Open Position
Short definition
An open position is the net amount still sensitive to a rate (FX or interest) after hedges and natural offsets. Zero open is not zero risk: basis, tenor and cash timing remain.
Detailed explanation
For FX: assets (cash, receivables, the pass-through part of inventory) minus liabilities (debt, payables, FX leases) minus forward/option delta. Inventory and the order book often sit off the balance sheet.
Limits follow risk appetite and the equity cushion; there is no universal open/equity cap. Daily valuation shows a limit breach before the P&L does.
Why it matters for the CFO
Banks and auditors want the open FX book in stress and in the notes. “We have a natural hedge” is unmeasurable without a limit.
How it is calculated
Açık pozisyon ≈ döviz varlıklar − döviz yükümlülükler − hedge (para ve vade kırılımlı)
Netting across currencies and tenors misleads. Subtract hedge as economic delta, not as accounting hedge designation.
Variables in the formula
- Açık: net rate-sensitive amount
How to read it
A long USD and short EUR of equal size still carries cross risk; a single USD net hides it. Tenor splits a 30-day open from a three-year open.
Related calculators
Güven Sayılgan’s writing on this topic
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What to learn next
Definitions are educational. They are not investment, credit or tax advice.