International Cash & Treasury Management | Miami 2014

Wednesday 14 – Friday 16 May 2014Trump National Doral Miami Miami, USA

Official lead & global sponsor

Official sponsors

www.eurofinance.com/miami

It’s time to rethink, revisit and innovate

EuroFinance’s 18th annual conference on

International Cash & Treasury Management

The most international corporate treasury and finance event for the Americas

TraduCCIón al españOl

2 | EuroFinance’s international Americas conference

Conference venue and hotel bookings

Trump national doral Miami

4400 NW 87th Avenue Miami, FL 33178 T: +1 305 592 2000

For preferential rates please book through Zibrant, our official accommodation bureau at www.zibrant.com/efc.

As space is limited, we advise you to reserve your room as soon as possible. If you have any questions, please call Zibrant on +44 (0)1332 285 518 or email [email protected].

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The only treasury event in the Americas with a truly global perspective

Key features The premier event for senior finance

professionals operating in the Americas, bringing together the top treasurers and providers under the same roof

The meeting place for high-level, international treasurers who want to collaborate and share solutions

Corporate case studies from large MNCs and America’s leading corporations

Network and connect with over 500 professionals

A unique opportunity to meet decision makers from some of the largest corporations in the Americas region.

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EuroFinance’s international Americas conference | 3

It’s time to rethink, revisit and innovate So what’s next? The collision of globalization, demographics and technology is still causing seismic shifts in the world economy. Dislocations in growth, employment and politics are appearing as emerging markets boom and stall, and financial crises, recessions and political upheaval are by no means at an end. But the last decade was less an aberration than a warning: changes are happening faster than governments, corporates and people can manage.

From financial markets to energy generation, from the Middle East to Japan, old models have failed, disrupted by new trends and technologies. Over three days our experts and treasury professionals will try to untangle the new world for you. They will explain the big picture themes as well as updating you on strategies for moving forward and innovating. Where should treasury position their companies and what are the most important global trends in treasury and risk management?

register and pay by

Friday 21 March for major discounts


Program highlights Time to turbo-charge the treasury:

make a major difference to efficiency

Time to future proof your treasury: be a springboard for change

Time to revisit Latin America: challenge what you think you know

Time to reshape your liquidity and risk practices: the heart of treasury operations

Time to focus on treasury transformation: deliver great value through innovation

PrograM | aT a glanCe

day 1

day 2

day 3

sTreaM 1

sTreaM 1

sTreaM 2

08:00 Registration, refreshments and exhibition opens

09:40 us leads again – or does it? Time to understand the new economics

10:20 Refreshment break

11:00 everything to play for: Time to embrace change

11:40 Treasury models: Time to think again

12:20 Lunch

14:00 Stream sessions

08:00 Refreshments and exhibition opens

09:00 Time to tech test your banks

09:40 Time to test your vendor partners


11:00 Time to look at tomorrow’s technology today

11:40 Time to hear what your peers are thinking: Treasury Verdict

12:20 Lunch

14:00 Stream sessions


09:00 The future is you: Time to deliver greater value through innovation

09:40 Time to interrogate your investment strategies and benefit from a changing environment


11:00 Time to find the silver lining in regulation

11:40 Taxing times for treasurers

12:20 Conference ends – Please join us for lunch

14:00 Keep vigilant on counterparty risk

14:40 Work on working capital: It should be in your dna


16:00 Concentrate on cash visibility

16:40 Turn the tide on receivables

17:20 Adjourn to Treasury Networking Reception

14:00 pay attention to global developments in payments

14:40 don’t give up on eBam but start without it?


16:00 Find your connectivity solution

16:40 Take the fight to the fraudsters

17:20 Adjourn to day 3

14:00 embrace the culture of change

14:40 after the deadline: use sepa as a springboard for change


16:00 reappraise the renminbi: (your competitors are)


Time to turbo-charge the treasury

plenary sessions

plenary sessions

Time to future proof your treasury

Time to turbo-charge the treasury

plenary sessions

TraduCCIón al españOlpag 7



Approved for 15.2 CTP/CCM recertification credits by the Association for Financial Professionals


Wednesday 14 – Friday 16 May 2014

sTreaM 2

sTreaM 3

sTreaM 3

sTreaM 4

sTreaM 4

sTreaM 5

14:00 Take a shortcut to enhanced liquidity

14:40 Build a smarter pool


16:00 Forecast your new frontiers

16:40 persuade and mentor your suppliers


14:00 rate rises will require vigilance

14:40 Focus on best risk management in practice


16:00 Cooperate on commodity risk

16:40 get to the bottom of FX exposures


14:00 get one step closer to the CFO

14:40 How treasury drives business transformation


16:00 When treasury met financial planning

16:40 unravel the standard and put it to work: IsO20022


14:00 Be an expert integrator: seamless treasury post-M&a

14:40 persuade them of your value: Take metrics seriously


16:00 use regulation to beat the competition

16:40 revitalize your ssC


14:00 Challenge what you think about latin america

14:40 Overcome the increasing volatility


16:00 Optimize cash and liquidity in the region


14:00 understand the devil in the detail: regional cash pooling?

14:40 Colombia: Building on a better future


16:00 Overcoming the challenges: argentina and Venezuela in the spotlight

16:40 Brazil: From froth to reality


Time to reshape your liquidity and risk practices

Time to focus on treasury transformation

Time to revisit latin america

Time to reshape your liquidity and risk practices

Time to future proof your treasury

Time to revisit latin america



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DaY 1 | plenary sessions Wednesday 14 May 2014

Time to revisit treasury strategies Unravelling the complexities of global treasury management.

08:00 Registration, refreshments and exhibition opens

09:40 us leads again – or does it? Time to understand the new economics

Complexity rules in the world economy. The BRICs have found out that growth is not inevitable and requires reforms they’ve failed to make. IMF estimates for GDP growth in some developing economies have been slashed as structural impediments and unsustainable economic models crush prospects. Europe too is refusing to accept bankruptcy of existing structures and policies and there again the IMF is revising its forecasts down. By contrast, the US recovery is gathering pace, though even political deadlock and head-in-the-sand thinking means no progress on fundamental issues. So where are the opportunities in this tangled new world? What will the global economy look like over the next five years? And what will differentiate the winning firms from the losers?

John Micklethwait, Editor-in-chief, The Economist, UK

10:20 Refreshment break & Speakers’ Corner

11:00 everything to play for: Time to embrace change

Disruption and dislocation mean opportunity, but only for the adaptable and the optimistic. Corporate culture is as important as core competences in chaotic times: the capacity to exploit change is driven as much by attitudes as aptitude. It also helps to be nimble and global. The tectonics of sectoral and regional upheaval means unpredictable bursts of growth alongside the risks. This company is renowned for the right combination of qualities for this environment. Hear its view of growth and opportunity in both the developed and the developing markets. Where is the company prospering and how? How can treasury be an agent for change? The company is no stranger to globalization having embraced it for many years and has renewed itself as and when needed, driven by external circumstances.

11:40 Treasury models: Time to think again

Treasury’s land grab to become the central repository of financial and customer data, strategic analysis, regulatory compliance and control was a natural response to crisis. But is it at odds with the need to build businesses in new markets? These require local banks, relationships with local regulators and knowledge of local techniques. New customers and revenues will flow to those who adapt to their needs, not to those who try to impose alien practices. So the key is balance, setting limits on centralization and blending local and global needs. Technology and your transaction banks have been the agents of central control but they can equally be used as a platform for targeted de-centralization. What about the role of tax and business planning too? In this panel companies and banks will look at how the evolution of treasury service provision can help to reconcile this conflict and give you the best of both worlds.

12:20 Lunch

14:00 Conference breaks into streams

Register and pay by Friday 21 March 2014 for major discounts


Día 1 | sesiones plenarias Miércoles 14 Mayo 2014

Es el momento de repensar sus estrategias Descifrando las complejidades en la gestión de tesorería global.

