Řízení měnového rizika ve vybraném podniku

Abstract

The aim of the diploma thesis is elimination of currency risk of Czech company XY.s.r.o. which is export oriented and using external hedging. Thesis is divided on theoretical and practical part. Theoretical part focus on characteristics and structure of foreign exchange market, the exchange rate, the volatility of foreign exchange rates, determinations of the foreign exchange rate over long and short time periods and basic financial derivatives such as currency forward, option, swaps and futures. Notion currency risk, foreign exchange exposure are described and the valuation of selected financial derivatives is used to hedge currency risk in the practical part. In the practical part there is application of theoretical knowledge. Two financial derivatives were selected to hedge the currency risk and its currency forward and put option. There are three exchange rate developments expected, optimistic, pessimistic and most likely variant. For these three scenarios are secured by the open foreign exchange exposure variants with 25% and 75% reinsurance are calculated. At the conclusion part are the individual results compared and the optimal way of securing is selected.