Unlock Your Treasury Expertise Today – Download Our Free eBook!

23-02-2023 | treasuryXL | LinkedIn |

Upgrade Your Treasury Expertise Today! Calling all Treasurers, CFOs, Cash Managers, Controllers, and Finance Addicts! Don’t miss out on the chance to enhance your financial skills and gain a competitive edge in the fast-paced world of finance. Our free eBook, “What is Treasury?”, provides a comprehensive guide to treasury management.

Download the comprehensive eBook on Treasury function, compiled by treasuryXL. This valuable resource covers a wide range of relevant topics including Treasury, Corporate Finance, Cash Management, Risk Management, and Working Capital Management.

Drawing on the expertise of Treasury professionals and their best practices, we have carefully crafted clear and concise articles that provide you with the most crucial information about the key topics in the world of Treasury.

In this eBook, we take a deep dive into each Treasury function and explore:

  • The purpose of each Treasury function, including what it is and why it matters
  • The role of specialists in each function
  • Examples of common activities associated with each function
  • A summary of frequently asked questions and answers
  • A conclusion that ties everything together

Whether you are new to Treasury or an experienced practitioner looking to expand your knowledge, this eBook is an essential resource that will help you stay up-to-date with the latest best practices and insights in the field.

How to receive the eBook ‘What is Treasury’ for Free?

We simply giveaway two presents for you! By signing up for our newsletter you will automatically receive the following in your inbox:

  1. On Fridays, our Coffee Break weekly newsletter will land in your inbox. In this weekly newsletter, we will highlight the whole week full of the latest treasury news within our community.
  2. The 41 pages eBook, What is Treasury?


Subscribe, Join, Download and Relax.

Welcome to our community and have fun reading!



Director, Community & Partners at treasuryXL



LIVE SESSION | Unlock the Benefits of Interim Treasury Management

14-02-2023  treasuryXL | Treasurer SearchLinkedIn


Join us for a thought-provoking Live Session on Interim Treasury Management, where our experts will delve into the pros and cons of this exciting market.

Unlock the Benefits of Interim Treasury Management: Discover Why it’s a Must-Have for Your Business!



Our panel of seasoned interim treasurers, including Emiel van Maris, Francois De Witte, and treasury recruiter Pieter de Kiewit, will share their valuable insights and experiences.

This webinar is designed for aspiring interim managers, potential clients, and anyone interested in learning more about this market.

Don’t miss this opportunity to gain tips and tricks from the experts in the field and engage in an open discussion.

Register now to secure your spot!




Everyone is welcome to this webinar.

🌟Moderator: Pieter de Kiewit of Treasurer Search

🌟Duration: 45 minutes


𝘉𝘺 𝘳𝘦𝘨𝘪𝘴𝘵𝘦𝘳𝘪𝘯𝘨 𝘺𝘰𝘶 𝘤𝘰𝘯𝘴𝘦𝘯𝘵 𝘵𝘰 𝘳𝘦𝘤𝘦𝘪𝘷𝘪𝘯𝘨 𝘤𝘰𝘮𝘮𝘶𝘯𝘪𝘤𝘢𝘵𝘪𝘰𝘯𝘴 𝘧𝘳𝘰𝘮 𝘵𝘳𝘦𝘢𝘴𝘶𝘳𝘺𝘟𝘓 𝘳𝘦𝘨𝘢𝘳𝘥𝘪𝘯𝘨 𝘵𝘩𝘦 𝘭𝘢𝘵𝘦𝘴𝘵 𝘵𝘳𝘦𝘢𝘴𝘶𝘳𝘺 𝘪𝘯𝘴𝘪𝘨𝘩𝘵𝘴. 𝘠𝘰𝘶 𝘮𝘢𝘺 𝘸𝘪𝘵𝘩𝘥𝘳𝘢𝘸 𝘢𝘯𝘺𝘵𝘪𝘮𝘦. 𝘗𝘭𝘦𝘢𝘴𝘦 𝘳𝘦𝘧𝘦𝘳 𝘵𝘰 𝘰𝘶𝘳 𝘗𝘳𝘪𝘷𝘢𝘤𝘺 𝘗𝘰𝘭𝘪𝘤𝘺.

We can’t wait to welcome!

