16-11-2021 | treasuryXL | In 2017 we created the Treasurer Test, an online, peer-based assessment that measures the technical knowledge in treasury and the personality profile of the candidate. The idea for this originated from two important observations. First, in most labour markets there is no recognized qualification in treasury like CPA or CFA in […]
| 15-11-2021 | Eurofinance | treasuryXL | LinkedIn
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.
Want to see the full report?
22-09-2021 | Eurofinance | treasuryXL |
It’s free, It’s Virtual…
International Treasury Management is the annual meeting place for 1000s of the World’s most senior treasurers to learn and share experiences in valuable peer to peer discussions. With a reputation for ground-breaking sessions and world-class speakers, our 30th anniversary event will explore the boundaries of the profession, take a glimpse into the future of business, treasury and working life as well as offer the practical case studies on the treasurer’s top agenda items.
Only one treasury event can deliver the comprehensive mix of big picture global insight and granular treasury knowledge you need to make the right choices for the future.
Over the past 30 years since EuroFinance’s inaugural conference on International Cash and Treasury Management, much has changed. Treasurers have firmly become business partners, technology experts, risk managers and opportunity spotters. They often lead fundamental change within the company as markets, business models and technology shifts.
What next? This event will delve into how treasury operations can gear up for the future, having learned the lessons from the past. Where, who, what and how will the corporate be in the coming years and what is treasury’s role?
Keynote sessions will offer big-picture insight alongside themed streams including:
September 27th – October 1st | Virtual
13-09-2021 | treasuryXL | Pieter de Kiewit Just before starting my vacation I created a small overview of the recent successes of Team Treasurer Search. Next to the fact that we see the speed of placements picking up, I think it is striking how international our treasury labour market is. This is not only for […]
30-08-2021 | Maximo Santos Miranda | treasuryXL
Máximo holds a PhD in Economics and is graduated in Law. After 18 years working in International Cash Management in several multinationals coordinating local treasury units with the headquarters or implementing new ones all around the world, he is working as a university professor of finance, treasury and business strategies in several Universities and Business Schools in Spain. He is also a regular contributor in international media such as Forbes México, Forbes Centro America or Revista Gestión of Ecuador for the last five years.
“My first job in treasury was the best you can wish for”
As a researcher he has published more than 30 articles in research journals about banking systems, treasury, finance in general, fintechs or international sanctions and at the same time he is a referee in postgraduate research journals. He also collaborates with Think Tanks and international institutions in different ways.
After finishing my studies in economics, my intention was to work for a bank. In fact, my first professional steps were in banking. However, one day I saw a job offer that looked very interesting and I applied for it. Normally, I always prepare the job interviews in detail but this didn’t happen at that time. So, I went to the interview with no visibility of the company I was applying for. After a couple of quick interviews, I was selected as a treasury analyst for Cemex European headquarters.
Everything was perfect. My first job in treasury was the best you can wish for. I was part of the team of international cash management and Cemex at that time was in the middle of fast growth movements. Cemex acquired different subsidiaries worldwide and I was in the center of all those financial flows. There was much stress but the work atmosphere was fantastic and the promotion possibilities were reachable.
Most of my career in treasury has been focused on the international side and that provides an unpayable extra value. Thanks to being an international treasurer I have learned a lot about how treasury and finance work worldwide. I have had the opportunity to see how the banks work in many countries and how different companies from different sectors and industries adapt their cash management to their operative peculiarities and the markets where they are inserted.
International cash management is my greatest strength in the treasury world. Most of the time in my treasury career I have worked as a coordinator of local treasury units. That role has allowed me to see different approaches to similar issues in different countries.
In my first years in treasury, I had to coordinate the movement of funds (in three currencies) between different subsidiaries located in different countries and different banks on the same day. The number of funds moved was very high and the number of countries where the money passed through was also high (more than 20 countries in three continents). I was preparing the operation for a week and finally everything went fine. For me it was quite stressful as the operation was completed finally in 15 hours and it was necessary to compensate several delays in the intermediate transactions. When you prepare in detail a complex operation like that and everything is completed as forecasted you feel very proud of all the work done. After that operation, I have coordinated other operations quite similar but the level of stress has been much lower compared with the first one.
In the year 2005 Cemex sent me to Italy for three years to set up a new treasury unit in the country. For me it was a big challenge. First of all, because I didn’t speak Italian when I went there and soon I realized that to speak Italian is a key point if you want to do your job properly. Secondly because although I worked for a big multinational, the Italian subsidiary was quite small and the approach of the local banks was completely different to that I saw in the Cemex European headquarters in Madrid.