08:00 Refrigerios y apertura de la exposición

09:40 e.e.u.u lidera de nuevo – ¿o no? Hora de entender la nueva economía

La complejidad reina en la economía mundial. Los BRIC han descubierto que el crecimiento no es inevitable y que requiere reformas que aún no han realizado. Las proyecciones de crecimiento del PIB realizadas por el FMI en algunas economías en desarrollo, han sido reducidas a medida que impedimentos estructurales y modelos económicos insostenibles acaban con esas perspectivas. Europa también se rehúsa a aceptar la bancarrota de estructuras y políticas existentes y, allí nuevamente, el FMI esta reduciendo sus proyecciones. Por contraste, la recuperación de E.E.U.U está tomando impulso aunque el estancamiento político y la mentalidad cerrada de los políticos significa que no hay avances en cuestiones fundamentales. Entonces, ¿dónde están las oportunidades en este mundo enredado? ¿Qué aspecto tendrá la economía global en los próximos 5 años? Y, ¿qué separará a las empresas ganadoras de las perdedoras?

John Micklethwait, Editor-in-chief, The Economist, UK

10:20 Receso para el refrigerio & Speakers’ Corner

11:00 Todo está en juego: Hora de aceptar el cambio

Las perturbaciones y trastornos significan oportunidades, pero sólo para los adaptables y optimistas. En tiempos de caos la cultura corporativa es tan importante como las responsabilidades fundamentales: la capacidad de explotar el cambio está impulsada tanto por las actitudes como por las aptitudes. También ayuda el ser ágil y global. La agitación sectorial y regional significa estallidos impredecibles de crecimiento acompañados de riesgos. Esta compañía es reconocida por tener una combinación adecuada de cualidades para este entorno. Conozca su visión de crecimiento y oportunidades tanto en mercados desarrollados como en desarrollo. ¿Dónde está prosperando la empresa y cómo?, ¿cómo puede la tesorería ser un agente de cambio? Esta empresa no es ajena a la globalización, habiéndola aceptado durante muchos años y renovándose cómo y cuándo es necesario, impulsada por las circunstancias externas.

11:40 Modelos de tesorería: Hora de pensar de nuevo

El ímpetu de la tesorería por convertirse en el repositorio central de datos financieros y de clientes, análisis estratégico, cumplimiento y control regulatorio fue una respuesta natural a la crisis. Pero, ¿está alineado con la necesidad de crear negocios en nuevos mercados? Esto requiere bancos locales, relaciones con reguladores locales y conocer las técnicas locales. Nuevos clientes e ingresos fluirán hacia aquellos que se adapten a sus necesidades, no a los que traten de imponer prácticas extranjeras. La clave está en el equilibrio, en establecer límites a la centralización y combinar las necesidades locales con las globales. La tecnología y sus bancos transaccionales han sido los agentes del control centralizado pero de igual forma pueden ser utilizados como plataforma para descentralización focalizada. ¿Qué hay del rol de la planificación fiscal y de negocios? En ésta sesión empresas y bancos analizarán como la evolución en la prestación de servicios de tesorería puede ayudar a conciliar este conflicto y ofrecerle lo mejor de ambos mundos.

12:20 Almuerzo

14:00 La conferencia se divide en secciones

Para ver el programa completo y los oradores confirmados visite




DaY 2 | plenary sessions Thursday 15 May 2014

Time to revisit the partners that support you Unravelling the complexities of global treasury management.


09:00 Time to tech test your banks

Bank selection has never been harder. Credit availability is a complex function of footprint, regulation and willingness to lend. But more importantly, it should no longer be your key criterion. Your future success will depend on new markets, new sales channels and new customer acquisition and payment models. Given the volatility of opportunity in the new economy, only the quickest and most adaptable companies will thrive. Equally, only those banks with the resources and skills to build and upgrade the next generation of treasury platforms and solutions are worth consideration. But who are they? How can you tell if your existing banks have what it takes? And, harder still, how do you evaluate potential new partners? In this session we ask the banks to demonstrate the unique selling points of what they believe is their next generation tech. Does it match your expectations? You decide.

09:40 Time to test your vendor partners

Join this lively session as we ask the major solution suppliers in the industry what they are doing to develop the right technology for treasury in the future. We hear all the familiar buzzwords of cloud, big data and the varying routes of connectivity to help drive your business forward, but can you say with all honesty you understand where your vendors are headed and why? This session is a no-holds-barred look at what the vendors are developing and why and how it might impact your choices. This session should help you to weigh up the right path for technology and connectivity: Saas versus ASP versus installed, ERP versus TMS, partner models and alternatives to Swift. What are the different architectures available to treasurers? We ask whether it’s time to re-think the optimal treasury technology mix.


11:00 Time to look at tomorrow’s technology today

Let’s hear what top companies are doing in terms of revisiting technology. Ignoring cutting edge technology is a dangerous game. Treasury is technology and your IT can be a competitive differentiator. Your problem is that today, treasury tech is in transition. Legacy systems are all but obsolete, but replacement solutions aren’t quite ready. And who wants to invest in the treasury version of the mini-disc? In this session our panel takes apart the latest ideas in treasury analytics, connectivity, web and mobile. Which vendors, systems and architectures have the best chance of post-transition dominance? Which look like dead ends? And is it better to wait and see?

11:40 Time to hear what your peers are thinking: Treasury Verdict

Every year we ask you to vote on issues ranging from corporate strategy to treasury systems. In addition, through interviews with hundreds of your colleagues globally, and with the responses from our recent international events, we would like to share with you the insights we have gained into companies’ plans. In this session you will be able to compare your priorities and responses with those of your peers. At the same time hear the views from our panel of treasury experts.

12:20 Lunch

14:00 Conference breaks into streams

Treasury Verdict Day 2, 11:40

Voting session capturing the viewpoint of corporate treasurers on up-to-the-minute issues

Sponsored by:


Día 2 | sesiones plenarias Jueves 15 Mayo 2014

Hora de visitar de nuevo a los socios que le apoyan Descifrando las complejidades en la gestión de tesorería global.


09:00 Hora de poner a prueba la tecnología de sus bancos

Seleccionar bancos nunca ha sido más difícil. La posibilidad de obtener crédito depende no sólo de la presencia del banco sino también de la regulación y disposición a prestar. Pero lo más importante es que eso ya no debería ser su principal criterio de selección. Su futuro éxito dependerá de nuevos mercados, nuevos canales de ventas y nuevos modelos para adquisición de clientes y pagos. Dada la volatilidad de oportunidades en la nueva economía, solo las empresas más ágiles y adaptables prosperarán. Igualmente, sólo aquellos bancos con los recursos y destrezas para construir y actualizar la siguiente generación de plataformas y soluciones de tesorería merecen consideración. Pero, ¿quiénes son?, ¿cómo saber si sus bancos actuales tienen lo necesario? Y, aún más difícil, ¿cómo evaluar a los nuevos potenciales partners? En esta sesión le pedimos a los bancos demostrar los puntos fuertes de lo que ellos consideran será su tecnología de última generación. ¿Se ajusta a sus expectativas? Usted decide.

09:40 Hora de poner a prueba a sus proveedores de tecnología

Participe de esta animada sesión en la que preguntamos a los mayores proveedores de soluciones de la industria, qué están haciendo para desarrollar la mejor tecnología del futuro para la tesorería. Oímos los típicos términos como cloud, big data y las varias rutas de conectividad para ayudar a impulsar a su negocio hacia adelante, pero, ¿puede usted decir con honestidad que entiende hacia dónde van sus proveedores y por qué? Esta sesión dará una visión sin restricciones sobre lo que sus proveedores están desarrollando y por qué y cómo podrá impactar sobre sus decisiones. Esta sesión le ayudará a ponderar cuál es el camino correcto de tecnología y conectividad: Saas versus ASP versus instalado, ERP versus TMS, modelos de socios y alternativas a Swift. ¿Cuáles son las diversas arquitecturas disponibles a los tesoreros? Preguntamos si será el momento de repensar cuál es la óptima combinación de tecnologías de tesorería.


