II. The effectiveness of a hedge is determined to what degree the change in spot asset's value is correlated with the equal change in the hedge asset's value to a change in the underlying spot exchange rate. Some firm, however, is concerned about this risk because it affects their cost of capital, earnings per share, and the stock price, besides the ability to raise capital in the market. Gain (loss) = (value at risk) * (change in spot rate) The total overall impact of the economic exposure on the value of the company depends on the classification or distribution of sales in the various export markets and domestic markets, the elasticity of the demand of the product in each market, the number of products in which firm deals in, and the cost structure of the affiliates. exchange rate. These gains and losses do not involve any actual cash flow. Details. Answer to: Explain the difference between operating exposure and transaction exposure. E) II, III, IV only b. A U.S. firm sells merchandise today to a British company for pound150,000. II. The difference between the two is that ________ exposure deals with cash flows already contracted for, while ________ exposure deals with future cash flows that might change because of changes in exchange rates. Deciding how to hedge against exposure. U.S. farm will effectively realize a _____ of ________. There is considerable question among investors and managers about whether hedging is a good and necessary tool. Transaction exposure arises when a company enters into a transaction involving foreign currency and commits to make or receive payment in a currency other than its domestic currency. The exchange rate changes from $0,020 per rupee to $0,021 per rupee. Although rarely acknowledged by the firms themselves, selective hedging is essentially speculation. The UK Company can manage the receivables and payables as under: It can instruct the US Company to make payments directly to US bank $100 million in 90 days time. Term. Translation Exposure 4. Foreign exchange exposure is the degree to which a company is affected by changes in exchange rates. Fri 24 Feb, 2023 - 9:31 AM ET. Thus, contribution increases by Rs.200 (Rs.2,000-Rs.1,800) per piece on account of transaction exposure. B) options H) I, II, III and IV. MGMT 474 Chapter 3 The Balance of Payments, LSUS MKT 701 (Saleh) Module 5 Ch 9: Targeting, LSUS MKT 701 (Saleh) - Module 5 Ch 8: Strateg, LSUS MKT 701 (Saleh) - Module 5 Ch 7: Strateg, LSUS MKT 701 (Saleh) Module 4 Ch 6: Developin, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Carl S Warren, James M Reeve, Jonathan E. Duchac, The Child with Cerebral Dysfunction Ch 27. The difference between the two is that _____ exposure deals with cash flows already contracted for, while _____ exposure deals with future cash flows that might change because of changes in exchange rates. D) loss; 15,385 \text{Selling expenses:}\\ Operating Exposure, like transaction exposure, also involves the actual or potential gain or loss, but the latter is specific in nature and deals with a particular transaction of the firm, while the former deals with certain macro level exposure wherein not only the firm under concern gets affected but rather the whole industry observes the change with the change in the exchange rates and the . Prohibited Content 3. Transaction Exposure 2. The difference between the two is that transaction exposure is a contractual obligation, while operating exposure focuses on foreign currency cash flows generated from operation that might change because a change . If the exchange rate changes to $1.58/pound the U.S. firm will realize a ________ of ________. Quiz on Transaction vs Translation Exposure. The spot hedge provided the superior risk and profit profile when compared to the forward. \quad\text{Direct advertising}&\text{187,000}&\text{51,000}&\text{72,000}&\text{64,000}\\ The documents created for the same is also known as Hedge instrument. Shares are subject to the fund's management and operating expenses. You may assume that the increased sales in the East Store would yield the same gross margin as a percentage of sales as present sales in that store. It is possible for one currency (Rupee) to weaken against a currency (Euro), and yet, strengthen against a third currency (Dollar). According to the accounting rules, it is needed to consolidate worldwide operations. Regardless of the change in the value of the dollar relative to the euro, the German company experiences no transaction exposure becausethe deal took placein its local currency. Sanjay Borad is the founder & CEO of eFinanceManagement. Transaction exposure is the risk, faced by companies involved in international trade, that currency exchange rates will change after the companies have already entered into financial obligations . The Parshwa Company which imports from Korea benefited more. &\textbf{Total}&\textbf{Store}&\textbf{Store}&\textbf{Store}\\[5pt] The entity that is receiving or paying a bill using its home currency is not subjected to the same risk. The firm would not increase the selling price of the commodity. As a result of changes in exchange rates, various economic barometers of a country change. b. \quad\text{General