international cash & treasury management

Wednesday 13 - Friday 15 May 2015 Trump National Doral Miami Miami, US

Official lead & global sponsor

Official sponsors

www.eurofinance.com/miami

Treasury steps up to the plate: Growing in times of disruption

EuroFinance’s 19th annual conference on

International Cash & Treasury Management

Alec RossAuthor & Senior Advisor for Innovation to Hillary Clinton

Jason BristowChief Financial Officer Code42, US

Salim IsmailAuthor – Exponential Organizations, Founding Executive Director Singularity University, US

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The leading international treasury event for the Americas

Transformation & technology sponsors

2 | The leading international treasury event for the Americas

Early bird discount Save up to $910 Book by Friday 20 March 2015

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Program highlights

In times of disruption, can treasury steer the right course?

Creating a strategic international treasury

Updates on treasury in Latin America

How can treasurers be sure they are choosing the right systems for their businesses?

How regulations are affecting banks’ relationships with their customers

Cyber threats: don’t ignore!

Digital money: all you need to know about cryptocurrencies

Centralization strategies: the new way forward

What is a payment factory these days?

Approved for up to 15.8 CTP/CCM recertification credits by the Association for Financial Professionals.

Approved for up to 11.4 FP&A recertification credits by the Association for Financial Professionals.

The leading international treasury event for the Americas

“An extremely informative, engaging, interactive event that was well-planned and well-executed.”

— Debbie Mendler Manager of Treasury Services

B/E Aerospace, Inc.

Join our LinkedIn group: eurofinance.com/linkedin

Follow the conversation: @EuroFinance | #EuroFinance

Why attend? EuroFinance’s international Miami conference is the only treasury

event in the Americas with a truly global perspective. It is the meeting place for high-level, international treasurers who want

to collaborate and share solutions. If you are working in cash and treasury management and need to know

the latest international best practice, then this event is for you.

Treasury steps up to the plate: Growing in times of disruption Disruption. It is often the cue for a lot of talk, but little in the way of constructive help. This EuroFinance event is different.

The challenge in today’s global marketplace is not change, it’s the collision of so much change at once. So how do you prioritize? Satisfy the regulators or your customers? Tackle the threat of cybercrime or invest in Big Data analytics to get your growth strategy right?

In this three-day event, treasurers and other experts will explain the concrete steps they are taking to deal with macro trends in business and the economy, as well as the key treasury updates needed to maintain best practice globally.

How can treasury skills be mobilized for the whole business? Can treasury data unlock the opportunities hidden in disruption? And what specific improvements are required to maintain treasury excellence in today’s marketplace?

Find out at the leading international treasury event for the Americas.

13:00 Lunch

14:00 Validating and assessing forecast results

• Reality checks and rules of thumb • Sensitivity checks • Scenario analysis and stress

testing • Trends and changing business

circumstances • Forecast accuracy • Reports, metrics and feedback

loops

14:30 Best cash forecasting practices

• Tips and tricks • Benchmarking • Leveraging technology • Case studies

15:30 Refreshment break

16:00 Enhancing corporate value using cash forecasts in

• Day-to-day cash operations • Risk management • Working capital management • Adapting to implications of

Basel III

17:30 End of course and presentation of certificates

“The course fulfilled my needs, providing the bigger

picture on cash management, helping me understand the

business needs and the rationale behind them.”

08:30 Registration and refreshments

09:00 Today’s treasury landscape

• Treasurer’s accountability in context

• Risk management - effective mitigation

• Liquidity – cash and debt • Relationships – internal and

external • Capabilities – to deliver

excellence • Know your corporate context

10:00 Importance of cash forecasts

• Axioms of cash forecasts • Changing priorities • Objectives and uses of cash

forecasts • Impacts of limited/no forecasting

10:30 Refreshment break

11:00 Basics of cash forecasting

• Core challenges • Sources of data • Data collection process • Networks and connectivity • Use of technology • Key role of variance analysis • Keep it simple • Enrichment options over time

12:00 Effective forecast models and tools

• Receipts and disbursements method

• Imputed cash flow method • Time horizons • Process discipline • Forecast templates • Technology alternatives • Analytics & alternative

techniques

IntroductionThis course will not only set the context for and highlight the importance of cash flow forecasting in today’s complex business environment, but will also illustrate how to optimize forecasting processes in order to deliver value for your company.

Course outline Objectives and uses of cash

flow forecasts

Accurate data collection

Constructing an effective forecast model

Alternative techniques

Analysing the forecast

Linking cash flow forecasting to working capital management

The end game: increasing shareholder value via cash flow management

TutorRobert J. Novaria EuroFinance Tutor & Consultant, US

Approved for up to 7.8 CTP/CCM/FP&A recertification credits by the Association for Financial Professionals.

Pre-conference training Tuesday 12 May 2015

Cash Flow ForecastingADVANCED LEVEL

Programme | At a glance Wednesday 13 – Friday 15 May 2015

DAY 1 | Plenary sessions



STREAM 1 STREAM 2 STREAM 3 STREAM 4

STREAM 1 STREAM 2 STREAM 3 STREAM 4

Anchoring the business, growing the business

8:00am Registration, refreshments and exhibition opens9:00am Welcome to the conference9:10am Opening address9:20am How to win when the playing field changes9:50am Say goodbye to the golden era of tax

mitigation10:30am Refreshment break & Speakers’ Corner11:10am Do you feel lucky? Then ignore cyber threats12:00pm New rules, new game. Will banks still want you

on their team?12:30pm Lunch

How the best survive and thrive

8:00am Refreshments and exhibition opens9:00am Difficult choices on the road to longevity9:40am Creating your own disruption: CFO in transition10:20am Refreshment break & Speakers’ Corner11:00am And now in practice:

When disruption is a fact of life11:40am Treasury verdict:

Taking treasury’s temperature12:20pm Lunch

Opportunities in the storm

8:00am Refreshments and exhibition opens9:00am What is innovation and does it matter?9:50am The real treasury technology debate10:30am Refreshment break & Speakers’ Corner11:00am Banking on a brighter future11:40am Digital money edges closer to the mainstream12:20pm Conference ends – Please join us for lunch

The game plan: Lessons from companies innovative in business, innovative in finance

2:00pm Will you be forced to centralize your treasury?

2:40pm Can you afford a new pool?3:20pm Refreshment break

& Speakers’ Corner4:00pm Payment factory:

A worthwhile disruption?4:40pm SWIFT or not?5:20pm Adjourn to the Networking

Reception

The game plan: Lessons from companies innovative in business, innovative in finance

2:00pm Banking rationalization the roadmap

2:40pm In-house banking: An obvious step?

3:20pm Refreshment break & Speakers’ Corner

4:00pm OPEN SPACES Ditching legacy systems: A time bomb in treasury

5:20pm Adjourn to day 3

Best operational practice in Latin America

2:00pm Macroeconomic perspectives: The briefing

2:40pm Working capital management in the region


4:00pm Time to start the centralization journey: Really?

4:40pm Latin liquidity – dancing to the local tunes

5:20pm Adjourn to the Networking Reception

Best operational practice in Latin America

2:00pm Keeping out of trouble with better forecasting

2:40pm Spotlight on Mexico’s moment3:20pm Refreshment break

& Speakers’ Corner4:00pm Please make your way to

stream 1, 3 or 4

Harvest low hanging fruit for an international treasury

2:00pm FX management in global markets: Strategic responses

2:40pm Making the most of the new regulatory environment


4:00pm A cash management remodel4:40pm Treasury in transformation5:20pm Adjourn to the Networking

Reception

And the answer is: The treasury wish list

2:00pm Keeping treasury real and relevant

2:40pm Better metrics, better treasury3:20pm Refreshment break

& Speakers’ Corner4:00pm Big data, big decision4:40pm Strategic treasury: Turning the

dial up5:20pm Adjourn to the Networking

Reception

Harvest low hanging fruit for an international treasury

2:00pm Finding the game changer for funding

2:40pm Another funding avenue: Trade finance and the BPO


4:00pm OPEN SPACES Working capital and the supply chain avenues of funding


And the answer is: The treasury wish list

2:00pm Key challenges in spin-offs and mergers

2:40pm Who really needs a mobile treasury?


4:00pm How treasury can transform the business

4:40pm Asset management for treasurers?


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OPEN SPACESA new EuroFinance format with expert contributors including economists, regulators, banks and a number of corporates in a relaxed setting discussing topical challenges and how to deal with them. Sit back and listen or raise questions and add to the conversation – the choice is yours.

Networking Reception, sponsored by: &

The leading international treasury event for the Americas | 5

Anchoring the business, growing the businessThis morning looks at the big trends that are forcing change. In times of disruption, can treasury steer the right course?

