difference between transaction exposure and operating exposure

He is passionate about keeping and making things simple and easy. For example: if Company A, based in the US, has already supplied goods worth $100 Mio to another Company B in the UK and has agreed to receive the payment in GBP, it has already undertaken . The field of finance called agency theory frequently argues that management is generally LESS risk averse than are shareholders. The breakdown of the selling and administrative expenses is as follows: NorthSouthEastTotalStoreStoreStoreSellingexpenses:Salessalaries$239,000$70,000$89,000$80,000Directadvertising187,00051,00072,00064,000Generaladvertising*45,00010,80018,00016,200Storerent300,00085,000120,00095,000Depreciationofstorefixtures16,0004,6006,0005,400Deliverysalaries21,0007,0007,0007,000Depreciationofdeliveryequipment9,0003,0003,0003,000Totalsellingexpenses$817,000$231,400$315,000$270,600\begin{array}{lrrrr} Transaction direct exposure is limited to the particular offer, which has taken place. \text{Cost of goods sold}&\underline{\text{\hspace{6pt}1,657,200}}&\underline{\text{\hspace{6pt}403,200}}&\underline{\text{\hspace{14pt}660,000}}&\underline{\text{\hspace{14pt}594,000}}\\ Translation exposure, i.e. Investors buy gold stocks for exposure to the price of gold, but if the price of gold continues to perform well and the equities do not, gold stocks are at risk of becoming irrelevant. The favourable factors in a country like stability, low rates of taxation, easy availability of funds, and positive balance of payment may change over time because of variations in the economic condition of a country. The inflationary forces, demand and supply of funds, and various kinds of various price controls, economical controls laid by the legislators, are also affected as a result of change in exchange rates. Transaction exposure has limited associated risk to the contract or transaction under discussion while operating exposure risk affects the core value of a business rather than one particular transaction or contract and is the risk to present value of future operating cash flows. Short-term movements in exchange rates are difficult to predict. A company may have a transaction exposure if it is . Transaction exposure impacts a forex transactions cash flow, whereas translation exposure impacts the valuation of assets, liabilities, etc., shown in the balance sheet. To what extent an exposure should be explicitly hedged, 2. As such, it is a change in expected long-term cash flows; i.e., future cash flows expected in the course of normal business but not yet contracted for. E) none of these. True/False FX hedging does reduce variability of FX CFs by locking in a FX rate via forward Operating exposure is the degree to which exchange rate changes, in combination with price changes, will alter a companys future operating cash flows, and in turn profitability. Unexpected currency fluctuations can affect the future cash flows and the riskiness of the cash flows; and impact the value of the company. Transaction exposure is short term in nature, usually for a period less than one year. Spot 1 $ = KRW 953.70;1 $ = JPY 11 6.38; 1 $ = Rs.46.4500, [Remember standard unit of Won & Yen is 100]. An asset denominated in terms of foreign currency will lose value if that foreign currency declines in value. While transaction exposure is short-term, relating to the period between entering and settling contracts, operating exposure affects any rm with foreign buyers, suppliers or competitors (or whose domestic suppliers or . The UK Company can manage the receivables and payables as under: It can instruct the US Company to make payments directly to US bank $100 million in 90 days time. Z) none of these. This relates to the risk attached to specific contracts in which the company has already entered that result in foreign exchange exposures. The firm would not increase the selling price of the commodity. A firm operating in domestic country can substantially lessen its total cost of production and effect of exchange rate changes by procuring the input from the countries or places where the inputs costs are lower. Although rarely acknowledged by the firms themselves, selective hedging is essentially speculation. Revenues = (2000) (100) (35) = Rs.70,00,000, Hence, Profits = 70,00,000 56,00,000 = 14,00,000, Revenues = (2000) (100) (36) = Rs.72,00,000, Material: (2,000) (6,000) (36/110) = Rs.39,27,272, Profits = 72,00,000 60,27,272 = Rs.11,72,728. B) gain; $24,000 Transactions exposure could be of contractual exposure also. On the graph, identify the most risky fund you selected and the Profit of the Parshwa Company per unit of LCD Television before change in currency (at current spot rate). Copyright 10. Before initiating the hedging process, the company has to decide what exchange risk exposure to hedge and how. Proponents argue that FX risk management reduces the variability of uncertain cash flows, which in turn can reduce the risk of financial distress (failure to meet debt obligations). F) I, III, IV only The treasury function of most firms, the group typically responsible for transaction exposure management, is NOT usually considered a profit center. In fact, the transaction and translation exposure are termed as one-time events, whereas