Tunisia

Gilles HUART FX Marketing - Paris33-1 [email protected]

MASTERE MANAGEMENT INDUSTRIEL

INTERNATIONALGESTION DES OPERATIONS

INTERNATIONALES

LE RISQUE DE CHANGE

6 Mars 2002

CorporateBankingand Investment

Corporate

Bankingand Investment

Foreign Exchange Markets

TUNIS, 13th December 2005

Nadia Dagnas / Andreas Hesse

FX Sales - CEEMEA Region

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SUMMARY

Introduction.........................................................p. 2

Contents.................................................................p. 6Market participants...............................................................p. 07Market liquidity.........................................................................p. 17Around-the-clock market..................................................p. 19

Foreign Exchange Exposure................................p. 20Volatility........................................................................................p. 21Foreign exchange risk.......................................................p. 22Sources of risk........................................................................p. 23

Foreign Exchange Products.................................p. 25Spot market..............................................................................p. 26Forward market.....................................................................p. 34Non deliverable forward..................................................p. 39Forex options..........................................................................p. 42

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INTRODUCTION

This is the largest market in the world with an estimated usd 1.9 Trio average daily turnover

Unlike Commodities and Equities markets, the Forex market is not located in a specific place nor limited by trading hours

It is a truly 24 hours global system trading example BNPP add geo Map

It knows no barrier and Forex is over-the-counter market where buyer and sellers conduct business

A foreign exchange transaction is a contract to exchange one currency for another at an agreed rate on an agreed date

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The FX market is evolving

$282$325

$348

$218

$301

$47

$94

$121

$111

$213

$62

$75

$99

$58

$108

$0

$100

$200

$300

$400

$500

$600

$700

1992 1995 1998 2001 2004

Av

era

ge

Da

ily V

olu

me

(U

SD

bill

ion

s)

Non-FI

Other FI

Interbank

Dealing between Banks and other Financial Institutions has risen while interbank dealing has declined as a proportion of the overall market

NBFIs including Hedge Funds, Fund Managers and CTAs

Source: Bank for International Settlements 2004

INTRODUCTION

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$350

$394

$494

$568

$387

$621

$282

$325$348

$301

$218

$-

$100

$200

$300

$400

$500

$600

$700

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006

Ave

rag

e D

aily

Vo

lum

e (U

S$

bill

ion

s)

Spot FX

Inter-bank Spot FX


INTRODUCTION

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Average daily turnover (ADV) in FX markets rose from USD 1.2 trillion in April 2001 to USD 1.9 trillion in April 2004, a 57% increase at current exchange rates and 36% increase at constant exchange rates

Spot FX posted the largest gains going from ADV of USD 387 billion in April 2001 to USD 621 billion in April 2004 – 60.5% growth at current exchange rates


53%

12%

35%

Forwards

Outrights

Spot

USD 944 billion

USD 621 billion

USD 208 billion

INTRODUCTION

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Market participants

Market liquidity

Around-the-clock market

CONTENTS

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Contents - MARKET PARTICIPANTS

Governments

Central banks

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Financial Institutions

Market Makers

Governments

Central banks

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Financial Institutions

Market Makers

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MARKET PARTICIPANTS - Governments

Governments have requirements for foreign currencies

1. Government expenses

1. ie to pay staff salaries and local bills of embassy abroad

2. Activities linked to the management of non domestic debts To pay back foreign loan with the capital sum eventually having to be

repaid ( Paris club ) Foreign Bonds redemption

Who is managing the risk ?1. In some countries there are Debt agencies Sweden

Belgium

2. In other countries MOF will act through central banks ie Greece

Products tools Fx spot Fx forward Fx options

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MARKET PARTICIPANTS - Central banks

CENTRAL BANKS ARE ACTIVE MAINLY FOR THE FOLLOWINGREASONS The central banks are stabilising their own currency

1. They will enter the market to correct what are felt to be unnecessarily large movements often in conjunction with one another

2. By their actions however they can sometimes create the excess they are specifically trying to prevent

Example of G7 interventions charts

The second group of active central banks can be described as aggressive managers of their reserves

1. Some of the middle east and Far Eastern central banks fall into this category 2. They are major speculative risk takers to enhance local flows

3. Managing bonds portfolio and money market deposits

Existence of a currencies basket will conduct their Forex activities with curencies adjustments

According evolution of the basket percentage reserves have to replicate weight of currencies in the basket

Example: Russia

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CENTRAL BANK INTERVENTION : JAPAN EXAMPLE

