SPC Exchange
When analyzing the used strategies of protection, are evident that the positions nor always are very clear and that the estimates for the projects generally contain unreal conclusions in relation to the exchange exposition. Looks at the graph of a project of long stated period and there alone it is the traditional vision, that is, exportation and direct importation, but part of the prescription in the truth is in indexados Reals to the dollar and the equipment was only in part national, then the exchange risk was very superior to the esteem one and the new dumb graph radically, explains the professor. The identification of the size of the risk involves a series of difficulties that place the companies in fragility situation. Among others aspects, point only registered expositions already in the rocking, but not contingent them, as the imported equipment substitution inside of six months. Moreover, it has the competitive risks of the products, the arrival of new international competitors and a series of other 0 variable of market.
, explains Fraletti.Para the specialist, is essential that the pension funds stimulate this change of culture. As shareholding assets, the pension funds would have to pressure to develop this culture. They have to be able and size to exert pressure; the SPC demands that the foundations measure its VR, and them they would have to demand the same of the companies in which they apply its resources in significant way. A recent example was the crisis lived in 2002 for the sectors of telecommunications and of energy, that had lost much money due to the exchange oscillations, dragging I obtain good part of the profits of its shareholders. Was a typical case of hedge badly structuralized, coming back to the adivinhao of taxes. The old excuse of that the market is thus same, of that c est there vie, of that all had lost because of moved in the exchange, etc, is unacceptable.
Tags: economy