LIVE SESSION | My Treasury Career Development & How the Register Treasurer education contributed

29-09-2022  treasuryXL | Treasurer Search | LinkedIn

 

Are you thinking about how you can shape your treasury career and in need for inspiration? There are plenty of education opportunities, but in what education will you invest?

 

 

You are invited to join our next Live Session. Registration is Now Open for:

𝐌𝐲 𝐭𝐫𝐞𝐚𝐬𝐮𝐫𝐲 𝐜𝐚𝐫𝐞𝐞𝐫 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 & 𝐇𝐨𝐰 𝐭𝐡𝐞 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐓𝐫𝐞𝐚𝐬𝐮𝐫𝐞𝐫 𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐂𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐞𝐝

There is no standard career path for treasurers but one can learn from the choices and developments of the successful ones.

In this webinar two graduated Register Treasurers will share their stories:

  • 🌟 Jurgen Wessel RT is interim Head of Treasury of SHV and has experience in a variety of international companies at HQ and treasury hub level.
  • 🌟 Frank van der Hoeven RT van der Hoeven used to be a banker, moved to the corporate side and currently is Treasury Manager at IMCD, well-known for many successful acquisition and integration processes.

They will tell you about how they moved between various stations and will pay special attention to the added value of their post academic degree: The Treasury Management and Corporate Finance programme (RT Programme) at the Vrije Universiteit Amsterdam (VU Amsterdam).

 

REGISTER HERE

 

Everyone is welcome to this webinar. This webinar is extra relevant for those who consider joining the RT programme.

🌟Moderator: Pieter de Kiewit of Treasurer Search

🌟Duration: 45 minutes

 

We can’t wait to welcome you next week!

Best regards,

 

 

Kendra Keydeniers

Director, Community & Partners

 

 

 

 

Where did the treasury applicants go? | By Pieter de Kiewit

19-09-2022  treasuryXL | Pieter de Kiewit | Treasurer Search  LinkedIn

As treasury recruiters, we should know enough about corporate treasury to do intakes and screen candidates. Also, we should know the latest about what’s happening in the field of recruitment and so we read the publications of Geert-Jan Waasdorp of The Intelligence Group. I would like to share his latest, very interesting article and build the treasury connection.

By Pieter de Kiewit

Labour market pressures are not equally distributed among all employers.

I left a link if you want to read the full article but this is roughly what he says. There is a huge growth in people working since before covid. In parallel, there is a huge decline in active applicants. This pressure in the labour market is not evenly distributed among all employers. The ones that can find new employees can do so because of a strong employer brand and increased investments in own or external recruitment. Also, they are willing to decide quick and offer a better package.

So what does this mean if we project these findings on the corporate treasury labour market? My personal observation is that treasury staff is, on average, less driven by the company brand and more by the job content than candidates from other job types. We learned this working for clients like Tesla and Nike. Employer branding specifically towards treasurers would also be hard, I cannot envision a corporate recruiter promoting his manufacturing company at Eurofinance.

How to adapt?

The obvious low-hanging fruit is that the hiring manager, already at the start of the process, has to organise and choose a mindset in the following: being able to decide quickly, from fewer candidates than before, and offering more than the old standard. Even highly skilled recruiters sometimes underestimate these aspects over time.

The judgement if the internal recruitment team is equipped to tackle the search or whether an external one should do the job – we, Treasurer Search – I will not elaborate on here. What I do want to mention is another obvious source that can be opened. For some of us that are considered a paradigm shift: bringing treasury talent in from abroad, from within the EU or even sponsoring a work permit. I am aware that some of us consider this topic highly political. What I can tell, both from our own organisation, as well as from successful placements with our clients, that this can be a very successful solution. In the Dutch labour market already the majority of candidates placed by us is non-Dutch. This is not a plea to open the borders and not be critical. Regretfully we have examples where this solution did not lead to success as coming to The Netherlands can be hard for the new employee. But also locally found candidates can fail in their new job.

My conclusion is that indeed, the world is different, as is the labour market. And given current demographic developments I do not expect a shift back. Luckily there are solutions but we will have to accept the consequences and cannot lean back. Those that do will shrink and go extinct.

