{"id":43457,"date":"2022-12-12T09:17:30","date_gmt":"2022-12-12T09:17:30","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=43457"},"modified":"2026-02-13T20:09:25","modified_gmt":"2026-02-13T20:09:25","slug":"use-of-derivatives-among-issuers","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/use-of-derivatives-among-issuers\/","title":{"rendered":"Use of Derivatives among Issuers"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Derivative Benefits, Risks, and Issuer and Investor Uses (2024\/25 LI CFA\u00ae Exam \u2013 Derivatives M3)\",\n  \"description\": \"This video covers Derivative Benefits, Risks, and Uses, focusing on how derivatives help manage risk, enhance market efficiency, and improve liquidity. It explains hedging strategies, the role of derivatives in capital markets, and their risks, including basis risk and liquidity risk. Real-world examples illustrate key concepts.\",\n  \"uploadDate\": \"2022-11-26T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/5Avzrkirq4g\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/5Avzrkirq4g\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/5Avzrkirq4g\",\n  \"duration\": \"PT24M33S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"What are derivatives intended to withstand a company\u2019s fluctuating cash flows called?\",\n    \"text\": \"Derivatives intended to withstand a company\u2019s fluctuating cash flows are most likely referred to as:\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Derivatives intended to withstand a company\u2019s fluctuating cash flows are referred to as cash flow hedges.\",\n      \"upvoteCount\": 0,\n      \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/use-of-derivatives-among-issuers\/\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"Fair value hedges.\",\n        \"upvoteCount\": 0\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"Net investment hedges.\",\n        \"upvoteCount\": 0\n      }\n    ]\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\"\n  width=\"611\"\n  height=\"344\"\n  src=\"https:\/\/www.youtube.com\/embed\/5Avzrkirq4g\"\n  title=\"YouTube video player\"\n  frameborder=\"0\"\n  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\"\n  referrerpolicy=\"strict-origin-when-cross-origin\"\n  allowfullscreen>\n<\/iframe>\n\n\n\n<p>Financial intermediaries, investors, and issuers use derivative products to increase, reduce, or alter their exposure to an underlying to achieve their financial goals. With the development of derivatives accounting, these instruments are now reported on the balance sheet at their fair market value instead of using off-balance-sheet reporting.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Use of Derivatives among Issuers<\/h2>\n\n\n\n<p>Issuers use derivatives to primarily hedge market-based underlying exposures. Issuers often use hedge accounting, which allows them to offset a hedging instrument \u2013 such as derivatives \u2013 against a hedged transaction or balance sheet item to decrease financial statement volatility.<\/p>\n\n\n\n<p>In other words, hedge accounting allows issuers to recognize derivative gains, losses, and associated underlying hedged transactions. According to derivative accounting standards, any derivative bought or sold must be marked to market via the income statement through earnings unless it is embedded in an asset or liability or qualifies for hedge accounting.<\/p>\n\n\n\n<!-- TOP CTA \u2013 Full Width Outline Button -->\n<div style=\"margin:24px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n       display:block;\n       width:100%;\n       padding:13px 0;\n       border:2px solid #3b6fd8;\n       border-radius:50px;\n       font-size:17px;\n       font-weight:500;\n       text-align:center;\n       text-decoration:none;\n       color:#3b6fd8;\n       background-color:#f4f6f9;\n       box-sizing:border-box;\n     \">\n     Practice issuer derivative applications with free trial access.\n  <\/a>\n<\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\">Types of Hedge Accounting<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Cash Flow Hedges<\/h3>\n\n\n\n<p>Cash flow hedges absorb <strong>variable cash flow <\/strong>of floating-rate assets or liabilities such as interest rates and foreign exchanges. Cash flow hedges use either forward commitments or contingent claims. For example, a currency forward contract to hedge estimated future sales.