According to evaluation Marcelo Rabbat*, director of the Risk Oficce, recent study developed by the consultoria detected some points that they need to be perfected, to start for the question of the stated period of hedge. , approximately say Rabbat.Trabalhando with a group of 20 not financial companies, the Risk Office you developed a system you specify for analysis, identification and correction of routes in the lines of direction of the politics of hedge exchange. The work considers the three distinct natures of exposition: companies who have in its passive debt generated for the captation of resources in the exterior, but that they are not exporting importers nor; the ones that are great importers (pharmaceutical laboratories, for example) and those who are great exporters, group in which is enclosed all the agronegcio. In the opinion of Rabbat, the group of that has atrelada debt to the exchange deserves particular attention at this moment, but the choice of the correct type of hedge it is important for all the companies. We are against the protection of long stated period because this hedge finishes very provoking a great indebtedness in CDI fatiamento Has companies, also, that they do not need to have hedge none and they do not know of this because banks leave the estruturao of its protection in charge of and the banks are the same ones that the products of hedge vendem, criticize Rabbat.Em the model drawn for the consultoria, the first recommendation are so that the Advice of Administration define which clearly are with priority objective; to protect box flow or to guarantee a good one resulted in the rocking? We had cases well-known of error, as it occurred in the CSN, that protected the box flow, but left the supply of the untied debt. As the excellent one for the proprietor of the company it was the rocking, the episode finished provoking the substitution of the direction technique of the company, comments Rabbat.