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CENTRAL BANK of CHINA

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MARKET PARTICIPANTS - Corporate

Commercial requirements

1. Importers oil (buying USD)

2. Exporters utilities, manufacturing goods

M&A Business (MERGER AND ACQUISITION)

1. Cross border activities

2. Exemples of recent M&A involving Forex transactions

Financial Business

1. Balance sheet consolidation

2. case of HIA

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MARKET PARTICIPANTS - Financial institutions

Real Money managers / Pension funds - long term view1. Forex activity as investment in foreign bonds or equities

1. Chart: Japanese investors flows into Usd

Hedge funds - medium term view1. They have no underlying exposure to hedge rather they attempt to

fulfill the adage buy low sell high by trading for profit as a reward of their activities

2. Foreign exchange is an ideal speculative tool offering volatility liquidity and leverage

Commercial banks- short term view Trading activities on Fx spot Estimated up to 90 % of the daily trading activity, as a speculator

community

Development Banks and Public organisations1. Loans2. Payables and receivables

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FINANCIAL INSTITUTIONS : Japanese investors flows into USD

MARKET PARTICIPANTS - Financial institutions

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MARKET PARTICIPANTS - Market makers

LIQUIDITY PROVIDER1. MM have the obligation to quote2-way prices, hence showing

bid/offer spread2. MM are ready to buy and sell currencies 3. Reciprocity is standard practice

4. This category is the largest and includes international commercial and investment banks

PRICES FACTORY 1. It requires a global organisation2. Expertise and knowledge to deal with particular requirements

1. very important flows, high number of transactions

MAKE PROFIT Maximising the turn-over Set Bid / Offer spread

The bulk of today trading activity is concentrated between 150 banks

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MARKET PARTICIPANTS - Market makers

BROKER HOUSES

1. Bring buyer and seller together at a mutually agreed price

2. Liquidity provider, both buyer and seller should pay a transaction commission which will vary according to currency handled, the amount and from center to center

3. Major Broker

ELECTRONIC BROKERING SYSTEM1. EBS

2. Reuters 3000

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Contents - MARKET LIQUIDITY

Most traded currencies

1. G7 currencies

2. Pacific currencies

Converging currencies

1. Eastern Europe

2. High yield and FDI flows

Emerging market currencies

1. Volatility

2. Carry trades Ie Turkey and South Africa

Local currencies pricing one side

Amount % share Amount % shareUSD/ EUR 354 30 501 28 41.5%USD/ JPY 231 20 296 17 28.1%USD/ GBP 125 11 245 14 96.0%USD/ AUD 47 4 90 5 91.5%USD/ CHF 57 5 78 4 36.8%USD/ CAD 50 4 71 4 42.0%EUR/ JPY 30 3 51 3 70.0%EUR/ GBP 24 2 43 2 79.2%EUR/ CHF 12 1 26 1 116.7%Other 244 20 372 22 52.5%TOTAL 1174 100 1773 100 51.0%

2001 2004 Volume growth

Currency pair

Amount % share Amount % shareUnited States 254 15.7 461 19.2United Kingdom 504 31.2 753 31.3J apan 147 9.1 199 8.3Singapore 101 6.2 125 5.2Germany 88 5.5 118 4.9Hong Kong 67 4.1 102 4.2Australia 52 3.2 81 3.4Switzerland 71 4.4 79 3.3France 48 3 64 2.7Canada 42 2.6 54 2.2Netherlands 30 1.9 49 2Denmark 23 1.4 41 1.7Sweden 24 1.5 31 1.3Norway 13 0.8 14 0.6Other 155 9.4 237 9.7

2001 2004Currency paid

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Contents - MARKET LIQUIDITYZAR / JPY chart

