Contaduría pública en instrumentos derivados de coberturas en Colombia

Abstract

The objective of this project is to structure a methodology to help companies identify the derivative financial instrument that best suits their hedging needs. In the problem, companies face various financial risks, such as exchange rate risk and interest rate risk, which require effective tools to mitigate these impacts. The study aims to determine which derivative financial instruments available in Colombia are most appropriate for each type of risk. To this end, the method involves a detailed analysis of the various derivative instruments such as futures, options, swaps, and forwards that operate in the Colombian market, evaluating their applicability in different hedging contexts. The preliminary results indicate that each instrument presents particular advantages depending on the specific risk to be covered. For example, swaps are effective in mitigating interest rate risks, while futures contracts can offer more efficient protection against currency fluctuations. Finally, the discussion on the costs and benefits of implementing these hedges suggests that, although the initial implementation costs are considerable, the benefits in terms of financial stability and risk reduction outweigh these costs in most cases. This study provides companies with a key analytical tool to select the most suitable derivatives according to their risk profile. Keywords: Financial instruments, exchange rate risk, interest rate, financial hedging, and risk management.