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Fair Value Hedge<\/h3>\n\n\n\n<p>A fair value hedge occurs when a derivative is used to <strong>offset<\/strong> fluctuation in the <strong>fair value <\/strong>of an asset or liability. For example, commodities futures may be used to hedge an inventory.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Net Investment Hedges<\/h3>\n\n\n\n<p>Net investment hedges arise when a <strong>foreign currency bond <\/strong>or a <strong>derivative<\/strong> such as forward is used to <strong>offset<\/strong> the <strong>exchange rate risk <\/strong>of equity of a foreign operation. Using a currency forward, in this case, could be an effective way to offset foreign exchange risk associated with equity in a foreign company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Use of Derivatives among Investors<\/h2>\n\n\n\n<p>Investors use derivatives to:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">i. Replicate a Cash Market Strategy<\/h3>\n\n\n\n<p>A derivative market has greater liquidity and reduced capital requirements to trade. This feature allows investors to replicate a chosen position using derivatives easily.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">ii. Perform Derivative Hedges<\/h3>\n\n\n\n<p>Derivative hedges allow an investor to isolate specific underlying exposures while retaining other positions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">iii. Add or Modify Exposures<\/h3>\n\n\n\n<p>Derivative markets are associated with the flexibility to take positions. As such, an investor can use a derivative to add or modify an exposure beyond cash market alternatives.<\/p>\n\n\n\n<p>Note that investors are less concerned about hedge accounting treatment than issuers. This is because an investment fund\u2019s position is usually marked to market daily and included in the daily net asset value (NAV) of the portfolio or fund. This explains why investors transact more frequently in exchange-traded derivatives markets than issuers.<\/p>\n\n\n<blockquote>\n<h2>Question<\/h2>\n<p>Derivatives intended to withstand a company\u2019s fluctuating cash flows are <em>most likely <\/em>referred to as:<\/p>\n<p>A. cash flow hedges.<\/p>\n<p>B. fair value hedges.<\/p>\n<p>C. new investment hedges.<\/p>\n<p><!-- \/wp:post-content --><br \/>\n<!-- wp:heading {\"level\":3} --><\/p>\n<h3>Solution<\/h3>\n<p>The correct answer is <strong>A<\/strong>.<\/p>\n<p>Cash flow hedges are derivatives intended to withstand a company\u2019s fluctuating cash flows.<\/p>\n<p>Fair value hedges are derivatives considered to balance off the variation in the fair value of an asset or liability.<\/p>\n<p>Net investment hedges happen when a derivative is used to offset the exchange rate risk of the equity of a foreign operation.<\/p>\n<\/blockquote>\n\n<!-- wp:html -->\n<!-- BOTTOM CTA \u2013 Refined Version -->\n<div style=\"text-align:center; background-color:#f4f6f9; padding:32px 20px; border-radius:12px; margin-top:40px;\">\n\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"\n       display:inline-block;\n       padding:13px 30px;\n       background-color:#3b6fd8;\n       color:#ffffff;\n       border-radius:50px;\n       font-size:15.5px;\n       font-weight:600;\n       text-decoration:none;\n       margin-bottom:16px;\n     \">\n     Start Free Trial\n  <\/a>\n\n  <p style=\"max-width:680px; margin:0 auto; font-size:15.5px; line-height:1.6; color:#333;\">\n    Strengthen your CFA Level I derivatives preparation with exam-style hedging and issuer risk management scenarios designed to improve conceptual understanding and application.\n  <\/p>\n\n<\/div>\n\n<!-- \/wp:html -->","protected":false},"excerpt":{"rendered":"<p>Financial intermediaries, investors, and issuers use derivative products to increase, reduce, or alter their exposure to an underlying to achieve their financial goals. With the development of derivatives accounting, these instruments are now reported on the balance sheet at their&#8230;<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-43457","post","type-post","status-publish","format-standard","hentry","category-derivatives","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Use of Derivatives by Issuers | CFA Level 1 - AnalystPrep<\/title>\n<meta name=\"description\" content=\"Learn how financial intermediaries and issuers use derivatives to manage risk, enhance returns, and adjust exposure to underlying assets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/derivatives\/use-of-derivatives-among-issuers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Use of Derivatives by Issuers | CFA Level 1 - 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