Final answer:
In managing transaction exposure, the strategy that does not require an outlay of capital is matching, as it involves offsetting receivables against payables. Leading, lagging, and hedging typically involve some form of capital outlay to manage currency risk.
Step-by-step explanation:
The strategy for managing transaction exposure that would NOT require an outlay of capital is matching. With matching, a company seeks to manage transaction exposure by offsetting receivables and payables in the same currency, effectively balancing out the risk without any initial expenditure of capital. In contrast, strategies like leading, lagging, and hedging would typically involve some form of capital outlay. Leading entails accelerating payments or receipts to capitalize on anticipated movements in exchange rates. Lagging delays these payments or receipts for the same reason. Finally, hedging involves entering into financial contracts such as forwards, futures, or options, which do involve spending money upfront or being subject to margin requirements, although this spending serves to lock in exchange rates and reduce risk.