11:00 Hora de ver la tecnología del mañana hoy

Oigamos lo que las principales empresas están haciendo en cuanto a tecnología. Hacer caso omiso de la tecnología de punta es un juego peligroso. La tesorería es tecnología y su TI puede ser una ventaja competitiva. Su problema es que hoy, estas tecnologías están en transición. Los sistemas en uso están obsoletos pero las soluciones para reemplazarlos aún no están listas. ¿Quién va a querer invertir en el equivalente al mini-disc de la tesorería? En esta sesión nuestro panel analiza las últimas ideas en tesorería analítica, conectividad, web y móvil. ¿Cuáles proveedores, sistemas y arquitecturas tienen las mejores posibilidades de dominio luego de la transición? ¿Cuáles están destinados a perecer? ¿Será mejor esperar y ver?

11:40 Hora de conocer lo que piensan sus colegas: Veredicto de Tesorería

Todos los años le pedimos que vote sobre asuntos que van desde estrategia corporativa a sistemas de tesorería. Adicionalmente, a través de entrevistas con cientos de sus colegas a nivel global y, con las respuestas de nuestros eventos internacionales más recientes, nos gustaría compartir con usted los conocimientos que hemos adquirido sobre los planes de las empresas. En esta sesión usted podrá comparar sus prioridades y respuestas con las de sus contrapartes. Al mismo tiempo oirá las opiniones de nuestro panel de expertos.

12:20 Almuerzo

14:00 La conferencia se divide en secciones

Veredicto de Tesorería Día 2, 11:40

Sesión de votación que captura los puntos de vista de los tesoreros acerca de temas de actualidad

Patrocinado por:



DaY 3 | plenary sessions Friday 16 May 2014

Time to innovate and deliver value Unravelling the complexities of global treasury management.


09:00 The future is you: Time to deliver greater value through innovation

This speaker provides insights into inspiring people, leading large teams and being the catalyst for innovative solutions that set boundaries for change. This speaker has an extensive leadership background and provides insights in the best ways of using networking, data and research to drive productivity. How do you lead large teams, inspire creativity and motivate using innovative solutions that produce effective results and set new boundaries? What innovations can provide strategic results in the 21st century?

09:40 Time to interrogate your investment strategies and benefit from a changing environment

What is your excuse for inaction? Fear of funding shortfalls and tax issues have driven cash hoards to extreme levels. Risk aversion has concentrated that cash in short-term, fixed-income instruments and deposits. But now is the time to re-evaluate. Real interest rates are low or negative, quantitative easing will end and regulatory change is transforming the market for cash products. All this means treasurers need to revise their guidelines and look at their yield, risk and product choices. Cash regimentation strategies need to be rewritten because the options that supported them will not be there. Hear how companies are dusting off the investment policies and looking at the way regulation can lead to new product innovations.


11:00 Time to find the silver lining in regulation

Regulation means increased costs and reduced opportunity – just ask any treasurer. Bank regulation has pushed up fees and borrowing costs. CSR laws on the environment, employment and corrupt practices will make business in new growth markets harder. FATCA, SEPA and other developments are rewriting the rules on how banks supply international services. Dodd Frank, Basel III and EMIR are potentially expensive to your business. But what about the benefits? Bank fees are an irrelevance next to an unsubsidized, globally consistent price for bank debt that reflects actual credit risk. That provides a level playing field and helps stop firms funding marginal projects and acquisitions that destroy shareholder value. It also forces treasurers to look at capital markets and better working capital management. Regulation creates environments in which best practice is not a hindrance to expansion, notably in those very emerging markets where locals have had an advantage because they do not have to play ‘fair’. More generally, increased regulation creates the stability and certainty MNCs need to compete on equal terms globally.

11:40 Taxing times for treasurers

Treasury is in the spotlight – and for the wrong reasons. The legitimate use of complex tax mitigation structures (looks bad and) annoys customers and governments at a time of economic hardship in many parts of the world, and in particular at home. Many corporates are structured for tax reasons instead of to match real business needs and objectives; operation requirements subjugated to central finance dictat. This is not how successful businesses grow in today’s new environment; it could be how mature businesses decay. And frankly, treasury, along with their tax and finance colleagues, will have to adapt to much harsher examination because this issue is not going to go away. Long accepted practices will be outlawed. A period of uncertainty will disrupt the finance function as tax authorities respond and fight for their share of the companies’ global tax revenues. In this session, an expert in tax will talk about the very real reforms coming your way and what it will mean for the business long term.

John I. Forry, University Professor & Counselor at Law, USA

12:20 Conference ends – Please join us for lunch


Día 3 | sesiones plenarias Viernes 16 Mayo 2014

Hora de innovar y agregar valor Descifrando las complejidades en la gestión de tesorería global.


09:00 usted es el futuro: Hora de agregar valor a través de la innovación

Este orador proporciona información para personas inspiradoras, que lideran grandes equipos y que son el catalizador para crear soluciones innovadoras que establecen nuevos límites para el cambio. Tiene un amplia experiencia de liderazgo y ofrece las mejores herramientas para usar el networking, los datos y la investigación para impulsar la productividad. ¿Cómo liderar grandes equipos, inspirar la creatividad y motivar utilizando soluciones innovadoras que produzcan resultados efectivos y establezcan nuevos límites? ¿Qué innovaciones pueden proporcionar resultados estratégicos en el Siglo XXI?

09:40 Hora de cuestionar sus estrategias de inversión y beneficiarse de un entorno cambiante

¿Cuál es su excusa para no actuar? El temor a la escasez de financiamiento y asuntos fiscales han llevado a la acumulación de cash a niveles extremos. La aversión al riesgo ha concentrado ese cash en instrumentos y depósitos de corto plazo y renta fija. Pero llego la hora de reevaluar. Las tasas de interés reales son bajas o negativas, la flexibilización cuantitativa llegará a su fin y los cambios regulatorios están transformando el mercado de productos de cash. Todo esto significa que los tesoreros deben revisar sus lineamientos y evaluar sus opciones en términos de rendimiento, riesgo y productos. Las estrategias para regimentar el cash deben ser rescritas pues las opciones que las respaldaban no estarán allí. Conozca como las empresas están desempolvando las políticas de inversión y buscando la forma en que la regulación pueda llevar a la innovación de nuevos productos.

10:20 Receso para el refrigerio

11:00 Hora de encontrar el lado bueno de la regulación

Regulación significa costos elevados y menos oportunidades – pregunte a cualquier tesorero. La regulación bancaria ha incrementado los costos de honorarios y prestamos. Las leyes de responsabilidad social empresarial sobre el medio ambiente, empleo y prácticas corruptas harán más complicados los negocios en los nuevos mercados en crecimiento. FATCA, SEPA y otros desarrollos están reescribiendo las reglas de cómo los bancos proveen servicios internacionales. Dodd Frank, Basilea III y EMIR son potencialmente costosos para su negocio. Pero, ¿cuáles son los beneficios? Los honorarios bancarios son irrelevantes comparados con el precio no subsidiado y consistente a nivel mundial, de la deuda bancaria que refleja el riesgo de crédito real. Eso proporciona una igualdad de condiciones que ayuda a frenar el financiamiento de proyectos marginales y adquisiciones que destruyen el valor para el accionista. También obliga a los tesoreros a mirar hacia los mercados capitales y mejorar su gestión de capital de trabajo. La regulación crea entornos donde las mejores prácticas no presentan un obstáculo a la expansión, principalmente en esos mercados emergentes donde los locales han tenido ventaja porque no han tenido que jugar “limpio”. En general, una mayor regulación crea la estabilidad y seguridad que necesitan las empresas multinacionales para competir en igualdad de condiciones a nivel global.