Chair: Robert J. Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group, US

8:00am Registration, refreshments and exhibition opens

9:00am Welcome to the conference

9:10am Opening address

Juan Pablo Cuevas, Head of Global Transactions Services, Latin America & the Caribbean, Bank of America Merrill Lynch, US

9:20am How to win when the playing field changes

What kind of company are you? Are you being swamped by the revolution in technology – the global scrutiny of social media, Big Data and the disruption to customer behaviors and previously strong business models? It is this simultaneous assault that makes today’s business environment so challenging. And it affects different firms in different ways. Incumbents face existential threats. Innovators run to stand still, looking over their shoulders at the latest start-ups. All the while, boards struggle to balance today’s cash cows with tomorrow’s growth, and treasury and finance struggle with the new realities of a less benign world. How do firms manage this environment if they are to stay on top of it?

Edd Dumbill, VP Strategy, Silicon Valley Data Science, US

9:50am Say goodbye to the golden era of tax mitigation

The rules of multinational income tax and regulation are changing. The OECD, the EU, emerging markets governments, and even the US are focused on effecting significant international tax rule changes. Specific changes being contemplated include addressing so-called stateless income, and shifting of profits to low or no-tax jurisdictions through intercompany transactions (including ‘aggressive’ practices in transfer pricing). And they want to redress the information balance between corporates and governments in tax affairs by demanding country-by-country income reporting. These changes could significantly impact companies’ global tax and legal infrastructures. What will this mean for treasury? Even if regulations are watered down, the golden era is over. What is the current state of play with Dodd Frank and EMIR, for instance, and how will all this affect treasury structures going forward?

Robert Royall, Partner, Financial Accounting Advisory Services, Ernst & Young, US Sam Peterson, Senior Manager, FAAS – Derivatives & Commodities Markets, Ernst & Young, US Lee Holt, Partner, International Tax Services – Capital Markets, Ernst & Young, US

10:30am Refreshment break & Speakers’ Corner

11:10am Do you feel lucky? Then ignore cyber threats

The real money in cybercrime these days is you. Not you the person, you the enterprise. While scamming individuals is still big business, the sophisticated cyber fraudsters have turned their attention to emptying databases of customer records, hacking payment services and supply chains and blackmailing corporates with threats of web disruption and worse. The advent of mobile treasury will open up another front in the war. And it’s not just corporate giants that must beware. Around half of all cyber-attacks target small and medium-sized enterprises. These attacks do not just cause immediate operational and reputational damage. The costs of defense and the ongoing damage following attacks is a significant profit leak. Cybercrime is no longer low probability, high cost. Unless you are well prepared it is high probability, high cost. In this session are the key threats and the best ways to counter them.

Josh Goldfarb, Chief Security Strategist – Enterprise Forensics, FireEye, US

12:00pm New rules, new game. Will banks still want you on their team?

When treasurers talk about disruption, Basel III is not a priority. It should be. Basel III fundamentally changes the profitability of most banking products and so the desirability of different types of transactions and clients. With hardly the ink dry on Basel III, could Basel IV be on its way as well? The relationship you have with your bank, with its cross-subsidies and trade-offs, evolved over many years in a different regime. The new regime may make your business unattractive. In particular, changes to capital requirements turn upside down the bank/corporate liquidity relationship. Once treasurers who needed liquidity were prized, in future it will be those who can provide it in the right form. In addition, the new rules will redraw the map of which bank does business where. To win in this new environment, treasurers need to understand it and restructure the business they put banks’ way to make sure they remain valued customers. So what should they do? What impacts have already been felt? And what is coming next? An expert analyst will open this discussion with the lowdown on what specific banks are doing. Real life examples will follow on how banking relationships are changing and what to do about it.

Daniel L. Blumen, CTP, Partner, Treasury Alliance Group, US

12:30pm Lunch

2:00pm Conference breaks into streams

DÍA 1 | Sesiones plenarias Miércoles 13 Mayo 2015DAY 1 | Plenary sessions Wednesday 13 May 2015

08:00am Refrigerios y apertura de la exposición

09:00am Bienvenida a la conferencia

09:10am Palabras de abertura

Juan Pablo Cuevas, Head of Global Transactions Services, Latin America & the Caribbean, Bank of America Merrill Lynch, US

09:20am Cómo ganar cuando hay cambios en el campo de juego

¿Qué tipo de compañía es la suya? ¿Está abrumado por la revolución en la tecnología: el escrutinio global de las redes sociales, Big Data y la alteración de los patrones de comportamiento de los clientes y de modelos de negocios anteriormente fuertes? Esta arremetida simultánea es la que hace que el entorno de negocios de la actualidad sea tan desafiante. Y afecta a las diferentes empresas de maneras distintas. Quienes ocupan cargos de alta responsabilidad enfrentan amenazas existenciales. Los innovadores corren para mantenerse en pie, mientras mantienen la mirada fija sobre las últimas start-ups. Al mismo tiempo, los directorios luchan por equilibrar las operaciones actuales que generan mayor flujo de fondos con el crecimiento a futuro; por su parte, las tesorerías y los sectores de finanzas lidian con las nuevas realidades de un mundo cada vez menos benévolo. ¿Cómo deben manejar este entorno las empresas para mantenerse a la delantera?

Edd Dumbill, VP Strategy, Silicon Valley Data Science, US

09:50am Olvídese de la época dorada de la optimización fiscal

Las reglas del impuesto a la renta multinacional están cambiando. La OCDE, la UE, los gobiernos de los mercados emergentes y hasta los Estados Unidos están enfocados en efectuar cambios significativos al régimen impositivo internacional. Algunos de los cambios específicos que están siendo contemplados incluyen el llamado ingreso sin estado, y el movimiento de ganancias a jurisdicciones con bajos impuestos a través de transacciones entre compañías (incluyendo prácticas “agresivas” en los precios de transferencia). Y quieren restablecer el equilibrio de información entre empresas y gobiernos en los asuntos fiscales exigiendo la presentación de informes país por país. Estos cambios podrían afectar significativamente la infraestructura fiscal y legal de las empresas a nivel global. ¿Qué significa esto para la tesorería? Incluso si las regulaciones son diluidas, la época dorada ha terminado. ¿Cuál es la situación actual con Dodd Frank y EMIR, por ejemplo, y cómo afectará esto las estructuras de tesorería de ahora en adelante?

Robert Royall, Partner, Financial Accounting Advisory Services, Ernst & Young, US Sam Peterson, Senior Manager, FAAS – Derivatives & Commodities Markets, Ernst & Young, US Lee Holt, Partner, International Tax Services – Capital Markets, Ernst & Young, US

10:30am Pausa para refrigerio & Speakers’ Corner

11:10am ¿Se siente con suerte? Entonces, ignore las amenazas informáticas

En la actualidad, el verdadero dinero en los delitos informáticos es usted. No usted como persona, sino como empresa. Si bien engañar a particulares aún es un gran negocio, los sofisticados estafadores informáticos han redirigido su atención a vaciar las bases de datos de los registros de clientes, hackeando los servicios de pagos y las cadenas de suministro y chantajeando a las empresas con amenazas de interrupción del servicio de Internet y otras peores. El advenimiento de la tesorería móvil abrirá otro frente de batalla. Y no son sólo los gigantes corporativos los que deben estar atentos. Alrededor de la mitad de los ataques informáticos están dirigidos a pequeñas y medianas empresas. Estos ataques no solo causan un daño operativo y reputacional inmediato, sino que también los costos de defensa y el daño constante tras los ataques son una importante pérdida de ganancias. El delito informático ya no es cuestión de bajas probabilidades y alto costo. A menos que esté bien preparado, es cuestión de alta probabilidad y alto costo. En esta sesión se mencionarán las principales amenazas y las mejores formas de contrarrestarlas.

Josh Goldfarb, Chief Security Strategist – Enterprise Forensics, FireEye, US

12:00pm Nuevas reglas, nuevo juego. ¿Seguirán queriéndolo en su equipo los bancos?

Cuando los tesoreros hablan de disrupción, Basilea III no es una prioridad. Debería serlo. Basilea III cambia fundamentalmente la rentabilidad de la mayoría de los productos bancarios y, así, el atractivo de los diferentes tipos de transacciones y clientes. Con la tinta aún fresca en Basilea III, podría estar en camino Basilea IV? La relación que tiene con su banco, con sus subsidios cruzados y transacciones, evolucionó con los años en un régimen diferente. El nuevo régimen puede hacer que su negocio sea menos atractivo. En particular, los cambios en los requisitos de capital invierten la relación de liquidez entre los bancos y las empresas. En su momento, los tesoreros que necesitaban liquidez eran los más preciados; en el futuro, lo serán los que puedan suministrarla de la forma correcta. Además, las nuevas reglas rediseñarán el mapa bancario, cuales operan y dónde lo hacen. Para ganar en este nuevo entorno, los tesoreros necesitan comprenderlo y reestructurar el negocio que plantean a los bancos para asegurarse de que sigan siendo clientes valorados. Entonces, ¿qué deberían hacer? ¿Qué efectos ya se han hecho sentir? Y ¿qué es lo que se viene? Un analista experto abrirá esta discusión con la verdad sobre lo que bancos específicos están haciendo. Luego seguirán ejemplos reales de cómo están cambiando las relaciones bancarias y qué hacer al respecto.

