Treasury Today July August 2020 Magazine Cover

July/August 2020

Publication date: Jul 2020

There is no ‘new normal’

Over the past few months the phrase ‘new normal’ has surfaced as a way of describing how we now live. But does it really mean anything? We live in a dynamic world where events, and our perceptions of them, are constantly changing. We are in a permanent state of flux so surely a ‘new’ normal exists no more than an ‘old’ normal. As Heraclitus argued millennia ago, the only constant in life is change.

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Treasury Today May/June 2020 magazine cover

May/June 2020

Publication date: May 2020

A different way of living

These times are challenging for everyone. But amongst the personal tragedy and heartache, the frustration and anger, every day we can see shining examples of humanity. Those that are on the frontline in the fight against COVID-19 – and there are many – reveal to us that, fundamentally, humans can and will pull together to do whatever is necessary, because of – and yes, also in spite of – each other.

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Treasury Today March/April 2020 magazine cover

March/April 2020

Publication date: Mar 2020

Testing times

Firstly, let’s tackle the Big One. Treasurers across the region will be keeping a close eye on the unfolding events following the outbreak of a novel coronavirus, Covid-19. Its economic impact is already being felt, with countries across the globe downgrading their economic growth forecasts. Supply chains are being disrupted, with factory closures in China affecting companies around the world, whilst diverse sectors are seeing a considerable impact, and many businesses take steps to minimise staff travel.

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Treasury Today January/February 2020 magazine cover

January/February 2020

Publication date: Jan 2020

Welcome to 2020. It’s going to be… interesting!

In 2019, political risk-watchers were spoilt for choice. But from the Brexit saga, to drone strikes in Saudi Arabia, the conflict in Syria, the US-China trade war, protests in Hong Kong, the threat of a global recession et al – it all added up to one big headache for treasurers.

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Treasury Today November/December 2019 magazine cover

November/December 2019

Publication date: Nov 2019

The game of risk

Life has its risks, without which, arguably, we wouldn’t progress. Think how far we have come in the worlds of medicine and travel, for example, as previous generations have wrestled the odds and overcome life-threatening hurdles, just so we can have life a bit easier.

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Treasury Today September/October 2019 magazine cover

September/October 2019

Publication date: Sep 2019

The rise and rise of the connected treasurer

Treasury once resided in an ivory tower within its own organisation; an inscrutable technical wizard that somehow made sure the bills were paid. Often the only time people knew it was there was when something went wrong.

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Treasury Today July/August 2019 magazine cover

July/August 2019

Publication date: Jul 2019

An island of cooperation in a sea of disquiet

In a recent FT interview, Vladimir Putin said that “the liberal idea” has “outlived its purpose”. With the rise of anti-immigration sentiment, the will to shut down borders and end multiculturalism, it has certainly been tested.

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Treasury Today May/June 2019 magazine cover

May/June 2019

Publication date: May 2019

The whole is often greater than the sum of its parts

At this point in 2019, those in the UK who voted to leave the EU should have been cheering as they finally threw off the shackles of EU membership, whilst those who voted remain would be ruing the day former Prime Minister Cameron decided to play political games with the country’s future. It has not happened yet. It might not. The truth is that nobody knows.

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Treasury Today March/April 2019 magazine cover

March/April 2019

Publication date: Mar 2019

The uncertainty principle

The whole Brexit experience for the business community has been characterised by an expanding series of unknowns (both known and unknown, as former US Secretary of Defense, Donald Rumsfeld would say), playing out at length. The uncertainty that this has foisted upon many sectors across the UK, Europe and beyond has been challenging, to say the least. It is one that many treasurers will have had to manage, despite the lack of hard facts.