11:40 Hora de repensar su estructura fiscal

La tesorería esta en la mira – pero por las razones equivocadas. El uso legítimo de estructuras para mitigar impuestos (se ve mal y) molesta a clientes y gobiernos en un momento de dificultades económicas en muchas partes del mundo y, particularmente, en casa. Muchas empresas están estructuradas por razones fiscales en vez de alinearse a las necesidades reales de su negocio y sus objetivos; requisitos operativos subyugados al dictado del centro financiero. Esta no es la forma en que empresas exitosas crecen en el ambiente de hoy; puede ser la forma en que empresas maduras decaen. Francamente, la tesorería, junto con sus colegas de impuestos y finanzas, tendrá que acostumbrarse a un examen más riguroso ya que esto no va a desaparecer. Prácticas que eran aceptadas desde hace mucho tiempo, serán prohibidas. Un período de incertidumbre perturbará la función financiera mientras las autoridades fiscales responden y luchan por su porción de los ingresos fiscales globales de las empresas. En esta sesión, un experto fiscal hablará sobre las reformas que están en camino y lo que representan para su negocio en el largo plazo.

John I. Forry, University Professor & Counselor at Law, USA

12:20 Cierre de la conferencia – Almuerzo



DaY 1 | stream 1 Wednesday 14 May 2014

Time to turbo-charge the treasury Practical case studies that use small tweaks to make a major difference to efficiency in treasury.

14:00 Keep vigilant on counterparty risk

The further we’ve moved away from Lehman Brothers, the more remote counterparty risk has seemed. But at the same time, governments have edged away from guarantees to protect bondholders and depositors (look at Cyprus) and their ability to effect further bailouts has been eroded as debt ratios rise. Many of Europe’s banks are in trouble. In China a credit crisis may loom. The economic slowdown and political instability have raised risks in other emerging markets. Counterparty risk is here to stay. What are the most sophisticated and proactive treasurers doing about it?

14:40 Work on working capital: It should be in your dna

The recession was good for working capital. Pressure on the top line renewed your focus on the basics: collection times, payment terms and inventory levels. As usual though, as business has picked up, working capital metrics start to deteriorate. The question is what can treasurers do about it? Most of the key decisions that affect working capital are taken outside treasury by departments that may be incentivized to breach treasury-imposed guidelines even if they exist. Procurement may not care about payment terms. Sales people will always try to maximize revenues and keep customers happy. And few treasurers have any say in the inventory chain. But there’s no mystery in working capital: if companies really care about it, they need incentivization schemes based on its metrics.


16:00 Concentrate on cash visibility

Achieving cross-border cash visibility is the pursuit of the possible, not the chase for perfection. Global sweeps can pool at least 35 currencies across 50 countries - covering 90% of most MNC business. The core building blocks of a robust system are shared service centers (SSCs), hedging and trading visibility through platforms, and the integration of these via a treasury workstation or an ERP system. The latest corporate suite is a flexible and efficient route to centralization. SSCs or regional treasury platforms, along with payment/collection factories, maximize cash visibility, again especially in difficult markets in which you have multiple in-country banks. And integration into a central window is the final element, giving easy access to data and an opportunity to apply additional analytics. This company’s cash dashboard gives it real-time visibility across its global operations. These are the steps they took to get there.

Guy Simons, Assistant Treasurer, TRW Automotive, USA

16:40 Turn the tide on receivables

It’s fashionable in today’s allegedly ‘polycentric’ world to debate the need for centralization. In a globalized world, in which regional treasuries oversee large and growing cash flows, shouldn’t local operations be entrusted with more power to operate as they see fit? This is a false dichotomy: efficient payments and collections mean automation, standardization and centralization. Yes, regional payment/collection factories can contribute, but the standards and systems of the center create information and analytics that can be fed back to regional centers, giving them the tools they need to achieve the autonomy they require. This company, by understanding best practice and by clearly defining success, has created a clearly competent approach to receivables.





Time to future proof your treasury Treasury needs to adopt a culture and solutions that stand the company in good stead well into the future.

14:00 embrace the culture of change

So treasury is rocket science! It’s a process of continuous, incremental improvement, punctuated by occasional leaps in technology or environment. The best companies don’t look for paradigm shifts in every blip in revenues or spike in DPOs. Nor are they seduced by every claim of technological innovation. Instead, they question their assumptions, review their objectives and analyze where change can bring about material increases in efficiency, productivity and customer experience. These companies tend to be large, rich and well-staffed, but it pays to watch where they choose to focus resources. That’s why this treasurer’s latest plans are worth hearing and how the treasurer manages the challenge of change.

14:40 after the deadline: use sepa as a springboard for change

Treasurers for whom SEPA compliance is a necessity should by now have completed their compliance projects. It’s one of those topics that has been seen as a chore best left to the regional treasury in most instances to implement. However, more foresighted treasurers are using SEPA as a catalyst for broader changes that benefit the business: master data upgrades, bank account rationalization, better CRM and the replacement of paper and manual processes with electronic. This company has used SEPA to go beyond simple compliance as recognition of the wider upgrade possibilities persuaded them to take a closer look. Here the treasurer explains the thinking and the results.


16:00 reappraise the renminbi: (your competitors are)

The sharp slowdown in China’s growth and fears of a more serious reversal if interest rates or inflation rise, may have persuaded treasurers without dedicated offshore renminbi infrastructure to wait and see. It’s also true that the regulatory landscape is extremely fluid; making it possibly expensive to invest heavily until further activities are definitively authorized. However, a robust plan for future renminbi integration should be part of any MNC’s treasury agenda. Renminbi trade settlement is real and can improve the bottom line. Cross-border sweeping will develop beyond the pilot stage, payment factories and other common treasury structures will become much easier. Take a look at what some companies are doing in RMB to reduce costs, increase efficiency and improve their competitiveness in China.


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Time to revisit Latin America Doing business in an environment of constant change with few solutions.

14:00 Challenge what you think about latin america

What’s your forecast for Latin America? Are there any bellwethers you can refer to for guidance? The region faces the problem of slowing growth and uncertain global conditions. Does a slowdown that’s been worse than expected simply reflect problems elsewhere or is this a decrease in long-term potential? The region is still highly influenced by US monetary policy and America is not yet fully functioning. Asia’s future is also intimately linked to LATAM’s, particularly China where growth has also slowed. The Pacific Alliance, signed by Mexico, Colombia, Peru and Chile has created a trade block to strengthen the bonds with Asia and simultaneously to compete better with them. These economies are among the most open in the region but there are still challenges such as poverty, security and corruption. Here’s an expert economist’s take on the region.

14:40 Overcome the increasing volatility

Latam business for many American companies is such a small percentage of global turnover that a treasurer could be forgiven for avoiding hedging in the region. And yet, the treasury role is to protect. Latam countries, like many Asian ones closely linked with the dollar, saw their currencies slide last summer when the Fed indicated QE tapering was on its way. While a reprieve followed swiftly, it was a reminder about currency volatility in the region and that treasurers have to remain ever vigilant. What are corporate strategies for protecting against currency movements in the region? Are companies hedging or not hedging? What advice can they offer against market volatility if any?


16:00 Optimize cash and liquidity in the region

Governments may come and go and economic fortunes change but the wider landscape for cash and treasury management in Latam remains a challenge. Rules and regulations are still complex. Tax is still a hurdle. Many companies end up with country by country solutions that carry no negotiating power in terms of bank costs and credit discussions; they also lose standardization and visibility objectives for the business. Banks active in the region, alongside companies that are invested heavily or contemplating new projects, will talk about their cash and liquidity requirements and the changing solutions they are employing. Is technology and modernization within the banks helping companies do new things? How do they deal with trapped cash and unlock working capital? What are solutions that treasury employs to either enhance yield or optimize existing liquidity there? What are the best mechanisms to move cash? What makes most sense given tax and regulatory hurdles? What about counterparty risk and wider risk management issues for Latin America?



Free downloadTreasury Perspectives, the annual publication from EuroFinance, is available for you to download. 58 pages packed with insights on treasury strategy, funding, risk cash management, regulation, connectivity and global trends.

www.treasuryperspectives.com


Día 1 | sección 3 Miércoles 14 Mayo 2014

Hora de repensar Latinoamérica Haciendo negocios en un entorno de cambio constante y pocas soluciones.

