange options buyer pays a premium to the foreign exchange options seller in every option transaction.

The Forex Put Option - A foreign exchange put option gives the foreign exchange options buyer the right, but not the obligation, to sell a specific foreign exchange spot contract (the underlying) at a specific price (the strike price) on or before a specific date (the expiration date). The amount the foreign exchange option buyer pays to the foreign exchange option seller for the foreign exchange option contract rights is called the option "premium."

Please note that "puts" and "calls" are separate foreign exchange options contracts and are NOT the opposite side of the same transaction. For every foreign exchange put buyer there is a foreign exchange put seller, and for every foreign exchange call buyer there is a foreign exchange call seller. The foreign exchange options buyer pays a premium to the foreign exchange options seller in every option transaction.

Plain Vanilla Forex Options - Plain vanilla options generally refer to standard put and call option contracts traded through an exchange (however, in the case of forex option trading, plain vanilla options would refer to the standard, generic forex option contracts that are traded through an over-the-counter (OTC) forex options dealer or clearinghouse). In simplest terms, vanilla forex options would be defined as the buying or selling of a standard forex call option contract or a forex put option contract.

Exotic Forex Options - To understand what makes an exotic forex option "exotic," you must first understand what makes a forex option "non-vanilla." Plain vanilla forex options have a definitive expiration structure, payout structure and payout amount. Exotic forex option contracts may have a change in one or all of the above features of a vanilla forex option. It is important to note that exotic options, since they are often tailored to a specific's investor's needs by an exotic forex options broker, are generally not very liquid, if at all.

Intrinsic & Extrinsic Value - The price of an FX option is calculated into two separate parts, the intrinsic value and the extrinsic (time) value.

The intrinsic value of an FX option is defined as the difference between the strike price and the underlying FX spot contract rate (American Style Options) or the FX forward rate (European Style Options). The intrinsic value represents the actual value of the FX option if exercised. Please note that the intrinsic value must be zero (0) or above - if an FX option has no intrinsic value, then the FX option is simply referred to as having no (or zero) intrinsic value (the intrinsic value is never represented as a negative number). An FX option with no intrinsic value is considered "out-of-the-money," an FX option having intrinsic value is considered "in-the-money," and an FX option with a strike price at, or very close to, the underlying FX spot rate is considered "at-the-money."

The extrinsic value of an FX option is commonly referred to as the "time" value and is defined as the value of an FX option beyond the intrinsic value. A number of factors contribute to the calculation of the extrinsic value including, but not limited to, the volatility of the two spot currencies involved, the time left until expiration, the riskless interest rate of both currencies, the spot price of both currencies and the strike price of the FX option. It is important to note that the extrinsic value of FX options erodes as its expiration nears. An FX option with 60 days left to expiration will be worth more than the same FX option that has only 30 days left to expiration. Because there is more time for the underlying FX spot price to possibly move in a favorable direction, FX options sellers demand (and FX options buyers are willing to pay) a larger premium for the extra amount of time.

Volatility - Volatility is considered the most important factor when pricing forex options and it measures movements in the price of the underlying. High volatility increases the probability that the forex option could expire in-the-money and increases the risk to the forex option seller who, in turn, can demand a larger premium. An increase in volatility causes an increase in the price of both call and put options.

Delta - The delta of a forex option is defined as the change in price of a forex option relative to a change in the underlying forex spot rate. A change in a forex option's delta can be influenced by a change in the underlying forex spot rate, a change in volatility, a change in the riskless interest rate of the underlying spot currencies or simply by the passage of time (nearing of the expiration date).

The delta must always be calculated in a range of zero to one (0-1.0). Generally, the delta of a deep out-of-the-money forex option will be closer to zero, the delta of an at-the-money forex option will be near .5 (the probability of exercise is near 50%) and the delta of deep in-the-money forex options will be closer to 1.0. In simplest terms, the closer a forex option's strike price is relative to the underlying spot forex rate, the higher the delta because it is more sensitive to a change in the underlying rate.

Forex Options Market Overview

John Nobile - Senior Account Executive
CFOS/FX - Online Forex Spot and Options Brokerage

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Outsourcing - Pros And Cons

Stripped of its technical terms, outsourcing is basically the practice of one company to contract another company to provide the services that could have been performed by their own staff. There are many reasons why companies now are on the bandwagon of having some of their services done by others. (It had been an old practice, really.) These outsourced services passed on to other companies are usually call center services, e-mail services, and payroll. These particular jobs are part of the outsourcing trend practiced by many companies these days.

Reasons

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One of the main reasons why companies are into outsourcing is diminished company resources, both in financial terms and in manpower costs. When a company expands (which can be sudden), the growth can start to eat up on the companies resources.

Outsourcing - Pros And Cons

Financially, the company might not be able to match the growth with the needed infusion of money to sustain the expansion. This holds true with their human resources as well.

With the growth, manpower might be sucked up with the new growth and diminish the company's productivity in its core areas. The service-providing companies can do the work for less costs (thus not over-stretching most of the company's resources), and has the manpower to do it.

Other reasons

Efficiency sometimes suffers once there is a sudden expansion that cannot be absorbed by the company's present staff setup and other resources. If, for instance, there is a huge demand for huge number of their products, other departments might not be up to it.

The purchasing department might need so many men to do the buying of raw materials, for instance. Outsourcing the purchasing department is a good move and costs less.