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Treasury Today January/February 2019 magazine cover

January/February 2019

Publication date: Jan 2019

Time to reflect

In ‘The Gumball Rally’, a 1970s comedy film about an illegal US coast-to-coast road race, the Ferrari Daytona-driving Italian, Franco Bertollini, rips off his rear-view mirror exclaiming “what’s behind doesn’t matter”.
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Treasury Today November/December 2018 magazine cover

November/December 2018

Publication date: Nov 2018

The five Ps of successful treasury

Was it by accident or design that this issue has more than a few articles geared to helping treasurers prepare for and overcome adverse situations? The world has been gearing up over the past year with some interesting challenges, so perhaps for the final publication of the year such an editorial schedule was inevitable, however it came about.
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Treasury Today September/October 2018 magazine cover

September/October 2018

Publication date: Sep 2018

The rise of the reasonable treasurer

With conference season well under way, few could fail to notice the pre-occupation of the event organisers with the march of technology.
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Treasury Today July/August 2018 magazine cover

July/August 2018

Publication date: Jul 2018

Towards an open world economy

There may be many contenders for “the project of the century”. The worlds of computing, healthcare, automotive and aeronautics for example may all lay claim to the most important missions for the benefit of humanity. And let’s not forget the ‘project’ to save the planet itself from mankind’s best efforts to make it uninhabitable through pollutants.
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Treasury Today May/June 2018 magazine cover

May/June 2018

Publication date: May 2018

The Persistence of cash

Rumours concerning the death of cash appear to be much exaggerated. Again. For a payment form that has been slated for demise for many years, it seems to be hanging on remarkably well.
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Treasury Today March/April 2018 magazine cover

March/April 2018

Publication date: Mar 2018

Trump and the Davos dream

When President Trump took to the stage to deliver his 16-minute speech on the closing day of the 2018 World Economic Forum (WEF) in Davos, was there a feeling that his hitherto hard-boiled “America First” manifesto had softened?
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Treasury Today January/February 2018 magazine cover

January/February 2018

Publication date: Jan 2018

2018: the year of digital banking

So, farewell then bank branch; the end is nigh. Is that a problem? When NatWest in the UK recently announced the closure of 197 branches as part of a major cost-saver by its parent company, RBS (along with 62 of RBS’s own branches), the hue and cry from those who still see value in bank branches was loud and clear.
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Treasury Today November/December 2017 magazine cover

November/December 2017

Publication date: Nov 2017

Do treasurers dream of electric sheep?

Is the world speeding up? Here we are, in the last two months of a year that has seemingly passed by in a flash. We know the world is not spinning any faster, but the pace of life has increased exponentially over the past decade. As a result, we have all become time-poor, spending our days feeling rushed and, perhaps as a result, demanding instant gratification.

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Treasury Today September/October 2017 magazine cover

September/October 2017

Publication date: Sep 2017

Talk of the town

The annual EuroFinance jamboree heads to Barcelona this year and one topic that is, without doubt, going to dominate discussions is technology. However, we stand at an interesting point in time where treasury professionals have heard enough about the promise of technology and are beginning to demand solutions that can help them today.
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Treasury Today July/August 2017 magazine cover

July/August 2017

Publication date: Jul 2017

It’s ten years since the crisis. A lot has changed

It’s been a decade since the financial crisis transformed the lives of all of us that work in financial markets. Looking back now, few could have imagined the sizeable impact the crisis had and still has on the world today.

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Treasury Today May/June 2017 magazine cover

May/June 2017

Publication date: May 2017

Treasury: risky business

Risk management is a strong theme throughout this edition of Treasury Today, and with good reason. Risk management is a key concern for treasurers around the world, with many struggling to understand the direction the world is heading and what this means for their operations.

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Treasury Today March/April 2017 magazine cover

March/April 2017

Publication date: Mar 2017

Shaping up for the future

The global financial crisis and its fallout are often cited as having enabled treasury departments around the world to become strategic partners to the business. And whilst this may be true to a certain extent – the crisis certainly provided treasury with a platform to shine – the department could have easily fallen out of the spotlight once the crisis abated.

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Treasury Today January/February 2017 magazine cover

January/February 2017

Publication date: Jan 2017

Adam Smith Awards, ten years on…

We have certainly come a long way since our Adam Smith Awards for Best Practice and Innovation was launched in 2008. Not only is this awards programme acknowledged as the industry benchmark for corporate treasury achievement, it is also now synonymous with best practice and innovation.