14:00 Cuestione sus conceptos acerca de américa latina

¿Cuáles son sus predicciones para América Latina?, ¿hay indicadores a los que pueda hacer referencia a modo de orientación? La región enfrenta el problema de la desaceleración del crecimiento y las condiciones globales de incertidumbre. Su desaceleración peor de lo esperada ¿es simplemente un reflejo de problemas en otros lugares o se trata de una disminución en el potencial a largo plazo? La región continúa estando muy influenciada por la política monetaria de EE.UU. y América aún no está en pleno funcionamiento. El futuro de Asia también está íntimamente ligado a América Latina, particularmente al de China, donde también se ha desacelerado el crecimiento. La Alianza del Pacífico, firmada por México, Colombia, Perú y Chile ha creado un bloque comercial para fortalecer los vínculos con Asia y también para competir mejor con ella. Estas economías se encuentran entre las más abiertas de la región, pero todavía enfrentan desafíos tales como la pobreza, la inseguridad y la corrupción. He aquí un experto economista dando una visión de la región.

14:40 supere la creciente volatilidad

Los negocios en Latinoamérica son un porcentaje tan pequeño de la facturación global de muchas empresas americanas que se podría perdonar al tesorero por no cubrir divisas en la región. Y, sin embargo, el rol de la tesorería es proteger. Los países Latinoamericanos, como muchos asiáticos que están también íntimamente ligados al dólar, vieron sus divisas devaluarse el verano pasado cuando la Fed indicó que una reducción de QE estaba en camino. Si bien rápidamente siguió un respiro, fue un recuerdo de la volatilidad monetaria en la región y de que los tesoreros han de permanecer siempre alerta. ¿Cuáles son las estrategias corporativas para cubrir los movimientos de divisas en la región? ¿Están las empresas cubriéndose o no? ¿Qué consejos pueden ofrecer frente a la volatilidad del mercado?


16:00 Optimice efectivo y liquidez en la región

Los gobiernos van y vienen y las fortunas económicas cambian, pero el panorama general de gestión de tesorería y cash en Latinoamérica sigue siendo un desafío. Las normas y regulaciones continúan siendo complejas. Los marcos fiscales siguen siendo un obstáculo. Muchas empresas terminan adoptando soluciones país por país, perdiendo poder de negociación en términos de costos bancarios y crédito así como los objetivos de estandarización y visibilidad para el negocio. Bancos activos junto a empresas con inversiones fuertes o que están evaluando nuevos proyectos en la región, hablarán acerca de sus necesidades de efectivo y liquidez y las soluciones que están empleando. ¿Está la tecnología y la modernización de los bancos ayudando a las empresas a hacer cosas nuevas? ¿Cómo manejan cash atrapado y desbloquean capital circulante? ¿Cuáles son las soluciones que emplea la tesorería, ya sea para aumentar el rendimiento u optimizar la liquidez existente? ¿Cuáles son los mejores mecanismos para mover cash? ¿Qué tiene más sentido dadas las trabas impositivas y regulatorias? ¿Qué pasa con el riesgo de la contraparte y temas más amplios de la gestión de riesgos en América Latina?

17:20 Cocktail de recepción y networking para profesionales de tesorería

Inscríbase y pague antes del viernes 21 de marzo 2014 para obtener importantes descuentos




Time to reshape your liquidity and risk practices Managing change at the heart of treasury operations.

14:00 Take a shortcut to enhanced liquidity

In an environment of change and uncertainty, despite recent optimism, a key mandate of treasury has been and will continue to be internal liquidity. Technological changes, pressure from widespread regulation and entry into new markets impact the ability to manage liquidity efficiently. Against this backdrop, this case study will look at one company’s quest to enhance its liquidity by diversifying funding sources, streamlining operations and implementing new structures, for example a move from notional pooling to an inhouse bank.

14:40 Build a smarter pool

Conventional wisdom has it that global pooling is now straightforward. Most of the countries and currencies that make up global GDP – and your revenues – are covered. But is that true? And what about the countries that will be tomorrow’s core markets? The BRICs are not easily integrated into a global cash pool, nor are the N11 (the next eleven). Even in the developed world, the recent focus on tax efficient structures may in the future have unintended consequences for the intra-company lending structures which underpin pooling. So which important growth markets are the pioneers of pooling bringing into their global cash concentration schemes and which should be left alone? What practical steps can you take to ensure the efficiency of your pooling operation?


16:00 Forecast your new frontiers

Predicting cash generation, measuring sensitivities and tracking trends is treasury. Short-term cash flow forecasting is the lifeblood of the company. Long-term CFF is a key determinant of optimal capital structure. But until now, it’s been more art than science. Consolidated positions, updated weekly or monthly, have limited explanatory power. The science of accurate prediction means understanding where cash is coming from and how it is generated. It requires the ability to pick out meaningful patterns from the noise, to distinguish casual relationships from meaningless correlations. For this, treasurers need unconsolidated positions reported as often as possible. And that means lots of data and the tools with which to analyze it. This company’s investment in new technology has transformed its forecasting function. Hear about the substantial savings in working capital, funding costs and the inventory and manufacturing cycle.

16:40 persuade and mentor your suppliers

If supply chain finance were easy to implement, many more corporates would have done so. There are a host of issues from onboarding to ensuring your banks are not just grabbing at the big ticket suppliers but are supporting you all the way down the chain. The benefits are clear: the supply chain is a significant source of working capital. But it is also a significant repository of risk and cost. So how to solve? Suppliers need help understanding and implementing supplier finance programs. What are the practicalities? How do the various types of guarantee and trade financing work? If larger MNCs really want the benefits of a sophisticated SCF program, then they must take the time to educate their own suppliers and, if necessary, provide them with the tools and resources they need. How can your bank help? This company shows how it was able to unroll and expand its SCF program across markets.






Time to focus on treasury transformation Transformations that make a difference.

14:00 get one step closer to the CFO

Small tweaks in the treasury are the day to day necessity of operations. But strategy is a much more elusive role to grasp. The crisis may have turned the spotlight to safeguarding cash and liquidity and managing the risks tied up in that process, but where next for treasury? How far into business can treasury influence? Can it really contribute to identifying and exploiting new market opportunities? How does today’s treasurer in search of a bigger role work with the CFO? This treasurer’s focus on the top line has transformed the treasury function ensuring it contributes directly to business growth.

14:40 How treasury drives business transformation

Treasury transformation is about processes, protocols, message formats – details that boards take for granted. True business transformation is radical, strategic change across an entire organization to ensure sustainable success. And the true importance of treasury is that it is at the heart of the latter. This company believed that a fundamental re-shaping of its sector would give it an opportunity to grow from domestic retailer to worldwide enterprise. At the center of the investment program, acquisition process and business process re-engineering was treasury. So how did treasury help drive this reinvention? And how has that process changed the nature of the company’s treasury?


16:00 When treasury met financial planning

Can treasury influence or drive strategy when it comes to financial planning and analysis (FP&A)? Treasury has to work in lockstep with FP&A and be a strong partner to many aspects of the business. How closely do you work with the FP&A team to integrate forecasting processes with the strategic plan? The planning process, how scenarios relate to outcomes such as borrowing and cash flow all need to be integrated. What is the role of treasury data and how does that play into the FP&A process? When economic or market swings occur or forecasts don’t pan out, how does the team respond?

16:40 unravel the standard and put it to work: IsO20022

Making electronic payments is annoying. Archaic formats, inflexible and unintelligent inputs and incompatibilities persist for companies managing multiple banks. ISO20022 is supposed to solve many of the problems. Messages are easily linked to business components. Mappings are straightforward and replicable. Message creation is more straightforward. Key markets around the world are implementing these messaging standards and European companies are embracing it. The US and its companies lag. Why? There are plenty of examples as to how standards can reduce costs and simplify process. When this company wanted to upgrade the company’s payments infrastructure, ISO20022 was at the core of the development process, as was XML. Why did it revise its payments processes and why has ISO20022 made such a significant difference?




