The industrial client – valuations of financial instruments and hedge accounting rules under IAS 39. The need to harmonize the budgetary allocation of the items due from OTC derivatives transactions in foreign currencies and their effectiveness in terms of coverage for international orders led to the creation by sas of a bespoke tool with a built-in engine for the derivatives pricing and the hedge effectiveness. Luca Pagliarani took part in the creation of the engine and oversaw it as a support on subsequent developments.