Best regards,



Kendra Keydeniers

Director, Community & Partners





Effective Finance & Treasury in Africa | Eurofinance

07-02-2023 | Eurofinance | treasuryXL | LinkedIn |

Join senior treasury peers on March 7th in London at EuroFinance’s 10th annual Effective Finance & Treasury in Africa. Understand changing developments and the unique opportunities and challenges of doing business in this dynamic region.

This year’s speaker line-up includes experienced treasurers – all active in African markets – including:

● Edward Collis, Treasurer, Save the Children
● Neiciriany Mata, Head of finance, Angola Cables
● Marta de Teresa, Group treasurer, Maxamcorp
● Chigbo Enenmo, Finance and treasury manager, Nigeria LNG
● Folake Fawibe, Integrated business service lead, Danone, Southern Africa
● Jan Beukes, Group treasurer, MultiChoice Group

They will discuss important topics including cash and FX, payments, liquidity and financing, digital transformation, share success stories and provide practical guidance on how to optimise your treasury operation for growth.

For the full agenda and to register, please visitt this link.

Quote discount code MKTG/TXL10 for an exclusive 10% discount for TreasuryXL readers.

If you have any questions, you can contact the EuroFinance team directly at [email protected]


Registration is open – find out more and register now.



Interview | 8 questions for Dinesh Kumar, Treasury Strategy Consultant

20-12-2022 | treasuryXL | Dinesh Kumar | LinkedIn |


Meet our newest expert for the treasuryXL community, Dinesh Kumar.

Dinesh is specializing in architecting and leading large scale treasury technology transformations helping clients embrace the power of technology.  He supports group wide treasury projects in the further development of a broad range of methods and processes in the related treasury IT systems, e.g., improvement of cashflow planning, FX management and treasury reporting.

He involves in designing overall organizational strategy in the field of treasury technology application services, including evaluating new processes, models, pricing, and tools and related competitive offerings delivered treasury Service providers.

Dinesh has successfully led large treasury transformations projects utilizing SAP S/4 HANA across US, Australia, and Middle East region.


We asked Dinesh 8 questions, let’s go!




1. How did your treasury journey start?

After finishing my studies in Finance, I started working on stock and option trading platforms at a stock broker firm. I learned the basic concepts of stocks and options. I also built up experience at  the front office, middle office, and back office. During my time at this stock broker firm I received a lot of exposure working on trading platforms.

After 2 years, I got a chance to work on a SAP treasury implementation for a giant telecom company. I worked on Money Markets, Derivatives, Forex and Cash Management. Since then I am working on Treasury transformation projects for various clients in various countries.


2. What do you like about working in Treasury?


I love the diversity of challenges. You are dealing with the financial heart of the company and need to make sure that the right amount of blood reaches every cell. I was more into technology so turning treasury operations into systems was always challenging. I worked for many international clients, I had the opportunity to learn how different companies from different sectors and industries adapt their treasury operations and cash management as per various country regulations.


3. What is your Treasury Expertise and what expertise gives you a boost of energy?


I have been working in various roles on different Treasury projects, from interim roles to system implementations. My core treasury expertise areas are the selection and implementation of Treasury Technology (i.e., SAP, Payment Hubs, SWIFT, integration with Trading Platforms), Treasury Analytics and Insight, Technology Integration and Optimization, and Application Managed Services.


4. What has been your best experience in your treasury career until today?


For me, it’s working with different geographies, different people and cultural diversity that I personally feel is the greatest experience so far.


5. What’s the most important lesson that you’ve learned as a treasurer?


“Sound treasury management begins with a robust treasury policy”.


6. How have you seen the role of Corporate Treasury evolve over the years?


Treasurers play a unique role in managing a large portion of the balance sheet. In addition to the detailed understanding of the organization in which they operate, they are closest to macro-economic developments, particularly financial markets, and can offer valuable insights to support corporate strategy.

Increasingly over the last 10-15 years treasurers have been asked to play a bigger role, as a strategic partner to the board, advising on how best to build the business line with funds available. Treasurers, certainly in the larger companies, are now much more visible in the board room, recognized for the skills and knowledge they can bring to the table.


7. What developments do you expect in corporate treasury in the near and further future?


More and more treasurers are getting involved in ESG initiatives. Not only financing them but also embedding them into treasury processes and spearheading departmental sustainability projects. When discussing ESG in corporate treasury, green financing is often mentioned as one of the main instruments to support ESG goals.