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Treasury Today November/December 2016 magazine cover

November/December 2016

Publication date: Nov 2016

The end of the madness?

As we reach the end of 2016 few would say that it has been a boring year. It may, in fact, go down as one of the most volatile years on record.

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Treasury Today September/October 2016 magazine cover

September/October 2016

Publication date: Sep 2016

Think about the future… and then plan for it

Treasurers have always played a valuable role in the corporate machine but, as most participants and observers now know, the role has taken on greater operational significance. What’s more, it now bears the kind of strategic importance that once was reserved for the C-suite. In essence, treasurers have far greater responsibility than ever before.

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Treasury Today July/August 2016 magazine cover

July/August 2016

Publication date: Jul 2016

Brexit… what to do now?

What many people, industry experts, politicians, the media and professional commentators thought would never happen, has. On 24th June we all awoke to the news that the British people had voted by a margin of 52% to 48% in favour of leaving the European Union and financial markets around the world went into meltdown. UK Prime Minister David Cameron resigned. There was a coup to oust the leader of the Labour Party and a meeting of the European Union in Brussels came to no real decision as to exactly when the UK will invoke Article 50 of the Lisbon Treaty which would start the divorce process.

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Treasury Today May/June 2016 magazine cover

May/June 2016

Publication date: May 2016

Please speak up now…

Our Corporate Treasury Benchmarking Studies have been leading the industry since 2009. Thanks to the 3,500 of you who have taken part, we have built up a very clear picture of the key issues and challenges affecting corporate treasury and, importantly, provided some of the KPI metrics against which you have been able to benchmark yourselves.

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Treasury Today March/April 2016 magazine cover

March/April 2016

Publication date: Mar 2016

Something for your ‘to-do’ list… now

Nominations close at midnight on 29th April

Treasury Today’s Adam Smith Awards is the largest corporate treasury awards programme and recognises the very best and brightest in the industry. For 2016, our panel of judges will again be looking for solutions that truly demonstrate exceptional best practice and innovation in the corporate treasury arena.

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Treasury Today January/February 2016 magazine cover

January/February 2016

Publication date: Jan 2016

A time to reflect…

As we start a new year, the global financial crisis seems like a distant memory – or does it? At the beginning of January 2008, The World Bank predicted global economic growth would slow as the credit crunch hit the richest nations. By mid-January, global stock markets had suffered their biggest falls since the 9/11 attack on the World Trade Centre and the US Fed had slashed rates by three quarters of a percentage point to 3.5% – its biggest cut in 25 years. At the end of the month, major bond insurer, MBIA, announced losses of $2.3bn, blaming its exposure to the US subprime mortgage crisis.

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Treasury Today November/December 2015 magazine cover

November/December 2015

Publication date: Nov 2015

Predicting the future… or is it too late?

October 21st 2015 has just passed. Those of you who are familiar with the American science-fiction adventure movie ‘Back to the Future’ will appreciate the significance of this date. For those of you who aren’t, it is interesting to observe that some of the predictions in the film have actually come true. Personal drones, tablets and mobile payment technology, biometric devices, hands-free gaming consoles, smart clothing and wearable technology, video phones, waste-fuelled cars, hover-boards and video glasses are all a reality. Wal-Mart Stores is even applying to US regulators for permission to test drones for home delivery, curb-side pickup and checking warehouse inventories, as it goes head-to-head with Amazon in using these aerial devices to fulfil online orders.

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Treasury Today October 2015 magazine cover

October 2015

Publication date: Oct 2015

Control the ball and you control the game

Having just returned from the EuroFinance International Cash and Treasury Management conference in Copenhagen, it is perhaps worth reflecting on some of the key themes that emerged. The focus of this year’s event was fitness; keeping your treasury function fit for purpose, fit for growth and fit for the future. These themes were addressed on consecutive days under the banners of flexibility, strength and speed, and sustainability.

