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Accumulator

Accumulator

An accumulator is a strategy that comprises a combination of options at zero cost. It enables you to establish a very advantageous fixed price for your transactions, in exchange for making the nominal value that you will finally have to change to said price uncertain.

 

1. Importer


f your company imports in USD, you will have to buy a set amount of USD at a future date. Exchange rate insurance guarantees you a fixed purchase price, regardless of the evolution of the EUR/USD exchange rate.

Gráfico1

In this case, an accumulator will enable you to buy at a more favourable fixed price, but with a nominal value that depends on the evolution of the EUR/USD.

The “nominal fraction” is defined as the reference nominal value of the transaction divided by the number of days until maturity. The nominal value to be bought at the fixed rate will go on accumulating every day according to the EUR/USD fixing rate:

  • If EUR/USD > fixed rate: it accumulates a double fraction of the nominal value
  • If fixed rate > EUR/USD > barrier: it accumulates a fraction of the nominal value
  • If EUR/USD < barrier: it does not accumulate

The advantage of an accumulator is that it obtains a much more advantageous price than that of exchange insurance.

Gráfico2

If your company exports in USD, you will have to buy a set amount of USD at a future date. Exchange rate insurance guarantees you a fixed purchase price, regardless of the evolution of the EUR/USD exchange rate.

 

2. Exporter


If your company exports in USD, you will have to buy a set amount of USD at a future date. Exchange rate insurance guarantees you a fixed purchase price, regardless of the evolution of the EUR/USD exchange rate.

Gráfico3

In this case, an accumulator will enable you to sell at a more favourable fixed price, but with a nominal value that depends on the evolution of the EUR/USD.

The “ nominal fraction” is defined as the reference nominal value of the transaction divided by the number of days until maturity. The nominal value to be sold at the fixed rate will go on accumulating every day according to the EUR/USD fixing rate:

  • If EURUSD < fixed rate: it accumulates a double fraction of the nominal value
  • If fixed rate < EURUSD < barrier: it accumulates a fraction of the nominal value
  • If EURUSD > barrier: it does not accumulate

At maturity you willl sell the accumulated nominal value at the fixed rate

Gráfico4

The advantage of an accumulator is that it obtains a much more advantageous price than that of exchange insurance.

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