Question
Introduction: You and your colleagues are a multi-disciplinary team working in the research department of a large investment company in Toronto. Investor and corporate clients
Introduction:
You and your colleagues are a multi-disciplinary team working in the research department of a large investment company in Toronto. Investor and corporate clients of the company are increasingly asking about the cost of foreign exchange charged by financial institutions.
Scope of Project:
Canada: select one of the major banks, also a virtual bank operating in Canada such as xe.com, plus two other major foreign-based banks to be selected by team members.
Chosen the banks:
Major bank: TD
Virtual bank: Tangerine
Two other major foreign-based banks: Citi bank & HSBC
Question:
- Describe all risks for both parties and describe what risks are being mitigated through foreign exchange
- Make a recommendation to corporate clients as to what their likely current foreign exchange fees are for foreign exchange transactions where on a weekly basis $1 million Canadian is being converted into the following currencies: US$, British pound, plus two other currencies to be selected by the team
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