I sense that treasurers generally are now exploring options other than multiple spreadsheets, excel data, and month-end accounting and reporting much more than they used before Covid. They are devoting more time and energy to enterprise digitalization and process automation. This is enhancing their ability to support the business round the clock from the office or virtually.

With the help of technologies like AI, we can make fact-based decisions much more rapidly in terms of resources available. Such advances are helping us to analyze M&A opportunities more critically, and explore funding, forecasting, and hedging options more forensically, even helping predict and shape our responses to supply chain disruptions.

Technology is allowing us to think and act differently, in a good way, and as treasurers, we have to seize it.


8. Is there anything that you would like to share with our treasury followers that they must know from you?


Finance and in particular treasury operations today are very dynamic and open to many uncertainties. And all the signs are that the current turbulence will continue for some time yet, perhaps worsen considerably.

In such a climate treasurers need a highly dynamic approach to fulfilling both their core and strategic responsibilities. They need to anticipate and react quickly to fast-moving developments.

They should not be afraid to act decisively, even though it may not be possible to do so based on having a clear direction and end-point certainty – inaction can also cause considerable damage.


Want to connect with Dinesh? Click here


Thanks for reading!



Kendra Keydeniers

Director Community & Partners, treasuryXL

Interview | 9 questions for Kurt Smith, Seasoned Treasury Expert

21-11-2022 | treasuryXL | Kurt Smith | LinkedIn |


Meet our newest expert for the treasuryXL community, Kurt Smith.

Kurt is a Director of Marengo Capital, a corporate advisory company specialising in treasury, financial markets, corporate finance and private equity. Marengo Capital has a track record of, and passion for, creating and managing for long term enterprise value by aligning corporate strategy, finance and risk.

Kurt is also the Vice President and Technical Director of the Australian Corporate Treasury Association, a member of the Australian Payments Network Stakeholder Advisory Council, and a member of FX Markets Asia Advisory Board.  His career includes senior positions across fund management, bank derivative trading, Fintech, private equity and corporate treasury.  He has a Ph.D in Finance and is a graduate of the University of Cambridge.

Kurt is an engaging and compelling public speaker with substantial experience in presenting, being a panellist and master of ceremonies, for intimate and large audiences in Australia, Asia, Europe, and the United States.  He is well known for providing unique insights into new and well-worn issues, balancing contrarian thinking with informed judgment, and communicating highly technical issues to non-technical audiences.


We asked Kurt 9 questions, let’s go!




1. How did your treasury journey start?

I started in financial markets, firstly as a portfolio manager with a macro fund, and secondly as an FX option trader and Head of Derivative Trading for a commercial bank.  While I enjoyed the excitement, spontaneity, and commercial pressure of each day, I wanted something more fulfilling.


I became a Director in two FinTech companies commercialising option valuation and risk management technologies, one for the interbank exotic option market and the other for retail investors.  Sourcing capital for product development was a constant challenge but also very rewarding.  By this stage I was hooked on corporate treasury.  Treasury allowed me to direct my passion for financial markets to create, operate and scale businesses by funding growth and making them financially sustainable.


I then moved to a $10B+ corporate to run their treasury, corporate finance and insurance businesses.  My main responsibility was developing and implementing capital management and financial risk management strategies to ensure that the company target credit rating was achieved, while obtaining funding, allocating capital to investments, and hedging market exposures to reduce earnings volatility.


I am now a Director of Marengo Capital which specialises in creating and managing for value in corporate treasury and corporate finance.  I am still involved in FinTech as the Group CFO of a cash flow securitization company; and I am also the Vice President and Technical Director of the Australian Corporate Treasury Association, which is engaging with and improving the treasury community in Australia.


2. What do you like about working in Treasury?


I like that the success of the company is in your hands.  The company can formulate exciting corporate strategies and business plans, but those strategies and plans will not be delivered unless capital is sourced, structured and allocated properly, and financial risks are hedged to provide corporate resilience to business cycle downturns and adverse economic conditions.

When you think about it, it is a massive responsibility.  However, I prefer to think of it as a fantastic opportunity to make an impactful contribution.