Daniel L. Blumen, CTP, Partner, Treasury Alliance Group, US

12:30pm Almuerzo

2:00pm La conferencia se divide en secciones

Afianzamiento y crecimiento del negocioEsta mañana examina las principales tendencias que están forzando el cambio. En tiempos de disrupción, ¿puede la tesorería elegir el rumbo adecuado?




The game plan: Lessons from companies innovative in business, innovative in financeChair: Andrew Hay, Global Treasury & Risk Management Executive, Former Assistant Treasurer, Operations, Goodyear, US

2:00pm Will you be forced to centralize your treasury?

Centralization is an old treasury chestnut, but it has a new answer. In the past, arguments over the extent of centralization revolved around cost and complexity, the risks involved in reliance on a limited group of banks and suppliers and the internal battles with local operations. This is no longer a viable argument. Changes in the external environment have been rapid and aggressive such as the regulatory response to the financial crisis and multinational tax mitigation. The internal environment – including technological changes supporting treasury processes and demands of various stakeholders (finance, FP&A, business units) within the organization also combine to mean that a centralized treasury operation is in the best position to ensure consistency of process and controls and to maintain necessary compliance. This company believes that the value of running centralized treasury operations is compelling and the risks in running a decentralized operation is increasingly unacceptable. An organization-wide view of critical aspects such as counterparties, exposures, best practices is best executed by a centralized treasury team. Hear how it optimized treasury bandwidth and leveraged expertise and relationships.

David Nelson, Vice President Investor Relations & Treasurer, Cognizant, US

2:40pm Can you afford a new pool?

Good liquidity management is aggregation of transactions into as few locations, accounts and cash movements as possible, and of cash into as few pools as possible. So should it stand to reason that a global cash pool, for major currencies at least, is a must-have for any MNC? The ideal for some companies would be to eliminate local cash pools and use a system of automated sweeps that would also consolidate multiple finance companies and pool-header accounts into a single offshore in house bank. This maximizes visibility, control and interest efficiency. The set-up is complex and costly, and a harsher regulatory environment in banking and tax is complicating the decision and introducing uncertainty into current structures. This company explains why pooling is still the right decision, how they implemented and control their process and how they will anticipate regulatory change.

Jean-Michel Harlepin, Treasurer, Vinci Finance International, Belgium


4:00pm Payment factory: A worthwhile disruption?

What is a payment factory nowadays and what is it good for? This company asked the same questions back in 2012 after its board approved a five year roll-out of SAP as its global ERP. Using the new ERP as a treasury management system opened up the possibility of further integration and a payment factory became the next logical step. The goals set included centralizing payment transaction execution and increasing visibility and control of cash flows via a service bureau. Also, the company wanted to achieve a single channel between the ERP and banks at the same time as optimizing both the number of bank relationships and bank accounts. However, achieving these benefits required a root-and-branch reform of the existing way of executing payment transactions and also the buy-in from subsidiaries who don’t always relish giving up control over their cash. Learn how this company varies between EBICS (Electronic Banking Internet Communication Standard) and SWIFT to connect to their banks of choice, and why they went for a service bureau. What lessons have been learned based on experience from several roll-outs during the first two years?

Janko Hahn, Head of Treasury Operations, Autoneum, Switzerland

4:40pm SWIFT or not?

It should be a no-brainer. If you are multi-banked and operate in several geographies, SWIFT might be the obvious choice for visibility, bank connectivity and security. It provides straightforward connectivity for corporates these days. The discipline it imposes on treasury creates better processes and spurs straight-through processing and further centralization. And its additional products enhance the package. So are there any obstacles? Costs have come down which should be an added impetus. Here is a look at the pros and cons, including the alternatives.

John Taboada, Director Latin America, SWIFT, US

5:20pm Adjourn to Networking Reception sponsored by Strategic Treasurer and Fides

DAY 1 | Stream 1 Wednesday 13 May 2015

Treasury PerspectivesEuroFinance’s annual publication

Download the app for FREE!Treasury Perspectives, the annual publication from EuroFinance, is available for you to download. 52 pages packed with insights on treasury strategy, funding, risk cash management, regulation, connectivity and global trends.

www.treasuryperspectives.com

Conference venue and accommodationTrump National Doral Miami 4400 N.W. 87th Avenue, Miami, FL 33178, US

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.

+44 (0)1332 285 518 | [email protected]


DÍA 1 | Sección 2 Miércoles 13 Mayo 2015DAY 1 | Stream 2 Wednesday 13 May 2015

2:00pm Perspectivas macroeconómicas: un panorama general

A primera vista, la historia económica de Latinoamérica es desalentadora. La retracción del boom post-commodities no fue una sorpresa, pero sí lo fueron las constantes bajas en las previsiones económicas del 2014, con el crecimiento regional que actualmente se prevé en torno al 2,2 %. No obstante, una mirada más atenta revela una sorprendente división: el crecimiento del PBI entre los miembros de la Alianza del Pacífico (Chile, Colombia, México y Perú) llegará al 4 % este año, mientras que los tres principales países del Mercosur (Argentina, Brasil y Venezuela) llegarán a un exiguo 0,6 %. Esta división entre el Atlántico y el Pacífico refleja un problema mayor. La abundancia de commodities ha generado ineficiencia y ha impedido aprender las lecciones del pasado. Las reformas del libre mercado en otras partes prueban este argumento, y lo refuerzan las inversiones extranjeras directas y las calificaciones crediticias. Entonces, ¿cuáles son las perspectivas? ¿Podrá contrarrestarse el impacto negativo del alza de las tasas estadounidenses mediante el fortalecimiento correspondiente de su economia? ¿Qué pasa con China? El brote de elecciones en la región complica las cosas, pero ¿continuará la división actual?

José Juan Ruiz, Chief Economist, Inter-American Development Bank, US

2:40pm Gestión del capital de trabajo en la región

El crecimiento latinoamericano se desaceleró mucho en el 2013 y el rendimiento económico de la región en el 2014 puede llegar a ser el peor desde el 2009. La economía de Brasil está deprimida, y las estimaciones para el 2015 en otros países también pueden incluir previsiones negativas. Al mismo tiempo, la inflación crece poco a poco. Sin embargo, la mayor preocupación es que un fortalecimiento de la recuperación estadounidense implique incrementos de las tasas en el 2015. Esta combinación del empeoramiento del panorama crediticio y el incremento de los costos de endeudamiento hace que los tesoreros se enfoquen en la gestión activa del capital de trabajo. En Latinoamérica, esto implica no solo abordar los temas clásicos de la gestión del capital de trabajo, como la mejora de los ciclos de conversión de efectivo, el factoraje y la automatización, sino también el financiamiento y la gestión del riesgo del gasto de capital. También implica investigar fuentes de financiamiento comunes en otros lugares pero que aún no han sido adoptadas en la región, como el leasing.

Ana Lessa, Senior Treasury Director Latin America, Pepsico, Mexico

3:20pm Pausa para refrigerio & Speakers’ Corner

4:00pm Es hora de comenzar el viaje de la centralización: ¿de verdad?

La mayoría de las empresas más grandes de la región no tienen tesorerías verdaderamente centralizadas. Reconocen que las condiciones locales exigen conocimientos especializados locales y, en algunos casos, evitan la verdadera centralización. Pero eso no quiere decir que los tesoreros no puedan lograr muchos de los mismos beneficios. Solo quiere decir que tienen que ser más creativos y dividir la centralización en sus componentes. La estandarización de procesos y la consolidación de información son posibles en la región y se han utilizado para mejorar la previsión de efectivo, la gestión de cuentas por cobrar y la racionalización de las cuentas bancarias. Las empresas pueden instalar centros de tesorería regional en lugares como Panamá. Muchas han instalado Centros de Servicios Compartidos en Costa Rica y/o han tercerizado funciones a proveedores independientes. Entonces, ¿cuáles son los beneficios de este enfoque en etapas? ¿Funciona centralizar la toma de decisiones, pero dejar la ejecución a gerentes locales? ¿Cuál es la mejor combinación de socios bancarios locales e internacionales, considerando que no existen bancos regionales? En esta sesión, se abordarán las mejores maneras de gestionar la tesorería en la región.

Hernan Rivera, Head of Finance Region AAN, Siemens, Colombia

4:40pm Liquidez latina: bailando al compás local

Las empresas de Latinoamérica, como todos, quieren reducir la dependencia del crédito bancario y mejorar sus procesos de gestión de la liquidez. Sin embargo, con una mezcla de controles de capital, regulaciones impositivas y limitaciones sobre redes y fondos comunes entre empresas, puede parecer difícil lograr algo como mejores prácticas globales. Pero esta afirmación no es totalmente precisa. El efectivo de un gran porcentaje de los países de la región puede concentrarse en un cash pooling regional o global. Pueden diseñarse estructuras que funcionen en regímenes liberales, semirrestringidos y restringidos para permitir la concentración de efectivo y la optimización de los intereses generando los mismos beneficios que pueden lograrse en cualquier otro lugar. Los cash pools locales generan sus propios problemas: aspectos regulatorios e impositivos suelen guiar la política de inversión y la elección de las contrapartes.

