One of the world’s largest database of performance insights, Global Peer uses proprietary transaction data from asset managers encompassing more than 20% of all institutional equity trades globally. Each stage of the investment process is compared to that of industry peers trading under the same conditions to systematically assess the quality of executions.
Optimize your execution outcomes. Our proprietary ACE model estimates costs, compares essential data and evaluates market conditions for 50+ markets using historical volume, volatility and spread data throughout all touchpoints of the trade life cycle. ACE is recalibrated quarterly with trade data from our Global Peer database.
Put your ideas into practice efficiently using our optimization tool to test portfolio constructs. Factor in model risk, transaction costs, taxes and constraints until you discover your optimal mix. Use the system’s built-in back-testing environment to create cost-effective trade lists immediately and for the long term.
75% of the largest institutional asset managers rely on our multi-asset TCA to help measure and improve their execution performance before, during and after trades. They count on actionable intelligence sourced from our Global Peer database, Agency Cost Estimator model, + standard benchmarks and + custom benchmarks designed to meet specific measurement requirements across equity, FX, fixed income and futures instruments. All geared to helping improve performance and reduce the costs of investment implementation.
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Over the past 12 years of my career, I’ve seen countless businesses fall prey to the hazards of foreign exchange (FX) trading.
Private equity (PE) and venture capital (VC) businesses are some of the most affected. Managing a portfolio of businesses means that risk, excess fees and poor exchange rates have a compounding effect.
Here, I'm going to walk you through what I've learned about efficient FX private equity management, and how you can improve your margins today using Just’s FX Analytics.
The impact of FX costs on portfolio companies is underestimated and undoubtedly large. If improperly managed, FX costs can:
The size and scope of private equity and venture capital portfolios make all of this harder to manage.
Over-the-counter financial markets like FX are obscure. This tips the balance of power in favour of the party that has the most information. Banks and FX providers are often the only ones who have access to live market data, which gives them the liberty to tell businesses what they should and shouldn’t expect. Unsurprisingly, this leads to unfair outcomes.
It is not uncommon for the FX margin to differ up to 25 times for two identical companies, with one having access to market data and the other not.
Businesses with small treasury teams and limited resources are more vulnerable to unfair premiums set by their FX providers. These providers can identify which businesses don’t have access to market data and subsequently won’t be aware of their options when it comes to negotiating FX costs.
In order to achieve fairer margins, businesses need access to the information possessed by their FX providers.
So, what can PE and VC treasury teams do to counter such a challenge?
Fundamentally, the solution is about gathering accurate and detailed information and then using that data to negotiate fair margins. Here are four critical tips for success:
4. Negotiate: Once your companies have objective data, they have the leverage to ask for a fairer deal - or at least ask why they are being charged the way they are.
It’s also worth mentioning the power of cross-portfolio management to reduce FX risk and cost. Using the combined data from your entire portfolio will help you understand different FX margins in the market. You are also in a position to bundle the combined FX flow of your portfolio companies and approach a single FX provider, strengthening your ability to negotiate macro terms for the group.
The greater the flow, the greater the influence, but generally annual FX flow above M USD enables leverage in negotiating margins.
The ability to ensure fair margins across your portfolio is only as strong as the information you have. We started Just to level the playing field between FX providers and businesses. To do this, we built FX Analytics, which provides:
In addition, for you as a firm, FX Analytics supports your buy-side due diligence process by enabling you to discover excessive margins and hidden FX costs, which can be reduced to improve company value.
While not a trading platform, the unique data provided by FX Analytics can be fundamental in improving FX private equity strategies and best practices. Since launching FX Analytics, we’ve seen European and global businesses reduce their annual FX costs by an average of %.
It cannot be overstated how important it is to benchmark FX trades and understand the injustice of their costs.
Through SaaS platforms like FX Analytics, PE and VC companies can harness the data needed to drive more efficient FX initiatives across portfolio treasury teams.
It is Just’s mission to empower treasurers and financial professionals to take back control of their FX costs by bringing clarity to the obscurity of the FX market.
Get a demo and free trial for your portfolio companies today.
Anders is a serial fintech entrepreneur and thought leader who has spent the past 12 years at the intersection of capital markets and technology startups. He is currently the CEO and founder of Just Technologies, serving corporate treasurers by levelling the playing field for companies involved in global trade. You can connect with him on LinkedIn here.
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