3. What is your Treasury Expertise and what expertise gives you a boost of energy?


My specialist expertise is in creating and managing for long term enterprise value.  Increasing value is critical to increasing the capital funding capacity of the company and delivering into the main goals of Executives and the Board.  Most treasurers consider treasury a cost centre and do not have ambition to add value.  To me, that makes treasury a tax on the business, an overhead to be recovered by everyone else.  I believe that there are a large number of ways that treasury can add substantial value, by increasing cash flow not just forecasting it, managing the capital structure to reduce the cost of capital, and evaluating the allocation of capital to investments to ensure value accretive and efficient returns.


While I get a kick out of applying commercial acumen to improve businesses, I really get a kick out of convincing others to do the same, from decision-makers to operational teams.  I get very enthusiastic – but I truly believe that value is the key to financial sustainability, which is necessary for companies to do more of what they want to do.


4. What has been your best experience in your treasury career until today?


I built a very high-functioning treasury and got team members to work on several projects simultaneously in small multi-disciplinary teams.  Team leadership was based on expertise not the hierarchy, and it not only provided all team members with rapidly growing CVs to support their careers, it also provided opportunities for, and the most satisfying discovery of, junior employees with real talent fast tracking into leadership succession planning.  This way of working was new to all of us, and we created a lot of value and had a lot of fun doing it!


5. What has been your biggest challenge in treasury?


I worked for a capital-intensive company that had rapidly growing capital expenditure to be funded predominantly by debt, during an expected aggressive interest rate tightening cycle.  The rates market had already factored five sequential monetary policy tightenings into the yield curve, such that fixed rates for term debt were very high.  Our analysis showed that in most foreseeable scenarios floating rates would outperform fixed rates, even during sharp tightening cycles.  We went with the maximum allocation to floating rates, and over the next five years interest rates decreased markedly, and we used those decreases to gradually re-weight floating rate exposure back to their neutral weight.

This was a real risk management lesson for me, that is applicable now.  One has to take emotion out decisions, especially fear, do the analysis and trust your instincts.  Worked for us!


6. What’s the most important lesson that you’ve learned as a treasurer?


Communication is crucial, especially verbal communication.

Executives, Boards and operational teams do not understand treasury and corporate finance.  Treasurers need to be able to communicate complex technical information in a persuasive and compelling way to non-technical audiences.  For example, I prepared a 35-page capital management strategy working paper that I turned into a six-page Board paper, and my presentation to the Board was a single diagram on one slide.  If they were not convinced in the first few minutes, all that work would have been wasted.  Communication is key, and I believe it is a defining characteristic between the best and the rest.


7. How have you seen the role of Corporate Treasury evolve over the years?


Corporate treasury was formerly a satellite of the business that was involved at the end of the value-chain, to be engaged only when funding of spend and hedging of exposures was required.  As a result, treasury did not influence decisions, it just implemented them.

Good corporate treasuries today are deeply integrated with, and embedded into the DNA of, their businesses; and, as a result, are involved at the beginning of the value-chain where they can influence outcomes.  This is a much more interesting space to play in.


8. What developments do you expect in corporate treasury in the near and further future?


Everyone is focusing on using technology, digitalisation and data rich environments to reduce operational risk, release resources and gain insights.  This is understandable given the change in the technology landscape and eco-system.

However, I believe that we will have to focus increasingly on our human resources as we re-examine whether the treasury operating model, governance architecture, people, processes and systems are fit-for-purpose not only now, but for the future.  Are our selection processes biased towards technocrats with limited ability to engage and communicate?  Do we hire and / or cultivate businesspeople with commercial acumen?  Do we encourage out-of-the-box innovation or do we effectively enforce the status quo through a relentless drive for efficiency?  I see treasury as a business within a business, and that it should be run as such.


9. Is there anything that you would like to share with our treasury followers that they must know from you?


As a community of treasury professionals we all have a responsibility to improve the standard of the profession, and to contribute to the recognition of the profession as a profession!  In this regard, treasuryXL is doing a fantastic job of bringing us all together and giving us opportunities to share, learn, explore and discuss treasury.  Let’s make sure that we contribute more than we take out, so that we add value overall.


Want to connect with Kurt? Click here


Thanks for reading!



Kendra Keydeniers

Director Community & Partners, treasuryXL

What is meant when we read or hear about Volatility?