Yosymar Vasquez, Regional Treasury Manager – Latam, AkzoNobel, Brazil

5:20pm Recepción de networking de tesorería sponsored by Strategic Treasurer and Fides

2:00pm Macroeconomic perspectives: The briefing

At first glance, the economic story in Latin America is dispiriting. The post-commodity boom slowdown was no surprise, but the continual downgrades to economic forecasts in 2014, with regional growth now expected at around 2.2% was. But a closer look reveals a startling division: GDP growth among Pacific Alliance members (Chile, Columbia, Mexico, Peru) will top four per cent this year, Mercosur’s big three (Argentina, Brazil, Venezuela) a meagre 0.6 per cent. This split between the Atlantic and Pacific reflects a deeper problem. Commodity wealth has bred inefficiency and left the lessons of the past unlearnt. Free market reforms elsewhere prove the point, with everything from FDI to credit ratings reinforcing it. So what is the outlook? Will the negative impact of rising US rates be countered by the corresponding strengthening of the US economy? What about China? A rash of elections in the region complicates matters, but will the current split continue?

José Juan Ruiz, Chief Economist, Inter-American Development Bank, US

2:40pm Working capital management in the region

Latin American growth slowed to a crawl in 2013 and the region’s economic performance in 2014 may be the worst since 2009. Brazil’s is downbeat, and estimates for 2015 in other countries may also see downgrades. At the same time, inflation is ticking up. The biggest worry though is that a strengthening US recovery means rate rises over 2015. This combination of a worsening credit picture and rising borrowing costs is focusing treasurers on active working capital management. In Latin America this means not only addressing classic WCM issues such as improving cash conversion cycles, factoring and automation, but also the funding and risk management of capital expenditure. It also means investigating sources of funding common elsewhere but which have not yet taken off here, such as leasing.

Ana Lessa, Senior Treasury Director Latin America, Pepsico, Mexico


4:00pm Time to start the centralization journey: Really?

Most of the largest companies in the region do not have truly centralized treasuries. They recognize that local conditions require local expertise and in some case prevent true centralization. But that doesn’t mean treasurers cannot achieve many of the same benefits. It just means they have to be more creative and break centralization down into its components. Process standardization and information consolidation are possible across the region and has been used to improve cash forecasting, receivables management and rationalize bank accounts. Companies can set up regional treasury centers in locations such as Panama. And many have established SSCs in Costa Rica and/or outsourced functions to third-party providers. So what are the benefits of this phased approach? Does centralizing decision-making but leaving execution to local managers work? What is the best mix and match of local and international banking partners, given that there is no regional bank? In this session we hear the best ways to manage treasury in the region.

Hernan Rivera, Head of Finance Region AAN, Siemens, Colombia

4:40pm Latin liquidity – dancing to the local tunes

Companies in Latin America, like everyone else, want to reduce reliance on bank credit and improve their liquidity management processes. However, with a mix of capital controls, tax regulations and limitations on inter-company netting and pooling, it may seem too difficult to achieve anything like global best practice. But that is not wholly accurate. Cash from a large percentage of the countries in the region can be pooled to a global or regional pooling center. Structures can be put in place that suit the liberal regimes, the semi-restricted and the restricted to allow cash concentration and interest optimization that brings the same benefits as are achievable elsewhere. Local cash pools create their own issues: tax and regulatory issues often drive investment policy and counterparty choice.

Yosymar Vasquez, Regional Treasury Manager – Latam, AkzoNobel, Brazil


Best operational practice in Latin AmericaChair: Patrick Peters-Bühler, EuroFinance Tutor & CFO, Mercon Coffee Corporation, US

Mejor práctica operativa en LatinoaméricaChair: Patrick Peters-Bühler, EuroFinance Tutor & CFO, Mercon Coffee Corporation, US



DAY 1 | Stream 3 Wednesday 13 May 2015 DAY 1 | Stream 4 Wednesday 13 May 2015

2:00pm FX management in global markets: Strategic responses

Foreign exchange volatility is an ongoing concern for treasurers. But perhaps a bigger worry is the possibility of sudden, sharp depreciations and devaluations – once a regional specialty, lately much rarer. The two risks require different approaches and different hedge instruments and complicate an already complicated picture. The structure of many corporates across their global entities means that reducing cash flow at risk and reducing earnings risk requires careful attention to the exposures being hedged. The performance of static hedges, rolling hedges and a more layered approach must be evaluated. And structural issues in a number of key markets mean that simple hedges are often overly expensive – and that is without even considering local tax rules. So what strategies and techniques are treasurers using today? Which exposures most concern them? And is it best to leave decisions to local operations, or is centralization and global decision-making better?

Jim Colby, Assistant Treasurer, Honeywell International, US

2:40pm Making the most of the new regulatory environment

SEPA, MIFID II, Dodd-Frank, EMIR, Basel III, BEPS – they’re basically bad news, right? They threaten corporate access to key financial products, raise the price of others and are causing untold damage to existing business and financial structures. But there is another way of looking at them. All these new rules force treasurers – and boards – to look in extreme close-up at their existing operations to ensure that they can adapt to the new world. This scrutiny is an opportunity to identify inefficiencies, to change processes to make use of positive regulatory change like SEPA and to drive modernization throughout organizations. This company has already benefited from its response to SEPA in Europe and to Basel III and is using the lessons learned globally.

Matt Jones, Head of US Financial Institutions & Cash Management Group, BlackRock, US Jim Colby, Assistant Treasurer, Honeywell International, US Gregory Kavanaugh, Global Head of Liquidity & Investments & GTS Revenue Management, Bank of America Merrill Lynch, US


2:00pm Keeping treasury real and relevant

So, treasury is embedded in the strategic infrastructure of the business. The treasury mindset is now accepted as that required by senior management, struggling with complexity, and needing process as well as vision. Treasury supports all key corporate decisions – acquisitions, funding, cross-border expansion. And treasury is a central repository of data and intelligence that can generate growth ideas as well as satisfy the regulators. So is today’s treasurer a sort of operational CFO? A deputy CFO? Tomorrow’s CFO? It is beyond doubt that the role of the treasurer has changed dramatically over the past decade. But has the way treasury is measured and rewarded kept pace? If companies continue to elevate process and efficiency as the backbone of success, how will that change the balance between the business and finance within firms?

Jill Walsh, Global Treasury Operations, Bose, US Cristina Pintado, Director, Global Cash Management Sales Americas, Deutsche Bank, US

2:40pm Better metrics, better treasury

It’s an old observation, but true all the same: if you can’t measure it, you can’t manage it. Developing appropriate treasury metrics has been a slow and difficult process, and there are areas of treasury activity which may not be susceptible to quantitative evaluation. However, some KPIs are better than none. So how effective is your cash forecast and what are the costs of getting it wrong? How effective are your FX and interest rate hedges? Do you know if the cost of the products you buy from your banks is competitive? What is your potential future counterparty risk? As well as KPIs, you need easy access to them, good control of the variables that drive them and, ideally, metrics that update themselves as conditions change. A treasury dashboard can be the answer. How did this company do it? Hear how they set goals and identified meaningful and measurable indicators that are in line with the organization’s strategic goals. How has this improved treasury performance?

Jean Furter, VP Treasurer, Brocade, US


4:00pm A cash management remodel

This company, with finance teams in Europe, Asia and America embarked on a company-wide initiative to standardize processes, increase efficiencies and gain the ability to become more nimble across its regions. It was struggling with a highly decentralized banking approach that was causing headaches over funding multiple accounts and complying with regulatory issues. It was able to reduce to one global and a handful of local banks for cash. The overhaul also included enhancing payment processes and to standardize and automate cash reconciliation and the company has other projects planned for this year including new cash-flow forecasting operations.

Priti Kartik, Senior Manager, Treasury, Logitech, US

4:40pm Treasury in transformation

Current operating models may no longer be relevant for treasury. Economic pressures, new markets and changing demographics as well as regulatory and tax change bring disruption. Cost cutting, efficiency demands and the need for greater and quicker access to data to support senior management decision-making are forcing treasurers to rethink these models. What are some of the appropriate tools to help in this transformation? How far can shared service centers be leveraged? At what point do in-house banks and regional or international treasury centers make sense and what are the alternatives? Where can treasury technology assist in the hunt for value? This session will look at the uses and value of core treasury structures as well as how to determine their feasibility for your company. If you already employ some of these solutions, how can they be made ever more efficient and relevant to a changing environment?