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Treasury Today September 2015 magazine cover

September 2015

Publication date: Sep 2015

Is your treasury fit for purpose?

This issue of Treasury Today coincides with our attendance at EuroFinance’s International Cash and Treasury Management Conference 2015 in Copenhagen, Denmark. Indeed, we expect many of you may be attending the conference too. The theme this year is ‘keeping treasury fit for purpose, fit for growth and fit for the future’ – something that many treasurers will be thinking about as they take the time to step away from their desks and look towards 2016.

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Treasury Today July/August 2015 magazine cover

July/August 2015

Publication date: Jul 2015

Women in Treasury: not just for girls

It’s a standing joke that the industry needs a ‘Women in Treasury’ initiative because every day at the office is just like a ‘Men in Treasury’ forum. And whilst one of the drivers behind Treasury Today’s pioneering Women in Treasury campaign – which began in 2013 – was, and still is, to give women in the (male-dominated) profession greater recognition and a platform for inspiration, as counterintuitive as it might seem, it’s not all aimed at the fairer sex.

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Treasury Today June 2015 magazine cover

June 2015

Publication date: Jun 2015

Fraud: the pitfalls of growth

It’s no secret that companies are firmly focusing on growth again. Yet, at a time when market volatility is high, geopolitical stability is being rocked, and international regulatory regimes are growing ever tighter, growth can be tricky to find.

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Treasury Today May 2015 magazine cover

May 2015

Publication date: May 2015

We will all pay for over-regulation

You only have to talk to a banker these days and the increasing cost of regulation is the first or second topic of conversation. In fact, it is sometimes the first and the second topic of conversation.

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Treasury Today April 2015 magazine cover

April 2015

Publication date: Apr 2015

Stand out from the crowd

Being good at your job isn’t the only prerequisite for getting ahead in your career. Today, it’s not just what you know that matters; it’s also who you know. Having a good profile at work is essential for your career. It means being trusted with the best projects and being first in line for promotion.

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Treasury Today March 2015 magazine cover

March 2015

Publication date: Mar 2015

On a SEPArate note

In recent weeks, regulatory talk has understandably turned to the European Parliament’s proposed money market reforms. And with ongoing concerns around the knock-on effect of Basel III, bank ring-fencing measures in the UK, and the US’s Foreign Account Tax Compliance Act (FATCA), for example, it is little surprise that the Single Euro Payments Area (SEPA) has fallen under the radar of late. Yet the next SEPA deadline is now less than 12 months away and some corporates have much to achieve in that time.

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Treasury Today February 2015 magazine cover

February 2015

Publication date: Feb 2015

Euro MMFs under further pressure

With the prospect of transformative regulation still hanging over the sector, Europe’s money market funds (MMFs) continue to operate against a backdrop of uncertainty. Recent moves by the European Central Bank (ECB) and Swiss National Bank (SNB) are only making matters more complex – for those in the industry, and for corporate treasurers who invest in the funds.

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Treasury Today January 2015 magazine cover

January 2015

Publication date: Jan 2015

Treasurers behaving badly

At the start of a New Year, it’s traditional to review our priorities and path for the future. We often think about what we’d like to achieve and what we can do better over the next 12 months – both in a personal and professional capacity. But to make this review a truly useful process, it’s important to take a ‘warts and all’ approach. Frequently, the biggest mistake people, and companies, make when looking to improve their situation is sugar-coating their current predicament or refusing to fully acknowledge their weaknesses.

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Treasury Today November/December 2014 magazine cover

November/December 2014

Publication date: Nov 2014

Reflections and projections

It’s hard to believe that the end of the year is almost upon us. For those in the corporate treasury profession, 2014 has been another rollercoaster ride. There have been highs; there have been lows; and there has been an overwhelming amount of regulation. Indeed, the beginning of the year was dominated by regulatory change, not least EMIR and SEPA.

