Firm History

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The beginning…

The founders of AtlasFX – Jonathan “Jono” Tunney, Gavin O’Donoghue, and Scott Bilter – oversaw the multibillion-dollar FX desk at Hewlett Packard (HP) from 1995-2010. The concept of AtlasFX spawned from a hybrid solution the trio developed in response to a wrong way trade of over €1bn euro which created a $28mn gain. This trade error prompted the FX team to revamp their entire hedging program in 2003.

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A Case Study in FX Optimization

Prior to 2003, HP employed a manual process for collecting balance sheet forecasts across ten different treasury analysts situated in three global treasury centers. These analysts collected line-by-line forecasts from over 100 entities across 27 currencies. This data was then aggregated and consolidated into a single spreadsheet coined “The Beast.”

The re-engineered process resulted in:

Creation of software functionality that replaced error-prone manual extraction of data from various sources across the globe.

Building direct links into HP’s legacy ERP, FP&A system, and Treasury Management Systems (TMS).

Developing analytics and dashboard functionality to explain the outcome of specific trades.

In the end, the HP FX team replaced complex spreadsheets which:

Reduced FX volatility by linking Cash Flow and Balance Sheet hedges.

Improved access to Receivables & Payables data within legacy IT systems.

Provided a conduit to leverage analytics and dashboards throughout the hedging process.