is a respected 25-year veteran of the Global Foreign Exchange
market where he earned a reputation as a formidable FX derivatives portfolio manager and business architect. He is an expert in market practice and in the institutional structure and widespread trading strategies commonly employed by traders.
- Mr. Underwood has managed spot, forward, option, and NDF traders globally. In the course of building customer franchise businesses for US investment banks and European commercial banks, his endeavors carried him to every major trading center in the world. He spent 17 years in the London FX market and eight years in New York. He is a dual citizen of the US and the United Kingdom.
Throughout his career, Mr. Underwood has held several managing director positions at global FX banks including Lloyds Banking Group, Standard Chartered, Credit Agricole, Lehman Brothers, and Morgan Stanley.
- Keith Underwood provides expert witness services to top multinational law firms on cases involving Loss Attribution, Product Identification, Derivative Pricing, and Trader Reasoning. His services include detailed written reports and testimony when needed. Mr. Underwood's specialized knowledge is available to attorneys representing both Plaintiff and Defendant.
Areas of Expertise
View Keith Underwood's Consulting Profile
- Currency, Product, and Trade Detail Identification: Investigations and forensic deal deconstruction
- Valuation and Pricing: Expertise in the pricing of derivatives and historical pricing
- Data Solutions: Consolidate and mine key historical trade and market data for analysis
- Trade Blotter Analysis: Identify abnormalities, off-market prices and practices, or inconsistencies in connection with trading activity
- FX Market Speak: Translate industry language and provide clarity to complex market practices
- FX Best Practice: Providing best practice global guidelines from the foreign exchange committees worldwide
Between the Delloite 2016 Global FX Survey and the FIREapps Q4 2015 Currency Impact Report, it appears that treasurers and CFO's have resigned themselves to accepting emerging markets currency risks. A deeper dive into the surveys reveals that the FX exposures to hedge (if known because its too expensive to track) can't necessarily be trusted (can't verify hedging numbers), and the high volatility price of EM currency pairs makes it difficult. My advice to those with responsibility for hedging currency exposures is to budget for currency exposure reporting software for 2017, put in place a hedging policy and procedure document that is board approved, and ensure that zero cost collars are utilized to hedge EM exposures.