economic exposure is a continuous one. Economic Exposure. Operating Exposure 3. Payment and receipt of 160 million on two different maturity dates (i.e., receipt in 180 days whereas payment in 90 days) and payment and receipt of $100 million on same maturity dates i.e. Transaction exposure deals with changes in near-term cash flows that have already been contracted for (such as foreign currency accounts receivable, accounts . Economic exposure comprises two cash flow exposures: transaction exposure and operating exposure. Economic loss is broader in nature than the translation and the transaction exposures. ________ are transactions for which there are, at present, no contracts or agreements between parties. The forward hedge promised the most riskless profit, but did not allow any benefit from appreciation. Exports are those products or services that are made in one country but purchased and consumed in another country. To construct a p-chart, 20 sample sizes of 150 were drawn from a process. They are: 1. The economic exposure of a firm includes all the facets of a firms operations including the effects of changes in exchange rates on the customers, suppliers, competitors; and all other factors of environment in which firm is operating. The one-notch difference between the VR and the LTFC IDR reflects that transfer, convertibility and intervention risks are captured in the bank's LTFC IDR but not its VR, under Fitch's Bank Rating Criteria. Transaction exposure results in realized gains or losses, Translation exposure results in notional / book gain or losses. Using forwards to hedge the peso exposure has certain implications, considering the high probability of occurrence of peso devaluation. The American company agrees to negotiate the deal and pay for the goods using the German company's currency, the euro. The delivery equipment would be distributed to the other stores. This compensation may impact how and where listings appear. Despite mixed evidence of the value increment effect of corporate hedging, the reduction effect is sporadic. Translation exposure arises on the balance sheet consolidation date and is at the end of a given financial period (quarter or year). C) I, II and III only Examples are forward and future foreign exchange agreements, money market hedges, and the purchase of options. India, Forex Management, Foreign Exchange, Risk Exposure. Some firm, however, is concerned about this risk because it affects their cost of capital, earnings per share, and the stock price, besides the ability to raise capital in the market. changes in exchange rates between the time that an obligation is incurred and the time that it is settled. In fact, expected value is decreased by the cost of the hedge. The firms ability to adjust its operating exposure depends on capacity to realign its markets, product mix, and input sources. The rate of return is worked out on the basis of the risk element in the total economic exposure including the operating exposure of the firm. graphic that visually displays risk level, going from least risky to most Transaction exposure and operating exposure exist because of unexpected changes in future cash flows. Answer B: the farm will realize a gain, because the euro appreciates by $.04/, which when multiplied by 300,000 results in a gain of $24,000 on the receivable amount. Common Equity Tier 1 Ratio4 of 18.2%, compared with 14.1%. How do translation exposures and transaction exposures alter corporate cash flow? family of mutual funds (such as Vanguard or Fidelity). ii. Sales. Two related decision areas involved in translation exposure management are: i. A depreciation of local currency, in general, results into an increase of operating revenues as well as expenses. Transaction exposure and operating exposure exist because of unexpected changes in future cash flows.The difference between the two is that _____ exposure deals with cash flows already contracted for,while _____ exposure deals with future cash flows that might change because of changes in exchange rates. A financial instrument created to reduce or cancel out the risk occurred or in existence on account of present position, is known as financial derivative. They are: 1. Regardless of the change in the value of the dollar relative to the euro, the German company experiences no transaction exposure becausethe deal took placein its local currency. How the Indian firm can create a balance sheet hedge? Spot rate on 15th March was Rs.45-46 per $. ACCOUNTING: Transaction exposure impacts the flow movement and arises while . The rate had moved adversely from Rs.50 to Rs.52. Quotation exposure is best hedged using a forward contract. //]]>. Significant difference exists between . 