Helaba launches currency overlay programme for corporate clients

Helaba is launching the HI-actiFX currency overlay programme in co-operation with Helaba Invest, which has been especially designed for corporate clients.

Helaba is taking advan­tage of the extensive know-how of its subsi­diary in this area, the latter having already success­fully implemented this metho­dology in the scope of its fund management mandates.

HI-actiFX is an active currency management strategy in which hedging decisions are taken on the basis of funda­mental data and fore­casting models that are created using market sentiment information. It protects customers from unfavourable price changes and enables them to participate in beneficial price developments.

In order to achieve this, Helaba Invest utilises a rule-based system. Trade signals are generated on the basis of a purely mathe­matical and statistical process and the currency risk is actively managed. The probability of future price movements is calculated in a high data volume process with various models over different forecasting periods, from which a hedge ratio is determined on a daily basis.

„With the HI-actiFX currency overlay pro­gramme, the Helaba Group is reacting to the changing market environment and require­ments for our corporate clients’ treasury activities.“

Hans-Dieter Kemler
Member of Helaba’s Board of Managing Directors

“With the HI-actiFX currency overlay programme, the Helaba Group is reacting to the changing market environ­ment and requirements for our corporate clients’ treasury activities”, says Hans-Dieter Kemler, the member of Helaba’s Board of Managing Directors responsible, among others things, for the Capital Markets unit and Helaba Invest. “When we talk to our customers, we realise that there are signi­ficant risks associated with managing foreign currency pay­ments in companies’ treasury depart­ments. However, there are also opportunities and we are looking for the appro­priate solutions”, adds Dr Hans-Ulrich Templin, a member of Helaba Invest’s Management Board and in charge of overlay management.

The complexity and unpre­dicta­bility of currency markets, as well as expansion into a growing number of new countries, is leading to a situation in which managing foreign currency risks is increasingly shifting into the focus of multi­nationals and midcaps in Germany. This is because changes in exchange rates have a direct impact on a company’s earnings. Further­more, in the low interest rate environ­ment of the euro area, it can be expensive to hedge foreign currency positions in the long run due to the high interest rate differentials in non-euro countries.

In addition, requirements for companies in terms of accounting rules, compliance and the regulatory frame­work – at a time when human resources are scarce – are growing. In this respect, it is becoming increasingly impor­tant for treasury departments, from a strategic per­spective, to standardise and automate their processes.

Mike Peter Schweitzer
Head of Communications and Marketing, Press Officer
Ursula-Brita Krück
Deputy Press Officer

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