Good luck in your search,

Pieter

 

 

 

 

 

 

 

Thanks for reading!

Pieter de Kiewit

Quickly refresh your treasury knowledge? Download our eBook: What is Treasury?

08-09-2022 | treasuryXL | LinkedIn |

Hello Treasurers, CFO’s, Cash Managers, Controllers and other Finance addicts, how do you quickly refresh your treasury knowledge? Or how do you explain ‘What Treasury is’ to family and friends? Well, there is a simple solution for it. Download our eBook: 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 and Download

 

Subscribe, Join, Download and Relax.

Welcome to our community and have fun reading!

 

 

Kendra Keydeniers

Director, Community & Partners at treasuryXL

 

 

 

 

Corporate Treasury Data Insights Refinitiv

07-09-2022 | treasuryXL | Refinitiv | LinkedIn |

 

The USDCNY historical volatility, the expert webinar on Inflation Growth & Markets, Refinitiv Corporate Treasury Newsbeat and much more. All summarised in the new Corporate Data Insights by Refinitiv.

Chart of the Month

Chart of the month

1M and 3M USDCNY historical volatility 

 

Our Chart of the Month shows 1-month volatility (in orange) and 3-month volatility (in green) for the USDCNY currency pair. It clearly demonstrates huge implications for those hedging CNY exposures.
The combination of USD rate tightening and Chinese rate easing since the start of the year – reflecting a weakening Chinese economy and Covid-19 restrictions – has meant a stronger USD, a sell-off of Chinese bonds, and significantly elevated USDCNY volatility.
Ahead of the November US mid-term elections, commentators are watching to see if Biden’s inflation imperative might outweigh the US response to China’s actions towards Taiwan. Our news partner, Reuters, unpacks this conundrum in more detail.


The Biden administration has been forced to recalibrate their thinking on whether to scrap some tariffs or potentially impose others on Beijing, according to sources familiar with the deliberations.
It has considered a combination of eliminating some tariffs, potential additional tariffs, and expanding a list of tariff exclusions to aid U.S. companies that can only get certain supplies from China.
Additional tariffs would make Chinese imports more expensive for U.S. companies, and subsequently makes products more costly for consumers. However, bringing inflation down is a major goal for Biden ahead of the November mid-term elections.
Politically there is a delicate path to tread, but recent market dynamics may suit US policy makers.

[Webinar] Inflation, Growth and Markets: Hear from the Experts |

Economies around the world are enduring inflationary pressures not experienced in decades. Rising cos

ts triggered by supply chain interruptions and wage demands as economies roared back to life post-COVID were compounded in February by Russia’s invasion of Ukraine, disrupting crucial commodity supplies. Join a panel of expert Reuters editors to discuss the issues and hear from Refinitiv’s Director of Macro and Economics on how to use Workspace and Eikon product enhancements.

How are digital assets used to evade sanctions?
There is a growing concern that criminal networks may seek to circumvent global sanctions through the use of cryptocurrency. Refinitiv is working on promoting a more coordinated global response to financial crime, focusing on protecting the digital asset space. How can we respond to the challenge? >
Everything flows: Green equity funds go red for the first time since COVID meltdown

After a volatile start to July, the FTSE 100 crept up a touch less than 250 points over the month, with other equity markets globally turning upwards in a similar fashion from late June recent lows. At the same time, the yield on the benchmark 10-year gilt was squeezed by about 90 basis points. Fund flows, however, do not reflect this—at least at the most broad-brush asset class level, with redemptions excluding money market vehicles running to £7.9bn.  Find out more about recent asset flow trends >

Breakingviews: D.C. turf war opens crypto regulatory arbitrage 

 

Cryptocurrency ventures can divide and conquer Washington’s regulatory fiefdoms. The U.S. Federal Reserve staked out its turf this week, telling lenders to notify it if they offer services for bitcoin and its ilk. Other agencies are also wrestling to oversee the $1 trillion market. The scrap provides an opportunity for some industry participants, but it hurts token owners. Read on >

Deep U.S. curve inversion hastens the recession it predicts 

An inverted U.S. Treasury yield curve almost always heralds recession, but the yawning gap between high short-term funding costs and falling long-term borrowing rates may accelerate the economic downturn it presages. Reuters columnist Jamie McGeever looks at the potential impact of an inverted U.S. treasury yield curve.