Robert Baldoni, Global Treasury Advisory Services Leader, Ernst & Young, US Mark Allen, Director Finance, Ernst & Young, US


4:00pm Big data, big decision

Is Big Data must-have or nice-to-have? Well, chances are, you’ve got it anyway. Most of the ‘data’ on the planet was created in the last two years, and it will double every two years too. Your systems, and those of everyone in your supply chain, are already filled with structured and unstructured data that may contain new and valuable patterns that can help with treasury or the wider business. The trouble is, you won’t know unless you invest in the systems capable of telling you. The possible upsides are new products and services, defense against disruptive competitors and ways to better serve customers. The downside is the expense and possible disruption caused by implementing complex systems and interpreting the results. So how can businesses find a proof of concept? How does treasury fit in?

Rebecca Guffey, CTP, International Treasury Manager, JAS Worldwide Management, US Eliud Polanco, Global Head of Analytics & Data Operations, HSBC Global Banking & Markets, US

4:40pm Strategic treasury: Turning the dial up

With increasing centralization not being met by increasing resources, it’s no surprise that treasurers find it a challenge to turn their minds to strategic planning. One key is the right focus on what treasury does well. Treasurers can still use their limited time to add value by focusing on core areas of expertise - particularly in funding. That means getting to the discussion table early with working capital improvements, looking hard at the right capital structure mix and at strategically appropriate FX and interest rate hedging. All this and communicating the strategy effectively to investors and the board. Hear how this treasurer has achieved the balance better.

James Kelly, Head of Treasury, Rentokil Initial, UK


Harvest low hanging fruit for an international treasuryChair: Dennis A. Tosh, Independent Treasury Executive & former Director, Global Trading, Risk Management, Banking & Treasury Governance, Ford Motor Company (Retired)

And the answer is: The treasury wish listChair: Robert J. Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group, US


DÍA 2 | Sesiones plenarias Jueves 14 Mayo 2015DAY 2 | Plenary sessions Thursday 14 May 2015

How the best survive and thriveThis morning looks at how companies can and are charting a course for the future based on change.


8:00am Refreshments and exhibition opens

9:00am Difficult choices on the road to longevity

How do companies survive periods of intense dislocation? Meet Alec Ross. He advises the political elite about technology and innovation and geopolitics. Hear his views on how companies should understand our changing world. How can businesses seize the opportunities that will come from large-scale transformation in industries and markets? How will robotics and machine learning impact employment? What will the weaponization of cyberspace mean for companies? This author was Senior Advisor for Innovation to former Secretary of State Hillary Clinton and to Barack Obama for two years of his first presidential campaign. Ross will take you on a journey to show where best to invest your business’ time and how to survive and thrive.

Alec Ross, Author & Senior Advisor for Innovation to Hillary Clinton

9:40am Creating your own disruption: CFO in transition

This speaker made the transition from group treasurer of a large well-established web-based company (that was once itself a start-up business that significantly disrupted an industry), to the CFO of a small, nimble and fast-growing company. With the benefit of not having the legacy systems and thought processes of an older player he has had the chance to build from the ground up. This company is considerably smaller, and that means the finance team gets oversight over many different corporate functions from HR, legal, supply chain and more. With a dynamic attitude of ‘best idea wins’, there’s scope for broadening the traditional role and stepping out of traditional comfort zones. How has a wide treasury background informed the choices he’s made and what lessons can he share?

Jason Bristow, CFO, Code42, US



9:00am Elecciones difíciles en el camino a la longevidad

¿Cómo hacen las empresas para sobrevivir períodos de disrupción intensos? Conozca a Alec Ross. Él aconseja a la élite política sobre tecnología e innovación y geopolítica. Escuche sus puntos de vista sobre cómo las empresas deben entender nuestro mundo cambiante. ¿Cómo pueden las empresas aprovechar las oportunidades que vendrán de la transformación a gran escala en las industrias y los mercados? ¿Qué impacto tendrán la robótica y el aprendizaje de máquinas sobre el empleo? ¿Qué consecuencias tendrá la armamentización del ciberespacio para las empresas? Este autor fue Asesor Principal de Innovación para la ex Secretaria de Estado Hillary Clinton y para Barack Obama durante dos años de su primera campaña presidencial. Ross le llevará en un viaje para mostrarle dónde es mejor invertir el tiempo de su negocio y cómo sobrevivir y prosperar.

Alec Ross, Author & Senior Advisor for Innovation to Hillary Clinton

9:40am Creando su propia disrupción: CFO en transición

Este orador hizo la transición de Tesorero de una gran empresa basada en la web (que en su momento también fue una empresa nueva que trastocó significativamente una industria), a CFO de una empresa pequeña, ágil y de rápido crecimiento. Con la ventaja de no haber heredado sistemas o procesos de pensamiento de una empresa anterior, ha tenido la oportunidad de construir desde cero. Esta empresa es considerablemente más pequeña, y eso significa que el equipo de finanzas recibe supervisión sobre muchas funciones corporativas diferentes de parte de recursos humanos, legal, cadena de suministro y otros. Con una actitud dinámica de ‘la mejor idea gana’, hay margen para ampliar el rol tradicional y salir de las zonas de confort tradicionales. ¿Cómo una amplia experiencia en tesorería ha podido ilustrar las elecciones que ha hecho y qué lecciones puede compartir?

Jason Bristow, CFO, Code42, US


11:00am And now in practice: When disruption is a fact of life

Sector-leading firms have faced existential threats before and emerged stronger than ever. One reason is that they are able to manage existing businesses without becoming enslaved by them. They confront cannibalization. They select the innovations that are right for their sector and situation. They take difficult decisions with today’s cash cows if they cannot be integrated into new business models. But they do not focus on the future at the expense of the present. Businesses must adapt to new technological developments, globalization, regulatory attacks and changes in the financial system, but they must also maintain stability and viability. This requires real management, as threats can be seen as reasons to suspend normal spending, ROI and business planning KPIs and to lose sight of prudent risk management.

Mark Kirkland, Group Treasurer, Constellium, Switzerland

11:40am Treasury verdict: Taking treasury’s temperature

For this year’s event, we have advance polled you on the key topics facing treasurers, with an emphasis on your role as your company’s guide through the current maelstrom of change. We have collated your responses and our panel of treasurers will reveal your answers on some of the key issues you have voted on. Share your thoughts with your peers and colleagues by voting in this session on key trends, risks and opportunities in Asia. Join this up-to-the minute discussion and help us delve deeper into your thoughts and the issues faced by you and your peers.

Sponsored by:

Jason Bristow, CFO, Code42, US Marcelo Habibe, Treasurer, Fibria, Brazil Suresh Subramanian, Head of Global Transaction Banking, BNP Paribas, US

12:20pm Lunch

2:00pm Conference breaks into streams

11:00am Y ahora en la práctica: Cuando la disrupción es un hecho de la vida

Empresas líderes en sus sectores han enfrentado amenazas existenciales antes y emergido más fuertes que nunca. Una de las razones es que son capaces de gestionar los negocios existentes sin dejarse esclavizar por ellos. Se enfrentan a la canibalización. Seleccionan las innovaciones que son adecuadas para su sector y situación. Toman decisiones difíciles con sus principales fuentes de dinero si no pueden integrarse en los nuevos modelos de negocio. Pero ellos no se centran en el futuro a expensas del presente. Las empresas deben adaptarse a los nuevos avances tecnológicos, la globalización, los ataques de regulaciones y los cambios en el sistema financiero, sino que también deben mantener la estabilidad y viabilidad. Esto requiere una gestión real, ya que las amenazas pueden ser vistas como razones para suspender gastos normales, retornos sobre inversión, y KPIs de planificación empresarial y para perder de vista de la gestión prudente riesgos.

Mark Kirkland, Group Treasurer, Constellium, Switzerland

11:40am Veredicto de la tesorería: tomar la temperatura de la tesorería

Para el evento de este año, hemos realizado una encuesta previa sobre los asuntos claves que enfrentan los tesoreros, con el énfasis puesto en su papel como guía de su empresa para atravesar la actual vorágine de cambios. Hemos recopilado sus respuestas y nuestro panel de tesoreros revelará aquellas sobre algunos de los asuntos claves sobre los que se ha votado. Súmese a este debate de máxima actualidad y ayúdenos a ahondar en su pensamiento y los temas que enfrentan usted y sus pares.

Sponsored by:

Jason Bristow, CFO, Code42, US Marcelo Habibe, Treasurer, Fibria, Brazil Suresh Subramanian, Head of Global Transaction Banking, BNP Paribas, US

12:20pm Almuerzo

2:00pm La conferencia se divide en secciones

Cómo sobreviven y prosperan los mejores: éxito en acciónEsta mañana examina cómo las empresas pueden y estan trazando un rumbo para el futuro basándose en el cambio.





