I have posted a couple of times before about the dangers to Pingar of rapid currency exchange rate moves. The past month or so have seen plenty of those.
So I had a meeting this morning with my man as ASB Bank. We decided that the new Limited Partnership needed a sterling account. This would enable GBP to be moved into NZD at the moment of our choosing.
It means that we will have to open a correspondent bank account in the UK. I guess this might have to be with the Commonwealth Bank of Australia, ASB's parent bank. The NZ child has no direct formal representation in the UK.
We then began to talk about 'hedging'. Apparently I need to speak to one of the in-house ASB trade experts. It made me think. Is it possible to take a reference on past performance? Or is that covered off by 'client confidentiality' clauses? Maybe the Melbourne Cup offered a better hedging option.
I backed Septimus. Local horse Viewe won. Oops. Back to the drawing board then.
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