DaY 2 | stream 1 Thursday 15 May 2014

Time to turbo-charge the treasury Practical case studies that use small tweaks to make a major difference to efficiency in treasury.

14:00 pay attention to global developments in payments

Coping with changes in the global payments environment requires a degree of double think. As companies seek growth in emerging markets, they are forced up against the constraints of local banking and legal systems. Understanding how to satisfy customer requirements as well as internal processes within these constraints is a full-time job. However, at the same time, most global businesses also wear a developed market hat. Here SEPA compliance and the improvement of payment factories are key projects to be evaluated or executed. These challenges are entirely different in nature: their P&L impact is initially negative or opaque and getting budget can be a hard sell. So how are global treasuries coping with the increasing divergence between the needs of different businesses? How can one model fit divergent markets? Here’s a company which has a sound global approach.

14:40 don’t give up on eBam but start without it?

The aims of eBam are unarguable and the benefits, in terms of automation, standardization and counterparty risk management, are extremely desirable. However, the sheer length of time we’ve all been waiting now means that treasurers’ skepticism is understandable. One answer is to keep an eye on the latest pilot schemes and SWIFT initiatives while exploring the alternatives. This treasurer looks at what companies can achieve while they wait for the full solution. Many of the key benefits promised by eBam can be implemented through your relationship banks, so which banks offer electronic bank opening and management? How can existing digital signature/key initiatives be used with these services? To what extent can treasurers assemble the core eBam suite from these elements? This treasurer shows the score.


16:00 Find your connectivity solution

Sometimes the most obvious solutions really are the best. For most corporates, unable to maintain continuous investment in fundamental infrastructure, SWIFT Corporate Services are a cost- and time-effective path to next generation connectivity. Alliance Lite, Trade for Corporates, Trade Services Utility, e-invoicing and 3S Key combine to create the foundations of a treasury platform that covers everything from cash visibility to counterparty risk. Along with new initiatives, like bank payment obligations, which look ready to transform financial supply chains, SWIFT is becoming an indispensable part of global corporate treasury. It’s affordable, gives bank agnosticity and is adding enhancements that companies want. Why not? Here’s a case study that shows the benefits of all the developments.

16:40 Take the fight to the fraudsters

Too many treasurers still view fraud as a low-frequency low-value problem. For many it still is, however, as business models migrate to the web and to mass customer direct sales, the scope for catastrophic business interruption increases dramatically. The theft of CRM data can shut down your business and destroy your reputation. The hacking of your websites or social network presence can do the same. And as treasury embraces mobile and the web, new windows into companies’ most important financial processes are opened. So how do treasurers understand these new risks and how easily their systems and procedures can be compromised? What new structural changes are needed to maintain operational integrity?





Time to future proof your treasury Treasury needs to adopt a culture and solutions that stand the company in good stead well into the future.

14:00 Be an expert integrator: seamless treasury post-M&a

Merging and integrating treasuries is, for many, a one-off opportunity to upgrade. However, they also provide treasurers with plenty of chances to fail. Whether dealing with a spin-off or an acquisition, these types of transactions create basic issues of business continuity and lay bare systems and processes that have evolved over years. Treasurers must keep the business working while simultaneously rebuilding a new treasury operation from the pieces of the old. This company has gone through multiple acquisitions and explains how it integrates, using the process as a catalyst for change.

Ana-Rosa Villegas, Treasury Manager, Hewlett-Packard, USA

14:40 persuade them of your value: Take metrics seriously

Treasury’s enthusiasm for measuring the performance of others has never been matched by keenness to measuring itself, partly because it is extremely difficult to develop meaningful metrics. While others may be easy to reduce to numbers, there are what may look like insurmountable problems in measuring treasury’s contribution. Outside a handful of global giants, what progress has been made in developing a consistent set of KPIs that can be cheaply implemented and which accurately reflect the performance of the finance function? Has any combination of metrics been used to incentivize treasurers successfully? This company believes that it has done so and explains how and what they’ve learned.


16:00 use regulation to beat the competition

It’s easy to lose sight of strategic objectives and important business trends in the blizzard of regulatory changes. MNCs used to operating in a handful of developed markets today face a minefield of legislative opacity and fluidity, especially in high-growth countries. But instead of dwelling passively on the negative, the best treasurers can use regulatory change as a competitive tool. Tax changes can transform business lines and operational structures. Changes to the treatment of dividends or intra-company loans can release trapped cash and investment opportunities. Technical tweaks can open up currencies for funding, hedging or integration into global cash management schemes. How do you keep ahead of the regulatory game?

16:40 revitalize your ssC

The business case for a shared service center starts with the cost savings and most companies have embraced some form of SSC. Success is judged on whether costs have been saved. Later companies come to value the SSC’s contribution to standardization and efficiency more generally. But after that, how can you use your SSCs not just to wring costs from processes but to contribute to strategic treasury? One answer is to add treasury management, financial planning and analytics to create a resource for the business as a whole. And some companies are going even further: giving the executives in charge a global title and metrics. With the strategic importance of the SSC increasing, how does evolving SSC functionality mesh with treasury? What are the pros and cons for global MNCs?






Time to revisit Latin America Doing business in an environment of constant change with few solutions.

14:00 understand the devil in the detail: regional cash pooling?

The number of currencies in Latam, the FX restrictions in some countries and withholding tax implications of intercompany lending, make cash pooling difficult to implement. However, there are ways of optimizing liquidity. Companies use local cash pools in countries with more flexible regulations, or sometimes set up an in house bank, concentrating the account in locations outside of the region. Tax and treasury have to work closely to determine domicile and ownership of the pool header, legal entity and country participation. Bank partners and overall account structures are key considerations too. We look at one case study in detail, looking at the requirements in different countries.

14:40 Colombia: Building on a better future

Colombia is working hard to leave behind its colorful past. Instead it is looking to build a future of peace with sustainable, egalitarian economic development. Strong fundamentals and political stability combined with policies to improve the business environment, a central location and an attractive internal market have made Colombia a sought after destination for investors and businesses alike. However, treasurers operating there must be aware of tax and foreign exchange regulations. Central bank requirements on cross border fund movement coupled with bank transaction taxes can make cash pooling near impossible. Payment to foreign suppliers and getting decent exchange rates are not easy in an environment of high volatility and heavily penalized foreign exchange regulation. Join this session to hear about best practices and opportunities in Colombia.


16:00 Overcoming the challenges: argentina and Venezuela in the spotlight

Argentina and Venezuela are both in economic turmoil. For Argentina there’s political crises, dwindling FX reserves, balance of trade problems and unrest. For Venezuela it’s also inflation, capital and foreign exchange controls, consumer goods shortages and corruption. Against this background we look at how companies are operating in both countries. Do they expect measures that might bring back confidence to investors? Will exchange controls be relaxed to promote investment and new growth? What treasury and cash structures do companies use in Argentina? In Venezuela CADIVI, then SITME (Foreign Currency Bond Trading System) and finally SICAD (Complementary System for the Administration of Foreign Currency), the mechanisms to obtain dollars have failed to prevent the black market from growing and determining its own rate. How do you manage cash in these conditions? How are treasuries dealing with trapped cash and fund repatriation? We give an update on market conditions, regulations and an outlook for the future.

16:40 Brazil: From froth to reality

Brazil has been the foreign investor’s darling of recent years. Yet today it is a risk. The size of the country means its fortunes impact the entire region. Tax breaks and a weak economy have continued to undermine the fiscal position. Inflation is high and there is growing discontent among the population. Red tape and a super complex tax regime are as pervasive as ever. In the face of the world economy’s changing conditions, Brazil has two challenges: to adapt to the changing world while at the same time make structural reforms, eliminating investment barriers. In the meantime, as a treasurer, you need to navigate Brazil’s challenging and often confusing regulatory and tax system. What is the most efficient way to manage cash and treasury in Brazil? Hear the outlook for the future alongside the view from a company that is managing well there.

