It may be the height of the summer vacation period, but there’s a still a lot of good treasury debate, insight and news articles to digest whilst taking that well earned break. I have provided links to some of the current treasury topics that I have found whilst surfing the web; this is quite often the way I update my knowledge of what are the ‘hot topics’ in the industry, particularly as it is now such a global community and things that may be happening on the other side of the world can have a significant effect on how we do things here in Europe.
I hope you find the following items to be interesting and possibly thought provoking **:
** A free website membership might be required to access some of these online articles mentioned below.
TMI – (Treasury Management International)
- Bringing Group Treasury to the Business – Centralising segmented treasury functions in a major global business (Alsthom), using a regional treasury centre model, to consolidate structures, functions and treasury communications. http://www.treasury-management.com/article/1/289/2421/bringing-group-treasury-to-the-business.html
- Collection Factories: An Optimal Roadmap (Citi) – This article explores ways in which activation of the Single European Payments Area (“SEPA) has opened up new ways in which receipts can be more simply and cheaply integrated into ‘collection factory’ type environments. In my opinion this now also creates new Shared Service Centre (“SSC”) opportunities for companies where the required SSC business case could not be achieved under the old European payment infrastructure. http://www.treasury-management.com/article/4/320/2675/collection-factories-an-optimal-roadmap.html
- Handling China’s RMB regime shift – What are the implications for corporates with close commercial ties to China? With the increasing availability of offshore RMB hedging since 2012, is now the time for corporates to take a fresh look at their RMB hedging strategies and also will the weaker RMB lead to depressed demand and greater risk for manufacturers of goods that rely heavily on China for export sales? http://treasurytoday.com/2015/08/handling-chinas-rmb-regime-shift-ttti
- Best Practice Handbook – Cash Management in the Nordic and Baltic Regions 2015 – A detailed guide to the latest cash management issues faced by corporates operating in the Nordic & Balkan regions, which are becoming increasingly less detached from mainstream European cross border cash management structures. http://treasurytoday.com/handbook/cmnb-2015
- Implementation & Centralization: Why Cigna Adopted SWIFT – SWIFT are working harder than ever to become the primary direct supplier of corporate payment and cash management systems, in direct competition to the banks; there is a lot of uncertainty amongst treasurers about what using SWIFT directly actually means; this informative article about Cigna Insurance provides one company’s experience in setting up global payments via SWIFT. http://www.afponline.org/pub/res/news/Implementation___Centralization__Why_Cigna_Adopted_SWIFT.html
SEPA for Corporates
- 10 Reasons Why SWIFT Connectivity Is Not a Magic Bullet – An interesting blog article that provides some journalistic balance to the debate about how implementation and benefits of using SWIFT direct connectivity in the corporate environment may not always be realisable. I think this is a good measured piece that highlights some considerations that certainly smaller or less integrated corporates need to bear in mind if considering the move to SWIFT. http://www.sepaforcorporates.com/swift-for-corporates/10-reasons-swift-connectivity-magic-bullet/
- Treasury Outsourcing: how to manage the good, the bad and the ugly – A video discussion debating the pro’s & con’s, why’s and why not’s of treasury outsourcing; can you afford not to outsource or are the risks too great. Three treasury professionals consider a wide variety of issues facing the treasurer when confronted with a potential outsourcing of the treasury function. https://ctmfile.com/story/treasury-outsourcing-how-to-manage-the-good-the-bad-and-the-ugly-in-outsour#.VdyaI7nbKP8
- Luxembourg performs poorly in anti-money laundering index – A recent study by the Basel Institute of Governance ranked Luxembourg 71st out of 152 countries studied for weaknesses and lack of transparency in their AML process, which is a particular worry for Corporate operators of ‘LuxCo’ structures, where any publicity of this kind must throw an unwanted spotlight on use of Luxembourg as a key location for many aggressive corporate tax structures. http://www.wort.lu/en/business/basel-institute-on-governance-luxembourg-performs-poorly-in-anti-money-laundering-index-55d9ec500c88b46a8ce5ecdb with the full index to be found here https://index2015.baselgovernance.org/start_index
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