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Foreign Exchange: The Complete Deal by James Sharpe

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14. Dealing with Banks and Financial Institutions

The importance of using the right counterparty cannot be overstated. Whether you are an individual or a company, large or small, the approach is broadly similar. A number of questions need to be addressed. This review would normally be made at the outset of a dealing relationship and thereafter on an annual basis.

The provider should be financially strong

Events of 2007-09 have highlighted the need for substantive research in this area. There have been very few instances of foreign exchange losses related to the failure of a bank or financial institution, but if a counterparty does have difficulties it will take up time better utilised elsewhere, apart from the unnecessary stress involved. ...

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