Možnosti zajištění měnového rizika ve spediční společnosti

Abstract

This thesis is focused on aplication of chosen hedging strategies which can be used for currency risk hedging. Thesis is divided into three main chapters where the first one is devoted to problems of financial risks and financial derivates. In the second chapter is characterized currency risk and then there is included theoretical base for exchange rate forecast. At the end of the chapter are described chosen currency derivates. In the final chapter is the practical part of this thesis. Chosen strategies are implemented for currency risk hedging in the forwarding company NH-TRANS, SE. In this chapter is performed volatility estimation according to the EWMA model and then the trend of exchange rate CZK/EUR for year 2011 is forecasted. For hedging is chosen 9 strategies which are applied and compared according to the various criteria. As the best strategy for the company is selected currency forward based on annual hedging. Acceptable form of hedging represent also option strategy Risk reversal.