Refinitiv Corporate Treasury Newsbeat

Refinitiv issues consultation on Tokyo Swap Rate benchmarks |  Refinitiv announced the publication of a consultation paper regarding the Tokyo Swap Rate benchmarks. Refinitiv administers Tokyo Swap Rate, a Japanese yen (JPY) interest rate swap (IRS) benchmark family, which is used in the valuation of swaptions, CMS, structured loans and notes, FRNs and private finance initiatives. Read more here >
Bulgarian Stock Exchange powers sustainability index with Refinitiv ESG metrics |  The Bulgarian Stock Exchange (BSE) announced it has adopted Refinitiv’s Environment, Social and Governance (ESG) metrics to power its sustainability index set to be launched end of 2022 Read more here >
Refinitiv to launch forward looking term rate versions of ARRC recommended fallback rates this September to facilitate industry transition from USD LIBOR |  Refinitiv announces that it intends to launch forward looking term rate versions of its ARRC recommended fallback rates – USD IBOR Cash Fallbacks – in September 2022. This follows the Alternative Reference Rates Committee’s (ARRC) March 2021 announcement that it had selected Refinitiv to publish its recommended fallback rates for cash products and Refinitiv’s November 2021 announcement that it had released production fallback rates based upon various SOFR conventions.  Read more here >
For more data-driven insights in your Inbox, subscribe to the Refinitiv Perspectives weekly newsletter.

Image promoting the Corporate Treasury Data Insights newsletter. Subscribe Now!

 

RECAP | Cash and Treasury Management Event Copenhagen | By Pieter de Kiewit

06-09-2022 | cashandtreasury.dk | treasuryXL | Pieter de Kiewit | LinkedIn

 

Last week, Pieter de Kiewit was Chairman of the Cash & Treasury Management Conference in Copenhagen. Pieter decided to take the effort to share his experience with you.

 

By Pieter de Kiewit, Chairman of the event

Corporate treasury events come in many shapes and sizes. Earlier this year, I reported on my visit to Mannheim, in a few weeks you can expect a blog about Vienna, in this blog more about Copenhagen. I can already tell you that I liked the format and set-up of this event.

Corporate treasury markets will always be very niche. The event organiser, Insight Events, targeted a mainly Danish-Scandinavian audience. The sessions were all in English and the venue was the beautiful Hotel D’Angleterre in the heart of Copenhagen. It was also a conscious choice to keep the audience small, just under 150 and of high calibre: almost all treasurers, most of them quite senior and well informed. The consequence of this choice is also that there were no parallel sessions, all sessions were attended by the entire audience. During the break one could meet the various treasury service and product providers, including treasuryXL partner Nomentia.

Last year, I was asked to present on “how to get hired for your next treasury position” and had some questions during other sessions. Based on the bond we built, I was asked to be moderator/chairman of this year’s event. I thought it was a great gig, if it was appreciated, you just have to ask others.


The programme consisted of presentations and panel discussions led by Nordea. I was impressed by the level of quality offered. There were two macro-economic presentations, one by the Chief Economist of Nordea, a well-known TV personality in Denmark and the other by a senior director of EKF, the Danish export credit agency. Both gentlemen brought very thorough interesting insights but, given the current global developments, also a gloomy and dark future.

Another highlight was the input on ESG financing where treasurers and senior sustainability experts together informed the audience about the reality of this type of funding making in, at least for me, an inspiring way. In a cleverly constructed format, credit rating and Basel IV developments were linked in a session with the most questions from the audience.

In other, more traditional but also essential and informative sessions, building treasury teams, mergers and career development were on the agenda. And the non-treasury topic was brought up in a very entertaining way about a hacked company that does not want to pay a ransom. Relevant not only for treasurers and definitely food for thought.