09-11-2022 | Harry Mills | treasuryXL | LinkedIn

We all have an intuitive feel for what volatility is – we know when a market is exhibiting high or low volatility because we see differences in price changes. But it pays to be more precise with our language and to understand what is meant when we read or hear about volatility.

By Harry Mills


Defining Volatility

Let’s start with a more instinctual and accessible definition:

Volatility is the rate at which prices change from one day to the next. If some currencies or other financial assets routinely exhibit greater daily price changes than others, they are considered more volatile.

Harry Mills, Founder & CEO Oku Markets

In his preeminent book, Option Volatility & Pricing, Sheldon Natenberg refers to volatility as “a measure of the speed of the market,” which is a particularly useful reference point when we consider that volatility and directionality are two different things: an underlying’s price can slowly move in one direction over time with very low volatility, or perhaps it swings wildly from day to day, but over a year it’s not changed much.

Now we have a feel for what volatility is, how do we quantify it? This third definition explains what it actually is: the annualised standard deviation of returns, and Natenberg refers to volatility as “just a trader’s term for standard deviation.”

This isn’t an article on standard deviation per se, but if you’re unaware of what this means then it is a measure of the dispersion of data around the average. Take for example if we measure the height of 1,000 people:

  • If all 1,000 people are exactly 5’7″ then standard deviation is zero
  • If standard deviation is two inches, then we know that 68.2% of people will be between 5’5″ and 5’9″ (see the normal distribution chart below)
Normal Distribution chart (Wikipedia)
Normal Distribution chart (Wikipedia)

What about “annualised” and “returns”?

Volatility is always expressed as an annualised number – this uniformity means that everybody knows what is meant when we talk about volatility being X%. In that sense, it’s rather like interest rates, which are also always described as an annualised figure.

This might not be so immediately useful to a trader or a risk manager, though, who might be thinking of daily or weekly price movements and where their risk or opportunities lie. Volatility is proportional to the square root of time, so to convert annualised volatility into daily, we simply divide the volatility by the square root of the number of days in a year – but we need trading days  on average there are 252, equating to 21 trading days a month. The square root of 252 is 15.87, but most traders approximate this to 16…

Hence, if we have a contract trading at 100 with a standard deviation of 20%, then: 20%/16 = 1.25%. We would therefore expect to see a price change of 1.25% or less for every two days out of three (+/- 1 standard deviation is around 68%).

Returns… I won’t go into detail, but if you want to explore this I would recommend chapter 10.6, The Behaviour of Financial Prices, in Lawrence Glitz’s superb Handbook of Financial Engineering which explains how price returns follow a normal distribution and prices follow a lognormal distribution. I’ll also add that calculating the standard deviation of prices doesn’t provide meaningful information because what we are looking for is the change from one period to the next, so we need to look at the daily returns!

Still here? Ok… let’s take it down a notch and look at the types and uses of volatility

Types of Volatility

There are a few types of volatility that can be measured, but by far the most commonly used and referred to are historical and implied volatility:

  • Historical volatility is a backward-looking measure that shows how volatile an asset has been over say, a 20-day period. It’s useful to look at different time periods and to chart the daily movement in the volatility.
  • Implied volatility is the future expected volatility – the term ‘implied’ is helpful because it literally means the volatility that is implied by the premium of an option contract. It’s a critical factor that influences options prices and draws the attention of traders and risk managers.

Uses of Volatility as an Indicator

Volatility is a common measure of risk, and it is a key component of Value at Risk modelling. But be warned of the ubiquitous disclaimer that past performance is no guarantee of future results.

Historical volatility is useful to understand how an asset or a currency has performed in the past – you can line this up with significant macroeconomic events and understand why there may have been a period of change, and you can get a feel for how the underlying “normally” behaves. For example, trading in the Turkish lira will probably present a higher risk than in, say the Swiss franc.


  • Volatility is the rate at which prices change from one day to the next
  • It demonstrates the “speed of the market” and is different from directionality
  • Technically, volatility is the annualised standard deviation of returns
  • You can approximate daily volatility by dividing the annualised volatility by 16
  • Historical volatility tells us what happened in the past
  • Implied volatility is the expectation of future volatility, and critical to option pricing

Thanks for reading!


