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As long as the PACE system id 135 and 137, described in the previous section, are correctly defined, there is no additional setup required other than specifying the "convert to" currency. Depending on the fund's base currency, cross currency conversion can be automatically started. For example, in the profile, you might specify that the result be converted to EUR.
If one of the funds in the report has a base currency of GBP, then cross currency conversion is automatically started. PACE uses the EUR to USD and the INR to GBP to USD rates to calculate the GBP to EUR rate. This is used for conversion.
To set this up, you start the sequence indicated as shown in the following figure.
When you click the Options button in the report profile, the Advanced Options dialog box appears. See the following figure.
In the Select a Currency tab, you can specify the "convert to" currency, that is, the currency to use for the results. In this example, you are specifying that the results are converted to Euros.
If you configured the PACE system parameters to allow cross currency calculations and specified an FX cross rate currency, as described in "Enabling Cross Currency Calculations in PACE," the Select a Currency tab displays a line of text that describes this information. In the previous figure, the following text indicates that you configured the system to allow cross currency calculations and are using US dollars as the cross currency:
- Cross currency process is ON using currency USD.
Consider the same profile with multiple base currencies: you can submit multiple funds with different base currencies in the same profile. The calculation first triangulates all combinations before processing individual funds. The code is optimized to make sure triangulation occurs only once per combination.
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Logs at Level 10 includes a section that simplifies debug triangulation issues. Log entries repeat for each Cross Currency calculation and effective date as shown.
11/27/2007 13:52:21-> Level:10, FXConverter - Triangulation Flag - Y
11/27/2007 13:52:21-> Level:10, FXConverter - Calculating Triangulation Rates with respect to CASHUSD
11/27/2007 13:52:21-> Level:10, FXConverter Triangulation - From Rate-[CASHUSD-CASHEUR]0.857000, To Rate-[CASHUSD-CASHINR]42.472000, Triangulated Rate-[CASHEUR-CASHINR]49.558926 as of 01/01/99
11/27/2007 13:52:21-> Level:10, FXConverter Triangulation - From Rate-[CASHUSD-CASHGBP]0.625000, To Rate-[CASHUSD-CASHINR]45.000000, Triangulated Rate-[CASHGBP-CASHINR]72.000000 as of 04/30/03
11/27/2007 13:52:21-> Level:10, FXConverter Triangulation - From Rate-[CASHUSD-CASHINR]42.472000, To Rate-[CASHUSD-CASHEUR]0.857000, Triangulated Rate-[CASHINR-CASHEUR]0.020178 as of 01/01/99
11/27/2007 13:52:21-> Level:10, FXConverter Triangulation - From Rate-[CASHUSD-CASHINR]45.000000, To Rate-[CASHUSD-CASHGBP]0.625000, Triangulated Rate-[CASHINR-CASHGBP]0.013889 as of 04/30/03
11/27/2007 13:52:21-> Level:8,
Finished Loading FX Rates...
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