For any company with FX revenue or expense — enter your exposure and see seven hedge instruments (forward, forward ladder, floor / cap options, collar, rolling collar, average forward, cross-currency swap) scored against your profile. Walk out with a single action you can take to the bank.
If your company has FX exposure in Turkey, your call is shaped by seven overlapping regulatory and operational factors: the TCMB mandatory TL conversion rate on export proceeds, BSMV / KKDF tax pass-through, bank quotes that are formatted differently from counterparty to counterparty, IFRS 9 hedge accounting documentation, the option jargon, the relationship between tenor and the rate differential (carry), and margin pressure. You need a decision layer that has modelled this stack from scratch and recalibrates it against your sector's actual flow.
EU-27 extra-area goods trade ran a surplus through 2024; services continued to widen. Every mid-cap exporter still faces the EUR/USD swing between invoice and settlement. Hedging applies to both sides.
Enter your exposure; the engine prices seven hedge instruments against the local reference rate, interest-rate parity and current regulatory parameters, scores them against your profile, and surfaces a single action card. Three more strategies sit one click below — when the bank calls you'll know exactly where to look.
Four concrete things change the day you have a Kalibre report in hand — for a mid-cap CFO managing EUR or GBP exposure, this is the difference between reacting to bank quotes and pricing them.
Banks tend to lead with whichever structure protects their margin. Kalibre prices four strategies side by side so you can see which one actually fits your profile. When the bank offers an expensive option, you can say 'a plain forward is enough'.
When a bank quotes you EUR/USD 1.0820 at 6-month forward, knowing what the IRP-fair value is changes the conversation. You can ask 'why is this line so wide?' with a concrete number rather than a feeling.
Most CFOs cannot articulate their FX exposure as cleanly as the bank can. 'How much per month?' 'What's the visibility 12 months out?' 'How sensitive is margin to a 5% EUR/USD move?' Kalibre turns those into a 9-19 question structured profile.
What do I lose in the bad scenario? Kalibre shows realized historical outcomes alongside the 'what if FX had moved the other way' counterfactual. Hedge value is the floor under bad outcomes, not the highest expected return.
These are not predictions — they are historical replays of decisions European mid-caps faced. Each case shows what happened unhedged, with a forward, and with an option.
In Jul-Sep 2022 the dollar strengthened to parity with the euro. A German machinery exporter shipping ~$2M / month to US customers saw their EUR-billed margin balloon — but the second-half of 2022 also brought ECB hiking, and by year-end EUR/USD was rebounding to 1.07.
A 12-month forward sold at the Jul-22 EUR/USD around 1.02 would have locked the favorable rate; a collar (1.00 floor / 1.10 cap) would have captured the upside while protecting the floor. Doing nothing meant taking the full reversal back into margin.
Banks quote the same protection at different prices. Kalibre compares quotes to a fair-value reference— so you negotiate with a number, not a feeling.
Top to bottom quote varies 15% — the same protection costs €2,900 more from one bank than another. With three quotes in hand the conversation shifts.
Enter your monthly FX inflow and a rate scenario — see how unhedged versus a forward strategy differ over 12 months. Educational decision-support, not investment advice.
Soldan girdiğiniz aylık döviz akışı 12 ay boyunca tekrar eder. Sağdaki kaydırma çubuğu, dönem sonu kurunun bugünkü TCMB bazından yüzde kaç saptığını seçer (eksi = TL güçlenir, artı = TL zayıflar). Hesap, yıl boyunca tüm akışın bu son kurda TL'ye dönüştüğünü varsayar — yani tek noktalı bir kötü/iyi senaryo örneğidir.
Üstteki büyük sayı: aynı yıllık akışın baz kura kıyasla bu senaryoda ne kadar farklı bir TL ürettiği. Döviz geliri olan şirket için TL güçlenmesi kayıp, TL zayıflaması kazanç anlamına gelir; döviz gideri olan şirket için işaretler ters döner.
Alttaki bar yıllık akışın %72'sinin bugünden vadeli sözleşmeyle kilitlendiği bir profili gösterir. Bu oran Kalibre algoritmasının doğal hedge dahil önerdiği tipik bir orandır. TL güçlenirse kilitli kısım kayıptan korunur; TL zayıflarsa aynı kısım upside katılımından vazgeçer. Hedge asimetrik bir kazanç aracı değil, dalgayı sıfırlayan bir tampondur — gerçek faydası karar anında sonucun yönünü kimsenin bilmemesinden gelir.
Bu örnek tek bir vadeli sözleşme stratejisini gösterir. Kalibre demo'sunda yedi farklı strateji (vadeli, vadeli merdiven, alt sınır opsiyonu, üst sınır opsiyonu, sıfır primli yaka, dinamik yaka, çapraz para swap) profilinize göre puanlanır. Hedge oranı da sizin doğal koruma payınıza, vade dağılımınıza ve TCMB zorunlu dönüşümünüze göre değişir; %72 sadece bu örneğin parametresidir.
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