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TMI 181 Available for Free Download
We are delighted to bring you the latest edition of TMI, in which a wealth of bankers, corporate treasurers and other industry experts share their experiences and thoughts.
This month's TMI includes a report unveiling Citi's plans for a Virtual Card Account, a number of articles that focus upon East European markets, and an Executive Interview with Tarek Anwar, in which he discusses Standard Chartered's relationship-driven transaction banking approach.
TMI 181 also sees the fourth instalment in a series of articles in association with J.P. Morgan. The latest article considers liquidity management.
The Treasurer's 10 Point Checklist
- "Cash is king" when liquidity is scarce, so focus on the fundamentals of working capital and cash flow optimisation: get paid; know you've been paid; optimise payments; make surplus cash work harder
- Focus on operational efficiencies wherever possible, such as the centralisation of processes and information, in addition to treasury, payments and collections
- Check regularly for additional security, efficiency and portability opportunities through SWIFT
- Closely monitor and manage FX exposures
- Monitor counterparty risk by checking cash positions, credit default swaps and establishing counterparty limits
- Ensure the financial supply chain does not become too vulnerable by getting the fundamentals right, such as avoiding late payment to suppliers
- Begin preparations now to exploit the benefits of SEPA Direct Debits and the Payments Service Directive (PSD)
- Keep up to date with IFRS changes, such as in Hedge Accounting and lobby the authorities where proposed changes would be detrimental to the business
- Consider opportunities for improving cash and treasury management in countries of rapid growth, such as in Asia and the Gulf region, but retain a systematic approach to risk and ensure the visibility of cash flow
- Focus on the company's balance sheet and P&L when making decisions, as well as when assessing treasury results
NEWS: Will Corporates be the Victims of Financial Regulation?
Both in the US and in Europe, politicians are going out of their way to prove to their electorate that they have learnt the lessons from the financial crisis and that it will never happen again.
A number of important figures throughout Europe (including leading members of the EACT) are, however, questioning the wisdom of the measures that are being proposed. Many believe that the majority of these measures are being carried out as a kneejerk reaction and will do nothing to prevent another financial crisis in years to come.
Olivier Brissaud is one person who is speaking out against the poor decisions being made by politicians, and you can read the full article in PDF format by following the link below:
READ THE FULL ARTICLE BY CLICKING HERE
Press Release: Best Cash Management Award in Europe
ING Commercial Banking has won the Treasury Management International (TMI) European Cash Management Award 2009 for its payments and cash management services. TMI Magazine is published in association with leading industry body the European Association of Corporate Treasurers (EACT).
The award, which was presented in London on 28 January to Robert Heisterborg, Global Head of ING Payments and Cash Management, is based on votes received from hundreds of clients over a six month period. This is the third time that ING has won the award in the European Cash Management category.
Speaking at the ceremony, Robin Page, CEO of TMI, said: "We are delighted to present ING with the prestigious 2009 Best Cash Management Bank in Europe award. Voted by our readers, who are leading corporate treasurers from around the world, this award clearly demonstrates that ING are ‘getting it right' for their customers, particularly during the past 12 challenging months."
Featured Supplement
At the end of each year, we feature a supplement that we feel deserves further attention due to the quality and relevance of the articles. Throughout 2009, Goldman Sachs Asset Management produced a series of best practice and thought leadership articles for Treasury Management International. The supplement that collects these articles together is called 'Stability in a Changing Landscape' and it is our featured supplement for 2009.
One of the key responsibilities of a treasurer is to ensure an efficient and effective approach to cash management. Stability in a Changing Landscape collects a series of articles that not only ensure such an approach, but do so in today's challenging market environment.
TMI members will find within this supplement a number of articles that touch on a range of areas regarding cash and liqudity management, as well as a useful interview with Jason Singer (Managing Director and Head of International Cash Portfolio Management at Goldman Sachs Asset Management).
In particular, those who want current information about Money Market Funds will find comprehensive coverage of MMFs within the supplement.
Download the articles from our featured supplement for free
View this supplement in Digital Page Turn format
Thought Leadership Articles
Directional Changes for the Payments Value Proposition
Harold Young, Managing Director, Head of Payments, Global Transaction Banking – Cash Management, Deutsche Bank
1st in the Deutsche Bank 'best practice' series
Deutsche Bank
Filling the Gaps: Money Market Funds
Mark Allen, Head of EMEA Cash Sales, Goldman Sachs Asset Management
Reflections on the Conference Season
by Helen Sanders, Editor TMI
A Brave New SEPA-World
Sander Cok, Senior Strategy Consultant, ING
Financial Supply Initiatives at Scania
by Jan Bergman, Group Treasurer, Scania AB
The Birth of RMB Cross-Border Trade Settlement
Neil Daswani, Regional Head Transaction Banking, Northeast Asia, Standard Chartered Bank
Ask the Treasury Doctor |
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Submit your Treasury questions to our resident Treasury Dr.
Sebastian di Paola, Partner at PWC's Eurofirm Treasury Advisors
We will publish a selection of questions and answers online.