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Afghanistan Cape Verde Gambia Liberia Palestine SurinamAlbania Cayman Islands Georgia Lithuania Papua New Guinea SwazilandAlgeria Central African Republic Ghana Macao Paraguay SyriaAngola Chad Grenada Macedonia Peru TahitiAnguilla Chile Guatemala Madagascar Phillipines TaiwanAntigua & Barbuda China Guinea-Bissau Malawi Poland TajikistanArgentina Colombia Guinea Republic Malaysia Qatar TanzaniaArmenia Comoros Guyana Maldives Romania ThailandAzerbeijan Congo Haiti Mali Russia TogoBahamas Costa Rica Honduras Malta Rwanda Tonga IslandsBahrain Croatia Hungary Mauritania St. Kitts & Nevis Trinidad & TobagoBangladesh Curacao Iceland Mauritius St. Lucia TunisiaBarbados Cyprus India Mexico St. Vincent & TurkeyBelarus Czech Republic Indonesia Moldova The Grenadines TurkmenistanBelize Democractic Republic Iran Mongolia Samoa UgandaBenin of Congo (former Zaire) Israel Montenegro Sao Tome & Principe UkraineBermuda Djibouti Ivory Coast Montserrat Saudi Arabia United Arab EmiratesBhutan Dominica Jamaica Morocco Senegal UruguayBolivia Dominican Republic Jordan Mozambique Serbia UzbekistanBosnia-Herzegovina Egypt Kazakhstan Myanmar Seychelles VanuatuBotswana El Salvador Kenya Namibia Sierra Leone VenezuelaBrazil Equatorial Guinea Korea Nepal Slovakia VietnamBrunei Eritrea Kuwait Netherlands Antilles Slovenia YemenBulgaria Estonia Kyrgyzstan Nicaragua Solomon Islands ZambiaBurkina Faso Ethiopia Laos Niger Somalia ZimbabweBurundi Fiji Latvia Nigeria South AfricaCambodia French Guiana Lebanon Oman Sri LankaCameroon Gabon Lesotho Pakistan Sudan

Contents - MARKET LIQUIDITY

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Contents - AROUND-THE-CLOCK MARKETMain financial centers, 24 hours per day

Europe & Middle East• Paris • London• Amsterdam• Athens• Dublin• Brussels• Switzerland• Bahrain

• Oslo• Milan• Madrid• Warsaw• Budapest• Sofia

Japan• Tokyo

Asia• Bangkok• Hong-Kong• Singapore• Seoul• Taipei• Sydney

Americas• New-York• San-Francisco• Montreal• Brazil• Argentina

Singapore

Front Office Staff

Risk Solution

Sales

Total Front Office : 284

Americas 51

Japan 12

Asia ex. Japan 75

Europe 150

442626 2121

224141 3232

66 55

1010 60608080

Trading

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5 “Hubs”

23 Local Platforms

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FOREIGN EXCHANGE EXPOSURE

Volatility

Foreign exchange risk

Sources of risk

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Foreign Exchange Exposure - VOLATILITY

Volatility1. The volatility is the amplitude of currencies variations

2. Forex risk exposure is linked to volatility factors

Reasons of currencies move1. Growth differentials expectations

2. Interest rates expectations

3. Large market flows

4. Market news and Rumour (“Buy the Rumour, sell the News”)

No volatility no Forex risk1. Some emerging currencies are pegged to Usd, any FX risk?

2. Risk of deval or reval...

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Foreign exchange exposure is the risk of financial impact due to changes in foreign exchange rates

The participants in the foreign exchange markets effect hedge operations for either financial or commercial transactions

Foreign Exchange Exposure - RISK EXPOSURE

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Transaction ExposureTransaction exposure mainly impacts a company’s profit and loss

and cash flow It results from transacting business in currencies different from the

home-based currencyThis exposure could be hedged through the use of foreign exchange

products such as forward contracts

Commercial transactions and hedgingCommercial transactions hedging

Corp. buying raw materials from abroad and exporting final products Importers of goods buying foreign currencies

Economic exposure in case of tender

Foreign Exchange Exposure - RISK SOURCES

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Foreign Exchange Exposure - RISK SOURCES

Financial transactionsFundingPortfolio investment

Translation exposure Translation exposure mainly impacts a company’s balance sheet It results from the translation of foreign assets and liabilities into the

company‘s home currency for accounting purposes

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FOREIGN EXCHANGE PRODUCTS

Spot market

Forward market

Non deliverable forward

Forex options

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Bid / Offer spread Prices are given as spread

1.1724/1.1728

Spread is given in pips

Amount

Trader buys at lower price bid side or left side

Trader sells at highest price left Ask side or Right side

Client buys at highest price / Client sells at lowest price

Foreign Exchange Products - SPOT Transaction

Spot is the price at which one currency can be bought or sold, expressed in terms of the other currency for delivery on spot value date

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Foreign Exchange Products - SPOT

Reuters page: Spot prices

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PRICE DETERMINANTSsupply and demand exchange rates in foreign exchange are driven

by the laws of supply and demand

The supply and demand for specific currencies change given the amount of trade and investment being done

