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The Currency Exchange Fund N.V. (“TCX”) is a development finance initiative that offers currency derivatives in financial markets where such products are not available or poorly accessible.

TCX acts as a market‐maker in currencies and maturities not covered by banks. A key objective of the Fund is to allow lenders and borrowers to hedge currency mismatches that result from cross‐border financing involving frontier markets.

TCX typically offers longer‐dated products to support longer‐term local currency finance.

TCX covers over 70 currencies worldwide. Since starting operations in 2008, TCX has hedged over USD 3.6 billion of local currency loans. By December 2015, the Fund’s portfolio of cross currency swaps and forwards amounted to over USD 1.3 billion spread across 50 currencies and 650 transactions.

TCX’s investor base consists of development finance institutions and microfinance investment vehicles active in emerging and frontier markets.

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