Q2 2015 FOREIGN EXCHANGE 101 - Grow...

CONFIDENTIAL

For use in one-on-one presentations only.

Not for public distribution.

Q2 2015

UNDERSTANDING FOREIGN

CURRENCY MARKETS

FOREIGN EXCHANGE 101

CONFIDENTIAL

For use in one-on-one presentations only. Not for public distribution.

Mark A. Gargano

Mark Gargano has 30 years of capital market experience managing offices in Europe and Asia.

Mark joined Bannockburn Global Forex, LLC as a partner in charge of southeast sales in November 2012. Bannockburn Global Forex, LLC is a

boutique capital markets trading firm specializing in currency advisory and execution services. We help companies doing business

internationally mitigate their currency risks. His firm is purely client-oriented and their basic model is to combine expert counsel and pre-trade

analytics with low-cost execution. Their mission is to be the most trusted foreign exchange partner in the market.

Prior to joining Bannockburn Global Forex, LLC, Mark worked at 3 large financial institutions: Wachovia, Fifth Third, and Morgan Stanley. At

Wachovia, Mark was Managing Director responsible for all foreign products and services globally for 13 years. Under his leadership, Wachovia

grew to 7000 clients with 248 billion in global product turnover. For Fifth Third Bank, Mark was Managing Director responsible for all capital

market products. Products included commodities, foreign exchange, and futures hedging. At Morgan Stanley Mark focused on marketing

commodity hedging and foreign currency payment execution under CFTC/NFA with his first client being Bannockburn Global Forex in 2009.

Mark lives in Richmond Virginia, after 25 plus years in Charlotte and Atlanta. He received an Undergraduate degree in Business

Administration at University of North Carolina at Charlotte paying his way through college. To further Mark’s education, he completed the

Global Executive MBA from Duke Fuqua School of Business. Mark serves on the Energy committee for Virginia, and works with several boards

as a financial specialist.

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Some think of the FX market like this:

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It’s much easier than that!

Find an expert who can help you navigate and understand:

The Marketplace, Products & Pricing

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The foreign exchange market is the largest, most liquid in the world.

Daily turnover is over $5.3 trillion USD.

24 hour market:

Opens Sunday in New Zealand and closes Friday in New York

Most liquid market in the world:

Volume exceeds all global equity and fixed income transactions combined on a daily basis

Key trading centers:

Sydney, Tokyo, Frankfurt, London, and New York

Most commonly traded currencies:

EUR, USD, GBP, JPY, CHF, EURGBP, EURJPY

Foreign Exchange is an “Over-the-Counter”(OTC) market.

Private negotiations between two parties (few rules – be careful !)

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Foreign Exchange Marketplace

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Foreign exchange rates can be confusing

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Market Quoting Conventions

Direct Method

There are four currency pairs that are quoted against the USD via what is called the “direct method” – which

means $USD per foreign currency.

The four currency pairs are:

EUR /USD: $1.1340

GBP/USD: $1.5135

AUD/USD: $.7783

NZD/USD: $.7280

If EUR/USD is trading at $1.1340, that means there are $1.1340 USD per one EUR.

100,000 EUR = $113,400 USD or (100,000 EUR * $1.1340)

$250,000 USD = 220,458.55 EUR or ($250,000 / $1.1340)

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Market Quoting Conventions

Indirect Method

All other currency pairs quoted against the USD are done using the “indirect method.”

Which means foreign currency per $ USD.

If USD/MXN is trading at 14.7889 , that means there are 14.7889 MXN pesos per one USD.

15,000,000 MXN = $1,014,274.22 USD or (15,000,000 MXN / 14.7889)

$650,000 USD = 9,612,785 MXN pesos or ($650,000 USD * 14.7889)

If USD/CAD is trading at 1.2554, that means there are 1.2554 CAD per one USD.

1,000,000 CAD = $796,558.87 USD or (1,000,000 CAD / 1.2554)

$250,000 USD = 313,850.00 CAD or ($250,000 USD * 1.2554)

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Who does FX transactions?

