Subscribe and receive your 41 pages ‘easy-to-read’ eBook, What is Treasury?

16-05-2022 | treasuryXL | LinkedIn |


Treasury, Corporate Finance, Cash Management, Risk Management, Working Capital Management and Blockchain. What are the purposes of these treasury functions?

treasuryXL created this eBook based on the most relevant best practices that Treasury experts provided over the last years. We bundled the most important information for you and created easy to read and understand articles about the main subjects within 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 this eBook 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





The world’s largest treasury event is returning to Vienna in September | 10% discount via treasuryXL

09-05-2022 | Eurofinance | treasuryXL |


EuroFinance International Treasury Management, the world’s largest and most influential treasury event, will take place in Vienna from September 21st-23rd 2022. Returning in-person after 3 years with more than 2000 attendees including 150 world-class speakers, the event offers unparalleled networking and insights from the world’s most senior corporate treasurers. treasuryXL is proud media partner of the 31st edition of the EuroFinance event.

Why attend?

  • Be inspired by headline speakers as they interrogate a changed world including Guy Verhofstadt, member of the European Parliament and Göran Carstedt, former corporate executive of Volvo and IKEA
  • Get practical solutions to treasury challenges with new case studies and immersive discovery labs
  • Hear from the disruptors at the new The Future of Money Stage
  • Delve into the latest innovations and new technology driving change, and how to apply them to your treasury
  • Meet with more than 100 banking and tech partners and join forces to innovate and shape the future


For the full agenda and to register, please click here

TreasuryXL contacts can claim a 10% discount with code: MKTG/TXL10


The impact of the monetary policy of central banks on FX hedging

28-04-2022 | treasuryXL | ILFA | LinkedIn |


Several central banks in the world have adjusted their monetary policy since Q4 2021. In Europe, it was the Hungarian central bank that chose to raise its key rate from 0.60% to 0.90% on June 23, 2021. A day later the Czech central bank followed suit with an increase in the main interest rate from 0.25% to 0.50%. As of January 2022, the rates of these central banks are 4.30% for the Hungarians and 3.75% for the Czechs.

In Western Europe, it was the central bank of Norway (Norges Bank) that raised the rates first. On September 23, Norges Bank decided to raise the deposit rate from 0.00% to 0.25%. This was followed by the Bank of England on December 16. The Bank of England interest rate was raised from 0.10% to 0.25%.

The US Federal Reserve (the Fed) closed the year 2021 by commenting that the Federal Fund rate would rise after the end of the QE program, which is scheduled for March 16, 2022. At that time, about 3 rate hikes were planned for 2022. However, after the recent inflation figures (December 7% yoy), the Fed gave a different signal and the markets are now forecasting 7 rate hikes in 2022.

Regarding the European Central Bank (ECB), interest rates still seem calm at the moment. ECB President Lagarde has hinted that the central bank is likely to buy bonds at a monthly rate of EUR 20 billion as early as the fourth quarter of 2022. In fact, this purchase program has no official end date. Importantly, as long as the ECB buys bonds, interest rate hikes are out of the question. So far, the ECB maintains its view that the current high inflation is temporary.

The influence of key rates

The change in the central banks’ strategy regarding their policy rates has a direct impact on short-term interest rates. Traditionally, short-term swap rates are very sensitive to the prospect of rate hikes or cuts. It is therefore no surprise that Czech and Hungarian short-term swaps have risen significantly. For example, the one-year Hungarian swap rose from 1.02% in May to 5.32% today. To a lesser extent, US and UK swap rates have also increased. On the contrary, the euro-zone 1-year swap rate was flat for much of 2021 and has only recently started to improve a bit.

The interest rate adjustments in the monetary policies of the various central banks have a major impact on the FX forward market when hedging foreign currencies against the EUR through an FX forward contract. The number of forward points increase significantly when one of the higher-yielding currencies is hedged against the EUR. For example, the number of forward pips for hedging USD against EUR for a 12-month period was 92 (0.0092) at the start of Q4. Due to increasing interest rate differentials between the US and the eurozone, this has risen to 165 (0.0165) at the end of January 2022. This represents an increase of 79%. Before hedging GBP against EUR, the number of pips also increased significantly. The number of forward pips on a 12-month hedge increased from 83 at the start of the fourth quarter to currently 133 forward pips, an increase of 60%.

The differences between the central bank’s interest rate policy have a significant impact on currency hedging through the use of forwards. The slow ECB action against the faster action of other central banks has led to a disadvantage for parties (exporters) which sell the foreign currency against the EUR in the future. On the other hand, parties (importers) which want to buy the foreign currency in the future have an advantage. They get more foreign currency for every EUR due to the high number of forward points (irrespective of the development of the spot rate). This situation may remain until central banks’ interest rate policy diverges to a lesser extent than they do now. This is not expected to be the case anytime soon.