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Treasury Today October 2014 magazine cover

October 2014

Publication date: Oct 2014

Cybercrime means business

Despite growing investment in measures to counter cyber-attack, an increasing number of banks and corporations are being caught short by fraudsters online. Given the pervasive reach of the internet, no country is immune from the threat of cybercrime. Nigeria, our Country Focus in this edition of Treasury Today, is no exception. A cyber heist on the nation’s banks in September saw criminals get away with more than $35m. Since 2013, Nigeria is now thought to have lost almost $120m to internet-based fraud.

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Treasury Today September 2014 magazine cover

September 2014

Publication date: Sep 2014

Beginning of the end of CNAV funds

After much prevaricating and political posturing, and with new commissioners making the decisions, the Securities and Exchange Commission (SEC) in the US has adopted new rules for regulating money market funds (MMFs) in a 3-2 vote.

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Treasury Today July/August 2014 magazine cover

July/August 2014

Publication date: Jul 2014

E-invoicing gains momentum

It’s been a busy few months on the e-invoicing front, with a number of positive and noteworthy developments. In this issue, we’ll highlight some of the most recent statistics and interesting e-invoicing news, but we really would urge treasurers to keep e-invoicing firmly on their radar as 2014 progresses. After all, in an environment where businesses of all sizes continue to focus on finding efficiencies and getting smarter about the way they work, while adding strategic value and easing financial pressures, e-invoicing is a tried and tested solution.

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Treasury Today June 2014 magazine cover

June 2014

Publication date: Jun 2014

Addressing SEPA’s shortcomings

In mid-May the European Payments Council (EPC) launched a three-month public consultation on possible changes to the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Rulebooks. Treasurers, along with other industry stakeholders, now have until 15th August 2014 to share their views on the Council’s potential modifications. This date is of course, just a few weeks out from the end of the ‘extended’ SEPA migration period – 1st August 2014.

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Treasury Today May 2014 magazine cover

May 2014

Publication date: May 2014

Unplug and play

Without doubt, technology has revolutionised the way we work. But it has also altered the way we live. Mobile technology and remote access solutions allow us to work on the go, or work from home, yet in doing so, they have blurred the lines between our personal and professional lives.

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Treasury Today April 2014 magazine cover

April 2014

Publication date: Apr 2014

Time to shine

Recognising the best in corporate treasury is a difficult business. But quality and integrity are vital to the success of the treasury profession. That’s why celebrating exemplary practice and showcasing innovative industry solutions is integral to Treasury Today’s annual Adam Smith Awards programme.

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Treasury Today March 2014 magazine cover

March 2014

Publication date: Mar 2014

Knowledge is power

Genuine market intelligence on the performance of corporate treasury functions is hard to come by. It is also extremely hard to ignore. That’s why your peers are using the findings of Treasury Today’s Corporate Benchmarking Programme to report to the C-suite and to set their treasury agenda.

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Treasury Today February 2014 magazine cover

February 2014

Publication date: Feb 2014

Regulators change their tune

While the spectre of financial regulation still looms large, some noteworthy concessions have been announced in recent weeks by various rule makers. This is good news for both banks and corporate treasurers, and suggests that the regulators are perhaps more ‘in touch’ than many had previously thought.

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Treasury Today January 2014 magazine cover

January 2014

Publication date: Jan 2014

SEPA: ready or not?

For those operating in the treasury space in Europe SEPA (or the Single Euro Payments Area to give it is unabbreviated name) seems to have been around for years. As we start 2014, one of the finishing lines for this project is now firmly in sight. The SEPA Regulation (EU) No 260/2012 set the final end-date for ‘legacy’ national euro credit transfer and direct debit schemes as 1st February 2014 in all Eurozone states. This can be deferred until 31st October 2016 for non-Eurozone states like the UK. From these dates the existing national euro credit transfer and direct debit schemes will have to be replaced by the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Schemes and the politicians’ goal of having ‘no frontier effect for cross-border payments’ will have been largely achieved.

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Treasury Today November/December 2013 magazine cover

November/December 2013

Publication date: Nov 2013

An inspirational afternoon

The first Treasury Today Women in Treasury Lunch was held in London on Thursday 31st October. Our pioneering Women in Treasury initiative was launched in January of this year and continues to grow in ambition. In the project’s first year we have profiled leading women in the industry, launched a study into the professional experiences of these women and now hosted our first Women in Treasury event.