Profile:

Small to mid-sized companies - manufacturers and distributors, service providers US owned and Foreign subsidiaries Focus on $5,000,000 to $500,000,000 They do not speculate in the market – they use currency to operate their business. Through the normal course of business - operations – they wire out or receive in foreign currencies.

Examples of FX needs

Meeting payroll every 2 weeks for their Mexican plant in Mexican pesos (MXN). Sending a dividend in Euros (EUR) to a parent company located in Germany. Accepting Canadian dollars (CAD) from a client in Canada – collecting a receivable. Paying a lawyer in Great Britain (GBP) for legal services on a patent case. Acquiring the assets of a bankrupt supplier in Switzerland (CHF). Buying spare parts from a German company in EUR because they last longer than the ones previously

used from a domestic supplier.

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Foreign Currency Solutions

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The foreign exchange market is the largest, most liquid in the world. Daily turnover is over $5.3 trillion USD.

Locks in a price today for a payment due on

a future date or range of dates, providing a

hedge against currency fluctuation

Forward prices are determined by an adjustment

made to the spot price based on the interest rate

differential between the two currencies

For immediate payment in one currency in

exchange for another, usually to send foreign

currency payables or convert foreign receivables

(simple wire transactions or payments)

Typical market settlement in two business

days but can be done same day depending

on currency and time of the transaction

To hedge foreign currency risk in emerging

markets where no traditional forward market

exists, e.g., China and Brazil

NDFs are synthetic hedges that are net

settled in USD at the maturity of the contract

and ‘no delivery’ of the forex occurs

Simultaneous buying and selling of the same

currency for one date against another future

date. For example, if a company has a Euro

receivable in 3 months but a Euro payable

in 6 months

A swap allows for guaranteed upfront exchange

rates on both dates for both transactions

FORWARD

CONTRACTS

SPOT

CONTRACTS

NON-

DELIVERABLE

FORWARDS

CURRENCY

SWAPS

Foreign Exchange is an “Over-the-Counter”(OTC) market, using private negotiations for contracts.

Bannockburn Globel Forex, LLC is a market maker in the global currency market

with trading capabilities in all major, minor, and exotic currency pairs.

CONFIDENTIAL


Should you open a foreign account? Not necessarily!

Costs, Volumes and Availability will have a lot to do with it.

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Conversion Pricing Analysis: Adding Value with Every Transaction -

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FX Analysis - ABC Co. sells Australian dollars

2011 Trade Date Foreign Amount USD AmountThe exchange rate

your bank made you Day's Hi Day's Lo Max Loss Min Loss % of contract

AUD

4/11/2011 450,852.30 $ 466,619.51 1.0350 1.0581 1.0485 $10,427.31 $6,099.13 2.23%

4/19/2011 243,487.20 $ 250,000.00 1.0267 1.0532 1.0443 $6,440.72 $4,273.69 2.58%

5/17/2011 265,632.21 $ 275,000.00 1.0353 1.0629 1.0506 $7,340.48 $4,073.20 2.67%

6/16/2011 168,010.75 $ 175,000.00 1.0416 1.0591 1.0478 $2,940.19 $1,041.67 1.68%

$ 1,166,619.51 Totals: $27,148.70 $15,487.69 2.33%

Assuming this represents 1 quarter of activity: Annualized 2011 Loss: $ (108,594.82) $ (61,950.75)

Notes:

The rate your bank made you is well below the range of the day for all of these transactions. You are being priced below the low of the day in AUD.

