A guide to conditional FX orders

27-12-2022 | treasuryXL | Kantox | LinkedIn |

In this article, we look closely at conditional FX orders, a powerful tool when executing your hedging strategy, and the unique role it plays in currency management — especially when it comes to delaying the execution of hedges.

Conditional orders: a brief definition

A conditional FX order is an order to execute a spot or a forward transaction to buy or sell one currency against another—but only when a predetermined limit is reached.

Conditional orders include stop-loss (SL) and take-profit (TP) orders. While SL orders are aimed at avoiding losses beyond a certain limit, PT orders are designed to take advantage of favourable moves in currency markets.

Note two time-related aspects of conditional orders in forward markets:

(a) The tenor of the underlying forward contract is specified (it could be one month, six months, or a year)

(b) The validity of the order is specified too (it can be valid for two weeks, six months, or set on a  good-until-cancelled basis).

Conditional orders are usually set on an OCO basis: one-cancels-the-other, automatically to avoid the same exposure being hedged twice in the event of extraordinary market volatility. 

Note, too, that in the event of extraordinary market volatility, conditional orders can be executed at less favourable levels than desired. This limitation exists not only in FX but in all financial markets. 

A powerful tool for risk managers

The primary purpose of conditional orders is to provide a safety net around an FX rate that the treasury team wishes to defend.

It can be the rate used in setting prices —aka the campaign/budget rate—or a ‘worst case scenario’ FX rate.  

Say that you wish to defend the rate of EUR-USD = 1 on a spot basis while the market is trading at 1.08. In this case, it is prudent to set three SL orders, each covering a third of the exposure, at 1.02, 1.00 and 0.98, respectively.

Assuming that the three levels are hit, you are mathematically assured to defend your budget or worst-case scenario FX rate.

Time is on your side

In hedging programs designed to protect a budget FX rate, the ‘buffer’ set between the market rate towards the start of the campaign and the rate to be defended with SL orders provides risk managers with a critical resource: time. 

As long as the SL orders are not executed, the passing of time means that hedge execution is delayed while FX risk remains fully under control. This brings the following four systematic advantages:

(a) More time to update cash flow forecasts

(b) More savings in terms of the cost of carry when forward points are unfavourable

(c) No cash immediately needed for collateral requirements

(d) More netting opportunities

And it’s not over yet! With luck, your TP conditional orders can be hit as well. 

Backtesting conditional orders

We recently conducted a backtest of a hedging program designed to protect the budget rate of a UK-based exporter selling into emerging markets. Over a four-year period (2017-2020), the firm would have outperformed its budget rate in three of those years while equalling it in the remaining year. In one year alone, overperformance reached 5.8%.

Delaying hedge execution with risk under control allowed the treasury team to hedge on the back of firm commitments, providing a better hedge rate than the stop-loss orders. So there you have it: when managing currency risk, consider using conditional orders. Time will be on your side. And you’ll sleep well at night! 

P.S. If you’re drafting your upcoming budget, download our Budget Hedging report and find out how to use conditional orders.

Conditional orders

Q&A with German Karaivanov | GTreasury Report

22-12-2022 | treasuryXL | GTreasury | LinkedIn |

GTreasury has compiled a market report in conjunction with PNC in order to provide actionable insights for mid-to-large companies with multinational operations and small treasury teams. The report finds that CFOs and Treasurers remain optimistic, and focus on reducing inefficiencies and streamlining operations.

GTreasury Interview Report

What will be the road ahead for CFOs and Treasurers? treasuryXL wanted to know more and held a Q&A with GTreasury’s VP of Product Management: German Karaivanov. Read below for German’s takeaways and thoughts on the report.

Q&A with German Karaivanov

 

At a high level, what are the three biggest takeaways corporate treasurers should glean from this report?

The new Pressure Points, Payments & Plans for Automation: The Road Ahead for CFOs and Treasurers survey report—conducted by Topline Strategy and commissioned by GTreasury and PNC Bank—finds corporate treasurers and CFOs are acutely focusing on three transformation goals right now. The first focus is fueling growth: treasurers and CFOs are eager to reduce costs wherever they can, but still need to be able to spur growth by improving risk management practices and getting more granular (and predictive) with their cash visibility, among other initiatives on this front.

Deploying more modernized treasury technology was also reported as essential to navigating market uncertainty—opening the door to more data-backed opportunities that can directly tie into business goals.

