OPTIMALIZÁCIA FINANČNÉHO RIZIKA POMOCOU HEDGINGOVÝCH NÁSTROJOV OPTIMISATION OF FINANCIAL RISK WITH THE AID OF HEDGING TOOLS OPTIMALIZÁCIA FINANČNÉHO RIZIKA POMOCOU HEDGINGOVÝCH NÁSTROJOV OPTIMISATION OF FINANCIAL RISK WITH THE AID OF HEDGING TOOLS

72 ● K O M U N I K Á C I E / C O M M U N I C A T I O N S 4 / 2 0 0 2 Príspevok sa zaoberá jednou z možností optimalizácie finančného rizika pomocou hedgingových nástrojov. Menové riziko predstavuje v súčasných podmienkach veľkej volatility slovenskej koruny pre firmy obchodujúce v eurodolárových krajinách nezanedbateľné nebezpečie strát z finančných operácií. Používanie i jednoduchých hedgingových nástrojov umožňuje riziko kurzových strát eliminovať.


Introduction
It is very problematic to define the risk unambiguously. It represents a certain degree of uncertainty with an expected result. We understand the risk to be any deviation of the real status from the expected one both downwards and upwards.
The financial risk is generally defined as a potential financial loss of the subject, that is a loss in the future resulting from the given financial instrument or portfolio.
Optimisation of a financial risk to among fundamental problems of the financial management to prevent crisis situations at management of assets and liabilities in cases of fluctuation of the exchange rate, interest rates, commodity prices, security rates and the like.

Financial Risks
Financial risks may be divided in different ways and according to different criteria. Fig. 1 shows a survey of financial risks by Josef Jílek [3].
The paper deals in particular with the solution of the currency risk, which is a part of the market risk. The market risk is a risk of loss from the market price changes as a consequence of unfavourable development of interest rate (interest risk), exchange rate (currency risk), security and commodity prices. The currency risk is a result of big volatility of the rates of exchange from the shortterm as well as from the long-term point of view. The situation on the Slovak financial market in the period from February 2002 to June 2002 fully proves the danger of the currency risk.
Hedging means minimisation of the financial risk resulting from the changes of commodity prices, exchange rates, interest rates and the like. The main objective of hedging is optimisation of the
S forwardmi sa obchoduje na neorganizovanom, tzv. OTC trhu (over the counter market). Výhodou je určitá sloboda pri rokovaní oboch partnerov, kupujúceho i predávajúceho, bez ďalších sprostredkovateľov. Riziko predstavuje možné neseriózne jednanie jedného z partnerov, čo je ale v praxi pomerne zriedkavý prípad. V Slovenskej republike sú najrozšírenejším typom menové forwardy. Kúpou financial risk for the purpose of stabilisation of the future cash flow. In this case risk is irrelevant. The main principle of hedging is elimination of the financial risk with the aid of instruments offered by the financial market.

Financial Futures Contracts
The use of financial futures contracts (financial derivatives) in business transactions of different kinds has lived a rapid development in the recent 25 years. The futures exchanges have become ones of the biggest markets in the world and there is a strong competition kept among them. In the Slovak Republic the use of the derivatives develops only very diffidently out of the stock market.
The derivatives are instruments derived (dependent) from the market value of the underlying asset of, e.g. security, commodity, currency, index and the like. A simplified classification of the derivatives is shown in the Figure 2.
The futures contracts are characterised by a time difference of the period of making the deal from its realisation and are a current component of the world trade. Forwards and options are the most used in our country as a defence against exchange rate losses.
The forwards are traded in a non-organised, the so-called OTC market (over the counter). Its advantage is a certain liberty in negotiations of both of the partners, the buyer and the seller, without other mediators. The risk is represented by possible not serious behaviour of either of the partners, which is a relatively rare case in practice. In the Slovak Republic the currency forwards are the most common types. Purchasing a forward, the company may ensure foreign currency for a beforehand agreed price and Banky kótujú forwardové kurzy nákupu a predaja slovenskej koruny na 1 deň, 1, 2, 3 a 6 mesiacov. Výpočet forwardového kurzu je pomerne jednoduchý: kde FW K -forwardový výmenný kurz, S -spotový výmenný kurz, r1 -úroková sadzba jednej meny za n dní, r2 -úroková sadzba druhej meny za n dní, n -počet dní.
Opcie patria medzi zložitejšie hedgingové nástroje a ich budúcnosť slovenský finančný trh ešte len čaká.  (Fig. 3) The banks quote the forward exchange rates of purchase and sale of the Slovak crown per 1 day, 1, 2, 3 and 6 months. The calculation of the forward exchange rate is relatively simple: where FW K -forward exchange rate, S -spot exchange rate, r 1 -interest rate of one currency in n days, The currency options began to be traded in the world as standardised contracts in 1982 and are included in the offer of the Slovak banks even though their use from part of the entrepreneurial subjects is negligible.
Contrary to forward, the option is a right to purchase or sell the agreed quantity, e.g. of a currency, at a beforehand stipulated price and in an exactly determined time. It means that an eventual risk of loss is limited by the amount of the option money paid (price of option), which is a question of agreement and for a calculation of which the Garman-Kohlhagen model is used.
The options belong among more complicated hedging instruments and the Slovak market just expects them in the future.

Conclusion
The behaviour of companies depends on their experience in the past period. If they have not had any problems or their losses have been minimal, the financial managers do not use derivative operations also due to their low motivation. The companies that have assessed the situation in the financial market incorrectly begin to consider at least the use of forwards. Železiarne Podbrezová, a.s., which suffered high exchange rate losses two years ago, belongs among such companies. On the other hand, such companies as Slovakofarma, a.s., Slovalco, a.s., Slovnaft, a.s. use suitable futures contracts on a standard basis. The percentage of companies that the exchange rate risk refers to and which use the derivatives is low in Slovakia in comparison with the neighbouring countries and moves around 5 to 10 %. For the time being the companies are not forced to use modern financial instruments. They reflect all their exchange rate losses into their expenses and the product prices. The change of the competitive environment after Slovakia entering the European Union will probably change this situation rapidly.