A solution?

Good FX risk management can eliminate a large part of these Non-Core financial risks for companies. The first step is always identifying the different types of FX risks. The next step is neutralizing these risks on time with the right financial hedging instruments. A good cash flow forecast is essential for an adequate analysis.

FX risk management is often complex. Profound knowledge of the financial markets and available hedging instruments is essential for successfully protecting the company. Would you like to know more or are you interested in tailor-made treasury advice? Please contact the Treasury Desk.


Attend the 33rd Finance Symposium | 18-20 May 2022 | Mannheim

20-04-2022 | treasuryXL | LinkedIn |


The treasury and finance community finally meets in person again. treasuryXL is proud media partner of the 33rd Finance Symposium.



For more than 30 years, the Finance Symposium has developed into the most important industry gathering for treasurers and finance managers in the German-speaking world. Every year, around 2,300 finance experts meet to discuss together, make contacts and receive new impetus. The outstanding congress program offers visitors a broad spectrum of professionally challenging topics from finance and treasury management in three days. In over 170 forums, workshops and expert panels, participants will learn about the latest developments in finance and treasury.



The speakers are high-ranking finance managers from major companies and prominent guests from politics and business. For example, in 2022 Martin Schulz, former President of the European Parliament , and Verena Pausder, entrepreneur and expert in digital education, could be won for exciting presentations and discussions. The most important banks, system providers and financial service providers in the industry will present themselves on 1,000 m2 of exhibition space.

For more information and tickets, visit:




Director, Community & Partners at treasuryXL





Your free eBook, What is Treasury?

13-04-2022 | treasuryXL | LinkedIn |


Receive your eBook What is Treasury? after subscribing to the free treasuryXL weekly newsletter.

The world of Treasury is a complex topic. Many people will think about pirates and big see ships that sank deep into the bottom of the ocean including their ‘treasure’. A mystery treasure map will lead the finder to a treasure worth a lot of money. In some way Treasury and Treasure have similarities, it is about money and other valuables.

Are you having a hard time how to explain what treasury is to family, friends and colleagues? Or are you interested to learn more about the World of Treasury?


treasuryXL created a 41 pages eBook for the corporate treasurers and the world of finance addict.

This eBook is designed to answer layman questions about the function of Treasury. treasuryXL bundled the most important information for you and created an easy to read and understand articles about the main subjects within the World of Treasury:

This ebook will answer your questions about Treasury topics.

treasuryXL explains the purpose of each Treasury function; what specialists do, examples of activities, FAQs, and a summary.

This ebook is based on the most relevant best practices that Treasury experts provided over the last years. On the website of treasuryXL you can explore additional information on the latest in Corporate Treasury.





Director, Community & Partners at treasuryXL





EuroFinance International Treasury Management returns to Vienna | 21-23 September 2022

08-04-2022 | Eurofinance | treasuryXL |


Featuring keynote speakers, Guy Verhofstadt and Göran Carstedt…

The 31st annual EuroFinance International Treasury Management 2022 will return this September with more than 2,000 attendees, 150 speakers, 100 sponsors and exhibitors.



For the first in-person event in three years, EuroFinance International Treasury Management keynote speakers will include Guy Verhofstadt, member of the European Parliament and Göran Carstedt, former corporate executive of Volvo and IKEA.

The full line-up brings more than 150 global corporate treasury leaders, financial institutions, technology providers and thought-leaders together to discuss the theme “Treasury in transition”, across 12 stages at Vienna’s Messe Wien Exhibition Congress Center from September 21st-23rd 2022.

Guy Verhofstadt is a Member of the European Parliament and co-chair of the Conference on the Future of Europe. He served as prime minister of Belgium from 1999 until 2008 and also made a name for himself as Brexit coordinator and as a passionate champion of more European integration. He will give the opening keynote on day 1.

Dr Göran Carstedt is the former head of IKEA North America and IKEA Retail Europe and former head of VOLVO France and Volvo Sweden. Having run some of the world’s leading companies, Dr Carstedt is also the former senior director of President Clinton’s Climate Change Initiative. He will give the opening keynote presentation on day 2 on how climate change is changing business.

Corporate treasury leaders from some of the world’s top multinationals – including TechnipFMC, Citrix Systems, Kongsberg Automotive, Autoneum, Equinor, Heinz, Medtronic, John Lewis – have also been confirmed.


“We look forward to seeing people connecting and collaborating face-to-face once again in Vienna. It’s great to see live events bouncing back across the world and from the response we have had so far,  it’s clear that our community of speakers, banks and technology providers are eager to meet in-person after 2 years of virtual meetings.” says Asif Chaudhury, Managing Director of EuroFinance.