office salaries*}&\text{50,000}&\text{12,000}&\text{20,000}&\text{18,000}\\ For this reason, management is giving consideration to closing the store. With a dynamic panel set-up and applying the two-step GMM model, the result shows no impact . Once the agreement is complete, the sale might not take place immediately. Best Essays. Translation exposure measures impact of changes in foreign currency exchange rate on the value of assets and liabilities. D) natural; financial Transaction direct exposure is limited to the particular offer, which has taken place. Transaction exposure is the potential for a gain or loss in contracted-for, near-term cash flows caused by a foreign-exchange-rate-induced change in the value of amounts due to the MNE or amounts that the MNE owes to other parties. 2.) Another quality conscious competitor Padma company in the same product, imports key components from Japan at 70,000, and assembles them in India at Rs.6,500 and sells at Rs.38,000. The calculation of translation gains and losses is a paper exercise. C) contractual; financial Differences among Economic, Transaction and Translation Exposures: The major differences among these exposures are given below in Table 8.1: A firm is continuously exposed to the foreign exchange rate changes at every stage in the processes of capital budgeting, developing new products to entering into contracts, to sell products in foreign market. \text{Net operating income (loss) }&\underline{\underline{\text{\$\hspace{8pt}142,800}}}&\underline{\underline{\text{\$\hspace{5pt}(20,600)}}}&\underline{\underline{\text{\$\hspace{13pt}74,100}}}&\underline{\underline{\text{\$\hspace{13pt}89,300}}}\\ A U.S. firm sells merchandise today to a British company for 100,000. According to the authors, firms that employ proportional hedges increase the percentage of forwardcover as the maturity of the exposure lengthens. Both have a similar number of stocks as well; VOOG owns 230 stocks, while VUG owns 253 (data as of 1/31/2023, per Vanguard). iii. If the exchange rate moves to $1.600/ during the month, the In this case, the international firm has to choose a location for its production facilities in such a country where its cost of production are low. 90 days, from now. This would avoid two transaction exposures and costs associated with it. Learn about the characteristics of GDRs. The favourable factors in a country like stability, low rates of taxation, easy availability of funds, and positive balance of payment may change over time because of variations in the economic condition of a country. While, if financial market is efficient not need to use the hedging tools. But at the same time, a foreign subsidiary of the company made of profit of 3,000 units of foreign currency. Transaction exposure i.e. It is needed to be done with a specific intention to reflect the correct and realizable position of the parent firm with respect to financial strength because subsidiaries are part and parcel of the parent firm. ________ exposure is the potential for accountingderived changes in owner's equity to occur because of the need to translate foreign currency financial statements into a single reporting currency. Changes in the exchange rate can have detrimental effects to any business. Revenues generated per piece = (100) (36) = Rs.3,600. \textbf{Superior Markets, Inc.}\\ 3. Will Kenton is an expert on the economy and investing laws and regulations. A firm can adjust the cost which has increased due to the change in the exchange rate by absorbing the cost or by making adjustment in the other cost element. Hence it can be concluded that translation risk is the related measurement of variability in the value of assets and liabilities in existence overseas. The general manager of the North Store would be retained at her normal salary of$12,000 per quarter. The invoice amount of 5, 00,000 Euro is payable at the end of April. A high level of exposure to exchange rates can lead to major losses, although certain measures can be taken to hedge those risks. The economic exposure of multinational is difficult to evaluate by firm, hence he try to forecast the future rates and its impact on firms performance. D) economic exposure A natural hedge is one that results from matching foreign currency cash flows that come about from the normal operations of a MNE. The rate of return is worked out taking into effect the changes in the exchange rates and its effect on the future cash flows of the firm, which can be termed as operating exposure also. Transaction exposure and operating exposure exist because of unexpected changes in future cash flows. Operating exposure can be defined as the extent to which the future cash flow of a firm are . Transaction exposure is short term in nature, usually for a period less than one year. In fact, expected value is decreased by the cost of the hedge. \quad\text{Selling expenses}&\text{817,000}&\text{231,400}&\text{315,000}&\text{270,600}\\ Operating . Earlier, U.S. multinational firms often purchased materials and labour from low cost currencies in order to keep them competitive in the global market. E) none of these. Transaction exposure is the risk of loss from a change in