Harry Mills

Founder at Oku Markets

Managing Business FX Risk

Interview | 8 questions for Konstantin Khorev, Seasoned Treasury Professional

01-11-2022 | treasuryXL | Konstantin Khorev | LinkedIn |


Meet our newest expert for the treasuryXL community, Konstantin Khorev.

Konstantin has 18+ years of experience in corporate treasury, gained in various environments: from public companies with +100BUSD turnover, to PE and privately owned companies, as well as at a prominent treasury consulting firm.

Being exposed to a wide range of different challenges and projects, Konstantin has built a strong expertise in the full spectrum of treasury and risk activities and in cross-functional collaboration and treasury partnership with business operations, tax, accounting, audit, and internal control.

Konstantin holds a Ph.D. degree in financial mathematics and is a CFA charter holder since 2009.


We asked Konstantin 8 questions, let’s go!



1. How did your treasury journey start?

In 2005 I changed my career path from investment management to corporate finance with a leading oil major. Couple of years later, being already a professional with several years of experience in related areas, I decided to join the treasury department within the same company. I made my decision mainly because of a great team and a lot of challenging projects there – we basically were requested to bring best practices into treasury function in multinational corporation with +100BUSD turnover. The first project was setting up an international multicurrency cash pool structure.

2. What do you like about working in Treasury?

Cross-functional collaboration (business, accounting, FP&A, tax), possibility to implement projects that make structural changes, e.g. in how company manages cash and financial risks, make payments, automate processes, etc.

3. What is your Treasury Expertise and what expertise gives you a boost of energy?

Change and project management, setting up a function from scratch or bringing best treasury practices, with special personal interest in the area of automation and data analysis. Having my first background in mathematics and computer science I also like to develop my own IT solutions (python, VBA, SAP scripting) that can solve certain automation or data problems and thus bridge a gap between client’s needs and available market solutions. Observing the professional growth of team members, I am coaching or used to coach is also a big source of excitement to me.

4. What has been your best experience in your treasury career until today?

I would say I can not highlight one single project. I enjoy and I am proud of every moment when I see the change realized, or cost-reduction/value-added created.

5. What has been your biggest challenge in treasury?

Setting up supply chain financing in a country where our team and company have been among pioneers implementing the product. Apart from tax, legal, accounting challenges related to the jurisdiction, as well as bank negotiation it required a lot of effort to explain the benefits and persuade all the stakeholders (from CFO to supply managers and suppliers). The ultimate result was more than rewarding: win-win solution both for the company decreasing working capital needs by 50% and for the suppliers getting access to much cheaper (and sometimes even unavailable at all) bank financing.

6. What’s the most important lesson that you’ve learned as a treasurer?

Invest time explaining what treasury is about and why certain things are crucial for internal counterparties.

7. How have you seen the role of Corporate Treasury evolve over the years?

Playing bigger and bigger role as a business partner to other functions. Embedding more opportunities that are provided by IT solutions.

8. What developments do you expect in corporate treasury in the near and further future?

Automation and machine learning to play more role in daily and later strategical treasury operations. Distributed Ledger Technology (blockchain is an example) still to show its full potential. Fintech companies substituting banks in more areas and having bigger market size.


Want to connect with Konstantin? Click here


Thanks for reading!



Kendra Keydeniers

Director Community & Partners, treasuryXL

Brush up on your treasury knowledge? Get our eBook: What is Treasury?

27-10-2022 | treasuryXL | LinkedIn |

How can you fast brush up on your treasury expertise, Treasurers, CFOs, Cash Managers, Controllers, and other Finance Addicts? Or how would you describe “What Treasury is” to family and friends? Well, there is an easy solution for it. Download our free eBook here: What is Treasury?

This eBook compiled by treasury describers all aspects of the treasury function. This comprehensive book covers relevant topics such as Treasury, Corporate Finance, Cash Management, Risk Management, Working Capital Management.

This eBook was prepared by treasuryXL based on the most useful best practices offered by Treasury professionals throughout the previous years. We compiled the most crucial information for you and wrote clear, concise articles about the key topics in the World of Treasury.

We took a deeper dive into each of the above-mentioned treasury functions and highlight:

  • The purpose of each named Treasury function (What is?)
  • What specialists do
  • Examples of Activities
  • Summary of Frequently Asked Questions and answers
  • Conclusion

How to receive the eBook ‘What is Treasury’ for Free?