Irreversibly changed after the events of the past few years, this year’s theme will explore the “new” treasury; a highly digital and automated function tasked with meeting strategic goals and changing remits against a backdrop of multiple issues from climate change to high inflation. Treasurers will share their experience in practical case studies and technical discovery labs and celebrate the innovations that will drive change.

EuroFinance’s growing list of sponsors and exhibitors for the event includes  J.P. Morgan Chase, Standard Chartered, Citi, Bank of America, BNP Paribas,, Fitch Group, HSBC, Santander Corporate & Investment Banking, Visa, Société Générale, ION, TIS, Remote Technology, B2C2, American Express, Bayerische Landesbank, UniCredit, PrimeRevenue, Northern Trust Asset Management, Credit Agricole, Zanders, ICD, Pictet Asset Management, Raiffeisen Bank, BlackRock, Legal and General, Tietoevry, Amundi, CMSpi, Nomentia, Aviva Investors Global Services, CashAnalytics, Treasury Systems, CoCoNet, Exalog, Traxpay, SisID, Finastra.

For more information and to register, visit:

About EuroFinance

EuroFinance, part of The Economist Group, is a leading global provider of treasury, cash management and risk events, research and training. With over 30 years of experience, our mission is to bring together the brightest minds and most influential voices in treasury. Through in-depth research with 1,000 corporate treasury professionals every year, we have a unique insight into the trends and developments within the profession and an unrivalled global viewpoint.


Marianne Ford
Senior Marketing Manager

Economist Impact
[email protected]



Treasury Desk | Treasury Team On-Demand voor uw organisatie | DACT 2022 live sessie (Dutch item)

15-03-2022 | treasuryXL | ILFA | LinkedIn |


Het takenpakket van treasury is uitgebreid. Het omvat zaken variërend van lange termijn strategie tot dagelijkse operationele werkzaamheden. Elke discipline binnen treasury vraagt om specifieke kennis, tools en vaardigheden. Het kan zijn dat dit (tijdelijk) niet in huis is of dat het niet rendabel is om dit voor de eigen organisatie in te richten.




Wij hebben Arnoud Doornbos, Associate Partner van ILFA en Senior Dealer Treasury Desk vier vragen gesteld. Want wat voor organisaties melden zich nou voor een on demand treasury support? Wat voor problemen hebben deze organisaties?




1. Met welke vragen komen organisaties naar ILFA toe wanneer ze ondersteuning in Treasury nodig hebben?

Organisaties die ons benaderen vragen in de meeste gevallen om professionele ondersteuning op het gebied van treasury. Door het inzetten van het TMS Treasury Metrics “kopiëren” wij de organisatie in de software en kunnen we op basis van uploads van data de gewenste rapportages leveren. Vaak gaat het om het uitbesteden van repeterende treasury handelingen. Ook zijn de vragen vaak economisch gedreven en kan de klant op deze wijze grote kostenbesparingen realiseren.

2. Wat is het kantelpunt geweest voor deze organisaties om hulp te zoeken? Kan je een paar voorbeelden noemen?

Waarom organisaties treasury deels of geheel uitbesteden aan Ilfa heeft verschillende achtergronden. Een organisatie kan bijvoorbeeld snel gegroeid zijn waarbij de finance functie is gaan achterlopen. Een ander argument kan zijn dat een treasurer toch vaak “met zn poten in de modder staat” en dus zelf erg betrokken is bij alle dagelijkse handelingen. Door uitbesteding maakt de treasurer dan zijn/haar handen vrij voor de meer strategische zaken. Wat we ook zien is dat op basis van een substantieel kostenbesparing er uit besteed wordt. Hierbij wordt ook de continuïteit gegarandeerd, nooit last van ziektes of personeelsverloop.

3. Kloppen er ook organisaties aan de deur die een treasurer in dienst hebben maar te klein zijn voor een treasury team? En waarom hebben ze dan nog meer expertise nodig?

Vaak hebben klanten inderdaad een eigen treasurer in dienst. De Ilfa Treasury desk functioneert dan als hun eigen treasury afdeling, maar dan op afstand. Door het uitbesteden van treasury taken heeft het bedrijf in 1 keer op korte termijn een professionele treasury zonder dat ze daar zelf veel geld in hoeven te investeren. De expertise die wij inbrengen is vaak een welkome aanvulling en is echt een meerwaarde voor alle stakeholders.

4. Investeren in Treasury wordt vaak gezien als een te grote en overbodige kostenpost voor kleine en middelgrote bedrijven. Is dit terecht?