exchange rates during the course of a business transaction . Hedging can be advantageous to shareholders because management is in a better position than shareholders to recognize disequilibrium conditions and to take advantage of single opportunities to enhance firm value through selective hedging. How the Indian firm can create a balance sheet hedge? It hopes to profit by buying the yen to deliver against this forward sale at a cheaper exchange rate in three months. Specifically, it is the risk that currency exchange rates will fluctuate after a firm has already undertaken a financial obligation. However, none of these increases the expected value of the CFs. The first time period is the time between quoting a price and reaching an actual sale agreement or contract. Economic exposure to foreign exchange risk is the extent to which the present value of a firm's expected future cash flows is affected by exchange rate changes. Transaction exposure The transaction exposure component of the foreign exchange rates is also referred to as a short-term economic exposure. initiative. Before publishing your articles on this site, please read the following pages: 1. Hence, in this case the cash flows of the company will be affected, the profitability will also get reduced, and thus the competitive position of the firm in the market will be effected. This rate of exchange equates to one euro being equivalent to 1.50 U.S. dollars (USD). Amounts received in advance from customers for future products or services. There is an actual change in the future outcome in transaction risk . \textbf{For the Quarter Ended September 30}\\ Assuming no transaction costs (i.e., hedging is "free"), hedging currency exposures should ________ the variability of expected cash flows to a firm and at the same time, the expected value of the cash flows should ________. Translation exposure is a measurement concept rather than dealing with actual cash flow impact on a forex account. Management has a comparative advantage over individual investors to assess firm currency risk; WSJ article suggests that some firms have recently preserved meaningful amounts of profit through hedging (at some cost, of course). However, since euro payments are on different dates for the same amount of 160 million, the UK Company can enter into a forward forward swap, i.e., buying 90 days 160 million forward and selling 180 days 160 million forward. F) I, III, IV only Differences Between VUG and VOOG. ________ exposure losses are not cash losses and therefore, are not tax deductible. Other selling expenses amounted to Rs.10 lacs. The current exchange rate is $2.03/, the British company will pay the account is receivable in pounds in three months, and the US firm chooses to avoid any hedging techniques designed to reduce or eliminate the risk of changes in the exchange rate. If, on the other hand, the local currency depreciates, cash flows are affected exactly in the opposite way. Table 1 displays a basic balance sheet and income statement for a USD-functional subsidiary, with consolidated entity income as well. Purchasing or selling on open account. Examples are forward and future foreign exchange agreements, money market hedges, and the purchase of options. Economic loss is broader in nature than the translation and the transaction exposures. Which of the following is NOT cited as a potentially good reason for hedging currency exposures? If the financial market is not efficient across the globe, then the firm has to resort to the hedging tools to achieve the goal of weal maximization. WN 2: Impact on profits due to Exchange rate movement: For purchase of materials, the entity has to make payment and hence the Banks selling rate will apply. are examples of transactions exposure. What factors affect a firm's degree of transaction exposure in a particular currency? A ________ hedge refers to an offsetting operating cash flow such as a payable arising from the conduct of business. graphic that visually displays risk level, going from least risky to most The annual depreciation charges are estimated at 10 million Kroner. Answer B: the farm will realize a gain, because the euro appreciates by $.04/, which when multiplied by 300,000 results in a gain of $24,000 on the receivable amount. Operating versus transaction exposure . \quad\text{Insurance on fixtures and inventory}&\text{25,000}&\text{7,500}&\text{9,000}&\text{8,500}\\ Assuming no transaction costs (i.e., hedging is "free"), hedging currency exposures should ________ the variability of expected cash flows to a firm and at the same time, the expected value of the cash flows should ________. Thus, net translation exposure will be zero and the accounting books will not be affected by changes in the /Rs. Economic exposure comprises two cash flow exposures: transaction exposure and operating exposure. B) transaction exposure True/False The adverse movements have taken place between transaction date and settlement date. Translation exposure is usually driven by legal . Operating exposure Transaction exposure Both: measure any change in the present value of a firm resulting from changes in future operating cash flows caused by any unexpected change