We simply giveaway two presents for you! By signing up for our newsletter you will automatically receive the following in your inbox:

  1. On Fridays, our Coffee Break weekly newsletter will land in your inbox. In this weekly newsletter, we will highlight the whole week full of the latest treasury news within our community.
  2. The 41 pages eBook, What is Treasury?


Subscribe, Join, Download and Relax.

Welcome to our community and have fun reading!



Director, Community & Partners at treasuryXL



Interview | 8 questions for Sugandha Singhal, Vice President – Head Treasury at SRF Limited

24-10-2022 | treasuryXL | LinkedIn |


We are so happy to embrace Sughanda Singhal as one of our newest treasuryXL experts for the community.

Sugandha is a Treasury Professional with diverse experience in Treasury, Strategic Planning, MIS, and Business analytics. She is passionate about breaking down complex problems and solving them using system-oriented thinking. With strong focus on process improvement, she has lead transformation of the treasury function both in terms of cost-effectiveness and process agility. A firm believer that real change in society must start at individual level she channelizes her spare time in volunteering for the cause.

Sugandha is also the highly commended winner of Adam Smith Asia Award for ‘Best working capital management solution’, winner of ‘Finance Transformation Initiative award of the year’ with C2FO and ‘Out of box thinker Award’ by SRF Limited.


Sugandha’s impressive career is an example for many. What is her secret? What drives her to perform at such a high level every day?

Well,…. let’s find out!


We asked Sugandha 8 questions, let’s go!



1. You have an impressive career in Treasury coming all the way up where you are right now. What is your secret?

The secret of success is not just one single mantra but a combination of smart habits. I realized very early that in treasury you spend most of your working hours networking and executing. Back home being a mother to two lovely teenage girls, I have always been hard-pressed for time. Thus changed my early morning routine to dedicate an hour to planning my work. I started setting up weekly learning goals to be completed flexibly during the week. Another important change was developing independent opinion through research rather than being influenced by what others say. These small habits practiced over the years helped me achieve my targets successfully.

2. The last two years must have been incredible for you, winning great awards for example. We are curious about what makes you most proud in your career?

While yes, I have been fortunate to lead certain critical projects that were recognized widely. When I think of what makes me proud it’s not any one project or an award but the journey I have taken as a woman and especially as a mother. I feel proud when I see youngsters, especially girls getting inspired by my journey and motivated to become leaders themselves. Being in a position where one can more effectively encourage and empower young women and girls to become leaders is an accomplishment that matters.

3. What do you like about working in Treasury?

We are living in very exciting times when digital transformation is still unfolding and is providing a wealth of learning opportunities. What I love about my current role is the fact that I have this unique opportunity to shape the future of the Treasury function and how it interacts with other processes/people in the business. It’s the everyday challenges and fast-paced work that excites me about my role.

4. What is your Treasury Expertise and what expertise gives you a boost of energy?

While I had the opportunity to lead multiple aspects of corporate treasury like borrowing, investment, policy formulation, working capital management, risk management, hedging, etc. what excites me the most is transforming the working capital landscape through business process re-engineering and digitalization.

5. What has been your biggest challenge in treasury?

The biggest challenge in treasury has been managing people while driving change.  On one hand, you have new technology, new compliances, new solutions that you need to implement, and on the other hand you have internal teams resisting change. This means while you are busy implementing the project through data architecture, solution design, onboarding suppliers & customers, etc. you are also leading a cultural change within the organization. To succeed, one needs to ensure the wider adoption of a digital mindset and overcome resistance to change through upskilling and communication.

6. What’s the most important lesson that you’ve learned as a treasurer?

The two most important lessons that I have learned as a Treasurer are first, the only constant in our profession is change, and second, people are the anchor helping you sail through this sea of change. While we all know that change is inevitable and that people are the key, somehow, it’s often easily forgotten. In my experience, if you know the right person at the right time, half the task is done. I feel what has made a difference in my career is networking and relationship building.

7. How have you seen the role of Corporate Treasury evolve over the years?

I would say over the last few years the role has not just evolved but has completely transformed from being transactional to being strategic. Internally, in the past, treasury was all about ensuring fund availability, dealing with trade products, hedging, and managing excess funds. Today we are seen as the strategic partner to businesses who actively provide solution sales, re-engineer business processes, and act as an advisor to top management. Externally, the environment in which we operate has transformed, we now see very high volatility, significantly increased speed of information sharing, digitalization, enhanced compliances, and ESG focus that has made corporate treasury more agile and tech-oriented than what it was a few years back.

