Market risk, written for
the person who’ll explain it.

A move in rates or currencies reaches a company twice: first in what it holds, later through its customers. Most teams only measure the first.

Your exposure report is right, but is it complete? The four places a currency balance can sit, and how to close the gap.

Markets got less predictable, the business keeps changing shape, and the time to answer collapsed. What that asks of treasury now.

Splitting a result into what the market did and what the business did sounds simple. Why the data underneath makes it so hard.

A hedge program can work exactly as designed and still leave a currency number in the results. Why that happens, and how to say it in one breath.