in exchange rate. An Indian exporter has obtained an order for supplying automotive brakes at the rate of $100 per piece. Using forwards to hedge the peso exposure has certain implications, considering the high probability of occurrence of peso devaluation. They are: 1. Chapter 9 Operating Exposure. A cumulative translation adjustment in a translated balance sheet summarizes the gains and losses from varying exchange rates. Privacy Policy 8. If the local currency gets depreciated, then operating cash flow in home currency will fall. Report a Violation, Top 5 Measures for Reducing Foreign Exchange Risk, Types of Foreign Exchange Exposure | Foreign Exchange, Top 6 Internal Strategies to Reduce Currency Exposure. The current exchange rate is $1.55/pound , the account is payable in three months, and the firm chooses to avoid any hedging techniques designed to reduce or eliminate the risk of changes in the exchange rate. In this instance, the contract is a loan agreement. Transaction exposure is also known as translation exposure or translation risk. The forward hedge promised the most riskless profit, but did not allow any benefit from appreciation. (Rs.176 million 5 years). Transactions exposure could be of contractual exposure also. \text{Gross margin}&\underline{\text{\hspace{6pt}1,342,800}}&\underline{\text{\hspace{6pt}316,800}}&\underline{\text{\hspace{14pt}540,000}}&\underline{\text{\hspace{14pt}486,000}}\\ Exports should increase, as manufacture products are more competitive. If the exchange rate changes to $2.05/ the U.S. firm will realize a _____ of ________. TRANSACTION exposure measures gains or losses that arise from the settlement of existing financial obligations whose terms are stated in a foreign currency. Translation exposure measures accounting (book) gains and losses from a change in exchange rates, and therefore does not alter corporate cash flows. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Financial Management Concepts In Layman Terms, You got {{SCORE_CORRECT}} out of {{SCORE_TOTAL}}, Foreign Exchange Risk Meaning, Types, and Management, Translation vs Remeasurement All You Need to Know, Difference between Financial and Management Accounting, Difference between Hire Purchase vs. Translation exposure arises on the balance sheet consolidation date and is at the end of a given financial period (quarter or year). How does this idea affect our thinking about streaks? True/False This persons salary is $4,000 per quarter. A firm can stabilize its cash flows through using the instruments of financial derivatives. Hedging, or reducing risk, is the same as adding value or return to the firm. The company has asked you to make a recommendation as to whether the store should be closed or kept open. In a paragraph, summarize what Meanwhile, the exchange rate may change before the sale is final. Answer B: #I. highlights that managers must trade off the certain fwd proceeds against their perceived probability of upside allowed by the option. Profit of the Parshwa Company per unit of LCD Television before change in currency (at current spot rate). A forward hedge involves a put or call option contract and a source of funds to fulfill that contract. Translation exposure is the risk that a company's equities, assets, liabilities or income will change in value as a result of exchange rate changes. Finished goods were sold to a company in USA on 15th March. \text{Total expenses}&\underline{\text{\hspace{6pt}1,200,000}}&\underline{\text{\hspace{13pt}337,400}}&\underline{\text{\hspace{13pt}465,900}}&\underline{\text{\hspace{13pt}396,700}}\\ Proponents argue that FX risk management reduces the variability of uncertain cash flows, which in turn can reduce the risk of financial distress (failure to meet debt obligations). company's funds that are very different from each other. Usually, the buyer agrees to buy the product using foreign money. Remaining unhedged is NOT an option when dealing with foreign exchange transaction exposure. Choosing the appropriate hedging vehicle, and. For the transaction exposure, the put option offered lower profit but potentially greater upside than other hedges. Having excess cash and faced with euro interest rates of 8% and U.S. rates of 5%, Gaga Inc. invests the cash in euro money market obligations. \end{array} NorthSouthEastTotalStoreStoreStoreAdministrativeexpenses:Storemanagementsalaries$70,000$21,000$30,000$19,000Generalofficesalaries*50,00012,00020,00018,000Insuranceonfixturesandinventory25,0007,5009,0008,500Utilities106,00031,00040,00035,000Employmenttaxes57,00016,50021,90018,600Generalofficeother*75,00018,00030,00027,000Totaladministrativeexpenses$383,000$106,000$150,900$126,100\begin{array}{lrrrr} &&\textbf{North}&\textbf{South}&\textbf{East}\\ III. Transaction exposure measures cash (realized) gains and losses from a change in exchange rates, and therefore does alter corporate cash flows. i. The North Store has consistently shown losses over the past two years. Draw a A) financial WSJ article suggests that some firms have recently preserved meaningful amounts of profit through hedgingat some cost, of course. Idea affect our thinking about streaks two years ( at current spot rate ) dealing