Emerging market and restricted currencies present some of the most complex microstructure and operational challenges in FX. Liquidity is inconsistent across time zones, dealer conventions vary widely, and custodial and settlement infrastructures can materially shape execution outcomes. This panel takes a practitioner-level look at the market plumbing behind EM and restricted currencies- from documentation requirements and onboarding constraints to the role of local custodians, settlement risk and the lack of standardisation across dealers. Speakers will examine how LPs manage skew and risk in these environments, and share practical strategies for improving execution quality when market-access rules, pricing conventions and operational processes differ sharply from G10 norms.

Hedging EM currency exposure presents corporates with challenges that differ materially from G10, including uneven liquidity, wider pricing and limited hedging tenors. This session examines how corporate FX teams manage EM and frontier currency risk where exposure can build quickly, pricing gaps appear around weekends or market closures, and hedging costs are higher.

Speakers will discuss how they hedge forecast revenues, costs and existing EM exposures when market access and liquidity vary significantly by currency. The panel will share practical examples of how corporates structure hedges, manage cost and use proxy or correlation-based approaches where direct hedging is inefficient or unavailable. A focused discussion on how FX teams balance risk reduction and cost across EM currencies.