Treasury wordt steeds belangrijker voor grote maar ook kleinere organisaties. Het aansturen van je organisatie op basis van de geldstromen vereist onder ander goede liquiditeitsprognoses. Daarnaast is het goed in kaart brengen van alle financiële risico’s (FX en rente) essentieel om een goed risico management te voeren. Ik durf te stellen dat investeren in een goede treasury vaak al op korte termijn zichzelf terug verdient.

DACT 2022 live sessie

Op 25 maart verzorgt ILFA een verdiepingssessie tijdens de jaarlijkse Treasury Fair wat georganiseerd wordt door de DACT. Tijdens deze sessie gaan ze dieper in op vraagstukken uit de praktijk, hoe deze worden opgepakt door ILFA en wat het verdere process is. Zo zullen ze tijdens deze sessie ook een klant case presenteren. Want wat is nou precies die ILFA methodiek? Hoe kunnen zij organisaties ondersteunen?

Start: 11.15 uur

Tijdsduur: 30 minuten

Nieuwsgierig en wil je ook weten hoe ook jouw organisatie meer grip kan krijgen op de financiële huishouding? Kom dan naar de Treasury Fair en zorg dat je de sessie van ILFA zeker niet mist.

Ook staat Ilfa met haar stand op de beursvloer en heten je van harte welkom voor een persoonlijk gesprek.

Veel plezier!




Kendra Keydeniers

Director Community & Partners, treasuryXL





Effective Finance & Treasury in Africa event run by EuroFinance | London

23-02-2022 | Eurofinance | treasuryXL |


If your company operates in Africa or is thinking about it, then join us at Effective Finance & Treasury in Africa on March 23rd in London. Now in its 9th year, this intimate event brings together more than 150 senior corporate treasury professionals from leading multinationals – all involved in markets across the continent.

With peer-to-peer learning and knowledge-sharing more important than ever before, join other treasury leaders to debate the key issues, share success stories and gain practical guidance on how to overcome your shared challenges.

From treasury technology to managing liquidity risks, financing strategies, FX, payments and more, the concise 1 day agenda will provide all the information you need to redesign your treasury operations for cost and efficiency, power innovation and support business growth.

Speakers include:

Jan Beukes, Group treasurer, MultiChoice Group Ltd

Omofolake Fawibe, Head of finance, IBS, Danone SA

Ricky Brink, Treasury professional, Siemens SA

Titus Owoeye, Head finance, Fan Milk West Africa

Gain all the tools you need to succeed in Africa in 2022 and beyond.


Registration is open – find out more and register now.




Hedging interest rate risks | Is it time for an interest rate ceiling?

23-02-2022 | treasuryXL | ILFA | LinkedIn |

With this whitepaper on hedging interest rate risk, ILFA contributes to a more transparent financial world. Read more about the developments in the capital market and why you should opt for interest rate derivatives.

Click on the image above to download the free whitepaper

What topics are discussed in this whitepaper?

1. Development of the capital market

How did the long-term swap rates develop

2. Interest is a growing part of the cost price

Entrepreneurs can only run a limited risk of increases in interest rates

3. Hedging interest rate risks

By solid interest management within treasury, entrepreneurs can fix the interest well in advance of an

4. Why choose interest rate derivatives?

You can manage these risks with derivatives

5. Most used interest rate derivatives

Interest rate swap, Swaption & Interest cap

6. What is an interest cap?

If the variable interest rate is below that ceiling, you pay this lower interest rate

7. A calculation example

Working of an interest cap

8. Professional transaction support

Let Ilfa’s advisers calculate the costs of fixing the interest and the withdrawal
over a longer period.


Download the free Hedging interest rate risks whitepaper by ILFA

Changing priorities of corporate treasurers post-pandemic

| 15-11-2021 | Eurofinance | treasuryXLLinkedIn

More than 18 months have passed since treasury professionals around the world had to leave their offices at short notice due to the escalating covid-19 crisis. In April 2021, EuroFinance carried out a survey to find out more about the different ways the pandemic has affected treasury professionals. Alongside the adoption of remote working, the subsequent report highlights treasurers’ accelerated adoption of digital technologies, and the contribution that treasurers make to board-level decision-making during a crisis.

What are the key takeaways from this report?

  • The importance of cash flow forecasting has been underlined by the crisis. Almost three quarters of treasury professionals have increased their focus on cash forecasting during the crisis, while 54% plan to prioritise cash forecasting in the future.
  • Cash management and liquidity management remains a top priority for treasury professionals. Seven out of ten said cash management/liquidity management was a top priority going forward.
  • Covid-19 has accelerated digital transformation. Alongside the rise in remote working, treasury teams have increased their adoption of robotic process automation (RPA), APIs/cloud, machine learning/AI and virtual accounts/in-house banks.
  • Treasurers have been more involved in board-level decision making during the pandemic, with 39% of treasurers saying they are more involved since the crisis began.

Want to see the full report?

Download here