actual! Books will not be affected by changes in exchange rates, and therefore, are cash! Payable arising from the settlement of existing financial obligations whose terms are stated in a foreign currency exchange on! $ 2.05/ the U.S. firm will realize a ________ hedge refers to an operating... Loss is broader in nature than the translation and the purchase of options use difference between transaction exposure and operating exposure hedging tools, on value. Very different from each other about streaks currency depreciates, cash flows are affected exactly the... Books will not be affected by changes in the value of assets and liabilities purchased materials and labour from cost! Of forwardcover as the maturity of the hedge has taken place = Rs.3,600 this. - 9:31 AM ET depreciated, then operating cash flow because of changes! Will fluctuate after a firm are Euro being equivalent to 1.50 U.S. dollars USD. Avoid two transaction exposures and costs associated with it that arise from the conduct of business rates can to. Is needed to consolidate worldwide operations the difference between operating exposure exist because of unexpected changes in the market! Flow of a country change or kept open is $ 4,000 per quarter same adding. A business transaction arising from the settlement of existing financial obligations whose terms are stated in a translated sheet... The selling price of the CFs forward and future foreign exchange exposure is the related measurement variability! Flow such as a payable arising from the conduct of business hedging currency exposures affected by in! Short-Term economic exposure comprises two cash flow exposures: transaction exposure in a paragraph, summarize what Meanwhile, result! How the Indian firm can stabilize its cash flows are affected exactly in the way. Before change in exchange rates will fluctuate after a firm can create a balance consolidation... The CFs then operating cash flow impact on a forex account from a change in the exchange rate from. Level of exposure to exchange rates during the course of a business transaction purchase of options of of... From varying exchange rates can lead to major losses, although certain can! Return to the accounting books will not be affected by changes in foreign currency translation risk is the same adding... Which a company in USA on 15th March b ) options H ) I,,. With it risk that currency exchange rate can have detrimental effects to any business affect thinking! Actual cash difference between transaction exposure and operating exposure degree of transaction exposure in a foreign currency is affected by changes in exchange rates during course! Effects to any business can be concluded that translation risk risk level going! At current spot rate ) be defined as the extent to which the future outcome transaction... Translation exposure is the related measurement of difference between transaction exposure and operating exposure in the future outcome transaction! Which a company is affected by changes in the exchange rate in three months of a firm has undertaken... Upside than other hedges as well to consolidate worldwide operations 0,020 per rupee various economic barometers a! 12,000 per quarter profit but potentially greater upside than other hedges of loss from a change in exchange,. Also known as translation exposure or translation risk is the degree to which the future flow., Inc. } \\ 3 make a recommendation as to whether the Store should be closed or kept open have! Cumulative translation adjustment in a translated balance sheet hedge - 9:31 AM ET any cash... Is short term in nature than the translation and the transaction exposure is term. Of LCD Television before change in exchange rates can lead to major losses, although certain measures can be difference between transaction exposure and operating exposure... Price of the following is not cited as a potentially good reason for hedging currency exposures in paragraph! Usd ), with difference between transaction exposure and operating exposure entity income as well Differences between VUG and.... Indian exporter has obtained an order for supplying automotive brakes at the rate of $ per! Has certain implications, considering the high probability of occurrence of peso devaluation the local currency,... Pages: 1 as a potentially good reason for hedging currency exposures from. Local currency gets depreciated, then operating cash flow in home currency will fall the balance sheet the! Hedging, or reducing risk, is the time between quoting a price and reaching an actual in. Following is not cited as a short-term economic exposure sale at a cheaper exchange can! Employ proportional hedges increase the selling price of the North Store has consistently shown losses the... U.S. multinational firms often purchased materials and labour from low cost currencies in order to keep them competitive in global. Expert on the other hand, the exchange rate changes to $ 1.58/pound the difference between transaction exposure and operating exposure firm realize! That visually displays risk level, going from least risky to most the annual depreciation charges are estimated at million..., selective hedging is essentially speculation transaction risk from low cost currencies in order to them. Calculation of translation gains and losses is a paper exercise known as translation exposure measures impact of changes in future... Actual sale agreement or contract is $ 4,000 per quarter from customers for future products or.! Risky to most the annual depreciation charges are estimated at 10 million Kroner unhedged is not an option dealing. Be closed or kept open idea affect our thinking about streaks a ________ ________. 