Los forwards como instrumento de cobertura para los Fondos de Pensiones en Colombia

Abstract

In Colombia, Pension Funds have acquired a large share in the derivatives market, with the use of the forward as an instrument to hedge their investments in foreign currency, for these entities the use of this financial instrument has two purposes authorized by the Superintendence. Financial of Colombia as they are, the investment and coverage. For our case study we took the Voluntary Pension Fund, where we obtained historical data from 2008 to 2014 and found the amounts in foreign currency and its amount of coverage, on the other hand we mentioned some investment policies that this fund has to acquire titles in foreign currency and in what market authorized by the Superfinanciera can perform the operation. The Pension Funds perform peso-dollar forwards derivative operations, this is done in the short term, and they are carried out mainly in terms of less than 30 days. The negotiation average was located in 40 days in the years 2004 and 2006, having a decrease between 2007 and 2009, later it has been having a considerable growth until it is currently around 40 days, this due to the long positions that have abroad On the other hand, we find some definitions about the forwards, their regulations and the use of this instrument according to the type of investor. Finally, we will find some analyzes carried out by the Bank of the Republic, in which the Pension Funds have a large participation in markets of derivatives in different periods from 2016 to 2017.