Citigroup’s Global Transaction Services (GTS) and Foreign Exchange and Local Markets (FXLM) Group have launched the AutoFX Passive Hedge service, leveraging the functionality of Citigroup’s AutoFX offering to provide institutional asset owners with a passive, automated hedging capability to lower foreign exchange (FX) risk.
By using set standing instructions to execute FX contracts based on the securities portfolio valuation, AutoFX Passive Hedge smooths out the influence of currency fluctuations in the overall return to international investment portfolios.
“Our clients will further benefit from this seamlessly integrated custody and FX offering providing a complete STP [straight-through processing] solution from deal determination and execution through to payment processing and FX confirmations,” said Neeraj Sahai, Citi’s global head of securities and fund services.
A feature of Citi’s AutoFX Passive Hedge is its automated ‘trigger’ functionality. Once the hedge parameters have been established, it automatically executes and continuously monitors, and adjusts back to the target hedge ratio based upon pre-set thresholds. This results in reduced currency exposure and reduced costs in managing this exposure.
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