FX and interest rate hedging program design: building a policy that protects without speculating

July 30, 2026 · 5 min · Free, with full transcript

Designing a hedging program forces CFOs to answer a question that sounds simple but rarely is: what exactly are you trying to protect? This article breaks down the mechanics of a well-structured FX and rate hedging program, the decisions that determine whether it actually works, and the tradeoffs that most treasury teams underestimate.