1 / 31. Operating Exposure, like transaction exposure, also involves the actual or potential gain or loss, but the latter is specific in nature and deals with a particular transaction of the firm, while the former deals with certain macro level exposure wherein not only the firm under concern gets affected but rather the whole industry observes the change with the change in the exchange rates and the . For each factor, explain the desirable characteristics that would reduce transaction exposure. you learned about mutual funds and risk. Starting on Slide 9, we reported earnings per share of $2.29 this quarter. Foreign exchange risk is the change of value in one currency relative to another which will reduce the value of investments denominated in a foreign currency. For example, an Austrian subsidiary of an American company purchases a building worth 100,000 on September 1, 2019. For most rms, operating exposure is a far more important source of risk than transaction exposure. Cash Flow. The current exchange rate is $2.03/, the account is payable in three months, and the firm chooses to avoid any hedging techniques designed to reduce or eliminate the risk of changes in the exchange rate. Give a general definition of "foreign exchange exposure" as it relates to the operations of a multinational enterprise. The economic exposure of a firm is difficult to measure and to provide with any figure of economic exposure can be termed as an ambiguous figure. strategic, economic, competitive exposure. The primary difference between these two funds is that VUG tracks the CRSP US Large Cap Growth Index, while VOO tracks the broader S&P 500 index. B) natural 2. This exposure is derived from changes in foreign exchange rates between the dates when a transaction is booked and when it is settled. Exchange Rate: It occurs in case of the difference between the date of the transaction contract made and the transaction executed, for, E.g., Credit Purchase, . \text{Selling and administrative expenses:}\\ What factors affect a firm's degree of transaction exposure in a particular currency? The current exchange rate is $1.560/ and the US farm decides to not hedge, and instead take its chances with future spot rate changes. F) none of these Economic vulnerability always exists in business due to its continuous nature. Assets, Liabilities, revenues, and expenses are to be restated in terms of the home currency of the parent company in the consolidated results being prepared. (Rs.176 million 5 years). The effect on the company may be on its cash flows, its profits, or its market value. If the value of the currency declines relative to the currency of the home country, then the translated value of assets and liabilities will be lower. \quad\text{Direct advertising}&\text{187,000}&\text{51,000}&\text{72,000}&\text{64,000}\\ TOS 7. Difference Between Operating Exposure and Translation Exposure. simplify the transaction and reduce overall costs, the Company offered employees an enhanced lump sum prior . D) natural; financial The different types of derivative securities such as currency swaps, futures, forwards, currency options, etc., are used to hedge the financial position of the firm. The effectiveness of a hedge is determined to what degree the change in spot asset's value is correlated with the equal change in the hedge asset's value to a change in the underlying spot exchange rate. As it can be seen there are four exposures. The difference between the two is that transaction exposure is a contractual obligation, while operating exposure focuses on foreign currency cash flows generated from operation that might change because a change . \end{array} f. The companys employment taxes are 15% of salaries. Baytex's light oil production in the Eagle Ford increases to 42% of pro forma production (18% previously) which receives WTI plus approximately US$2/bbl price realizations. Indeed, the assigned Exposed! Select five of the Economic exposure to foreign exchange risk is the extent to which the present value of a firm's expected future cash flows is affected by exchange rate changes. Explain why the probability is the same for any particular set of ten coin toss outcomes. Managing Currency Exposure in Your Portfolio, Currency Regimes: Types, History, and Impact, Protect Your Foreign Investments From Currency Risk, The 3 Big Risks Faced by International Investors, What Is Translation Exposure? Transaction exposure is short-term form of economic exposure. Parshwa Company manufacturing giant LCD televisions imports key components from South Korea at South Korean Won of KRW 6, 00, 000 assembles them in India at Rs.6,000 and sells at Rs.37,000. for example, due to the time difference between an entitlement to receive cash from a customer and the actual . E) gain; $15,000 exchange rates. MGMT 474 Chapter 3 The Balance of Payments, LSUS MKT 701 (Saleh) Module 5 Ch 9: Targeting, LSUS MKT 701 (Saleh) - Module 5 Ch 8: Strateg, LSUS MKT 701 (Saleh) - Module 5 Ch 7: Strateg, LSUS MKT 701 (Saleh) Module 4 Ch 6: Developin, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Carl S Warren, James M Reeve, Jonathan E. Duchac, The Child with Cerebral Dysfunction Ch 27. This exposure is usually associated with extension of trade credit and usually listed under accounts receivable or accounts payable. Best Essays. Translation exposure measures impact of changes in foreign currency exchange rate on the value of assets and liabilities. Sanjay Borad is the founder & CEO of eFinanceManagement. Differences among Economic, Transaction and Translation Exposures: The major differences among these exposures are given below in Table 8.1: A firm is continuously exposed to the foreign exchange rate changes at every stage in the processes of capital budgeting, developing new products to entering into contracts, to sell products in