Also among the top-line takeaways: treasurers and CFOs are clearly ready to enter a new phase of automation for treasury functions (and across their organization’s broader financial groups). While early automation efforts had more of an ERP focus, respondents signaled that they are increasingly prepared to adopt more mature automation into their systems and apply it strategically to meet modern treasury and finance needs. 


What were the demographics of the survey?

The report surveyed 93 finance executives and corporate treasurers from more than 20 industries. Participants represented large and mid-sized enterprises in both the United States and abroad. We purposely wanted to ensure a cross-section sample that wasn’t over-pinned to any one geography or industry.


CFOs and treasurers seemed to have differing opinions in a few areas covered in the report. Was this surprising?

CFOs and treasurers are on the same page in that they’re both pressing to make treasury practices more automated, more accurate, and more efficient. But CFOs in the survey show a clear preference for prioritizing cost efficiency. Corporate treasurers, on the other hand, tend to champion improved treasury functions and operational efficiency—and that proved especially so when it comes to achieving real-time insight into cash positions. There was a clear divide here, but I don’t think it was all that surprising. More CFOs need to understand that they can have it both ways. Adding more treasury functionality, integrations, and automation will make treasury operations more efficient, both with treasury technology budgeting and with the bandwidth it frees up for treasury teams to focus on the most urgent and critical business-growth initiatives.

But even for their differences, both CFOs and treasurers do plan to leverage new banking and treasury systems to achieve their goals. Strategic technology implementations that offer process modernization and automation will reduce costs by eliminating inefficiencies and provide treasurers with optimal tooling—checking boxes for CFOs and treasurers alike.

Technology modernization is certainly a theme of the survey. In what areas do treasurers and CFOs seem especially excited about transformation?

82% of survey respondents reported payment automation as a very or extremely important focus area for their planned software projects. It was clearly the highest automation priority. CFOs and treasurers view payment automation as delivering higher staff productivity, process efficiencies, improved cash visibility, enhanced fraud protection, compliance assurance, and modernized processes aligned with the demands of the digital economy. It seems clear that payment automation will come a long way in 2023. Other high-priority focuses for software modernization projects included accounts receivable, billing, and financial planning and analysis. 

I found the results around digital transformation concerning: more than half of survey respondents said they didn’t yet have a formalized digital transformation plan even though there was a clear (and increasing) interest in making technology investments. Organizations either sticking with outdated, legacy systems are increasingly at risk as their competition advances. There’s also the internal experience: it’s easier for CFOs to hire and retain top treasury talent if their organization is using technology that makes treasurers’ jobs smoother and more efficient.

But when it comes to digital transformation, there is good news. Given the current volatile market, organizations that start their digital transformation now will likely be able to realize the benefits of their initiatives particularly quickly.

The report was conducted by a third-party, but backed by GTreasury and PNC Bank—one of the biggest banks in the United States. What is GTreasury’s relationship with PNC Bank?

GTreasury’s partnership with PNC Bank is a strategic alliance, one that enables us to bring a range of cash and FX risk management products to the market as part of PNC’s extensive digital channels and services.

 

Thank you for reading!

 

Download the market report

Recording Webinar: How to be headhunted as a treasurer?

21-12-2022 | treasuryXL | Treasurer Search | LinkedIn |

A few weeks back, the webinar together with Treasurer Search ‘How to be headhunted as a treasurer’ took place, in which some key points regarding the current treasury market had been discussed.

  • How is the Treasury market doing now?
  • How can 𝐘𝐎𝐔 be seen and noticed by recruiters in this hectic market?
  • How to shape and direct 𝐘𝐎𝐔𝐑 career in Treasury?

In our joint webinar , these and other topics were covered by recruitment consultants  and Haia Aaraj. The webinar is free to watch.

Watch the recording

On December 20th, the Vrije Universiteit Amsterdam is organizing an online information session

16-12-2022 | treasuryXL |  VU Amsterdam | LinkedIn |

Want to broaden your perspective on Treasury? On December 20th, the Vrije Universiteit Amsterdam is organizing an online information session. The postgraduate programme Treasury Management & Corporate Finance starts in February 2023.