Other reasons could be that overhead costs might be disastrous to the company's budget and current plans. Or, perhaps an offshoot to its growth is impossible to meet. If the company had grown to such an extent that it needs a bigger office, outsourcing the functions of the projected new additional staff is cheaper. (Transfer of the whole office to someplace bigger is definitely expensive in time, effort and money values.)

Companies are also bound to experience production demands that come and go in cycles within a year. Outsourcing additional resources during times of so much demand can ease up the company's problems.

The good part of the deal is that the contracted periods of having these extra jobs outsourced can follow the cyclical production demands. (A toy company's production department might need more manpower in the middle months of the year to produce the goods needed for, say, Christmas or some holidays.)

Cons

On the other hand, this new business model of parceling some important work aspects of a company to another had sparked a mini-controversy which had not been thoroughly resolved even until now. Definitely, there are those who are not fully convinced of the viability of such an arrangement.

The biggest argument against this deal is actually focused on the relationship of the company and its clients. In short, it may invite dissatisfaction from client side. Reasons could range from lower quality of work output, unnecessary dilution of company-client trade secrets, etc.

Control

Control is also put to the test. Some aspects of the company are in danger of spinning out of the company's control since the outsourced company conducts the decisions that would have been better handled by the parent company.

Some clients are not fully convinced that the outsourced company can function as efficiently as the original contracted company. If they do (most companies can, in practice), clients feel it might be better to deal with the new company rather than their old supplier or contracted business partner.

Riding on this threat is the mounting danger of delayed communications that causes delayed implementation. Without proper management and apportioning of responsibilities, there is tendency that confusion might set in.

Outsourcing had also allowed a political issue to float around - social responsibility. It is said that with more and more companies allocating jobs to foreign countries, the people of the parent company will have reduced opportunities. While this debate and questions are still up in the air, more and more companies are outsourcing some of their work. Offhand, companies and their managers think the current trend is the result of the current situation in commerce and trade all over the world. At the moment, outsourcing looks like it will stay for a while.

Outsourcing - Pros And Cons

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Why Hedge Foreign Currency Risk?

International commerce has rapidly increased as the internet has provided a new and more transparent marketplace for individuals and entities alike to conduct international business and trading activities. Significant changes in the international economic and political landscape have led to uncertainty regarding the direction of foreign exchange rates. This uncertainty leads to volatility and the need for an effective vehicle to hedge foreign exchange rate risk and/or interest rate changes while, at the same time, effectively ensuring a future financial position.

Each entity and/or individual that has exposure to foreign exchange rate risk will have specific foreign exchange hedging needs and this website can not possibly cover every existing foreign exchange hedging situation. Therefore, we will cover the more common reasons that a foreign exchange hedge is placed and show you how to properly hedge foreign exchange rate risk.

Foreign Exchan

Foreign Exchange Rate Risk Exposure - Foreign exchange rate risk exposure is common to virtually all who conduct international business and/or trading. Buying and/or selling of goods or services denominated in foreign currencies can immediately expose you to foreign exchange rate risk. If a firm price is quoted ahead of time for a contract using a foreign exchange rate that is deemed appropriate at the time the quote is given, the foreign exchange rate quote may not necessarily be appropriate at the time of the actual agreement or performance of the contract. Placing a foreign exchange hedge can help to manage this foreign exchange rate risk.

Why Hedge Foreign Currency Risk?

Interest Rate Risk Exposure - Interest rate exposure refers to the interest rate differential between the two countries' currencies in a foreign exchange contract. The interest rate differential is also roughly equal to the "carry" cost paid to hedge a forward or futures contract. As a side note, arbitragers are investors that take advantage when interest rate differentials between the foreign exchange spot rate and either the forward or futures contract are either to high or too low. In simplest terms, an arbitrager may sell when the carry cost he or she can collect is at a premium to the actual carry cost of the contract sold. Conversely, an arbitrager may buy when the carry cost he or she may pay is less than the actual carry cost of the contract bought. Either way, the arbitrager is looking to profit from a small price discrepancy due to interest rate differentials.

Foreign Investment / Stock Exposure - Foreign investing is considered by many investors as a way to either diversify an investment portfolio or seek a larger return on investment(s) in an economy believed to be growing at a faster pace than investment(s) in the respective domestic economy. Investing in foreign stocks automatically exposes the investor to foreign exchange rate risk and speculative risk. For example, an investor buys a particular amount of foreign currency (in exchange for domestic currency) in order to purchase shares of a foreign stock. The investor is now automatically exposed to two separate risks. First, the stock price may go either up or down and the investor is exposed to the speculative stock price risk. Second, the investor is exposed to foreign exchange rate risk because the foreign exchange rate may either appreciate or depreciate from the time the investor first purchased the foreign stock and the time the investor decides to exit the position and repatriates the currency (exchanges the foreign currency back to domestic currency). Therefore, even if a speculative profit is achieved because the foreign stock price rose, the investor could actually net lose money if devaluation of the foreign currency occurred while the investor was holding the foreign stock (and the devaluation amount was greater than the speculative profit). Placing a foreign exchange hedge can help to manage this foreign exchange rate risk.

Hedging Speculative Positions - Foreign currency traders utilize foreign exchange hedging to protect open positions against adverse moves in foreign exchange rates, and placing a foreign exchange hedge can help to manage foreign exchange rate risk. Speculative positions can be hedged via a number of foreign exchange hedging vehicles that can be used either alone or in combination to create entirely new foreign exchange hedging strategies.

Why Hedge Foreign Currency Risk?

John Nobile - Senior Account Executive
CFOS/FX - Online Forex Spot and Options Brokerage

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