Comments:

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Conversion Pricing Analysis: Adding Value with Every Transaction

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FX Analysis - Small Manufacturer buying parts from European suppliers

DateCurrency

Purchased Amount

The exchange

rate your bank made you USD Day's High Day's Low Maximum Loss Minimum Loss

Percentage of Contract

12/6/2012 EUR 4,220.00 1.3549 $5,717.68 1.3087 1.2951 ($252.36) ($194.97) -4.41%

11/2/2012 GBP 75,000.00 1.6742 $125,565.00 1.6135 1.6008 ($5,505.00) ($4,552.50) -4.38%

10/18/2012 EUR 4,220.00 1.3700 $5,781.40 1.3129 1.3056 ($271.77) ($240.96) -4.70%

10/2/2012 EUR 4,220.00 1.3499 $5,696.58 1.2968 1.2880 ($261.22) ($224.08) -4.59%

10/2/2012 GBP 75,000.00 1.6873 $126,547.50 1.6187 1.6125 ($5,610.00) ($5,145.00) -4.43%

9/17/2012 GBP 20,000.00 1.6975 $33,950.00 1.6273 1.6209 ($1,532.00) ($1,404.00) -4.51%

$303,258.16 ($13,432.35) ($11,761.51) -4.43%

Assuming this represents 3 months of activity: Annualized 2012 Loss: $ (53,729.38) $ (47,046.05)

Notes:

* Rates denoted in red are OUTSIDE of the day's

trading range. You should at minimum be within the range

Comments:

This doesn't include wire fees. This adds to the transaction costs. Bannockburn does not charge wire fees.

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Conversion Pricing Analysis: Adding Value with Every Transaction

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FX Analysis - Not for Profit - funding mission work in developing countries

DateCurrency

Purchased Amount

The exchange

rate your bank made you USD Day's High Day's Low Maximum Loss Minimum Loss

Percentage of Contract

12/10/2012 ZAR 6,840.00 8.23310 $830.79 8.7095 8.6553 ($45.44) ($40.53) -5.47%

11/26/2012 INR 248,976.00 53.03110 $4,694.91 55.8825 55.4250 ($239.56) ($202.78) -5.10%

11/1/2012 ZAR 3,878.00 8.28020 $468.35 8.6967 8.6378 ($22.43) ($19.39) -4.79%

10/23/2012 INR 499,239.00 51.20710 $9,749.41 53.8450 53.3400 ($477.63) ($389.85) -4.90%

$15,743.45 ($785.06) ($652.54) -4.99%

Annualized 2013 Savings: $ (49,865.81)

Assumptions: Not for Profit is purchasing $15,000 USD worth of INR monthly, approximately $500,000 USD worth of INR annually for projects,

$26,000 USD worth of ZAR quarterly and approximately $200,000 worth of ZAR annually for projects.

Notes: Assuming xxxxxxx purchases approximately $1,000,000 worth of foreign currency, annually, your current FX provider is charging you

$50,000 in FX rates, not including any wire fees, etc.

Bannockburn does not charge any wire fees.

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Forward Contract Pricing

Forward contracts are the most commonly used hedging tool.

The “all-in” forward rate of exchange includes two components:

Example:

One year EUR/USD forward to purchase 500,000

EUR is $1.1391

Spot = $1.1340

One year EUR/USD forward points = + .0051

$1.1340 + .0051 = $1.1391

In one year 500,000 EUR will be wired at a rate of

$1.1391 and will cost USD of $569,550.

What happens if the EUR goes to 1.4000 …

….and they didn’t hedge? $700,000

It would cost them $130,450 more.

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The interest rate

differential in

the two countries

within the

currency pair.

Can be

premium or

discount.

Will move along

with Central bank

policy or bond

market changes.

+Forward

Points

(Plus or Minus)

The Current

Spot

Exchange Rate

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Rolling Hedge Program Example for ABC Company - *On 6/30/14, the Company initially establishes monthly

hedges to cover its forecasted Plan 2014/15 exposure of approximately 416,666.67 CAD per month (5.0 million CAD /yr).