DAY 2 | Stream 1 Thursday 14 May 2015

The game plan: Lessons from companies innovative in business, innovative in financeChair: Andrew Hay, Global Treasury & Risk Management Executive, Former Assistant Treasurer, Operations, Goodyear, US

2:00pm Banking rationalization: The roadmap

How many banks does one company need? The problem with bank rationalization is that the optimum number depends on so many variables. So it makes more sense to express banking needs in terms of more quantifiable objectives. Cash visibility, cash centralization, payments automation and standardization, receivables management are all treasury priorities and all of them result in a natural reduction in the number of local banks and bank accounts. Regional initiatives such as SEPA present additional opportunities to aim for one currency, one bank. So the route to bank efficiency is a sensible follow on from automation and centralization. That said, a key metric of treasury’s success is reduced banking expenses. One way to address the issue of bank rationalization is to analyze fees against services and implement electronic bank account management to enable a quicker response to changing circumstances. Elena Kong, Treasury Manager, Bechtel, US

2:40pm In-house banking: An obvious step?

In-house banking is a big step. It’s the ultimate, high-level liquidity management solution and plenty of companies are looking at this structure. The creation of a captive bank reduces unnecessary transaction locations, bank accounts, cash pools and finance companies to a minimum. It can encompass payments, receivables, funding and liquidity, replacing multiple subsidiary accounts and maintaining granularity of reporting through the use of virtual accounts. The benefits in terms of visibility, standardization, bank fees, interest paid and overall efficiency are significant. However, in-house banks are complex to set up and create tax and regulatory issues. So which kinds of company benefit most? How can treasurers evaluate the ROI upfront? And what are the alternatives?

Fernando Rosales Saldaña, Corporate Finance Manager, Gruma, Mexico Maria Loria, Corporate Treasurer, José Cuervo, Mexico Margarita Carrillo, Director, Treasury Practitioner, Global Business Solutions, Bank of America Merrill Lynch, US


4:00pm Open Spaces | Ditching legacy systems: A time bomb in treasury

There’s never a good time to migrate from a legacy system, but there is a bad time, and that’s after it fails. How long has it been since your core ERP or TMS systems were updated, let alone installed? What changes have occurred in the business since the initial RFPs went out and the systems were chosen? How much time is now being spent on workarounds for things the system can’t do? System-related operational frictions are a major impediment to best practice treasury. The commonest reason for poor cash visibility, inaccurate forecasts and poor liquidity management is the inability to aggregate information and analyze it. Old systems struggle with globalization, with the addition of newer technologies, with sophisticated cyber-criminals and with new regulations. In these case studies plus input from additional treasurers, our experts look at different scenarios in which a legacy system poses a significant threat to treasury efficiency and/or security in each case, they point out the problems and suggest both a short-term fix and a longer-term solution. Join vendors and companies to discuss the latest trends including the role of your system in complying with global regulation. Put solutions through their paces.

Moderated by: Paul DeCrane, Principal – EY Global Treasury Services Leader, EY, US Elaine Lou, Director International Treasury, AT&T, US Scott Lambert, Assistant Treasurer, Cigna Corporation, US Priti Kartik, Senior Manager, Treasury, Logitech, US

This Open Spaces is a new EuroFinance format with expert contributors including companies, banks and solutions providers, in a relaxed setting discussing the opportunities for technology solutions. Sit back and listen or raise questions and add to the conversation: the choice is yours.


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DÍA 2 | Sección 2 Jueves 14 Mayo 2015DAY 2 | Stream 2 Thursday 14 May 2015

2:00pm Mantenerse fuera de problemas con una mejor previsión

La previsión del flujo de efectivo en Latinoamérica es complicada debido a la diversidad de métodos de pago y cuentas por cobrar en la región. Desde el boleto con código de barras de Brasil hasta el Sistema de Pagos Electrónicos Interbancarios de México (SPEI) y el uso en la Argentina de cheques descontados y de pago diferido, los métodos de transmisión de efectivo difieren drásticamente en velocidad y eficiencia. En general, la infraestructura de pagos es buena, y la parte de cuentas por cobrar es primitiva: no es la clase de desequilibrio que buscan la mayoría de las empresas. Esta falta de automatización y estandarización, junto con el predominio de las transacciones en efectivo, generan un entorno riesgoso, riesgo que podría gestionarse mejor con mejores previsiones. Esto es cada vez más una cuestión de datos. ¿Cuánto demora en promedio el cobro desde que se emite la factura hasta que se recibe el efectivo? ¿Quién paga y quién no? ¿Cómo varía esto según el país?

Felipe do Lago Rugani, Business Controller, Heineken, Brazil

2:40pm El foco puesto en el momento de México

A pesar de que también se han reducido las estimaciones de crecimiento [para el 2014], México tiene un rendimiento destacado en Latinoamérica, con un crecimiento con el doble de rapidez respecto de Brasil. Su calificación crediticia aumenta al tiempo que cae la de Brasil. Mientras Brasil coloca más obstáculos a los negocios y el comercio, México está eliminando barreras anteriormente intocables sobre el sector privado, particularmente en el sector energético. Las mayores inversiones extranjeras directas que se prevén como consecuencia de estas reformas y los beneficios de una revisión integral de las leyes laborales e impositivas podrían llevar el crecimiento del PBI del 2016 al 5,5 %. Dicho esto, los cambios en las reglas de la consolidación impositiva y el tratamiento fiscal de los beneficios de los empleados costarán dinero a las empresas. Y los tesoreros se enfrentarán a nuevas reglas para limitar la deducibilidad de los pagos de intereses en los préstamos internacionales que pudieran afectar las estructuras de fondos comunes de efectivo y de pago a cuenta de un tercero. En esta sesión escucharán perspectivas sobre un México que se está moviendo en la dirección adecuada.

Luis Alvarado, Deputy Treasurer of Operations, Federal Treasury, Mexico Alejandro Cuadrado, FX Strategist for Latin America, BBVA, US

3:20pm Pausa para refrigerio & Speakers’ Corner

4:00pm Por favor diríjase a la sección 1, 3 o 4

2:00pm Keeping out of trouble with better forecasting

Cash flow forecasting in Latin America is complicated by the diversity of payment and receivables mechanisms across the region. From Brazil’s bar-coded Boleto to Mexico’s multi-payment type SPEI to Argentina’s use of discounted, post-dated checks, cash transmission methods differ dramatically in speed and efficiency. In general the payments infrastructure is good, the receivables side is primitive – not the bias most corporates are looking for. This lack of automation and standardization, along with the predominance of cash transactions, makes for a risky environment – risks that could be managed better with better forecasting. This is increasingly a matter of data. How long is the average collection from invoice to cash? Who pays and who doesn’t? And how does this differ from country to country?

Felipe do Lago Rugani, Business Controller, Heineken, Brazil

2:40pm Spotlight on Mexico’s moment

Although it too has lowered growth estimates [for 2014], Mexico is a standout performer in Latin America, growing twice as fast as Brazil. Its credit rating is rising as Brazil falls. And as Brazil puts more obstacles in the way of business and trade, Mexico is dismantling previously untouchable barriers to the private sector, notably in the energy sector. The additional FDI anticipated as a result of these reforms, and the benefits from an overhaul of labor and tax laws could push 2016 GDP growth to 5.5%. That said, changes to the rules on tax consolidation and the tax treatment of employee benefits will cost companies money. And treasurers will notice new rules to limit the deductibility of interest payments on cross-border loans that could affect cash pooling structures and POBO structures. In this session hear perspectives on a Mexico moving in the right direction.

Luis Alvarado, Deputy Treasurer of Operations, Federal Treasury, Mexico Alejandro Cuadrado, FX Strategist for Latin America, BBVA, US


4:00pm Please make your way to stream 1, 3 or 4

Best operational practice in Latin AmericaChair: Patrick Peters-Bühler, EuroFinance Tutor & CFO, Mercon Coffee Corporation, US

Mejor práctica operativa en LatinoaméricaChair: Patrick Peters-Bühler, EuroFinance Tutor & CFO, Mercon Coffee Corporation, US



Follow the conversation: @EuroFinance | #EuroFinance


DAY 2 | Stream 3 Thursday 14 May 2015 DAY 2 | Stream 4 Thursday 14 May 2015

2:00pm Finding the game changer for funding

Convincing banks and the capital markets that a formerly troubled company is re-financeable is no simple task. This treasurer faced the challenges of banks that were themselves under pressure and the complications of covenants. What role did credit insurance companies play in the structure of the finance solution? Effective business and cash flow planning and accurate asset valuations were all part of the plan. Hear how consistent (and persistent) communications, clarity and consensus won the day.