Things work if you prepare them in detail. You can have a very complex operation in your hands but if this operation is prepared in detail (forecasting different scenarios and alternative solutions) the final success is almost guaranteed. Good preparation is the key to success.
The function has changed a lot. When I started in treasury in the year 2001 the administrative workload was the most relevant part of the treasury function, at least in time-consuming. Today instead and thanks to technology the time spent on administrative issues have been reduced significantly. That reduction has allowed the treasurer to dedicate more time to other issues that generate more value for the company. A good treasurer today must know much more than before about technology applicable to the treasury function and must also have strategic thinking.
The treasury teams will be smaller in the future. The technology will reduce all the administrative treasury tasks to the minimum. The treasurer of the future should be focused on technology, strategic thinking and create additional value for the company. To reach that goal, the corporate treasurer should be passionate about the function and must be always informed of the latest developments in the market. The corporate treasurer should know the latest developments in technology, in treasury products, in treasury strategies… always learning. The treasurers of the future should communicate better and invest time in treasury education and build treasury networks to exchange knowledge with other colleges or experienced treasurers. To sum up, the treasurers of the future should increase their impact in the companies thanks to the technology developments.
03-08-2021 | treasuryXL | Kyriba | Bob Stark
With less than 6 months to go until the transition from Libor to new overnight risk-free rates, uncertainty lingers as to which rate indices are to be adopted in countries such as the United States.
While regulators remain steadfast in their recommendations that risk free rates such as SOFR in the United States and SONIA in the United Kingdom should be the only choice to replace LIBOR, credit-sensitive rates (CSR) including Bloomberg’s proposed BSBY index remain in the conversation for some market participants and influencers. There are several examples of banks offering new contracts based on the BSBY and other CSRs instead of SONIA, in fact.
Arguments for alternative ratesProponents of credit-sensitive rates such as Bloomberg’s BSBY, AMX’s Ameribor, and HIS Markit’s CRITS suggest that adopting risk free rates such as Sonia does not solve the underlying transparency issues that plagued Libor in the first place. Bloomberg market experts, such as Umesh Gajria, Global Head of Linked Products, have been referenced arguing that robustness of the highly liquid market instruments supporting their calculated index make BSBY, amongst other proposed indices, resilient to manipulation. Regulators in the UK and US do not agree, stating that the market only needs one replacement for Libor and that replacement must be free of risk and market influence.
Whether SOFR prevails or whether a mix of Libor replacement options remain available to corporate CFOs, with less than 6 months remaining until Libor is discontinued, this rate uncertainty is one of the contributing factors explaining why corporates have yet to transition most of their USD contracts away from Libor. While certain Libor USD tenors will continue to be published into 2023, no new contracts in the United States can be based on Libor effective January 1, 2022. Corporate CFOs are running out of time for a solution to move away from Libor.
Despite the challenges that corporate treasury teams will continue to experience as they sort out which rates should be used in collaboration with their banks and counterparties, FinTech firms including treasury management systems are prepared for any outcome.
Kyriba offers complete Libor transition support within its cloud solution, including backward-looking compounding calculations, amortizations, and online availability for in-advance and in-arrears risk-free and credit-sensitive rates.
If you have questions or concerns, please reach your dedicated Kyriba representative to setup a consultation with our market teams.
2-8-2021 | treasuryXL | Pieter de Kiewit
My regular blog readers know I like to take the layman perspective on what amazes me in (Corporate) Treasury. I have my personal archive with relevant news we use to discuss every second week in team meetings. What currently amazes me most are the completely unpredictable developments in what used to be the banking market. Just some recent news:
A few years ago, the Traditional banks had the upper hand and would buy all parties that threatened them. By now, many Fintechs have a much higher valuation than banks. The extreme liquidity in the markets and willingness to invest leads to a situation that predicting what will be next is hard. I think that future winners find a right balance between applying newest technology, understanding potential clients, choose a clear strategy and move forward at highest speed. Many markets are winner takes all, making the game extra exciting.
I have not found a journalist or researcher who was able to solve this market equation and predict which of the various “eat or being eaten” scenarios will occur. The constant flow of new market entrants will continue. My expectations are that Apple, Microsoft, Google or Amazon entering this market with very substantial investments might be the next game changer. But why would I know?
