Welcome to The Currency Exchange Fund

TCX is a special purpose fund providing currency and exchange rate risk management products and services to investors active in emerging markets, in order to catalyse the development of long-term finance in local currency in developing countries. TCX focuses on currencies and maturities which are not covered by regular market providers.

TCX is the result of a unique collaboration among the world's leading development finance institutions and other international providers of long-term debt who have participated in its creation. Their collective aim is to address one of the leading problems in the world of international finance: The lack of long-term local currency funding for productive enterprises in emerging markets.

During the first three years of its existence, TCX is limited to transacting its products solely with its investors. Third parties may approach TCX’s investors for local currency products.

TCX was launched in September 2007. TCX's first swap transaction was executed in January 2008.