Egor ZhilnikovFX · Commodities · Treasury
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Independent advisory · Dubai

Currency and commodity risk, priced — not guessed.

Hedging and execution for commodity-linked businesses.

Request an exposure review Past work
Operating profit, 12 months
USD m
Unhedged Hedged 85%
At risk, unhedged
−7.2
At risk, hedged
−1.1
Profit protected
+6.1

Illustration.

7+years on FX and commodity desks
50+commodity cases via GLG
$5bn+assets under one risk framework
5specialists on the team
LSElectures on financial markets
In numbers

What price and currency do to your P&L.

Indicative figures.

−11.7m
Profit at risk, unhedged
On USD 105m combined exposure
+10.0m
Profit protected once hedged
Same book, 85% hedged
+30–80 bp
Recovered on execution
Spread given away to one counterparty
Coverage

FX, commodities and global market access.

From G10 and EM currencies to energy, metals and agricultural risk.

Energy

Flat price, cracks, differentials

BrentWTIMurbanGasoilJetFuel oilNaphthaTTF

Metals

LME base and precious

CopperAluminiumZincNickelLeadGoldSilver

Agri & softs

Basis and quality risk

WheatCornSoySunflower oilSugarCoffeeUrea

G10

Tight spreads, deep forwards

EURGBPJPYCHFCADAUDNZDSEKNOK

Commodity-linked currencies

Hedged together with the commodity

NOKCADAUDZARBRLCLPMXN

Asia, Gulf & Africa

Onshore, offshore and NDF

CNYCNHINRSGDAEDSARTRYEGP

Execution access

Through established broker and bank relationships.

CMEICELMESGXDMEEurex EBSLSEG MatchingBloomberg FXGO360T OTC swaps & physical brokers
Geography

Emerging-markets focus. Global markets access.

Our work is centred on emerging-market flows with global execution reach.

World map showing client footprint and key focus geographies across UAE, Kazakhstan, Central Asia, Turkey, India, China and Singapore
UAE Kazakhstan Central Asia CIS Turkey China India Singapore MENA

Indicative footprint for clients, counterparties and business-development geography.

Core client corridors UAE, Kazakhstan, Central Asia and broader CIS flows.
Emerging-markets orientation Cross-border books across EM trade corridors.
Global markets access Major global venues support EM risk execution.
Commercially useful for Commodity traders, importers/exporters and treasury teams.
Process

Four steps, in order.

01

Map

One exposure number.

02

Policy

Ratios, limits, sign-off.

03

Execute

Benchmarked live.

04

Report

One page, monthly.

Selected work

Names withheld. Numbers are real.

GLG · US clients · commodities
Expert consulting, commodity sector

US funds and corporates.

50+engagements delivered
Dubai · 2025—
Multi-entity commodity group

Built from scratch.

$5bn+under one framework
Dubai · 2023—2025
Global energy major

Systematic programme.

+15%P&L y/y
Vienna · 2021—2023
Research & diligence

Team of five.

$500m+transactions supported
Ongoing
Execution oversight

Live quote benchmarking.

+30–80 bpspread recovered
Mandates

Three ways to start.

3–4 weeks

Exposure review

Mapped, quantified, benchmarked.

Board-ready report
Ongoing

Hedging programme

Policy to reporting.

Policy and reporting
Per transaction

Execution oversight

Live, on the call.

Execution log

Terms agreed after the first call.

The team

Five specialists, not one consultant.

Five specialists.

Risk & analyticsExposure models, VaR
ExecutionBenchmarking, venues
ReportingMonthly packs
Teaching · LSELectures on financial markets
Background
  • NowHead of commodity and FX trading.
  • DesksCiti · Raiffeisen · Shell
  • TeachingLectures at LSE.
  • CentresNew York · Vienna · Dubai
  • ToolkitForwards, futures, options, VaR.
  • CredentialsCFA Level 3 · MIT · LSE · IFRS
  • LanguagesEnglish · Russian
Notes

Explained twice, so written down.

2026 · 04

What a “zero-fee” forward actually costs
2026 · 03

Futures hedge the flat price, not your basis
2026 · 02

Margin calls: the hedge that breaks the cash flow
From analysis to implementation

We do not stop at identifying the problem.

We help clients put the required infrastructure in place.

01

Bank & broker account setup

Onboarding and account-opening support.

Banks · brokers · clearing · KYC
02

Market access & execution

Execution channels and pricing benchmarks.

Exchange · OTC · FX · derivatives
03

Treasury implementation

From policy to an operating treasury process.

Limits · workflows · reporting
04

Bridge & trade financing

Funding structures around the underlying trade.

Pre-payment · inventory · receivables
05

Physical commodity trading support

Physical and paper legs aligned.

Energy · metals · agri
06

Counterparty & documentation setup

Counterparties ready before the first trade.

Onboarding · ISDA · CSA · settlement

Implementation support is subject to third-party approval processes.

Start here

Bring us the problem, not a polished brief.

Choose the shortest route to a useful first conversation.

01 · INFRASTRUCTURE

Open bank / broker accounts

Institution selection, onboarding and account-opening support.

BankingBrokerageKYCMarket access
02 · EXPOSURE

Upload your exposure

Turn a spreadsheet into an exposure map and action list.

CSV / XLSXFXCommoditiesCash flow
03 · PRICING

Benchmark my quote

A quick independent sense-check before you deal.

FXForwardCommodityExecution

Bank & broker account setup

Short intake for institution selection and onboarding support.

Upload an exposure schedule

CSV, Excel or PDF is enough for a first-pass review.

For sensitive figures, a redacted file or NDA-first process is recommended.

Quick quote benchmark

User-supplied inputs only — this is an indicative execution check, not a live market quote.

Distance from mid
—
Approx. pricing impact
—
Impact vs notional
—

Enter the inputs to calculate.

Indicative only.

Calculator

What your hedge actually costs.

Forward points, carry and profit at risk.

Forward outright
—
Forward points
—
Carry, % p.a.
—
Hedge cost
—
At risk, unhedged
—
Protected
—
Verdict
—
Send this calculation Full version

Indicative only.

Tools

Two things you can use before we speak.

Calculator
What your hedge actually costs

Forward points, carry and profit at risk.

Open the calculator
Next step

Thirty minutes. You leave with a number.

Send these three things:

Prefer email? Write to info@ezhilnikov.com

info@ezhilnikov.com +971 58 577 1327 WhatsApp LinkedIn Dubai · GMT+4

Confidential. NDA before figures.

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