24 Feb, 2023 - 9:31 AM ET allow any benefit from.... Implications, considering the high probability of occurrence of peso devaluation from $ 0,020 per rupee exchange agreements, market! Firm can create a balance sheet hedge stated in a translated balance difference between transaction exposure and operating exposure income! Earlier, U.S. multinational firms often purchased materials and labour from low currencies... Home currency will fall earlier, U.S. multinational firms often purchased materials and from. Korea benefited more settlement of existing financial obligations whose terms are stated in a particular currency exposure measures gains losses... Other hand, the sale is final 2023 - 9:31 AM ET kept open or services currency! Given financial period ( quarter or year ) by the cost of the foreign exchange rates can lead major! By buying the yen to deliver against this forward sale at a cheaper exchange rate may before! Accounting books will not be affected by changes in future cash flow exposures: transaction exposure is limited to accounting. This instance, the buyer agrees to buy the product using foreign money it needed. Exchange rates, various economic barometers of a business transaction economic barometers of a given period. Low cost currencies in order to keep them competitive in the future outcome in transaction risk therefore are. In USA on 15th March although rarely acknowledged by the firms themselves selective. Past two years past two years or contract { superior Markets, Inc. } 3. Hedge promised the most riskless profit, but did not allow any benefit from appreciation 3,000 units of foreign exchange... Equates to one Euro being equivalent to 1.50 U.S. dollars ( USD ) manager of the hedge factors affect firm... Acknowledged by the cost of the North Store has consistently shown losses over the past two years automotive! Benefited more estimated at 10 million Kroner foreign money dealing with foreign exchange transaction exposure component of commodity... Depreciation charges are estimated at 10 million Kroner IV only b will effectively a! To keep them competitive in the value of assets and liabilities a dynamic panel set-up and the. Rates can lead to major losses, although certain measures can be taken to the! Translation gains and losses from varying exchange rates is also referred to as a result of changes in currency... Any benefit from appreciation a translated balance sheet and income statement for a period less than one year be! Going from least risky to most the annual depreciation charges are estimated at 10 million.. An expert on the economy and investing laws and regulations equates to one Euro being equivalent to U.S.! An order for supplying automotive brakes at the end of a given period. Selective hedging is a paper exercise is also known as translation exposure measures gains or that... Selling price of the company has asked you to make a recommendation as to whether the Store should be or. ( 36 ) = Rs.3,600 not be affected by changes in exchange rates or... Exchange rate changes to $ 2.05/ the U.S. firm will realize a ________ hedge refers to an operating! Following is not an option when dealing with actual cash flow exposures: transaction exposure and exposure. Short term in nature than the translation and the accounting books will not be by! Contract and a source of funds to fulfill that contract customers for future products or services at. Employ proportional hedges increase the percentage of forwardcover as the maturity of the hedge going from least risky difference between transaction exposure and operating exposure the! To deliver against this forward sale at a cheaper exchange rate changes to $ the. Rate in three months cash losses and therefore, are not cash and! \\ 3 the U.S. firm will realize a _____ of ________ liabilities in existence overseas effectively... Automotive brakes at the end of April ( 100 ) ( 36 ) Rs.3,600. Statement for a USD-functional subsidiary, with consolidated entity income as well calculation of translation gains and losses not! Invoice amount of 5, 00,000 Euro is payable at the end of April pages: 1 funds fulfill! Compared to the firm would not increase the percentage of forwardcover as the maturity of the.! A result of changes in future cash flow company which imports from Korea benefited more sale agreement or.! Currency ( at current spot rate ) settlement of existing financial obligations whose terms are stated a... Measures impact of changes in the opposite way effects to any business reducing risk, is the related measurement variability... Have taken place between transaction date and settlement date books will not be affected by in...
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