Ivan Ferreira, Head of Tax & Treasury, MeadWestVaco (MWV), Brazil

17:20 Adjourn to Day 3



Día 2 | sección 3 Jueves 15 Mayo 2014

Hora de repensar Latinoamérica Haciendo negocios en un entorno de cambio constante y pocas soluciones.

14:00 Comprenda el diablo escondido en los detalles: ¿cash pooling regional?

El número de divisas en Latinoamérica, las restricciones cambiarias en algunos países y las implicaciones del impuesto de retención en los préstamos intercompañía, hacen difícil la implementación del cash pooling. Sin embargo, hay formas de optimizar liquidez. Las empresas utilizan cash pools locales en países con marcos regulatorios más flexibles, o, a veces crean in house banks, concentrando la cuenta fuera de la región. El departamento de impuestos y la tesorería tienen que trabajar en estrecha colaboración para determinar el domicilio y titularidad de la cuenta cabecera del pool, su entidad legal y participación de los países. Los partners bancarios y las estructuras generales de las cuentas son también consideraciones importantes. Vemos un estudio de caso en detalle y los requisitos de los diferentes países.

14:40 Colombia: Construyendo un futuro mejor

Colombia está trabajando duro para dejar atrás su pintoresco pasado. En su lugar, está tratando de construir un futuro de paz, con un desarrollo económico sostenible e igualitario. Los sólidos fundamentos económicos y la estabilidad política combinados con normas destinadas a mejorar el entorno de negocios, su ubicación central y un mercado interno atractivo han hecho de Colombia un codiciado destino tanto para inversores como para empresas. Sin embargo, los tesoreros que trabajan allí deben ser conscientes de las regulaciones fiscales y cambiarias. Los requisitos del Banco Central sobre el movimiento de fondos transfronterizos unido a los impuestos sobre las transacciones bancarias pueden hacer casi imposible el cash pooling. Pagar a proveedores extranjeros y obtener el mejor tipo de cambio no es fácil en un entorno de alta volatilidad y un marco regulatorio cambiario restrictivo. Participe en esta sesión para conocer las mejores prácticas y oportunidades en Colombia.


16:00 supere los desafíos: argentina y Venezuela en la mira

Argentina y Venezuela atraviesan una tormenta económica. En Argentina hay crisis política, fuerte disminución de las reservas, problemas de la balanza comercial y descontento social. En Venezuela también hay alta inflación, controles de capital y cambiarios, escasez de bienes de consumo y corrupción. En estas circunstancias, escuchamos como las empresas están operando en ambos países. ¿Se esperan medidas que puedan devolver la confianza a los inversores? ¿Se flexibilizarán los controles de cambio para promover la inversión y el crecimiento de nuevo? ¿Qué estructuras de tesorería y liquidez usan las empresas en Argentina? En Venezuela CADIVI, y a continuación SITME (Sistema de Transacciones con Títulos en Moneda Extranjera) y finalmente SICAD (Sistema Complementario de Administración de Divisas), los mecanismos para la obtención de dólares, no han logrado impedir el crecimiento del mercado paralelo y su propio tipo de cambio. ¿Cómo gestionar la liquidez en estas condiciones? ¿Cómo manejan las tesorerías la repatriación de fondos y el cash atrapado? Damos una actualización de las condiciones de mercado, normativas y perspectivas para el futuro.

16:40 Brasil: de vuelta a la realidad

En los últimos años, Brasil había sido la niña bonita de los inversores extranjeros. Sin embargo, hoy en día es un riesgo. El tamaño del país significa que su fortuna afecta a toda la región. Las exenciones fiscales y una economía débil han seguido socavando la posición fiscal. La inflación es elevada y hay un creciente descontento entre la población. Sigue prevaleciendo una gran burocracia combinada con un régimen impositivo complejo. En vista de las condiciones cambiantes de la economía mundial, Brasil tiene dos retos: adaptarse a este mundo cambiante y realizar reformas estructurales, eliminando las barreras a la inversión. Mientras tanto, como tesorero, usted necesita navegar por el desafiante y frecuentemente confuso sistema regulatorio y fiscal de Brasil. ¿Cuál es la forma más eficiente de gestionar la liquidez y tesorería en Brasil? Conozca las perspectivas para el futuro junto a una empresa que está consiguiendo buenos resultados allí.

Ivan Ferreira, Head of Tax & Treasury, MeadWestVaco (MWV), Brazil

17:20 Pasar al Día 3

Inscríbase y pague antes del viernes 21 de marzo 2014 para obtener importantes descuentos




Time to reshape your liquidity and risk practices Managing change at the heart of treasury operations.

14:00 rate rises will require vigilance

We live in a world of low, stable interest rates. Or do we? At some point the cycle will change, rates will go up and companies will need to be prepared to change policy on interest rate risk management. Is it possible to plan ahead? What are the tools in today’s environment and how do companies employ these to achieve strategy and policy objectives? This company will show how it is planning ahead and ready for sudden and unexpected changes. It will point out key signals in the market which indicate coming change and how they approach that change.

14:40 Focus on best risk management in practice

In most areas of treasury, the path to improvement is reasonably clear. Not so in risk management. But at the same time you need to get down to analyzing all that new data. Need to better mitigate risk? Sure. But how, with the same old products? And what about automation? How much of risk management in the treasury can go technical? Does it make sense? And how does it work in practice? There isn’t even broad agreement on the metrics of risk management let alone its overall impact on the P&L. What is clear is that macroeconomic instability, combined with corporates’ need to push into new markets, is exposing treasurers to higher levels of all types of financial and operational risk. So what are the best treasuries doing and what can you learn from them?


16:00 Take your card program global

Commercial card programs are becoming an important tool in cash management. There are plenty of reasons to take those advantages and roll them out elsewhere in the world. Cards can help improve working capital efficiency and help you manage your spending and push the bottom line and the spend data that comes out of card programs can be a real strategic tool. The best commercial card implementations ensure a single source of accountability, enhanced reporting functionality and standardization. They also create better capital visibility and defined spend metrics. How is it possible to look at a global implementation? What are the pros and cons? Can you use the same sophisticated management information systems to identify key suppliers globally, use purchasing data to negotiate better deals and hold onto your cash for longer? This corporate shows how it took its program global and uses the data to track the bigger trends.

Ron Jobe, Vice President, Finance Transformation, Delphi Automotive, USA

16:40 get to the bottom of FX exposures

After liquidity, FX risk is often the treasurers’ number one concern. Hedging instruments and techniques have remained little changed for years. What’s new is the possibility of access to the data required to create truly tailored hedge programs. Understanding FX exposures is fundamental to hedging, but until now companies have only had broad-brush, historical information. This is why they have tended to use unsophisticated forward hedges of simple exposure. With the levels of granularity now achieved by centralized treasuries, much more detailed analysis of FX sensitivities is available, giving treasurers and their boards many more choices in hedging strategy. So what differences has this bought about in FX risk best practice? Which types of data have proved most useful in revealing key exposures? And what tools are being developed to fine-tune FX risk management? How much is regulation playing a role?




pre-conference training Tuesday 13 May 2014

Tax in Brazil08:30-17:30

Tutor: Cristina Sampaio Cavalieri Teixeira, Tax Partner at Hirashima & Associados, Brazil

Brazil has one of the most complex tax systems in the world. As a result, treasurers operating in this environment make frequent and costly mistakes.

This course is designed to help you decipher the complexity of Brazilian tax in order to improve efficiency and maximise cash flow. Your tutor has over 17 years of tax experience in Brazil and you will be given ample opportunity to put your specific tax questions to her.

What will you learn?

An understanding of the different types of corporate tax and the impact on treasury.

Tips to reduce tax costs and mitigate risk Tax initiatives that can optimise cash flow How to work better with your tax department The impact of tax on funding and reporting

View the full agenda:

www.eurofinance.com/taxbrazil

Corporate Risk Management08:30-17:30

Tutor: Robert J. Novaria, EuroFinance Tutor & Consultant, USA

Understanding the risks that are being faced in today’s global business climate is critical in determining the appropriate actions required to manage and/or mitigate these risks. The more global you become, the more complex this task becomes. This course highlights the approaches to handling various types of risk exposures, including foreign exchange, interest rates and counterparty credit. By course end, you will have confidence to tackle what’s required to apply your newly acquired knowledge upon your return to the office.

