This white paper explores how price manipulation, front-running, ISDA asymmetry and re-hypothecation can tilt OTC FX markets in favor of banks and outlines practical defensive tactics for corporate treasurers.

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What disciplined execution oversight looks like in practice

From opaque trading to structured transparency

As FX volumes and counterparties expanded, Cognizant required greater visibility into execution, exposure and compliance workflows. By integrating ERP data, trading platforms and internal controls, the treasury team strengthened governance and improved transparency across its global FX program.

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Evaluate how your derivatives are executed

If this paper raised concerns about pricing transparency, counterparty exposure or front-running risk, it may be time to reassess how your derivatives are quoted, executed and monitored.

Schedule a conversation to review your execution framework and identify opportunities to improve transparency, control and risk mitigation.

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