Wales-based foreign exchange (FX) company OSTCFX has relaunched as Godi Financial to establish a new brand identity that more strongly reflects its end-to-end international trade offering. This offering includes FX risk management, currency exchange, finance and education.
The firm, part of the OSTC Group, a leading global proprietary trading company, has been helping businesses to understand and minimise their FX exposure over the past five years. It has now changed its name to Godi, derived from the Welsh word Codi, which means rising up or blooming, reflecting both its roots in Wales and its global reach and outlook.
Godi offers competitive and fully transparent rates in FX as well as the expertise to help companies think strategically about the currency markets as part of their long-term business planning. Godi’s educational offer is more than advice on minimising risk on the next overseas deal; it is an invitation to think differently, to recognise that FX risk is part of doing business in an uncertain world and that a prudent strategy provides a competitive edge.
The birth of Godi comes just when SMEs are most in need of sound, expert advice about how to manage uncertainty in the context of global trade.
The triggering of Article 50, which formally starts the UK’s exit from the European Union (EU), means Britain’s relationship with the EU and the rest of the world is in the process of changing. Whatever happens, UK businesses will continue to export and import, and to work in partnership with overseas companies, but the nature of the trade deals that will shape those relationships remains uncertain.
Speculation about what kind of deal the UK will get, coupled with volatility in the Eurozone itself, means that sharp movements in the currency markets are going to be the new norm. Deutsche Bank recently suggested Sterling could fall by as much as 15% by the end of 2017, but others feel it will actually benefit from a decisive break from the EU.
Either way, SMEs do not have to be the passive victims or beneficiaries of such volatility. Well-prepared businesses can protect themselves from the effects of currency fluctuations between a deal being agreed and the goods delivered. As Godi’s managing director Paul Langley explains:
“There’s a preventative medicine, which involves making foreign exchange a fixed cost to your business, hedging as far forward as you can and limiting your potential liabilities to numbers you are comfortable with.”
According to Langley, businesses that make FX planning part of their long-term strategy put themselves in a far stronger position than those that leave currency matters to the market.
“So many businesses are simply sitting on their hands and waiting to see what happens. Business leaders need to take control now to help create more certainty for their organisations during these turbulent times. Being prepared and planning appropriately should be a priority, not ignored,” Langley added.
Swansea-based Godi looks to educate its clients and form long-term, transparent relationships with companies where any margins or fees it earns are fully disclosed. It also offers a free audit to companies where it will assess historic FX transactions and demonstrate any savings that could have been made. This approach aligns to Godi’s values of doing things differently through education, transparency and expertise, to set a new standard of service for global financial engagements.