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GLOBAL MACRO & CURRENCY MANAGEMENT

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Investment Process

Full details of ECU's investment philosophy, core principles, methodology and process are set out in ECU's Due Diligence documentation, which is available separately. The chart below encapsulates the main inputs and process.

 

The FX Execution Process

ECU switches the debt book from one currency to another by executing spot foreign exchange transactions. ECU executes trades either through Royal Bank of Scotland (RBS) as the facilitator/allocator of trades on a bilateral basis between client counterparty banks (such that every client whose account is with a given counterparty gets the same price), or in some cases deals directly with the client's chosen bank.

This arrangement provides ECU with 24-hour market access and aids both the speed and the quality of order execution. This can be particularly important in fast-moving markets.

For our multi-currency debt management programme, the FX prime broker bank delivers the old (bought) debt currency to the lending banks and the lending banks deliver the new (sold) debt currency to the FX prime broker bank, rendering the client accounts overdrawn in the new (sold) debt currency as intended.

 Read ECU's Best Execution Policy

 Read ECU's Conflicts of Interest Policy

 Read ECU's Treating Customers Fairly Policy

The Triparite Relationship


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