Marco Schuchmann, Group Treasurer, Vion, The Netherlands

2:40pm Another funding avenue: Trade finance and the BPO

The global move to open account trading has fundamentally altered the risks in international trade and sellers need risk mitigation products. Brazilian soybean exporters burnt by Chinese defaulters in 2014 know that. Chinese buyers put in orders they could not pay for because they were unable to open letters of credit (LCs). But because of the delays inherent in the paper-based LC process, cargoes were dispatched long before the sellers knew of any problems. Electronic versions would have exposed the buyers’ problems immediately. And there is one and has been largely ignored until now. The Bank Payment Obligation (BPO) in combination with SWIFT’s Trade Services Utility (TSU). BPOs can also be used in non-recourse discounting export finance and have been used by companies to reduce DSOs and free up working capital.

Jayna Bundy, Group Treasury Director, Microsoft Corporation, US James Wills, Senior Business Manager, SWIFT, US


2:00pm Key challenges in spin-offs and mergers

Early engagement of treasury is critical when dealing with a major company event, such as a spin-off or a merger. Here companies discuss the challenges and the key considerations that need to be taken into account whether integrating or splitting out a treasury. How should banking relationships be managed? How are expenses to be allocated? What staffing levels are required? How are assets and liabilities to be attributed? This discussion centers around how to approach integrating or creating a stand-alone business. In either case the appropriate corporate governance structures, regulatory compliance and investor relations expertise must be in place. Treasury is clearly a crucial element in the planning and execution in these major company events, as not only does it run many of the key functions that will need to be replicated, it is also the repository of the intelligence required to make many of the underlying business decisions.

Jennifer Winkle, Assistant Treasurer, Albemarle, US Lars Neverdal, VP & Assistant Treasurer, Tyco, US Scott Hunter, Assistant Treasurer, Zoetis, US Dorene Martinez, Director, International Cash Management, BNP Paribas, US

2:40pm Who really needs a mobile treasury?

It’s clear that the big cash management banks have a comprehensive digital strategy in their treasury and trade divisions. They are beginning to offer private cloud platforms, data analysis tools and mobile applications. It is now possible to access cash positions, authorize payments, move cash around in your liquidity portfolios and execute trade finance and eBam on mobile devices. But what do you need? What kind of treasury requires its executives to be able to do these things on the move? Or is this part of a more profound shift in execution platform, away from desktop PCs towards tablet devices? This mobile world, in which ‘bring-your-own-device’ is gaining ground, brings benefits, costs and risks. Big risks.

Mark Stapleton, CTP, Executive Solution Engineer – Treasury & Risk Management, North America, SAP America, US


4:00pm Open Spaces | Working capital and the supply chain avenues of funding

As shareholders put increasing value on strong working capital ratios, corporates need to be ever more inventive and sophisticated in financing every stage of the supply chain and managing working capital end to end. This Open Spaces will feature three case studies from companies talking about the gains they have made with strong working capital management programs. How does treasury take control of the working capital agenda? What are the techniques and tips to help you drive through a meaningful program that shows results? The financial supply chain can be a cornerstone of good working capital management and this open spaces format will also have multiple companies contributing to the agenda. Topics will include what they are doing to manage their financial supply chain: how do you negotiate the fundamental conflict at the heart of SCF – suppliers want early payment, buyers late? What are the latest practical, easy to implement techniques? How do you change supplier behavior, negotiate terms, etc? How do you roll out global programs?

Moderated by: Dennis A. Tosh, Independent Treasury Executive & former Director, Global Trading, Risk Management, Banking & Treasury Governance, Ford Motor Company (Retired) Mark Kirkland, Group Treasurer, Constellium, Switzerland James Kelly, Head of Treasury, Rentokil Initial, UK Yannick Croiger, Director International Treasury, Stanley Black & Decker, US Marco Schuchmann, Group Treasurer, Vion, The Netherlands

This Open Spaces is a new EuroFinance format with expert contributors including companies, banks and solutions providers, in a relaxed informal setting discussing the opportunities for improving working capital and managing better the financial supply chain. Sit back and listen or raise questions and add to the conversation: the choice is yours.


4:00pm How treasury can transform the business

Treasury becoming a strategic partner to the business can help the organization in a number of important ways. Whether it is implementing strong controls including fraud issues, managing a technology project to increase cash visibility and accuracy, or even helping to guide the right choices on bank connectivity, the treasurer can provide powerful information and core value to the entire business. However there is no one-size-fits-all approach. A treasurer needs to determine the right projects and objectives that can help transform how treasury operates and the business itself. This presentation will look at how treasury has initiated, and been part of, change across the board.

David Franks, Global Treasury Systems, Delphi Automotive, US Steve Bullock, Vice President – North America, Kyriba, US

4:40pm Asset management for treasurers?

Corporate cash piles are a headache but they’re hardly a surprise. In Europe they are mostly the result of a desire to move away from reliance on bank credit and a fear that another crisis is a real possibility. In the US, they are the natural result of tax mitigation. If you create essentially ‘stateless’ income that you can book in the low-tax jurisdiction of your choice, then you forfeit the right to be able to use it as easily as cash taxed in the US. That’s the deal. The wrath of governments and shareholders can be deflected by debt-financed share-buy-backs and by the truth. There isn’t much cash-generative companies can do without incurring the tax charges that led them to keep cash offshore in the first place. But this fundamentally alters the nature of the liquidity management part of treasury. Long-term asset management of truly material amounts of cash is not liquidity management. It’s asset management. Do companies have the expertise and systems required to generate returns that make sense for shareholders without running excessive risk? What level of returns is that – given that the benchmark is losing a third of it in tax?

Candace Hsu, Director of Treasury, VMware, US


Harvest low hanging fruit for an international treasuryChair: Dennis A. Tosh, Independent Treasury Executive & former Director, Global Trading, Risk Management, Banking & Treasury Governance, Ford Motor Company (Retired)

And the answer is: The treasury wish listChair: Robert J. Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group, US


DÍA 3 | Sesiones plenarias Viernes 15 May 2015DAY 3 | Plenary sessions Friday 15 May 2015

8:00am Refreshments and exhibition opens

9:00am What is innovation and does it matter?

What is innovation? Can companies really be cutting edge? Entire corporations face a constant pressure to innovate. How can leading-edge thinking be applied to the corporate structure so that it can be the difference between thriving, surviving or failing? This speaker shares informative and entertaining insights into the importance of innovation and its impact on individuals, society and companies and how leading edge really matters.

Salim Ismail, Author – Exponential Organizations, Technology Strategist, Founding Executive Director of Singularity University & Former Vice President of Yahoo!, US

9:50am The real treasury technology debate

Is the treasury systems battle coming to a head? At one end of the market, the lower cost plug-and-play SaaS solutions are gaining traction. At the other, global software giants compete to offer one-stop solutions covering accounting, banking, TMS and ERP functionality with advanced reporting and analytics. In the middle a range of high-level providers offer suites of tools that cover core treasury functionality, forecasting risk management and analytics, with some designed for high volume environments, others for standard treasury installations. As the quest for global treasury centralization continues, and new technologies continue to encroach on the treasury space, how can treasurers be sure they are choosing the right systems for their businesses? In this debate, the key systems suppliers give their views on key developments in treasury and systems evolution and answer your questions about the future of treasury IT.

Matt O’Hara, CEO, Americas, 360T, US Steve Bullock, Vice President – North America, Kyriba, US Mark Stapleton, CTP, Executive Solution Engineer – Treasury & Risk Management, North America, SAP America, US Paul Bramwell, SVP Treasury Solutions, SunGard, US


11:00am Banking on a brighter future

We all know the negatives. Regulation is making banking a smaller, less international and more expensive proposition. Corporates, long the poor relative to more profitable clients such as hedge funds, will lose out further as the credit they need becomes unattractive to provide and the deposits they can supply burn holes in bank balance sheets. But is this really happening? And is all the news that bad? In this panel, the core cash management banks explain how regulations are affecting their relationship with their customers. They answer your questions on the product and services they want to retain and the client types they will value most highly. And they will discuss the alternatives: the technology-driven innovations that may create payment networks outside banking, currencies outside central banks and the new networks they themselves are creating to ensure they retain global reach.

Dub Newman, Head of North America, Global Transaction Services, Bank of America Merrill Lynch, US Ignacio Escudero, Managing Director, Global Sales, BBVA, Spain Jared Smith, Head of US PCM Global Banking Sales Organisation, HSBC, US Daniel Scanlan, Regional Head, Transaction Banking Americas, Standard Chartered Bank, US

11:40am Digital money edges closer to the mainstream

Alternative currencies may still seem like the wishful thinking of the anti-establishment. The initial motivation – the desire for secrecy in financial transacting – is seen as illegitimate by governments. But the underlying practicalities are beginning to be recognized both by the high-profile companies who now accept it and the politicians in the US who have endorsed the use of digital currencies. But how and why would ‘normal’ corporates and individuals use and trust them rather than existing currencies? How can they manage the risks inherent in such novel instruments and what is the point? Hear about the various different crypto-currencies and their models. While wait-and-see may be the best policy, the new payments systems that may emerge from this wave of innovation are worth watching.