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80%

60%

40%

20%

Equals 50% initial coverage of the annual forecasted

exposure

He

dg

e A

mo

un

t

CAD 1,000,000 CAD 750,000 CAD 500,000 CAD 250,000 =2.5 MM CAD(50% of 5.0 MMExposure)

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On-going Roll Forward and Layering (can be done monthly or quarterly)For the next month (as one month drops off) and for each month thereafter, ABC will add to the program to continue covering

the next 12 months with a structure that provides for 80% for the next quarter and 50% (via 80%/60%/40%/20%) for the

following 12 mos.

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He

dg

e A

mo

un

t

Equals 50% on-going coverage of the annual forecasted

exposure

80%

60%

40%

20%

CAD 1,000,000 CAD 750,000 CAD 500,000 CAD 250,000

=2.5MM CAD(50% of 5.0MMExposure)

•

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3 year EUR Chart

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3 Strategies for Managing Foreign Exchange Risk

1. Maintain all Transactions in US dollars – Receivables & Payables in US dollars, financial risk is loss of market share.

a. As US Dollar has strengthened recently, the cost of United States products to Europe, Canada, Mexico, Asia, and South American have increased.

b. Foreign exchange market is offsetting for stronger US economic growth and potential higher US interest rates, and slower economic growth in other

countries.

2. Manage part or all transactions in foreign currency depending on countries – Brazil US dollars, Europe Euros, etc… Without forwards or

managing currency value back to US dollars.

a. Maintain control of pricing global

b. High financial risk with uncertainty with consolidated financial statements

c. Maintain market share but at an unknown cost.

3. Manage part or all transactions in foreign currency depending on countries – Brazil US dollars, Europe Euros, etc… Actively manage

currency payables and receivables with certain percentage of forwards to reduce risk of converting foreign currency back to US dollars at ta

loss.

a. Control financial risk and pricing of product and services

b. Maintain market share

c. Low financial risk with certainty

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CONFIDENTIAL


Exporter

On December 1, 2015, a US Based Company is asked by an European importer of a large multi-national firm to receive Euro currency 6 million

instead of US dollars.

The Euro is trading around 1.2500 on December 15, 2014, and the company decides to agree to receive Euros.

The company decides not to hedge as it seems risky,, so they “let it ride” with uncertain amount of US dollars to be received in 2015?

On June 15, 2015, the Euro is trading at 1.1250, thus the export company has an unrealized loss of $750k loss due to currency transaction.

A 10% loss to on the export contract.

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Importer

A U.S. based crane company company agrees to purchase a new crane from Germany on September 14, 2012 for EUR 1,500,000.

EUR/USD exchange rate on September 14, 2012 = 1.2990 and the company pays 10% down (150,000 EUR x 1.2990 = $194,850)

The current exchange rate on November 14th is 1.2725 (USD equivalent of $1,717,875). Compared to September rate of 1.2990 there was a

“gain” of $35,775. The company decided to “let it ride” and see how much lower it would go…

January 14, 2013 the net EUR 1,350,000 must be paid. The exchange rate at time of execution is 1.3340. EUR 1,350,000 @ 1.3340 = USD

$1,800,900!

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Transactional Risk - To hedge or not to hedge……

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Where do we go from here?

• Fed Policy: - winding down of QE- does Fed raise benchmark interest rate in 2015?

• Europe: - ramping up monthly bond purchases- negative rates in Switzerland- Greek decision

• Commodity prices:- remain low or does crude trade back to recent levels?

• Conflict:- Middle East - Russia and Ukraine

• China:- growth or lack there of

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Interesting - Big Mac Index

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Key Contacts

Mark A. Gargano, Partner

804-220-0849 office

404-304-3739 cell

[email protected]

Andrew C. Collins, Managing Partner, Director of Business Development

513.386.8296 office

859.630.8770 cell

[email protected]

Richard K. Jones, Managing Partner, Head of Trading & Research

513.386.7447 office

513.703.0982 cell

[email protected]

Alexander F. Phillips, Managing Partner, Head of Compliance and Settlements

513.386.8284 office

513.237.0753 cell

[email protected]

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Please contact us:

mailto:[email protected]




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Thank You

Thank You --- VALET Companies

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Disclaimers

IRS Circular 230 Disclaimer

To ensure compliance with IRS Circular 230, any U.S. federal tax advice provided in this material is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for

the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer, or (ii) in promoting, marketing or recommending to another party a partnership or other entity,

investment plan, arrangement or other transaction addressed herein. For more information, please visit www.irs.gov.

