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NEW YORK/LONDON, Nov 1 - Global fund managers are exploring ways to spread their counterparty risk, with many regularly monitoring the credit ratings of their dealer banks following the recent banking crisis, according to an industry survey released on Wednesday.
Fund managers use counterparties such as banks to trade foreign exchange or hedge currency risks. A counterparty's failure could put their hedges and the collateral that secures them in jeopardy. "One of the big lessons for fund managers from recent events in the banking industry is the importance of having access to multiple counterparties," said Eric Huttman, CEO at MillTechFX.
Huttman said that many companies may prioritize factors like prices when selecting foreign exchange counterparties but the recent banking crisis shows that"the likelihood of settlement are equally important." "So, it just makes sense as a risk-mitigation tool to start thinking about how you diversify your exposure to any one of those counterparties."
France Dernières Nouvelles, France Actualités
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