Looking back, I see a very successful and high quality event. On a personal note, I always enjoy the international in my work. Me as a Dutchman, extrovert, direct and sometimes unintentionally rude, communicating with civilised, reserved Scandinavians who do not ask too many questions hopefully did not result in not being invited for next year. We shall see…..

 

 

 

 

 

 

 

Thanks for reading!

Pieter de Kiewit

Managing working capital in challenging times | Attend on December 1st 2022

31-08-2022 | treasuryXL | The Working Capital Forum | LinkedIn |

 

Are you a Corporate Treasurer? Attend The Working Capital Forum Europe 2022 for free: use code TXL22CG

  • Banks, fintechs, and other solution providers can get 25% off the cost of a ticket using this TreasuryXL code: TXL2225

 

 

Mark your calendar for the 1st  of December 2022! The Beurs van Berlage in Amsterdam will open the doors for The Working Capital Forum Europe. This event brings together leaders in treasury, procurement, and payments to share ideas and techniques for better working capital management across supply chains.

That’s never been so important as in these times of rising interest rates, inflation, and supply chain shocks, when managing working capital is everyone’s concern.

From supply chain finance to accurate cash forecasting, solutions for every component of working capital management will be discussed on stage, demonstrated in our information area, and examined in our workshops at the world’s largest specialist working capital and supply chain finance event.

We’re delighted to return to Amsterdam for this one-day live event, with main stage keynote sessions, panel debates, and breakout workshops and demos.

If you’re interested in optimising working capital in your organisation, you need to join us in Amsterdam for the most productive day you’ve had in years.

Among the topics we will be covering are:

  • Cash forecasting and cash visibility
  • Payables finance
  • Receivables finance
  • Optimising receivables – get paid faster
  • Inventory management and inventory finance
  • Supply chain finance
  • ‘Deep tier’ supply chain finance
  • Funding options for trade and supply chain finance
  • Using working capital tools for ESG objectives
  • Credit insurance
  • Disclosure rules on supplier finance
  • Ratings agencies and their view of working capital solution

TO REGISTER AND FIND OUT MORE VISIT:  WORKING CAPITAL FORUM EUROPE 

Visit the Working Capital Forum: https://www.workingcapitalforum.com/

Join our events here: https://www.workingcapitalforum.com/events

Enter the Working Capital and Supply Chain Finance 2022 Awards here: https://www.workingcapitalforum.com/awards.html

 

 

When Should You Start a Hedge Program?

23-08-2022 | treasuryXL | GTreasury | LinkedIn |

A popular Chinese proverb says “the best time to plant a tree was 20 years ago. The second-best time is now.” This is equally true in the world of hedging.

Source: Hedge Trackers, a GTreasury Company

We’ve seen volatility in currency markets, with the EUR falling 9 percent between Labor Day and Thanksgiving. We’ve seen volatility in commodities, with some commodity prices doubling and tripling and oil prices approaching 10-year highs. And short-term interest rates may quadruple in a year.

Companies that have well-run hedge programs have time to prepare and adjust to these forces. But what if you’ve been waiting for “the best time” or “the right time” to hedge?

Two years ago, we were surprised with a global pandemic – when everything settles down, will it be a good time to start a hedge program? Before we even have a chance to assimilate that, we are now faced with war in Europe. Sanctions, which will almost certainly be followed by more sanctions and more volatility, and which will be followed by what? Are you feeling like you’ve missed the opportunity to start hedging?

It’s never too late to set up a hedge program.

Now, just like last week, last year, and five years ago, the steps are the same.

