THE ART OF EXPOSURE MANAGEMENT
Every day, between the opening and closing of the world’s money markets, financial institutions commit billions of dollars to the international payments machinery on the strength of a hurried verbal handshake between dealers and a confirming telex.
It’s not clear that this is a risk in the conventional sense; the failure of a counterparty is rarely a complete surprise, and until banks introduce hourly interest rates there’s no cash management requirement involved.
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