The professors, lecturers and international colleagues of the Vrije Universiteit Amsterdam are happy to discuss your possibilities and answer your questions during the information sessions. Visit our next Open Evenings on:

Treasury Management & Corporate Finance:

 

  • PROGRAMME 20 DECEMBER 2022 (Online)

Round I (18:00 – 18:45)

Round II (19:00 – 19:45)

Round III (20:00 – 20:45)

Are you Dutch? There are many more educational programmes available in Dutch.

 

More Information & Registration

Three Reasons to Add Real-time Payments to Your B2B Payments Mix

15-12-2022 | treasuryXL | Kyriba | LinkedIn |

If you are reading this, you are likely already exposed to the hype surrounding real-time payments. Whether you believe in the hype or not, it is inevitable that real-time payments will become ubiquitous globally in the near term.

By Rishi Munjal
VP, Product Strategy, Payments

Source

The last two decades have shown that countries with a strong mandate for real-time payments tend to have robust adoption. For example, emerging economies like India and Brazil that have implemented central bank mandates are outpacing developed nations like the U.S in terms of customer adoption.

In 2017, The Clearing House launched the RTP® network, the U.S.’s first real-time payment infrastructure. However, the adoption of real-time payments in general remains low, currently representing 0.9% transaction volume and 0.5% spend, according to the ACI Prime Time for Real-Time report. Specifically, for B2B payments the adoption is even lower. In this blog, I will explore three simple reasons a corporation should consider real-time payments as part of its payment mix. I will stay away from industry-specific use cases, as these were covered in my previous blog.

1. Rebalance your payment mix towards lower-cost and comparable payment types.

While finance organizations strive to keep the costs of operations low, they often only consider direct costs of payments. This practice creates a distorted comparison that can become a reason for inaction. Thus, it is important to measure both direct costs (e.g., provider fees, card interchange, etc.) and indirect costs (e.g., labor, technology, and support costs).

Using industry benchmarks provides a good starting point. The 2022 AFP Payments Cost Benchmarking Survey indicates that the median cost range for sending and receiving RTP® is comparable to ACH and cheaper than wires. Replacing qualifying volume of wires with RTP® can save tens of thousands of dollars, if not more, on an annual basis. You can realize these cost savings without giving up on irrevocability—a key benefit of wires. Kyriba clients’ success stories show tangible cost and productivity gains from such a strategy. If you are receiving card payments, you can save on interchange, which can be as high as 2.5%. With real-time payments, you get instant access to good funds and avoid chargebacks.

Median cost range to pay and get paid

Source: AFP® Payments Cost Benchmarking Survey, 2022

2. Improve cash visibility and liquidity.

Complementing real-time payments with real-time balance and transaction reporting improves cash visibility. This can be especially important if you make a lot of contingent payments. This includes business activities that are dependent on treasury receiving funds. For example, treasury may want to wait until certain funds have been received before releasing a particular payment. Cash visibility can be beneficial if you are being charged intraday credit or your bank does not permit intraday overdrafts.

Wider businesses may also benefit by triggering business activities based on contingent payments. For example, a supply chain team may want to hold on to a shipment until payment is received, accelerating their logistics process. In scenarios that need cash advance or cash-on-delivery, the buyer can make a real-time payment after inspecting the goods. Both parties win. The buyer reduces operational risk, and the seller reduces inventory and improves their working capital position.

With real-time payments, you are no longer beholden to the cut-off times, weekends and holidays. This means that payments can be made as late as possible. So, companies can meet emergency payments to meet any shortfall, and keep lower precautionary balances.

3. Speed up payment digitization and get the most value from your investments in modernization.

Payment processes are complex, and digitizing payments takes time. There are multiple reasons for this. Payment processes for large organizations often involve many roles; initiating, authorizing, and reconciling payments are typically handled by different parties, thereby drawing things out. Approval workflows can also be very complex, involving globally distributed teams. Technology teams may still have direct ownership of managing payment formats and bank connectivity.

When it comes to payment digitization, the U.S. has been behind other countries. Paper checks still account for 42% of payments disbursed by organizations, according to AFP research. The ubiquity of checks, inertia, and in some cases, tradition, continue to hold U.S. B2B payments back.

During the COVID-19 pandemic, payment digitization became even more essential. And since B2B payments are moving away from paper checks, then it only makes sense to complete those transactions as quickly and cheaply as possible.

