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The international investments program initiated in 1990 by the Ontario Teachers'' Pension Plan, Canada''s largest public pension fund, had created a large exposure to currency risk. Some successful tactical currency hedging activities in 1995 prompted management to pursue the possibility of a structured foreign currency hedging program. The issue before management was whether such a hedging program should be undertaken and what form it should take. There is a simplified Chinese version available ''9A97NC02''.