8. What developments do you expect in corporate treasury in the near and further future?

In the future, corporate treasury will become pivotal in driving the corporate sustainability initiatives. With corporates formalizing their ESG pledges, the treasury department will be expected to apply the ESG lens on everything from raising capital and investing surplus cash to supply chain finance. Secondly, the treasury team will become more and more connected to core business activities such as sales or procurement focusing on meeting fast-changing expectations/requirements of both customers as well as suppliers. Lastly, technological disruption will continue in ways beyond what we can imagine today, and treasury teams will be expected to be the front leaders in driving this transformation.


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Thanks for reading!



Kendra Keydeniers

Director Community & Partners, treasuryXL

Types of Forward Contract

20-10-2022 | Harry Mills | treasuryXL | LinkedIn

A forward contract is an agreement to buy or sell one currency for another at an agreed rate and at an agreed future date. Forwards are traded over the counter, meaning they are not traded on a central exchange; instead, they are privately negotiated, legally binding agreements between two parties, typically a bank or broker and its client.

By Harry Mills


Types of forward contract

For businesses, forward contracts provide a mechanism to secure exchange rates for future exposures and minimise the impact of currency fluctuations and market volatility. Forwards are favoured by treasurers and FDs/CFOs for their simplicity, availability, flexibility, and certainty they provide.

The exchange rate on a Forward is typically higher or lower than the spot rate – this is due to the interest rate differential of the two currencies involved. Read more in my blog post on forward pricing for more information!


The Benefits of Forward Contracts

The decision to hedge or not is unique to each business and its situation. If currency hedging is appropriate and would help a business to reduce risk and achieve its objectives, then forward contracts will likely play an important role in the strategy:


  • Certainty – Guarantee the exchange rate for future payments or receipts
  • Predictability – Securing future conversion rates makes cash flows predictable
  • Flexibility – Some contracts can be used at any time before the maturity date
  • Simplicity – Trade quickly online, in any size, and in most currencies

Types of Forward Contract

The basics apply to all contracts – a set amount, rate, and future maturity date, but there are three main types of forward contracts to be aware of:

  1. Fixed: Settlement is restricted to one future date only
  2. Open: Fully flexible, allowing settlement at any time up to the maturity date
  3. Window: Can be utilised within a window of time up to the maturity date

The open forward gives the most flexibility for drawdowns and utilisation, but it can come at a price: The reason that three types of contract are available is that the forward rate is influenced heavily by the length of the contract and the size and sign (positive or negative) of the interest rate differential of the two currencies involved. There could be a benefit to a business in selecting a fixed or window forward contract, rather than a fully flexible, open contract.

A quick example:

  • An Irish company imports from China in USD (so they sell EUR to buy USD)
  • They have an invoice of $500K to pay in 6 months’ time
  • The spot rate is EUR/USD 1.0000, and the 6m swap points are +0.0120
  • Open Forward exchange rate is quoted at 1.0000, $500K costs €500,000
  • Fixed Forward exchange rate is quoted at 1.0120, $500K costs €494,071


If in doubt, you should speak to your FX provider about forward pricing and which solution would be best for your needs, balancing flexibility and market pricing.

What to look for from your FX provider

Your currency provider should provide you with clear and consistent pricing for forward contracts. They should give you transparent and honest guidance as to the pros and cons of each contract type, and allow you transact how you want, whether that’s over the phone or online.

It’s common for FX brokers to overcharge or “keep” forward points to increase spreads (their margins), so ask for a fixed pricing schedule which includes transparency on forward points.

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Window Fwd-tw7b7

Forward with Oku Markets

Oku Markets provides live forward contract trading to clients online and via our telephone dealing desk. We always give our customers fixed, consistent, fair, and transparent FX prices, so you can trust us to work with you, not against you!

Contact us at @[email protected]   or 0203 838 0250 to discuss your needs!

Here’s a quick video of our online platform showing the few clicks to trade:

Thanks for reading 👋


Harry Mills

Founder at Oku Markets

Managing Business FX Risk