  • Determine what your objective is. As our own Helen Kane says, “I believe that most hedge programs should take a deep breath, step back and determine what is really the objective…. Are they trying to protect margins? Are they trying to lock in budgeted earnings? Are they smoothing the year-over-year impact of currency into their financials?”
  • Once you know your objective, identify and quantify your exposures. Investigate the start of the exposure (often not easy to identify) and its end. The answers will be different depending on your hedge objective, and that’s why it’s critical to get that objective determined first. It is expected that you would have different objectives for different exposures.
  • You’re ready to start working on your policy, detailing what exposures will be managed with what strategies/derivatives over what time frame. You may want to consider some flexibility in the policy to systematically take advantage (or not), with clear guidelines generational rate movements – allowing more or less (but not zero) hedging in those times when rates hit 5- or 10-year highs or lows. This provides a framework to contemplate those things that we thought were so rare that we wouldn’t see them in our lifetime. Remember those days?
  • There are other documents that will be necessary. If not addressed directly in your policy, you’ll want a guideline for accounting and an appropriate control structure. You’ll also need to make sure that inception documentation supporting any special hedge accounting is compliant.
  • You’ll need to set up a process for collecting exposures at different stages (anticipated, recognized, impacting earnings, settled).
  • Make sure that you have a good working relationship and legal framework (ISDA) with your counterparties and that you set up a good process for trading and competitive bidding.
  • Of course, trade management and special hedge accounting should not be left to spreadsheets. We’d be happy to introduce you to CapellaFX, which not only is a trade repository but also accumulates your exposure data (existing and anticipated), applies hedge decisions, designates and documents exposures, drives your hedge accounting and provides effectiveness tests. Most importantly, it is user-friendly for both Treasury and Accounting and doesn’t require a derivative specialist to use or implement.

Conclusion

Does all of this seem daunting? It doesn’t have to be. Hedge Trackers can help you with every step. We have the people and the systems to assist your team, or you can offload some or all of the process to us.

Returning to our original question on the best time to plant the tree – or start a hedging program. If you haven’t already done so, recall that the next best time to start is right now.

Harmonisation of FRTB data compliance requirements by local jurisdictions is crucial

09-08-2022 | treasuryXL | Refinitiv | LinkedIn |

 

Banks face uncertainty over changing responsibilities under the Fundamental Review of the Trading Book (FRTB), but potential jurisdictional divergence on new requirements for data vendors could add greater complexity to the roll-out of these new rules.

Read more

Cash & Treasury Management: Join The World’s Leading Experts in Copenhagen

04-08-2022 | cashandtreasury.dk | treasuryXL | LinkedIn

 

Featuring Chairman of the event, Pieter de Kiewit – Owner of Treasurer Search

 

Be a part of the exclusive Cash & Treasury Management Conference on the 1st of September 2022, which will be held in the extraordinary luxury settings at Hotel d’Angleterre in Copenhagen.

Get updated, expand your network, and get inspiration for optimizing your work within the Cash & Treasury Management community.

 

 

The international program consists of selected and experienced speakers that have proven success within a certain area of Cash & Treasury as e.g., ESG, digitalization and Cash Management. The conference brings together a selected group of high-level senior treasurers from global organizations. Learn from your international peers and join the exclusive network. The event ensures you a full day of new knowledge and inspiration made for high level Treasurers. You get in-depth with the latest trends, valuable content from recognized speakers and extensive networking opportunities.

Among others, these topics have been selected for this year’s conference:

  • Sustainability financing – experiences one year down the road
  • Proprietary data driven cash flow forecasting model
  • How we integrated Nets Group Treasury in to Nexi Group treasury
  • Experiences from a massive hacking attack
  • A career within Novo Nordisk treasury
  • Macroeconomic trends and predictions
REGISTER VIA TREASURYXL

 

As part of TreasuryXL’s network we offer treasurers 25 % discount.

Sign up now and join us 1 September – Remember to use the code when signing up: TreasuryXL25

 

 

Read the program and learn more about participation and sponsorship opportunities: cashandtreasury.dk

 

 

 

 

Treasurers Get Strategic About Hedging Programs as Interest Rates Keep Rising

02-08-2022 | treasuryXL | GTreasury | LinkedIn |

The current interest rate landscape (read: rates going up for the foreseeable future) is spurring treasurers and the office of the CFO to implement rate hedging strategies at a faster clip. For many organizations, hedge programs are a new initiative—and it can take some understanding to know what they do and what to look for from companies that offer them.

Farah Lotia, the Director of Interest Rate and Quantitative Analytics at Hedge Trackers (a GTreasury company), discusses what interest rate hedge programs are, the ROI benefit they deliver treasures, how to get started with them, and why there has never been a more advantageous time to implement them.