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Treasury Today October 2013 magazine cover

October 2013

Publication date: Oct 2013

Will MMFs make it over the regulatory hurdle?

The battle over new money market fund (MMF) regulations is coming to a head on both sides of the Atlantic. Early last month the European Commission (EC) put forward its proposals as to how to ensure the stability of the MMF industry and the money markets as a whole whilst, in the US, the three-month consultation regarding the US Securities and Exchange Commission’s (SEC) proposals saw a flurry of comments before it closed for consultation on 17th September.

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Treasury Today September 2013 magazine cover

September 2013

Publication date: Sep 2013

The Sibos jamboree heads for Dubai

Sibos is the annual banking conference organised by SWIFT, the bank owned provider of secure financial messaging services. Sibos has become the ‘must-attend’ conference for bankers, technology suppliers and consultants who are involved in all aspects of the transactional banking business. The conference is held in different parts of the world each year and there are 6,000+ attendees most years. What do they all do? Well, there are some serious debates at Sibos and informative conference sessions but it is also a big party as banking friends get together and the booze flows from the stands.

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Treasury Today July/August 2013 magazine cover

July/August 2013

Publication date: Jul 2013

A Canadian walks into the Bank…

This may sound like a good start to a joke, but Mark Carney’s first week has shown that he is serious about shaking things up as Governor of the Bank of England (BoE). In an attempt to shed his ‘rock star’ celebrity status for a more ‘man of the people’ image, Carney joined other City commuters in taking the tube to work and agreed to meet a group of protestors to review female representation on bank notes.

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Treasury Today June 2013 magazine cover

June 2013

Publication date: Jun 2013

A tale of two cities

Miami and Singapore: two very different cities in two very different regions. Yet there were a number of common themes running through the EuroFinance conferences held in these cities in May.

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Treasury Today May 2013 magazine cover

May 2013

Publication date: May 2013

The definitive industry benchmark

With nominations now closed, Treasury Today can announce that the 2013 Adam Smith Awards has once again attracted impressive entries from some of the world’s most innovative treasuries.

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Treasury Today April 2013 magazine cover

April 2013

Publication date: Apr 2013

Final call to action

By the time this issue hits your desk, you will have just two weeks left to get your submission(s) in for the 2013 Adam Smith Awards. Our simple ambition is to continue to recognise and showcase the best in corporate treasury practices as demonstrated by you, our readers.

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Treasury Today March 2013 magazine cover

March 2013

Publication date: Mar 2013

The great SEPA countdown

The race is on to beat the clock and migrate euro payments to Single Euro Payments Area (SEPA) instruments by the deadline of 1st February 2014. At long last, the Eurozone will give birth to a (relatively) harmonised payments landscape that should be easier and cheaper to navigate, both domestically and cross-border.

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Treasury Today February 2013 magazine cover

February 2013

Publication date: Feb 2013

2013: the year of ‘muted optimism’

The Year of the Snake came in with more of a whimper than a hiss, with continuing concern over problems in the Eurozone and the US budget deficit. However, despite the International Monetary Fund (IMF) trimming its growth forecast for the world economy in 2013, after predicting a less vigorous recovery in the US, UK and the leading countries of the Eurozone, the general mood at the recent World Economic Forum (WEF) meeting was moderately buoyant.

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Treasury Today January 2013 magazine cover

January 2013

Publication date: Jan 2013

Onward and upward

As a new calendar year starts we all have plans for 2013. Treasury Today continues to expand and we are working on three new initiatives this year. We are launching Treasury Today Asia; thus responding to the many requests we have received to broaden the coverage of Treasury Today in China to include the rest of Asia. We are also developing our web content to provide more tools and practical information to corporate treasurers and CFOs/FDs. Finally, we are beginning to offer customised research to banks and other vendors by undertaking specific market surveys and using our extensive benchmarking survey data.

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