Foreign Exchange Trading Risks

Trading foreign exchanges involves a leveraged product with a high level of risk and may not be suitable for all investors. This high degree of leverage can work for or against you and you could lose

more than your initial capital investment. You should ensure that you understand all of the risks and that you are willing to accept them before investing in the foreign exchange markets. By

undertaking these types of high risk trades you acknowledge that you are trading with your available risk capital and any losses you may incur will not adversely affect your lifestyle. No guarantee is

given that this communication or any services provided by Bannockburn Global Forex, LLC will result in profits. Before deciding to invest in foreign exchange you should carefully consider your

investment objectives, level of experience and risk appetite. The risk of loss in trading foreign exchange can be substantial. You should therefore carefully consider whether such trading is suitable for

you in light of your financial condition. None of the information in this material is intended to provide investment or foreign currency exchange advice or trade recommendations. No representation is

being made that any account will or is likely to achieve profits or losses similar to those discussed in this material.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING.

ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF

LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAN

ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

General Investment Risks

The information and content provided in this material are general in nature and are for informational purposes only. Such information and content are provided as a convenience to you, and

Bannockburn Global Forex, LLC makes no warranties, and bears no liability for, your use of the information and content. Bannockburn Global Forex, LLC does not endorse, and is not responsible for,

the information, content, links, privacy policy, or security policy of any third-party references provided. This material should not be construed as an offer to sell or the solicitation of an offer to buy any

security in any jurisdiction where such an offer or solicitation would be illegal. Bannockburn Global Forex, LLC is not soliciting any action based on this material. It is for the general information of our

current and prospective clients. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on

this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material

and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed,

and a loss of original capital may occur. Certain transactions - including those involving futures, options, equity swaps, and other derivatives as well as non-investment-grade securities - give rise to

substantial risk and may not be available to or suitable for all investors. The material is based on information that Bannockburn Global Forex, LLC considers reliable, but Bannockburn Global Forex, LLC

does not represent that it is accurate, complete and/or up to date, and it should not be relied on as such.

Disclaimer of Legal, Tax, Financial Advice

The information and content made available to you are not intended, and should not be construed as legal, tax, or investment advice, or a legal opinion. You should contact your legal, tax, and/or

financial advisors to help answer questions about your and your business’ specific situation or needs prior to taking any action based upon the information and content.

Disclaimer of Pricing and Market Data

Any pricing and market data provided in this material is for informational purposes only, and should not be relied upon for trading purposes. Historical and current price performance data is not

necessarily indicative of future performance. Neither Bannockburn Global Forex, LLC, any third party that provides such data nor their data or content providers guarantee the sequence, accuracy, or

completeness of any price information or other data displayed, nor shall any such party be liable in any way to the reader or to any other person, firm or corporation whatsoever for any delays,

inaccuracies, errors in, or omission of any such information or data or the transmission thereof, or for any actions taken in reliance thereon or for any damages howsoever arising there from or

occasioned thereby or by reason of nonperformance or interruption, or termination, of the stock price information for any cause whatsoever. You should also not rely on the pricing and market data

provided on our website for investment purposes.