Real-time payments leverage modern technology, especially APIs, as they transmit data instantly without the need for file downloads. By complementing real-time payments with automated bank account validation and payment policy screening corporates can set aside suspicious transactions for review while all other payments travel seamlessly. The value of payments modernization, including embracing real-time payments, lies in the endless possibilities it will bring to your future business growth.

Conclusion

Don’t dismiss real-time payments simply because they are new. Kyriba offers the most comprehensive coverage of real-time payments globally and we have taken an API-first approach, allowing CFOs and treasurers to inject real-time data-driven decision making into all financial operations. Whether you are an existing customer seeking to introduce real-time payments into your payment mix or a prospective customer seeking to digitize payments and treasury operations, we are ready to assist you in your journey. Contact us today.

Status of Real-time Payments Globally

Status of Raal-time Payments Globally

Source: Prime Time for Real-Time ACT Worldwide,2022

Click here to view all blogs by Kyriba

Footnotes:

  1. Calculated total cost for issuing a paper check on a per Item Basis (in-house or outsourced)
  2. Calculated total cost for receiving a paper check on a per item basis
  3. Initiating and receiving ACH transaction (internal and external costs)
  4. The median transaction cost for initiating and receiving RTP payments on a per item basis
  5. Calculated cost for sending and receiving wire payments on a per-item basis
  6. Total calculated cost for outgoing payments made (including personnel, IT technology, compliance, audit, etc.) via a card (procurement, T&E, and virtual) per transaction
  7. The internal median cost range for receiving credit card transactions (including personnel, IT technology, file connectivity, encryption, audit, PCI DSS compliance, etc.)
  8. The external median cost range for receiving credit card transactions (including issuer/acquirer/processor interchange, assessment, monthly fees, etc.)

The Impact of Russian Aggression on Regional Treasury & FX

13-12-2022 | treasuryXL | ComplexCountries | LinkedIn |

This call was held at a point in the conflict where Ukraine had made serious inroads into Russian held territory, and there was a lot of talk about the potential use by Russia of nuclear weapons. So, one of the questions was whether treasurers are expecting a nuclear escalation, a spread of the conflict, and what to do to prepare for it.

Source

None of these concerns were mentioned. For most companies, the business in the countries surrounding Russia and Ukraine is minimal. The bigger concern is, and remains, the impact on the business outlook in the rest of the world, the impact of increasing interest rates, inflation, and logistics issues – though logistics seem to be improving.

Instead, most participants continue to do business in Russia – mostly because they are in industries that benefit from the health and humanitarian exceptions to sanctions. In other cases, the business is essentially local, but uses the corporate brand – this means care must be taken when withdrawing. Having an exception from sanctions still leaves issues:

  • Even if your currency transactions are legal, a lot of banks refuse to handle them, because they do not want to take the risk of dealing with the country.
  • Many banks withdraw, reducing the choice of service providers. There was a lot of discussion about Citi – most participants use them, but there has been some confusion as to whether they are staying. The message to all participants is that they are.
  • Even when cross-border transactions are processed, there can be a lot of delay: the banks’ compliance departments examine everything very closely – but they are overworked.
  • The definitions of sanctions exempted products are inconsistent between various sanctioning groups (notably, the US and the EU), and they leave logical inconsistencies
  • The sanctions and regulations on both sides are something of a moving target, so compliance can be challenging.
  • There was an informal trouble zone in the countries surrounding Russia: Georgia, Kazakhstan, etc. This business is now moving to USD and EUR, which has reduced liquidity.

Despite this, our participants found it is generally possible to make payments into and out of Russia, even if the process can take a long time. Banks are moving to close offshore rouble accounts, especially in London, but they are being flexible over deadlines. Dividends are definitely not allowed, but most other types of payment seem to be possible. While some participants continue to move towards the exit – protecting local employees remains a priority – other are finding that their business in Russia is doing surprisingly well.

In terms of banking, everyone seemed to be using Citi [this discussion took place before Citi announced their withdrawal from Russia – from March 2023], though most were opening accounts with Raiffeisen as a backup. This is a return to the Communist era, when Raiffeisen was the main conduit for payments to and from Russia.

Bottom line: for our treasurers, the main concern is slowing economic growth in the west, increasing energy prices, higher interest rate and inflation. This is impacting their main business, which is typically not in Eastern Europe. As for Russia itself, people continue to move towards the exit – but those who have to stay, for mostly humanitarian reasons, are finding that business is complicated – but it continues.

