The whole afternoon was just a fantastic insight into what goes on
during one of the two transfer windows during the Premier League season.
There's first of all two different aspects of a transfer.
There might be an initial upfront payment, and typically the other club would work
with me to, in this case, buy Euros, sell Sterling.
And the second aspect would be around future payments.
Transfers are typically done in instalments
and they can be over a number of years.
I mean, we've seen, this season, eight year contracts with with certain clubs.
The risk here is of the clubs ultimately in the future, buying Euros
in this case, but not knowing what exchange rate they might be using.
And just to put it a little bit into perspective,
the Sterling-Euro exchange rate
just in the last year alone, we've seen a 5% range in that currency pair.
And then in extreme moves, for example Brexit, we saw a 10% a few years ago.
If I did actually want to mitigate
that risk of the exchange rate moving, there are things that they can do.
I work with clients around looking at what their exposures might be,
typically what known payments or receipts they’re likely to get,
and what impact an exchange rate move might have, in this case
a disadvantageous move, working with them to provide solutions,
but first of all, understanding what their actual scenario is,
and working as a partnership in effect, and therefore providing solutions
that might help them mitigate that risk in the best way possible.