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Introduction to Bannockburn Global Forex, LLC

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FIRM OVERVIEW Boutique capital markets firm specializing in foreign exchange payments, hedge advisory, and trading

Launched in 2009 by experienced bankers to provide customized, cost-effective foreign exchange transactions

EXPERIENCED MANAGEMENT Management team with over 160 years of combined capital markets experience at top-tier banks

Advisory board of recognized industry leaders in the fields of investments and trading, securities law,

software development, and consulting

CLIENT BASE Commercial companies of all sizes doing business abroad

Private equity or other investment funds with foreign currency exposure within their portfolio of companies

Asset management companies, pension funds, and endowments with an international mandate

Small and mid-cap banking institutions, generally under $10 billion in assets, that focus on C&I loans

Small and mid-cap investment banking firms that provide capital to their clients and desire a white label Forex solution

CUSTOMIZED SOLUTIONS Review and advisory of current and projected needs to determine most cost-efficient instruments and timing

Transparent and pre-committed pricing – you know what the price will be before we trade

Historical forensic analysis to quantify impact to bottom line

COMPETITIVE EDGE World-class experience and infrastructure at the service of every client

Secure transactions cleared through multi-national counterparties

On-boarding requires no change to client’s current banking account structure

Institutional regulatory and compliance regime

User-friendly, client-facing trading portal, with live pricing in all time zones, launching Summer, 2013

CONFIDENTIAL


Frequently Asked Questions

How is Bannockburn able to offer better pricing than banks?

There are many reasons that Bannockburn is able to offer better pricing than banks:

We have a low cost base, allowing us to offer better margins to our customers

Our large daily volume results in wholesale pricing – an advantage we pass on to our clients

We carry minimal market risk as we hedge our open positions quickly with our counterparties – we never make up losses through poor rates to our clients

Our automated back office processing reduces fees, which are then passed along to our clients with lower spreads. This also allows us to transact

business without charging our clients wire fees, an additional savings

Finally, unlike bank traders, who are paid solely on commission from the spread on each transaction, we take a long term approach to building long term

multi-faceted relationships with our clients

We require major transactions on a frequent basis. Shouldn’t we be dealing directly with a bank?

Bannockburn is a major market maker having transacted over $10 B in notional trades since inception and with single transactions reaching into the

hundreds of millions.

We trade for many Fortune 100 firms with some having assets of $40 B USD and higher and revenues nearing $8 B USD. These clients are happy

to share their experiences with you upon request.

We are bonded through Chubb which is an A2 rated insurance company

We are regulated by the Ohio Department of Financial Institutions, CFTC and NFA.

We have undergone rigorous due diligence from major global banks that are now our trading and clearing partners

Our forward contracts are placed only with AA-rated banks

Foreign exchange is an unregulated OTC traded product with little price transparency. Bannockburn is willing to transact business at pre-negotiated

pricing – has your bank offered you that?

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Frequently Asked Questions

We only transact a few times a year and the amounts are relatively small. Why should we use Bannockburn?

Many small to mid-sized companies believe they can’t expect to get the same attention and terms as larger companies. We think differently.

Our analytics and superior pricing can directly improve our clients’ businesses, helping them grow. We are dedicated to offer ing that same competitive

advantage to your business whether you do one transaction a year or hundreds.

We offer every client the personalized trade and hedging analytics that banks typically only offer to Fortune 100 clients

How do I become a client and how do we transact business with Bannockburn?

Becoming a client can take as little time as 15 minutes. A few simple forms of authorization are all we need.

There are no new accounts to open so you can keep your current banking relationships and account structures.

For currencies purchased to be wired, we debit clients directly via ACH so that there is no wire or ACH to send us, saving time and costs. For clients selling

Canadian dollars we can also directly debit those accounts.

We set up outbound wiring instructions as standard instructions so we are only provided this information one time and add them as new ones develop

We confirm all transactions quickly over email

How do I know how much I will save using Bannockburn?

Talk to one of our team members.

We will analyze your current and projected needs and provide advice on the most cost-effective way to cover your exposure

At the same time, we will conduct a forensic study on past transactions free of charge. We can look back over past transactions, comparing what your

bank charged with what Bannockburn would have charged to give you an idea of your potential savings.

We view the cost of foreign exchange payments as wire fees – how much would you pay for processing simple USD wires?

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Q2 2015 FOREIGN EXCHANGE 101 - Grow...

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