Jon Matonis, Founding Board Director, Bitcoin Foundation, US

12:20pm Conference ends – Please join us for lunch


9:00am ¿Qué es la innovación y por qué es importante?

¿Qué es la innovación? ¿Pueden las empresas realmente estar a la vanguardia? Todo el mundo enfrenta el reto de ser innovador ya sea en la tesorería, impuestos, finanzas o desarrollo de productos. Corporaciones enteras enfrentan una presión constante de innovar. ¿Cómo se puede aplicar el pensamiento de vanguardia a la estructura corporativa de modo que pueda ser la diferencia entre prosperar, sobrevivir o fallar? Este orador comparte sus informativos y entretenidos conocimientos sobre la importancia de la innovación y su impacto en las personas, la sociedad y las empresas y la verdadera importancia que tiene la vanguardia.

Salim Ismail, Author – Exponential Organizations, Technology Strategist, Founding Executive Director of Singularity University & Former Vice President of Yahoo!, US

9:50am El verdadero debate de la tecnología de tesorería

¿Está llegando a un punto crítico la batalla de sistemas de tesorería? En un extremo del mercado, las soluciones de software como servicio de bajo costo y listas para usar están ganando terreno. En el otro, los gigantes globales del software compiten para ofrecer soluciones integrales que abarquen la contabilidad, la banca, funcionalidades de sistemas de tesorería y ERPs con capacidades de análisis y reporting avanzados. En el medio, una variedad de proveedores de alto nivel ofrecen herramientas que cubren las funcionalidades de tesorería, y la gestión y las analíticas de previsión de riesgos, algunas de las cuales están diseñadas para entornos de alto volumen, y otras, para instalaciones de tesorería estándares. Mientras continúe la demanda por la centralización global de la tesorería y las nuevas tecnologías sigan invadiendo el espacio de la tesorería, ¿de qué manera pueden los tesoreros asegurarse de eligir los sistemas correctos para sus empresas? En este debate, los principales proveedores de sistemas darán su opinión sobre los desarrollos más importantes en tesorería y la evolución de los sistemas, y responderán sus preguntas sobre el futuro de la informática para tesorería.

Matt O’Hara, CEO, Americas, 360T, US Steve Bullock, Vice President – North America, Kyriba, US Mark Stapleton, CTP, Executive Solution Engineer – Treasury & Risk Management, North America, SAP America, US Paul Bramwell, SVP Treasury Solutions, SunGard, US


11:00am Operar con la banca en un futuro más promisorio

Todos conocemos los aspectos negativos. La regulación hace de la banca una propuesta más pequeña, menos internacional y más costosa. Las empresas, por lejos los parientes pobres comparadas con clientes como los fondos de cobertura, perderán más mientras el crédito que necesitan sea poco atractivo de ofrecer y los depósitos que puedan suministrar quemen agujeros en los balances bancarios. Pero ¿realmente está sucediendo esto? ¿Son tan malas todas las noticias? En este panel, los principales bancos de gestión de caja explican de qué manera las regulaciones afectan su relación con los clientes. Responderán sus preguntas sobre los productos y servicios que quieren retener y los tipos de clientes que más valoran. Y también hablarán sobre las alternativas: las innovaciones guiadas por la tecnología que pueden generar redes de pago fuera del sistema bancario, las monedas fuera de los bancos centrales y las nuevas redes que están creando ellos mismos para asegurarse de retener el alcance global.

Dub Newman, Head of North America, Global Transaction Services, Bank of America Merrill Lynch, US Ignacio Escudero, Managing Director, Global Sales, BBVA, Spain Jared Smith, Head of US PCM Global Banking Sales Organisation, HSBC, US Daniel Scanlan, Regional Head, Transaction Banking Americas, Standard Chartered Bank, US

11:40am El dinero digital se acerca a la corriente dominante

Las monedas alternativas aún pueden parecer una expresión de deseo de quienes están en contra del sistema. La motivación inicial —el anhelo de confidencialidad en las transacciones financieras— es percibida como ilegítima por los gobiernos. Pero los aspectos prácticos subyacentes están comenzando a ser reconocidos por las empresas de alto perfil que ahora aceptan esta novedad y los políticos estadounidenses que han aprobado el uso de las monedas digitales. ¿Pero por qué y cómo habrían de usarla y confiar en ella los individuos y las empresas “normales”, en lugar de las monedas existentes? ¿Cómo pueden manejar los riesgos propios de esos instrumentos novedosos y cuál es el propósito de hacerlo? Escuche hablar sobre los diferentes tipos de criptomonedas y sus modelos. Si bien lo mejor podría ser esperar y ver qué pasa, los nuevos sistemas de pago que pueden surgir a partir de esta ola de innovación merecen atención.

Jon Matonis, Founding Board Director, Bitcoin Foundation, US

12:20pm Cierre de la conferencia – Almuerzo

Opportunities in the stormWhat opportunities has disruption brought to the global treasury?


Oportunidades en la tormenta¿Qué oportunidades ha traido la disrupción a la tesorería global?




Sponsorship and exhibition opportunitiesThere are a limited number of sponsorship and exhibition opportunities available. If you have products or services to offer corporate treasurers and finance directors, then this is the ideal opportunity.

Please email Dale Coskery at [email protected] or give her a call on +44 (0)1372 841 947.

Sponsors, exhibitors and partners

Official lead & global sponsor

Exhibitors

Official sponsors

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 98 percent of the U.S. Fortune 1,000 companies and 83 percent of the Fortune Global 500.

For additional information, please visit www.baml.com

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.

www.us.hsbc.com/1/2/home/business

Jared Smith EVP, Head of US Payments & Cash Management Sales, HSBC Global Banking & Markets [email protected]

Dorothy Musho SVP, Head of US Payments & Cash Management Sales, HSBC Commercial Banking [email protected]

Jorge Gonzalez Head of Sales Latin America, Payments & Cash Management, HSBC Bank [email protected]

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.

As close as you need, as far as you go

BBVA is a global financial services group with approximately €638 billion in total assets, 51 million clients, 7.362 branches and 108,920 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 Global Transaction Services [email protected]

Annette Vivoni Global Sales America Global Transaction Services [email protected]

Deutsche Bank’s Global Transaction Banking division is a leading provider of products and services for corporations and financial institutions. Business units include Trade Finance, Cash Management Corporates and Institutional Cash & Securities Services. GTB offers integrated solutions covering 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 Head of GTB Marketing Deutsche Bank, 60 Wall Street, Floor 26, New York, NY 10005, US [email protected] T: +1 (212) 250 9823

Joe Sarbinowski Managing Director Global Head - Liquidity Management Global Client Group, Deutsche Asset & Wealth Management, 345 Park Avenue, 10154-0004 New York, NY, US [email protected] T: +1 (212) 454 3291

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


Sponsors, exhibitors and partners

Media partners

Transformation & technology sponsors

About EuroFinance

Kyriba is the global leader in cloud-based Proactive Treasury Management. CFOs, treasurers and finance leaders from companies including Qualcomm, EA and Pulte Homes rely on Kyriba to optimize their cash, manage their risk, and work their capital. Our award-winning, secure, and scalable SaaS treasury, bank connectivity, risk management and supply chain finance solutions enable some of the world’s largest and most respected organizations to drive corporate growth, obtain critical financial insights, minimize fraud, and ensure compliance. To learn how to be more proactive in your treasury management and drive business value across your organization, contact [email protected].

kyriba.com

Tim WheatcroftDirector of Corporate Communications T: +1 858 263 2214 [email protected]

EuroFinance is the leading global provider of conferences, training and research on cash management, treasury and risk. Through our 50+ events worldwide and the EuroFinance Corporate Treasury Network (ECTN), we enable treasurers and CFOs to exchange innovative strategies, best practice and expert opinion.

Our in-depth research with over 2,000 corporate treasurers every year, gives us a unique insight into the trends and developments in cash management and treasury and an unrivalled global viewpoint.

EuroFinance is part of The Economist Group.

www.eurofinance.com

Now in partnership with CPI

EuroFinance has formed a new partnership with Commercial Payments International (CPI), delivering thought leadership and events for the commercial cards and payments industry.

www.commercialpaymentsinternational.com

Our global footprintTo help treasurers and their organizations achieve sustainable success, EY Global Treasury Services addresses their current issues and challenges by building teams that combine organizational knowledge with relevant technical and practical experience.Our clients benefit from our ability to advise across a full spectrum of treasury topics, including financial risk management, global cash and liquidity management, bank relationship management, treasury organizational structure, technology selection and implementation, treasury integration and carve-out support, debt and investment management, and regulatory matters.

ey.com/treasury

Robert J. Baldoni Global Treasury Services Leader 5 Times Square, New York, NY 10036, US T: +1 212 773 5420 [email protected]

Tiffany Y. Lim Senior Manager, Global Treasury Services 5 Times Square , New York , NY 10036, US T: +1 212 773 3541 [email protected]

Official publication

Treasury Networking Reception sponsor

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