If there is a high demand for a currency its value increases

If there is a low demand then its value decreases

but also economic political monetary and social factors

Rumours and anticipations

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CONVENTION

Delivery D+22 business days are required to enable the trade information between the

counterparties involved to be agreed on and to process the funds through the local clearing

ISO code: GBP, USD,.... First 2 letters for the country: GreatBritainP, 3rd letter for the currency: GBPoundQuotation

Direct domestic currency is quoted versus foreign currency Eur/Usd, Gbp/Usd

Indirect foreign currency is quoted versus domestic currencyUsd/chf usd/jpy usd/kes

Market quotation prices are given with 4 decimals except the jpy the second decimal is called the figurethe last 2 decimals are pips


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OrdersTake profitStop lossAt best


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“My word is my bound”

Quick pricing

Trading PositionsLong EURUSD Risk Downside Short EURUSD Risk UpsideSquare No risk

Trading rules Neutral will price market price

Bullish Trader will quote better bid 1.0725/29

Bearish Trader will quote better offer 1.0723/27

Trading limitsOpen positions limits

Orders stop loss take profit

MDDR


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Monitoring a position

Buy Sell Rate Amount2 Value Date Deal DateB 5,000,000.00 1.1725 -5,862,500.00 15/12/2005 13/12/2005B 20,000,000.00 1.1777 -23,554,000.00 15/12/2005 13/12/2005

S -5,000,000.00 1.1777 5,888,500.00 15/12/2005 13/12/2005 B 6,000,000.00 1.1775 -7,065,000.00 15/12/2005 13/12/2005

S -1,000,000.00 1.1774 1,177,400.00 15/12/2005 13/12/2005B 1,000,000.00 1.1776 -1,177,600.00 15/12/2005 13/12/2005B 3,000,000.00 1.1777 -3,533,100.00 15/12/2005 13/12/2005

S -2,000,000.00 1.1772 2,354,400.00 15/12/2005 13/12/2005

Position : long EUR 27 mio = short USD 31,771,900.00

Long position average rate

(5x1.1725+20x1.1777+6x1.1775+1x1.1776+3x1.177 -5x1.1777-1x1.1774-2x1.1772)/27 = 1.1767


Positive PL Sell 27 mio Eur above 1.1767 ie 1.1777Profit 27 000 Usd

Negative PL Sell 27 mio Eur below 1.1767, ie 1.1757 Loss 27 000 Usd

No PL Sell 27 mio Eur at 1.1767

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Principle A forward contract is a transaction excecuted today in which one

currency is bought or sold against another for delivery on a specified date

Forward points are relative interest rate differentials expressed as units of currency

Forward contract prices are determined by 2 factorsthe current spot price between the two currenciesthe interest rate prevailing in each of the two currencies

Premiumif the interest rates in the variable currency are lower than those of the fixed

currency The forward points are added to the spot rate to get the forward rate

DiscountThe interest rates in the variable currency are higher than those of the fixed

currencyThe forwards points are deducted from the spot rate

Foreign Exchange Products - FORWARD

spopipsdaysrateccy

daysaldifferentirateSpotint/

)360/int(1

360/.int

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Bid/AskEURUSD 1.1783/84USDCAD 1.1588/93USDJPY 120.64/65USDCHF 1.3039/40

If the third currency is quoted certainagainst the both currencies

Ex. CHF/JPY = USD/JPY USD/CHF

If the third currency is quoted certainagainst only one of the two other currencies

Ex. EUR/CAD = EUR/USD x USD/CAD

Ask USD/BAsk A/B =

Bid USD/AAsk A/B = Ask A/USD x Ask USD/B

120.65Ask CHF/JPY =

1.3039= 92.5301 Ask EUR/CAD = 1.1784 x 1.1593 = 1.3661

Bid USD/BBid A/B =

Ask USD/ABid A/B = Bid A/USD x Bid USD/B

120.64Bid CHF/JPY =

1.3040 = 92.5153 Bid EUR/CAD = 1.1783 x 1.1588 = 1.3654


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Foreign Exchange Products - FORWARD Bids and offers

Just as there is bid and offer in the spot market there is also a bid and offer rate in the forward market

This means that the forward points for both sides of the exchange rates must be quoted

Outright Forward BNP sells 3 months EUR BNP will deliver EUR in 3 months BNP buys today the Eur to be delivered in 3 M BNP needs to borrow Usd during 3 m period BNP will lend the Eur during 3 months that will be used at maturity for the delivery ACB will deliver Usd in 3 months