Contributors:

This report was produced by Monie Lindsey based on a Treasury Peer Call chaired by Damian Glendinning

To access this report

Access to the full report is available to Premium Subscribers of ComplexCountries. Please log in on the website of ComplexCountries to access the download.
Please contact ComplexCountries to find out about their subscription packages.

How to use pricing to create an effective hedging program

12-12-2022 | treasuryXL | Kantox | LinkedIn |

In this article, we explore the links between pricing and creating an effective currency hedging strategy. We reveal how a simple PEG framework —Pricing, Exposure, Goals— can allow CFOs and treasurers to correctly define their FX goals, the type of exposure they need to collect and process, and the best hedging program for their business.

Pricing as a hedging mechanism

Transactional currency risk, it is often said, occurs between the moment an FX-denominated transaction is agreed upon and the moment it is settled in cash.

That’s OK, but what if the transaction was priced well before it was agreed, which is a realistic description of how things really work?

That’s why at Kantox, we developed the concept of pricing risk. pricing risk is the risk that between the moment an FX-driven price is set and the moment a transaction is agreed upon, a shift in the FX rate might impact budgeted profit margins.

Closely related to this is the idea that pricing is itself a hedging mechanism. Why? Because you can remove pricing risk by frequently updating your prices.

And that brings us to the topic of pricing parameters and hedging. 

Dynamic pricing

Let us start with dynamic pricing. There is a growing list of industries where dynamic pricing is becoming the norm: travel, chemical traders, hospitality, railways, entertainment, insurance, online advertisement, retail and even shipping.

This trend reflects the fall in transaction costs made possible by the availability of real-time data and the rise of geolocation services and payment apps.

Meanwhile, algorithms take into account supply and demand conditions, competitor pricing and other variables.

Two things need to be considered when it comes to dynamic pricing:

(a) prices are ‘FX-driven’; that is, an FX rate is systematically part of the pricing formula;

(b) prices are frequently updated, therefore leveraging the full capacity of pricing to act as a hedging mechanism. 

Other pricing models

Despite its growing popularity, dynamic pricing is not the only pricing mechanism out there. We can single out at least two other very significant models: 

1. Steady prices for individual campaigns/periods. Some businesses, like catalogue-based tour operators, keep prices stable for an entire campaign/budget period and set new prices at the start of the following period. Things to consider here:

(a) Prices are also FX-driven, just like in dynamic pricing.

(b) The pricing impact of the ‘cliff’, or a sharp FX rate fluctuation between two campaign/budget periods, is fully passed on to customers at the onset of a new period. Here too, pricing acts as a hedging mechanism, but not to the extent it does in dynamic pricing.

2. Steady prices for a set of campaigns/periods. Some firms need or simply desire to keep prices steady not only for one individual campaign/budget period but for a set of campaign/budget periods linked together. Things to consider:

(a) Prices are not FX-driven: the FX rate plays no role in pricing;

(b) The pricing impact of the ‘cliff’ cannot be passed on to customers at the onset of a new period. Pricing, quite obviously, is not a hedging mechanism in this case.

Putting it all together: the PEG framework: Pricing-Exposure-Goals

The PEG or Pricing – Exposure – Goals framework provides actionable clarity when discussing pricing and currency hedging in the context of cash flow hedging programs:

For firms with frequently updated FX-driven prices, the goal is to protect the dynamic pricing rate in all their transactions. The exposure to hedge is the company’s firm sales/purchase orders. The right program is a micro-hedging program for firm commitments.

For companies that keep steady prices during individual campaign/budget periods, the goal is to protect the campaign/budget rate. The exposure to hedge is the forecasted revenues and expenditures for that particular campaign. The right program is a combination of a static hedging program, conditional orders and a micro-hedging program for firm commitments. 

Finally, for firms that keep steady prices across a set of campaign/budget periods linked together, the goal is to smooth out the hedge rate over time. The exposure to hedge is a rolling forecast for a set of periods linked together. The right program is a layered hedging program. 

Currency Management Automation solutions allow you to reach all your goals, whatever the pricing parameters of your business.

What will be the Treasury Trend of 2023?

30-11-2022 | treasuryXL | LinkedIn |

As 2023 is approaching, we explored what Treasurers are particularly looking forward to in treasury for next year. What will be the Treasury Trend of 2023? Are treasurers curious to know what is going to happen in the area of Market and FX Risk Management, or just what the developments are going to be in e-commerce related to Treasury? Or will the understanding of APIs in Treasury be the story of 2023, or the role of Treasury within companies? We sought it out!

