A company can hedge its interest rates. It cannot hedge the vote.
Rates, currencies and commodities all have markets. The events that move earnings hardest — a tariff schedule, a sanctions listing, a pricing rule — have none. Tenor is building the layer that makes them hedgeable.
Working with design partners now →The gap
Every major risk on a corporate balance sheet has an instrument. Except one.
Treasury teams have spent forty years building the machinery to transfer financial risk. It works. It is also strangely incomplete.
Political risk insurance covers expropriation and war for the largest multinationals. It does not cover a tariff line changing by fifteen points.
The consequence is quiet but expensive. A tariff decision reprices a supply chain overnight. A drug-pricing rule moves a decade of revenue. Firms respond the only way they can — carry inventory, hold cash, delay the capex — which is to say they self-insure, at a cost nobody puts a number on.
What we do
Tenor turns an exposure into a position.
Event contracts — regulated instruments that settle on whether a specific real-world event occurs — now trade with real institutional depth. They were built for speculation. We are building what a corporate treasurer would need to use them as a hedge.
Measure the exposure
We work from a company's own transaction and cost data to quantify what a given policy outcome is actually worth to it — in margin, not in narrative.
Structure the hedge
A retail-listed contract rarely matches a corporate exposure. We design the payout so it tracks the loss it is meant to offset, and we are explicit about the basis risk that remains.
Source the other side
Hedges need a counterparty with the appetite and the capital: proprietary trading desks and reinsurance capacity. Tenor sits between the two and takes no balance-sheet risk of its own.
Why now
Three things became true at once.
The instruments exist. Event contracts trade on regulated venues, with prop desks and prime brokers building direct institutional access — a market structure that did not exist three years ago.
The exposure got worse. Tariffs, export controls, sanctions and pricing legislation now move earnings on a timescale measured in news cycles rather than budget cycles.
The data got usable. Measuring what a policy outcome costs a specific company used to be a consulting engagement. It is now a data problem, which means it can be done repeatedly and cheaply enough to price against.
Hedging is already a trillion-dollar business. It has simply never been pointed at this risk.
Who we are
Subhrajit Chowdhury
Founder
Tenor is built by someone who has already extended a derivatives market into territory it did not cover. Before Tenor, Subhrajit structured over-the-counter parametric contracts for commodities with no exchange-traded market — bringing corporate buyers in on one side and reinsurance and proprietary capital in on the other, and walking the regulatory path that made it possible.
He holds an MBA from Harvard Business School and a degree from IIT Kharagpur, and previously invested in early-stage companies at Chiratae Ventures. Tenortech Inc. is a Delaware corporation.
Contact
We are taking on a small number of design partners.
If you run treasury, FP&A or risk at a company whose margin turns on policy outcomes — tariffs, export controls, sanctions, regulated pricing — we would like to measure that exposure with you. If you provide institutional capacity and want to see corporate hedging flow, we would like to talk as well.
Or write directly: subhrajit@try-tenor.com