What do you think will happen?
Owner at Treasurer Search
28-07-2021 | treasuryXL | Kantox
treasuryXL announces partnership with Kantox to strengthen dissemination of the latest trends about currency management automation technology
VENLO, The Netherlands, July 28, 2021 – treasuryXL, the community platform for everyone who is active in the world of treasury, and Kantox, the global leader in currency management automation software, today announced the signature of a premium partnership.
This partnership will create a new content resource for the treasuryXL community. Treasurers will now have access to a regular stream of insightful and practical content on currency management automation. This partnership includes:
● Collaboration on messaging, content production, and visibility
● Mutual distribution on select items of interest
● Collaboration on larger themes: event promotion, speaking and experts contribution, publications
Through this partnership, treasuryXL and Kantox are striving to ensure that treasurers are always up to date with the latest news and events in their field.
treasuryXL started in 2016 as a community platform for everyone who is active in the world of treasury. Their extensive and highly qualified network consists of experienced and aspiring treasurers. treasuryXL keeps their network updated with daily news, events and the latest treasury vacancies.
treasuryXL brings the treasury function to a higher level, both for the inner circle: corporate treasurers, bankers & consultants, as well as others that might benefit: CFO’s, business owners, other people from the CFO Team and educators.
treasuryXL offers:
● professionals the chance to publish their expertise, opinions, success stories, distribute these and stimulate dialogue.
● a labour market platform by creating an overview of vacancies, events and treasury education.
● a variety of consultancy services in collaboration with qualified treasurers.
● a broad network of highly valued partners and experts.
Kantox is a leader in Currency Management Automation software that enables corporates to effectively manage their FX workflow and leverage currencies for growth. Since 2011, Kantox’s expertise and solutions have allowed businesses to collect FX exposure data and automate their hedging, pricing, payment and collection processes.
The company is headquartered in London and authorised by the Financial Conduct Authority (reference number 580343) and Kantox European Union, S.L. is based in Barcelona and authorised by the Bank of Spain (reference number 6890) For more information, visit www.kantox.com, @Kantox LinkedIn.
20-07-2021 | treasuryXL | Kendra Keydeniers | Marcus Evens
Optimising margin and capital consumption for derivative portfolios under margin rules, FRTB and SA-CCR through effective risk and trading strategy.
London, UK or Virtual
9th – 10th September, 2021 | 08:30 BST
Financial Resource Optimisation has become of paramount importance for trading businesses after a decade of increased regulation and diminishing margins. Banks are required to hold enough capital to absorb losses and in recent times the minimum requirement for capital in derivatives trading has increased due to the push towards central clearing, margin reforms, XVA and Basel regulations.
The increasing capital requirements, increases the cost of the derivatives business which makes it even more important for banks to allocate capital for optimal return. With smarter portfolio and day to day trading along with utilisation of technology to help identify opportunities and improve trading decisions, banks can manage to create a capital efficient product mix that meets regulatory demands and leads to optimisation of capital and resources in the front desk.
The marcus evans ‘Front Office Financial Resource and Capital Optimisation’ conference will bring you one step closer to creating the optimal capital focused business model in the current climate. Attend in London on 9-10 September, 2021 or join virtually, and hear insights from industry experts on how to optimise margin and capital consumption for derivative portfolios under margin rules, FRTB and SA-CCR through effective risk and trading decisions.
Attending This Premier marcus evans Conference Will Enable You to:
Practical Insights and Case Studies from Industry Experts, some of which include:
For more information please contact: Ms Ria Kiayia, Digital Media and PR Marketing Executive at [email protected] or visit: https://bit.ly/3r5lA8p
I wish you a great event!
Director, Community & Partners at treasuryXL
14-07-2021 | treasuryXL | Kyriba |
ERP cloud migration is a costly and time-consuming undertaking, particularly where IT is concerned – and for many corporations, the bank integration exercise can be among the most daunting aspects of the project.
The good news is that companies can simplify and accelerate the bank integration component of ERP migration, and reduce payment connectivity and format costs by up to 80%.
In this latest ebook, you will learn about the IT challenges involved in the bank integration element of ERP cloud migration, including:
You’ll also find out how you can reduce the need for IT resources while minimizing costs, reducing complexity and accelerating the bank integration project.
Join treasuryXL as a partner!
The treasuryXL Partner Program is designed for organizations offering products or services in treasury, cash and risk management.
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