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Foreign Exchange Service

Overview

The Foreign Exchange (FX) Service provides CRKN members with additional certainty for the administration of their collections budgets. Through the FX Service, CRKN offers two options, bidding and USD billing, on selected license products to help members minimize the impact of foreign exchange fluctuation.

Members participating in the FX Service are eligible to bid their preferred rates, choose spot rates, or select direct USD billing. CRKN will levy an additional administration fee for participation in the FX Service.

Background

CRKN negotiates the bulk of its content licenses on multi-year agreements denominated in US dollars (USD) but typically invoices its members in Canadian dollars (CAD). To facilitate the billing of its members, CRKN employs forward contracts to invoice members. Forward contracts are commitments to purchase known quantities of USD at a known price and date in the future. While this is administratively simple for CRKN, it exposes the membership to some foreign exchange risk and pricing uncertainty.

In 2012, CRKN introduced the Foreign Exchange Service to provide greater control and predictability for member budgets. With this Service, members can direct CRKN to purchase USD on their behalf by allowing them to lock in an exchange rate three to six months sooner, or to leave a bid in the market for up to six months for a rate better than is currently available in the market.  Participating institutions sign a commitment form to confirm participation and provide instructions for all, or a portion, of their estimated license amounts through the FX Service. CRKN charges a small administrative fee to cover the process. While the Service helps to ensure cost predictability, it does not guarantee better pricing for members. 

Since 2015-2016, CRKN has also offered members the option to be invoiced and pay in USD directly, also for a small administrative fee. CRKN recognizes that members have varying constraints and challenges in their ability and preference for USD billing.

CRKN bills the majority of its license amounts in October, November, and December. In general, this is also the time that CRKN would finalize billings in CAD and USD, including booking forward contracts to finalize any un-met foreign exchange requirements.

Keywords

Finances
Foreign exchange
Tools and services

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  • Canadiana
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  • License Information
    • Upcoming License Renewals
      • Invoicing Schedule
      • Survey Results
    • Model License
    • The Banding System
    • CRKN-Negotiated APC Discounts
  • Heritage Content
    • History of Canadiana
    • Canadiana Collections
      • Canadiana Héritage Project
      • Navigating the Collections
      • What’s New in the Collections
      • Canadiana Collections Metadata
      • CRKN Transcription Project
    • Canadian National Digital Heritage Index
    • Digitization
      • Digitization Services
      • Digitization Projects
    • Preservation and Access
      • Trustworthy Digital Repository
    • Digital Heritage Content and Preservation Listserv
  • Tools and Services
    • CRKN Open Access Journals List
    • Foreign Exchange Service
    • Institutional Mobilization Toolkit
    • Journal Value Analytics
    • Unsub
    • The Big Deal Toolkit
  • Projects and Collaborations
    • Journal Usage Project
    • Érudit Partnership & Coalition Publica
    • SCOAP³
    • ORCID Canada
    • NISO Membership
    • COUNTER
    • FMD
    • CC-PLUS
    • DataCite Canada Consortium
  • Publishers
    • List of Publishers and Vendors
  • News and Events
    • News
    • Events
    • CRKN Conference
      • 2020 CRKN Virtual Conference
      • 2019 CRKN Access to Knowledge Conference, Ottawa
      • 2018 AGM, Vancouver
      • 2017 AGM, Montréal
      • May 2017 Special Meeting of the Members
  • About CRKN
    • Board of Directors
    • Members
      • Associate Membership
    • Strategic Plan
      • Strategic Plan 2019-2024
    • Committees
      • Conference Planning Committee
      • Content Strategy Committee
      • Executive Committee
      • Finance & Audit Committee
      • Preservation and Access Committee
      • Knowledge Base Entitlements Sub-Committee
      • Task Groups
    • Annual Report
    • Staff
    • Careers
    • History of CRKN
    • Ron MacDonald Service Award