We thank Huub Wevers and Kim Vercoulen for sharing their views with us.

What will be the Treasury Trend of 2023?

As 2023 is approaching, we explored what treasurers are particularly looking forward to in treasury for next year. What will become the trends in treasury management next year?Are treasurers curious to know what is going to happen in the area of Market and FX Risk Management, or just what the developments are going to be in Ecommerce related to Treasury? Or will the understanding of APIs in Treasury be the story of 2023, or the role of Treasury within companies? We sought it out! This topic was also the subject of discussion during the last webinar together with Nomentia, you can find the recording here.

Question: What are you particularly interested in that will develop in 2023 in treasury?

treasury trends 2023

First observation

We see that Market and FX Risk Management stands out a little, and that there is less focus on trends in e-commerce and Treasury. What do those within treasuryXL say about this, and what are they looking forward to for next year?

View of treasuryXL experts

Huub Wevers (Nomentia)

Huub is especially interested in the developments in APIs for Treasury for in 2023.

“My personal interest is in the focus on APIs, which is good, as APIs offer new functionalities and convenience for treasurers”

With the current political and economic turmoil, it makes sense that market risk is back on the agenda. Interest rates are rising and emerging markets are becoming riskier. My personal interest is in the focus on APIs, which is good, as APIs offer new functionalities and convenience for treasurers. However, it is a jungle because everyone promises APIs, but few deliver on them, and the few that do make them have no standards.

We also see APIs that are ‘disguised’ file connections. This makes sense, because an API means linking two applications and this can be done through authentication, security and then exchange of a file. We see this a lot with Payment Service Providers. Getting reporting files for matching purposes, for example.

The webinar the other day was interesting because Niki and I represent two different areas of treasury that are important to Patrick, a very experienced treasurer, namely market risk and technology. Together with Pieter as moderator, it was fun to hear the different perspectives and experiences!

Kim Vercoulen (Treasurer Search)

Kim is especially interested in the developments of Market and FX Risk Management for in 2023.

” Important question for the treasurer will remain what to do about this.”

I chose for Market and FX Risk Management. I think especially with inflation and higher interest rates, this is going to have an impact on the treasurer’s work within the treasury department.

This is obviously all going to play through on companies’ costs, and pressure on selling prices will also increase. Important question for the treasurer will remain what to do about this.

How this will affect the treasury market compared to the current year remains to be seen. That is what we are going to witness at Treasurer Search.

Recording Panel Discussion | Treasury Trends for 2023

28-11-2022 | treasuryXL | Nomentia | LinkedIn |

Recently, we had a panel discussion about a few major treasury trends for 2023 together with Nomentia and experts Pieter de Kiewit, Patrick Kunz, Niki van Zanten, and Huub Wevers. If you didn’t get the chance to attend the webinar, you can find the recording here.

During this interactive live discussion we covered some of the following topics:

  • Market and FX Risk management in current times of uncertainty.
  • Top treasury technologies to consider for 2023. Will APIs deliver their promises?
  • Building the bridge between Ecommerce and treasury.
  • The rapidly changing role of treasury to facilitate business success
  • Treasury technology visions beyond 2023.
Watch the recording

 

 

[WEBINAR] FRTB – Are Banks Ready To Be Compliant?

23-11-2022 | treasuryXL | Refinitiv | LinkedIn |

Join experts across the industry for this complimentary webinar to explore how to prepare for – and comply – with the Fundamental Review of the Trading Book (FRTB) regulation in 2023.

DETAILS:

  • Webinar: FRTB – are banks ready to be compliant?
  • Date: Tuesday, November 29
  • Time: 09:00 EST / 14:00 GMT / 15:00 CET
  • Speakers:
    • Hany Farag, Senior Director and Head of Risk Methodology and Analytics, CIBC
    • Fausto Marseglia, Head of Product Management, FRTB and Regulatory Propositions, Refinitiv, an LSEG Business
    • [Moderator] Lisa Regan, Head of Sales, EMEA, Enterprise Data, Refinitiv, an LSEG Business\
    • Volker Wellmann, Risk and Resource Manager at BNP Paribas, BNP Pariba



 

 

Register today