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Hedge accounting | 3 Months Ended | 12 Months Ended
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Mar. 31, 2020 | Dec. 31, 2019
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Hedge accounting | 6. Hedge accounting In the three months period ended March 31, 2020 and in the year ended December 31, 2019, the objective for the Group was to hedge the risk generated by the US$ variation from the investments in USA, XP Holding International and XP Advisors Inc. The Group has entered into forward contracts to protect against changes in future cash flows and exchange rate variation of net investments in foreign operations known as Non Deliverable Forward (“NDF”) contracts. The Group undertakes risk management through the economic relationship between hedge instruments and hedged item, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors.
|  | Hedged item |  |  | Hedge instrument |
|  | Book Value |  |  | Variation in value recognized in Other comprehensive income |  |  | Nominal value |  |  | Variation in the amounts used to calculate hedge ineffectiveness |
Strategies |  | Assets |  |  | Liabilities |
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of net investment in foreign operations |  |  | 228,563 |  |  |  | — |  |  |  | 52,428 |  |  |  | 385,484 |  |  |  | (56,496 | )
Total |  |  | 228,563 |  |  |  | — |  |  |  | 52,428 |  |  |  | 385,484 |  |  |  | (56,496 | )
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of net investment in foreign operations |  |  | 186,412 |  |  |  | — |  |  |  | 5,946 |  |  |  | 248,896 |  |  |  | (7,133 | )
Total |  |  | 186,412 |  |  |  | — |  |  |  | 5,946 |  |  |  | 248,896 |  |  |  | (7,133 | )
There was no ineffectiveness during March 31, 2020 and December 31, 2019 in relation to the foreign net investment hedge. | 9. Hedge accounting In the year ended December 31, 2019,2018 and 2017 the objective for the Group was to hedge the risk generated by the USD variation from the investments in USA, XP Holding International and XP Advisors Inc. The Group contract Non-Deliverable Forward (“NDF”) operations to protect changes of future cash flows, exchange rate variation of net investments in foreign operations. The Group undertakes risk management through the economic relationship between hedge instruments and hedged item, in which it is expected that these instruments will move in opposite directions, in the same proportions, with the aim of neutralizing the risk factors.
|  | Hedged item |  |  | Hedge instrument |
|  | Book Value |  |  | Variation in value recognized in Other comprehensive income |  |  | Nominal value |  |  | Variation in the amounts used to calculate hedge ineffectiveness |
Strategies |  | Assets |  |  | Liabilities |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of net investment in foreign operations |  |  | 186,412 |  |  |  | — |  |  |  | 5,946 |  |  |  | 248,896 |  |  |  | (7,133 | )
Total |  |  | 186,412 |  |  |  | — |  |  |  | 5,946 |  |  |  | 248,896 |  |  |  | (7,133 | )
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of net investment in foreign operations |  |  | 147,179 |  |  |  | — |  |  |  | 18,645 |  |  |  | 225,901 |  |  |  | (17,495 | )
Total |  |  | 147,179 |  |  |  | — |  |  |  | 18,645 |  |  |  | 225,901 |  |  |  | (17,495 | )
2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of net investment in foreign operations |  |  | 100,323 |  |  |  | — |  |  |  | 2,034 |  |  |  | 145,552 |  |  |  | (2,386 | )
Total |  |  | 100,323 |  |  |  | — |  |  |  | 2,034 |  |  |  | 145,552 |  |  |  | (2,386 | )
There was no ineffectiveness during 2019, 2018 and 2017 in relation to the foreign net investment hedge.

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- Definition The disclosure of hedge accounting. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2021-01-01 -Name IFRS -Number 7 -IssueDate 2019-01-01 -Paragraph 22 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_22&doctype=Standard&book=b -URIDate 2019-03-27 + Details
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- Definition Text Block [Abstract] + References No definition available. + Details
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