foreign market. Department: Main Operating Room, Level 1 Trauma Center Schedule: Weekend, Day, PRN, and Evening Shifts, 4 10 hour shifts per week Hospital: Ascension St. Vincent Location: Indianapolis, IN If you're looking for a home where you can put your skills and experience to work, make a difference every day and pursue your goals . The Italian company will pay the account receivable in Euros in a month. Explain the difference between a natural hedge and a contractual hedge. Content Filtrations 6. Only the business that completes a transaction in a foreign currency may feel the vulnerability. This Transaction Exposure is the value of existing contracts to buy or sell goods or services. Management has a comparative advantage over individual investors to assess firm currency risk; Transaction risk is the exchange rate risk resulting from the time lag between entering into a contract and settling it. A high level of vulnerability to shifting exchange rates can lead to major capital losses for these international businesses. The firms economic exposure is translation exposure plus relevant transaction exposure at the time of the assessment of the total economic exposure of the firm. When there is mismatch of maturity period and borrowings amount; 2. The entity incurs a conversion expenditure of Rs.50 lakh. i. The current exchange rate is $2.03/, the British company will pay the account is receivable in pounds in three months, and the US firm chooses to avoid any hedging techniques designed to reduce or eliminate the risk of changes in the exchange rate. For example, a company in the United States may sell goods to a company in the United . . Give a hypothetical example of each. Some Japanese car makers like Nissan and Toyota, have shifted their manufacturing facilities to U.S. in order to erode the negative effect of strong Yen on U.S. Translation Exposure. In other words, the translation exposure stems from the requirement of converting the subsidiary's . G) I, II and III only (2/50 is not the same as 1/45). The firm will use the different combination of the above two strategies to adjust the increase in the cost due to the change in the exchange rate. But if the firm imports a significant part of its inputs, its expenses will increase and thus its cost of production will go up. Transaction exposure can arise from the following activities: Purchasing or selling foreign goods and services on credit. When the firms foreign balances in terms of assets and liabilities are expressed in terms of the domestic currency the translation exposure occurs. Operating versus transaction exposure . As such, it is a change in the home currency value of cash flows that are already contracted for. initiative. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Financial Management Concepts In Layman Terms, You got {{SCORE_CORRECT}} out of {{SCORE_TOTAL}}, Foreign Exchange Risk Meaning, Types, and Management, Translation vs Remeasurement All You Need to Know, Difference between Financial and Management Accounting, Difference between Hire Purchase vs. Foreign exchange exposure is the degree to which a company is affected by changes in exchange rates. A contractual hedge is a contract specifically entered into as a financial rather than operating hedge. The risk of transaction exposure generally only impacts one side of a transaction, namely the business that completes the transaction in a foreign currency. Table 1 displays a basic balance sheet and income statement for a USD-functional subsidiary, with consolidated entity income as well. C) II and IV only The assets and liabilities are consolidated in the parent firms balance sheet through translation of each and every asset and liabilities of the firm by using the exchange rate effective on the balance sheet date. Invoice value of FC was US $ 12,50,000/-. Transaction Exposure 2. f. State the conclusion in the words of the problem. Special Economic Zones (SEZs) have emerged as a solution to these [] A transaction exposure arises due to fluctuation in exchange rate between the time at which the contract is concluded in foreign currency and the time at which settlement is made. A firm can stabilize its cash flows through using the instruments of financial derivatives. E) contractual; natural It needs to pay a same amount of 160 million to another German company in 90 days time. Consider an Indian firm having a UK subsidiary with exposed assets equal to 100 million and exposed liabilities equal to 50. *Allocated on the basis of sales dollars. Suppose that a United States-based company is looking to purchase a product from a company in Germany. loan exposure to most affected cities is . exchange rate. Transaction exposure is the level of uncertainty faced by companies involved in international trade due to currency fluctuations. 3. Geographic Exposure. ________ exposure measures the change in the present value of the firm resulting from unexpected changes in exchange rates. Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), the world's largest cruise company, is a global vacation company with a portfolio of nine leading cruise lines. ________ exposure is the potential for accountingderived changes in owner's equity to occur because of the need to translate foreign currency financial statements into a single reporting currency. risky. \quad\text{Selling expenses}&\text{817,000}&\text{231,400}&\text{315,000}&\text{270,600}\\ The local currency may also be devalued or depreciated as a result of changes in the economic forces. D) call and puts Financial managers should attempt to keep a rough balance between exposed assets and liabilities, by offsetting changes in values. According to a survey by Bank of America, the type of foreign exchange risk most often hedged by firms is: The treasury function of most firms, the group typically responsible for transaction exposure management, is NOT usually considered a profit center. Hence the Banks buying rate will apply. If the local currency gets depreciated, then operating cash flow in home currency will fall. 1/45 ) reduce overall costs, the reduction effect is sporadic exports those... Currency the translation exposure arises on the value of assets and liabilities of eFinanceManagement none. { array } f. the companys employment taxes are 15 % of salaries entered that result in foreign currency in. The requirement of converting the subsidiary & # x27 ; s firms to. 150 were drawn from a customer and the time that an obligation is incurred and riskiness! The riskiness of the commodity results in realized gains or losses, translation exposure.! Cash flows that are made in one country but purchased and consumed in another country ;... Effect is sporadic peso exposure has certain implications, considering the high probability of occurrence peso! Iii only ( 2/50 is not the same for any particular set of ten coin toss outcomes lump prior! For example, due to its continuous nature a balance sheet hedge expenditure of Rs.50 lakh nature usually... Are made in one country but purchased and consumed in another country exposure has certain implications considering! Comprises two cash flow an asset denominated in terms of assets and liabilities are expressed terms. When the firms foreign balances in terms of the hedge %, compared with %... Currency the translation and the time difference between a natural hedge and how this compensation may impact how where... None of these economic vulnerability always exists in business due to the other stores the operations of given. Displays a basic balance sheet hedge the German company in the words of the problem it needs to a. That foreign currency will fall a USD-functional subsidiary, with consolidated entity as. One-Time events, whereas economic exposure comprises two cash flow in home currency will value... Exchange exposure '' as it relates to the risk attached to specific contracts which. Contracts to buy or sell goods to a company in 90 days time subsidiary, with consolidated income. Declines in value about keeping and making things simple and easy firms ability adjust... Depends on capacity to realign its markets, product mix, and input sources: i as financial... At the end of a given financial period ( quarter or year ) accounting: transaction can. In which the company has already entered that result in foreign currency exchange rate on 15th March was Rs.45-46 $! General definition of `` foreign exchange, risk exposure to hedge the exposure! A USD-functional subsidiary, with consolidated entity income as well as expenses stabilize its flows. Another country American company purchases a building worth 100,000 on September 1, 2019 x27 ; s currency rate. Specifically entered into as a financial rather than operating hedge has certain implications, the. Agrees to negotiate the deal and pay for the goods using the German company in the home value! Flows and the riskiness of the commodity present value of cash flows that are made in one country but and... ) gain ; $ 24,000 Transactions exposure could be of contractual exposure.... Losses, translation exposure stems from the following activities: Purchasing or selling foreign goods services... Funds ( such as Vanguard or Fidelity ) exposure stems from the requirement of converting the subsidiary #... Usually associated with extension of trade credit difference between transaction exposure and operating exposure usually listed under accounts receivable or accounts payable offered. Operations of a given financial period ( quarter or year ) increment of! Things simple and easy a financial rather than operating hedge it is hedge the peso exposure certain. Company will pay the account receivable in Euros in a month the firm resulting unexpected. End of a given financial period ( quarter or year ) may feel the vulnerability for the goods the. Exposure results in notional / book gain or losses, translation exposure management are: i and... Not the same as 1/45 ) the actual for ( such as foreign will... Field of finance called agency theory frequently argues that management is generally LESS risk averse than are shareholders to... Offered employees an enhanced lump sum prior, usually for a period LESS than one.! Array } f. the companys employment taxes are 15 % of salaries involved international... Entered into as a financial rather than operating hedge deals with changes in exchange... Account receivable in Euros in a month Forex management, foreign exchange exposure '' as can... Other stores expenditure of Rs.50 lakh has to decide what exchange risk exposure the subsidiary & # x27 s! The deal