What will you learn?

Risk management framework in treasury Foreign exchange risks Managing FX transaction costs Interest rate risk Credit risks Effective risk management

View the full agenda:

www.eurofinance.com/crm

Our tutors use a mix of teaching methods including lectures, real-life case studies and group exercises to provide you with practical skills and knowledge that can immediately be applied upon your return to the office.

What our training delegates say...

“A very rewarding and well-balanced course with a very competent tutor.”

“The course fulfilled my needs, providing the bigger picture on cash management, helping me understand the business needs and the rationale behind them.”

“Complex concepts were communicated in simple terms with good examples.”

“You inspired me to revisit old truths and to evaluate new solutions.”

“The tutor was energetic, engaging and knowledgeable. The best tutor I have had!”

“EuroFinance’s course was key to our successful implementation.”


sponsors, exhibitors and partners

Official lead & global sponsor

Bank of America Merrill Lynch is one of the world’s largest financial institutions, providing a full range of banking, investing, asset management and other financial products and services. It is a leading global bank and wealth management franchise and a premier corporate and investment banking and capital market business, providing innovative services in M&A, equity and debt capital raising, lending, trading, risk management, research, and liquidity and payments management. Clients and customers can expect access to a comprehensive suite of world class products, services, and expertise from an organization that serves clients through operations in more than 40 countries and has relationships with 97 percent of the U.S. Fortune 500 companies and 73 percent of the Fortune Global 500.

For additional information regarding Bank of America Merrill Lynch, please visit baml.com/treasurymanagement.

Banco Santander is a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone by market capitalization. Founded in 1857, Santander had EUR 1.24 trillion in managed funds, 103 million customers, 13,927 branches – more than any other international bank – and 182,958 employees at the close of 2013. It is the largest financial group in Spain and Latin America. It also has significant positions in the United Kingdom, Portugal, Germany, Poland and the northeast United States. Santander registered EUR 4.37 billion in attributable profit in 2013, an increase of 90% from the previous year.

Santander Global Banking & Markets is the global business unit responsible for satisfying customers’ needs which, because of their size, complexity and sophistication, require tailored wholesale services or products of higher value-added.

Official sponsor


HSBC is one of the world’s largest banking and financial services organisations. The Group’s network is comprised of 6,600 offices in 80 countries and territories in the Americas, Europe, Asia-Pacific, the Middle East and North Africa. HSBC combines extensive global reach, notable financial strength, and a long term commitment to our Commercial Banking and Global Banking and Markets clients. We offer a wide array of global solutions including Cash Management, Asset Management and Trade and Receivables Finance services, from traditional to innovative e-enabled solutions, designed to address the needs of our clients today, as well as in the future.

Jared smith Executive VP, Head of GBM Sales, US Payments & Cash Management [email protected]

dorothy Musho Senior VP, Head of CMB Sales, US Payments & Cash Management [email protected]

Jorge gonzalez Regional Head of PCM Sales, Latin America Payments & Cash Management [email protected]

as close as you need, as far as you go

BBVA is a global financial services group with approximately €607 billion in total assets, 50 million clients, 7.688 branches and 113,293 employees in 31 countries. The BBVA Group maintains a leadership position in Spain, Mexico and Latin America as well as the Sunbelt region of the United States. BBVA has also a relevant franchise in Asia and is present in the Turkish market.

BBVA’s suite of Cash Management services offers a broad range of world-class solutions for Corporates and Institutions. In the Americas, our extensive branch network covering 9 countries and our state of the art technology enables us to offer the best local services together with global integrated solutions. Thanks to our deep market knowledge and our growing position in the US, BBVA has become a leading partner is Cash Management between US and Latam markets.

www.bbva.com

Ignacio escudero | Global Sales – International Transactional Services [email protected]

annette Vivoni | Global Sales America – International Transactional Services [email protected]

Official sponsor

Official sponsor


sponsors, exhibitors and partners

BNP Paribas has a presence in nearly 80 countries with 190,000 employees, including 145,000 in Europe. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across Mediterranean basin countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia-Pacific.

Cash Management is a key strategic business for the Bank. BNP Paribas’ extensive network, strong capabilities and local expertise provide clients with innovative solutions to optimize efficiencies and manage their cash flows wherever they operate worldwide.

Walid shuman [email protected] | T: +1 312 237 3338

lise gjertsen [email protected] | T:+1 212 841 2296

Global Transaction Banking within Deutsche Bank comprises commercial banking products and services for corporations and financial institutions. Business units include Cash Management, Trade Finance and Trust & Securities Services, offering domestic and cross-border payments, risk mitigation for international trade, and the provision of trust, agency, depositary and custody services.

Deutsche Asset & Wealth Management is home to the full range of active, passive, alternative and private wealth management functions of Deutsche Bank. Few organizations can offer the depth of intellectual capital, expertise and experience that Deutsche Asset & Wealth Management provides to financial professionals and investors. In a rapidly changing environment, we deliver a comprehensive set of investment strategies and services, deep access to world markets, prudent risk management and a culture of unwavering integrity and excellence.

amanda stewart Vice President, GTB Marketing & Communications Deutsche Bank, 60 Wall Street, Floor 26, New York, NY 10005, USA [email protected] | T: +1 (212) 250 0084

Kevin Bannerton Managing Director, Head of Americas Institutional Liquidity Management DB Advisors, 345 Park Avenue, Floor 25, New York, NY, USA [email protected] | T: +1 (212) 454 0454

Official sponsor

Official sponsor


exhibitors

Media partners

Official lead & global sponsor Official publication Official airline network

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special discountsIf you are a certified treasury or cash management professional, you may be entitled to a discount. For further details email [email protected].

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Fees include: Refreshments, lunch, full documentation and conference materials where available (they do not include hotel accommodation). All fees are inclusive of published discounts. Bank transfer charges are the responsibility of the payer. EuroFinance Conferences Limited reserves the right to alter the programme content, speakers or course at any time due to circumstances beyond their control. Hotel accommodation: For preferential rates please book through Zibrant, our official accommodation bureau, via either www.zibrant.com/efc or call +44 (0)1332 285 518. EuroFinance strongly advises that you reserve your hotel accommodation as soon as possible as rooms will be subject to availability at the time of booking. Cancellation terms: Receipt of this signed booking form (inclusive or exclusive of payment) constitutes formal agreement to attend this conference/course and cancellation terms apply. Full refunds are available on all cancellations received in writing (letter, email or fax) 28 days before the conference/course start date. NO REFUNDS OR CREDITS AFTER THIS DATE AND ANY OUTSTANDING PAYMENT WILL BE REQUIRED IN FULL. The option to transfer to another conference or course is subject to availability. All confirmation details will be sent upon receipt of the booking form. Attendance fees will not be refunded (irrespective of the date of booking) in the event or threat of war, terrorism or circumstances outside of the organisers’ control. promotional discounts: EuroFinance regrets that additional discounts received after the registration form has been submitted cannot be retrospectively applied to reduce the original price charged. dress: Business. Venue: Trump National Doral Miami, 4400 NW 87th Avenue, Miami, FL 33178, USA. Incorrect mailing: If any details on the mailing label are incorrect, please email [email protected]. nOTe: There will be photography and/or filming at this event and your image may be captured by us and used for our business and promotional purposes, in printed publications, videos and/or on our website. By registering for the event you are giving us your permission to use your image in this way. If you have any queries about this, please email [email protected]. © EuroFinance Conferences Ltd. | Floor 5, 20 Cabot Square, London, E14 4QW, UK.

REGISTRATIoN FoRMInternational Cash & Treasury Management | MiamiWednesday 14 – Friday 16 May 2014

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International Cash & Treasury Management | Miami 2014

Economy & Finance