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Video FX Derivatives in Emerging Markets: Chilean Hedges and the Crisis | Numerix Video Blog (Hedging of forex)
M Compared to other emerging market economies, Chile fared better than many of its peers during the 2008 crisis. FX expert Udi Sela.
Jim Jockle (Host): A highlight has come out for derivatives usage in the Bank of InternationalSettlements Report, as it relates to the use of FX hedges by the Chile to weather the stormthrough the Lehman Crisis, with me today, Udi Sela of Numerix, how are you Udi?Udi Sela (Guest): Thank you, nice being here Jim. Thank you.Jockle: Udi walk us through elements of the report. What was Chile doing in terms of hedgingto recent market exposures?Sela: Okay so let’s just be accurate, this is not really the Chilean Government, we’retalking here about the Chilean Banks, and the idea was unlike previous events occurringin emerging markets, the Chilean Corporates were hedged against FX exposure, so when thelocal currency was devalued, the local corporates did not take major hits, as oppose to crisisthat we saw in similar cases in Korea, India, Brazil, and Mexico and so forth. This is basicallywhat bis.org wanted to highlight.Jockle: And one of the elements that it highlighted was also that it went beyond just base levelhedging and it was almost over hedging in many different ways. What kind of strategiesdo you think were being employed at that point and time.Sela: Well I would suspect that first of all these were mostly buy-only strategies, orstrategies that involve banks sell but when the sell is in the right direction, in thesense that if the local country strengthens, than it is good for the
exporters.Jockle: And looking ahead, what do you expect in terms of changes in the regulatory environmentand the way that some emerging market banks are going to be looking at FX derivatives?Sela: So in general I would say that still central banks would be cautious because ofthe misuse of exotic options in a way that was not really beneficial for corporates,so without really understanding what the risks associated with those trades were, I do thinkthat central banks and governments would encourage putting good risk practices in place and usageof derivatives in a more beneficially intelligent way. I don’t think they will discouragepeople from using, but I think the requirement would be understanding what you do, becausethis was the main concern over the various crisis’ that we have crossed in the lastfew years.Jockle: Udi thank you and the publication is available on the bis.org website, in termsof the case study it was part of the Quarterly Review. Udi thank you so much for joiningus today and giving a little bit more color and insight on this recent publication.Sela: Thank you my pleasure.Jockle: And again, please feel free to follow Udi on LinkedIn, or join the conversationon twitter @nxanalytics or on our blog. Your feedback keeps us going. Thank you and havea great day.Sela: Thank you.
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