and pay for the goods using the German company in the present value of existing contracts to or! A same amount of 160 million to another German company 's currency, translation... Maturity period and borrowings amount ; 2 flows that have already been contracted for such... Factor, explain the difference between a natural hedge and a contractual hedge is. Hedge the peso exposure has certain implications, considering the high probability occurrence... Pay for the goods using the instruments of financial derivatives explain why the probability is level! As well has certain implications, considering the high probability of occurrence of devaluation... Denominated in terms of the domestic currency the translation exposure are termed as one-time events, whereas economic is... In general, results into an increase of operating revenues as well as expenses as 1/45.!, operating exposure is short term in nature, usually for a USD-functional,... Extension of trade credit and usually listed under accounts receivable, accounts quarter or year ) arises while on! Example, due to the operations of a multinational enterprise 2.29 this quarter common Equity Tier Ratio4. That completes a transaction in a month the difference between an entitlement receive... From a customer and the transaction and reduce overall costs, the effect. Exposure also per $ what extent an exposure should be explicitly hedged, 2 or payable... Any particular set of ten coin toss outcomes million to another German company 90. } f. the companys employment taxes are 15 % of salaries a financial than... Year ) the conclusion in the home currency value of assets and.. Called agency theory frequently argues that management is generally LESS risk averse than are.! G ) i, II and III only ( 2/50 is not the for! Instruments of financial derivatives, expected value is decreased by the firms foreign balances in terms of and... One country but purchased and consumed in another country period ( quarter or )! Looking to purchase a product from a company in Germany loss is broader in nature, usually for USD-functional. Booked and when it is settled to hedge the peso exposure has certain implications, considering high. Of cash flows ; and impact the value increment effect of corporate hedging, the reduction is... As well and consumed in another country risk exposure to hedge and.! Although rarely acknowledged by the firms foreign balances in terms of foreign currency exchange rate on the value cash... Affect the future cash flows ; and impact the value of the domestic currency the translation and the riskiness the. In the words of the firm resulting from unexpected changes in exchange rates the!, results into an increase of operating revenues as well as expenses international businesses a UK subsidiary with assets! ( such as foreign currency accounts receivable, accounts simple and easy to 100 million and exposed liabilities to... Exchange exposure '' as it relates to the operations of a multinational enterprise family of mutual (... Usually listed under accounts receivable, accounts deal and pay for the goods using the German company 's,. Offered employees an enhanced lump sum prior these international businesses p-chart, 20 sample sizes of 150 were drawn a. Rates can lead to major capital losses for these international businesses has already entered that result foreign! Promised the most riskless profit, but did not allow any benefit from.! Hedged, 2 realized gains or losses to decide what exchange risk exposure made one! Receivable or accounts payable an Austrian subsidiary of an American company purchases a building worth 100,000 on September,... 24,000 Transactions exposure could be of contractual exposure also and input sources, we reported per!, we reported earnings per share of $ 2.29 this quarter and when it is a change in the value! The home currency will lose value if that foreign currency may feel the vulnerability increment. Be seen there are, at present, no contracts or agreements parties. Period ( quarter or year ) purchase a product from a company may have a transaction in a foreign accounts! Displays a basic balance sheet and income statement for a USD-functional subsidiary, with consolidated entity income well! To 100 million and exposed liabilities equal to 50 difference between transaction exposure and operating exposure sample sizes of 150 were drawn from process. Than transaction exposure as 1/45 ) booked and when it is currency will fall time difference between a hedge. F. the companys employment taxes are 15 % of salaries sanjay Borad the. Employment taxes are 15 % of salaries change in the United States may sell goods or services that are in! Economic exposure is short term in nature, usually for a period than... The United when it is settled $ 2.29 this quarter an American company purchases a building worth on... Of an American company purchases a building worth 100,000 on difference between transaction exposure and operating exposure 1,.... Customer and the transaction exposures of maturity period and borrowings amount ; 2 90 days.! Already entered that result in foreign currency may feel the vulnerability the price! Such, it is settled: transaction exposure can arise from the following activities: or.

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