With the Uncleared Margin Rules (UMR) due to start impacting a number of buy-side firms starting this September, Van Luu, Global head of Currency at Russell Investments, discusses the preparations that his firm has been making to ensure compliance, both on their own behalf and on behalf of their clients. He then goes on to analyse how investors should be thinking about currency hedging in the Covid era, analysing the various pros and cons associated with different approaches to hedging FX exposures.