Reuters page: Forward prices

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Foreign Exchange Products - FORWARD Quotation OUTRIGHT FORWARD

The spread is given in swaps pips It is the same as spot with 2 or 4 decimals

Example Spot EURUSD @ 1.1724/1.1728 Forward pips @ 4.32/4.37Forward rate 1.172832/1.173237

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Foreign Exchange Products - FORWARD Quotation FOREX SWAP

Simultaneously 1 spot transaction+ 1 Forward transaction

but opposite way

Example Spot EURUSD @ 1.1724/1.1728 Forward pips @ 4.32/4.37Forward rate 1.172832/1.173237

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SWAP BUYER USD=

SWAP BORROWER USD=

Swap sell & buy EUR/USD

SWAP SELLER USD=

SWAP LENDER USD=

Swap buy & sell EUR/USD

SELL spot EUR/USD+

BUY forward EUR/USD

BUY spot EUR/USD+

SELL forward EUR/USD

Mechanics of Forex Swaps

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Convertibility and Transferability

Currencies like ARS / BRL / CNY/ TWD/KRW

Use of NDF

NDFs allow corporations, banks and other organisation to hedge their currency risk simply and efficiently

Whether the exposure takes the shape of overseas assets or equity holdings, international subsidiaries or receivables in foreign currencies

NDF to protect their investment

PrinciplesAs with normal forward transaction you either buy or sell the NDF depending

on your position to be hedged or your view on the currency or its interest rates

There is no physical delivery of currency at maturity

Instead, the difference between the agreed outright price and the prevailing spot rate is multiplied by the notional amount of the contract to return an amount in dollars

Settlement: Payment of Netting

FX Products - NON DELIVERABLE FORWARD

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NDFs are generally short term instruments, using the same standard foreign exchange as forward market convention

Two way prices are quoted two ways bid / offer

NDFs require a fixing mechanism to establish a spot rate on which to settle these transactions

The purchaser of the contract pays out the foreign exchangedifferential in dollars

Advantage of NDFsNot subject to local regulations or restrictionsPrincipal not subject to settlement risk only profit and lossSimple and easy settlement Only settlement currency in Usd so no local currency accounts are

needed Eliminates paying spot bid/ask spreads again at maturity of the

contract


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Hedging Currency risk with NDFA multinational corporation generates 30% of its revenues in Korea

but reports and dividends are in the EUR if the Korean Wong depreciates the value of its earning erodes and

the company could miss its earning projection The company needs to ensure access to an acceptable exchange

rate six months forward The company Sells forward using a six months NDF contract

ExampleEUR/KRW = 1402/1403EUR/KRW @ 6M = 1423/1425 Fixing rate 1400

Netting calculation

( 1400- 1425 * 10 000 000 ) / 1400= 178,571.42 Eur


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Foreign Exchange Products - OPTIONS Definition and terminology

A forex option give the right to the order to buy or sell specific amount at a specific rate at a specific date

Call & Put option: Calls and puts provide the buyer with an instrument that ensures against adverse exchange rate movements. In return for this protection, the buyer pays a premium for the option. If the option is exercised there is a physical delivery of the underlying stock.

•At expiry, the buyer of the Call has unlimited upside potential if the spot rate is higher than the strike price Call is the right to buy .•At expiry, the holder of the put has unlimited upside potential if the spot rate is lower than the strike price. Put is the right to sell

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• Premium of the option= price of the option paid at spot value

• Exercise is the process by which the option is converted into a spot transaction

• The strike is the exchange rate at which the option can be exercised In the Money, At the Money, Out The Money • Expiry date is the final date on which the option can be exercised• European style exercise at maturity• American style exercise during the life of the option

• PRICE = intrinsic value+time value • Intrinsic value is the advantage to the holder of the option of the strike rate

over the forward outright rite• Time value is a mathematical function of implied volatility time to maturity

interest rates differentials, spot and the strike of the option• Volatility• It is a statistical function of the movement of exchange rate it measures

the speed of movement within an exchange rate band

Foreign Exchange Products - OPTIONS

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An investor wants to hedge against a possible strengthening of the EUR.

He buys a EUR Call USD Put with the following details:

Strike 1.19

Spot 1.18

Expiry 1 month

FX Outright 1.1820

Volatility @8.5%

Premium 0.4250% EUR

If the spot rate exceeds 1.19 at maturity, the customer exercises his call : he can buy the nominal in euros at the strike price.

If the spot rate ends up below 1.19, his loss is limited to the amount of the premium.

