Even multinationals with sophisticated strategies for managing financial risk have to think outside the box when they approach emerging or restricted-currency markets. And the box they need to think outside of is often the standardized process of the developed-markets corporate treasury group.

For eBay Inc., managing exposures to the restricted Korean won created significant challenges. The company had developed a hedging strategy that proved effective in many geographies, but it was not an option in Korea. That is why the U.S.-based eBay treasury team worked closely with the management team of eBay Korea to develop a unique and effective process for mitigating won risk—a process that won eBay a 2020 Gold Alexander Hamilton Award.