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Tech Data is a distributor of IT hardware and software in Europe and throughout the Americas. The company generates approximately $25 billion in annual revenue via operations in more than 100 countries, so currency risk is a significant concern. Five years ago, Tech Data mitigated this risk through $8 billion a year worth of foreign exchange (FX) hedges, executed daily across 18 currency pairs. The hedging process provided the desired protection, but it was not standardized or centralized, which led to inefficiencies.