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Common Option Strategies

A straddle is a combination of a call and a put on the same underlying asset with same strike price and same expiry date. A long straddle is obtained by buying a call and a put while a short straddle is obtained by selling a call and a put.

ValueThe value of a straddle increases with the maturity and the volatility of the underlying asset. PayoffAt expiry, the owner of the straddle has unlimited upside potential if the spot rate should move either direction.The writer of the straddle will benefit if the spot price remains very close to the strike.


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A strangle is a combination of a call and a put on the sameunderlying asset, with the same the put). A long strangle is created by buying a call and a put, while ashort strangle is created by selling a call and a put.

ValueThe value of a strangle increases with the volatility of the underlying asset. PayoffAt expiry, the owner of the option has unlimited upside potential if the spot rate should move either direction by a large extent. The writer of the strangle will benefit if the spot price remains between the put strike and the call strike.


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A risk reversal portfolio is obtained either by buying a call and selling a put or selling a call and buying a put. It can be used as a cheaper hedging strategy compared to a plain European call or put.

PremiumThe net cost of a risk reversal is very low since the sold option covers the cost of the purchased option, sometimes even making it a zero-cost strategy.

PayoffThe payoff diagrams for a risk reversal are :


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A bullish vertical spread is created by buying a call option and selling a further out of the money call with same expiry.A bearish vertical spread is created by buying a put and selling a further out-of-the money put with same expiry. PremiumVertical spreads cost less than European options as the cost of the bought option is offset to a certain extent by the premium received for the sold option.

PayoffThe buyer benefits if the spot rate is between the two strikes at expiry. The payoff diagrams for vertical spreads are :


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A knock-in is a European option that becomes alive (is “knocked-in”) if the underlying spotreaches a predetermined barrier before maturity.

BarrierFor a regular knock-in, the barrier is out-of-the-money, i.e. below the strike for a call and above the strike for a put. For a reverse knock-in (or “kick-in”), the barrier is in-the-money, i.e. above the strike for a call and below the strike for a put.

PremiumThe knock-in premium is lower than that of a regular European option. The further the barrier to the spot, the lower the premium, as there is smaller probability that the option will become alive before expiry. It is a cheaper hedge compared to a European option.

PayoffIf the barrier is knocked-in, then the profile of a knock-in option is the same as with a regular option. If the option is not knocked-in, the customer having a position with underlying currency does not benefit from any exchange cover.


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A knock-out is a European option that ceases to exist (is “knocked-out”) if the underlying spot reaches a predetermined barrier before maturity.

BarrierFor a regular knock-out, the barrier is out-of-the-money, i.e. below the strike for a call and above the strike for a put. For a reverse knock-out (or “kick-out”), the barrier is in-the money, i.e. above the strike for a call and below the strike for a put.

PremiumThe knock-out premium is lower than that of a regular European option. The closer the barrier to the spot, the lower the premium, as there is greater probability that the option will extinguish before expiry. It is a cheaper hedge compared to a European option.

PayoffIf the barrier is not knocked-out, then the profile of a knock-out option is the same as with a regular option. If the option is knocked-out, the customer is no more hedged versus adverse market movements.


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Reuters page: Volatility prices

Foreign Exchange Products - Options

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L’information contenue dans cette proposition est purement indicative, et sert debase préalable à nos discussions. Les stratégies décrites ci-dessus sont citées à titred’exemple uniquement et ne sauraient servir de seule base de calcul pour votreévaluation de l’opération décrite. Elles doivent faire l’objet d’adaptation à chaquecas particulier, et notamment répondre aux conditions de marché lors de laconclusion de vos opérations avec BNP-PARIBAS. Nous vous rappelons que touteopération de marché sur instrument dérivé comporte des risques, du fait notammentdes variations de taux d’intérêts, des parités des changes, des cours des valeursmobilières ou des indices boursiers. Au regard de ces risques et agissant en tant quecontrepartie de BNP-PARIBAS, vous disposez des connaissances et de l’expériencenécessaires pour évaluer les caractéristiques et les risques liés à la présenteopération préalablement à sa conclusion, vous avez apprécié en toute indépendancel’opportunité et l’adéquation de l’opération à ses besoins, et effectué votre propreanalyse juridique, fiscale, comptable et financière et réglementaire de l’opération,en vous appuyant sur vos conseils habituels auxquels BNP-PARIBAS ne saurait àaucun moment se substituer.

DISCLAIMER

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forex market

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