International Cash & Treasury Management | Miami 2014

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

EuroFinance’s 18th annual conference on

International Cash &
Treasury Management
It’s time to rethink, revisit and innovate
The most international
corporate treasury
and finance event for
the Americas

www.eurofinance.com/miami
Official lead &
global sponsor

Official sponsors

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

Conference venue and hotel bookings
Trump National Doral Miami
4400 NW 87th Avenue Miami, FL 33178
T: +1 305 592 2000
For preferential rates please book through
Zibrant, our official accommodation
bureau at www.zibrant.com/efc.
As space is limited, we advise you to
reserve your room as soon as possible.
If you have any questions, please call
Zibrant on +44 (0)1332 285 518 or email
eurofinance@zibrant.com.
www.trumphotelcollection.com/miami

Join us on LinkedIn
eurofinance.com/linkedin

Follow us on Twitter
twitter.com/eurofinance

Key features
The premier event for senior finance
professionals operating in the Americas,
bringing together the top treasurers and
providers under the same roof
The meeting place for high-level,
international treasurers who want to
collaborate and share solutions
Corporate case studies from large MNCs
and America’s leading corporations
Network and connect with over 500
professionals
A unique opportunity to meet decision
makers from some of the largest
corporations in the Americas region.

2 | EuroFinance’s international Americas conference

It’s time to rethink,
revisit and innovate
So what’s next? The collision of
globalization, demographics and
technology is still causing seismic shifts
in the world economy. Dislocations in
growth, employment and politics are
appearing as emerging markets boom
and stall, and financial crises, recessions
and political upheaval are by no means
at an end. But the last decade was less
an aberration than a warning: changes
are happening faster than governments,
corporates and people can manage.
From financial markets to energy
generation, from the Middle East to
Japan, old models have failed, disrupted
by new trends and technologies. Over
three days our experts and treasury
professionals will try to untangle the
new world for you. They will explain the
big picture themes as well as updating
you on strategies for moving forward
and innovating. Where should treasury
position their companies and what are
the most important global trends in
treasury and risk management?

Register and pay by

Friday 21 March
for major discounts

Program highlights
Time to turbo-charge the treasury:
make a major difference to efficiency
Time to future proof your treasury:
be a springboard for change
Time to revisit Latin America:
challenge what you think you know
Time to reshape your liquidity and
risk practices: the heart of treasury
operations
Time to focus on treasury
transformation: deliver great value
through innovation

EuroFinance’s international Americas conference | 3

Program | At a glance

Day 1
Plenary sessions

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Stream 1

Stream 2

Time to turbo-charge
the treasury

Time to future proof
your treasury

08:00 Registration, refreshments
and exhibition opens

14:00 Keep vigilant on
counterparty risk

14:00 Embrace the culture of
change

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

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

14:40 After the deadline:
Use SEPA as a springboard
for change

10:20 Refreshment break

16:00 Concentrate on cash
visibility

11:00 Everything to play for:
Time to embrace change
11:40 Treasury models: Time to
think again
12:20 Lunch



16:40 Turn the tide on receivables

16:00 Reappraise the renminbi:
(Your competitors are)

17:20 Adjourn to Treasury
Networking Reception


14:00 Stream sessions

Day 2
Plenary sessions

Stream 1

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Time to turbo-charge
the treasury

08:00 Refreshments and exhibition opens

14:00 Pay attention to global
developments in payments

09:00 Time to tech test your banks

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

09:40 Time to test your vendor partners
11:00 Time to look at tomorrow’s technology today
11:40 Time to hear what your peers are thinking: Treasury Verdict
12:20 Lunch

16:00 Find your connectivity
solution

14:00 Stream sessions

16:40 Take the fight to the
fraudsters

17:20 Adjourn to day 3

Day 3
Plenary sessions

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09:00 The future is you: Time to deliver greater value through innovation
09:40 Time to interrogate your investment strategies and benefit from a changing environment
11:00 Time to find the silver lining in regulation
11:40 Taxing times for treasurers
12:20 Conference ends – Please join us for lunch

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


Stream 3
Time to revisit
Latin America

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Stream 4

Stream 5

Time to reshape your liquidity
and risk practices

Time to focus on treasury
transformation

14:00 Challenge what you think
about Latin America

14:00 Take a shortcut to
enhanced liquidity

14:00 Get one step closer
to the CFO

14:40 Overcome the increasing
volatility

14:40 Build a smarter pool

14:40 How treasury drives
business transformation


16:00 Forecast your new frontiers


16:00 Optimize cash and liquidity
in the region

16:40 Persuade and mentor your
suppliers

16:00 When treasury met
financial planning
16:40 Unravel the standard and
put it to work: ISO20022

Stream 2

Stream 3

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Time to future proof
your treasury

Time to revisit
Latin America

14:00 Be an expert integrator:
Seamless treasury
post-MA

14:00 Understand the devil in
the detail: Regional cash
pooling?

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

14:40 Colombia: Building
on a better future


Stream 4
Time to reshape your liquidity
and risk practices
14:00 Rate rises will
require vigilance
14:40 Focus on best risk
management in practice


16:00 Use regulation to beat the
competition

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

16:40 Revitalize your SSC

16:40 Brazil: From froth to reality


16:00 Cooperate on
commodity risk


16:40 Get to the bottom
of FX exposures

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eurofinance.com/linkedin

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DAY 1 | Plenary sessions

Time to revisit treasury strategies

Wednesday 14 May 2014

Unravelling the complexities of global treasury management.

08:00 Registration, refreshments and exhibition opens
09:40 US leads again – or does it? Time to understand the new economics
Complexity rules in the world economy. The BRICs have found out that growth is not inevitable and requires
reforms they’ve failed to make. IMF estimates for GDP growth in some developing economies have been slashed
as structural impediments and unsustainable economic models crush prospects. Europe too is refusing to accept
bankruptcy of existing structures and policies and there again the IMF is revising its forecasts down. By contrast,
the US recovery is gathering pace, though even political deadlock and head-in-the-sand thinking means no
progress on fundamental issues. So where are the opportunities in this tangled new world? What will the global
economy look like over the next five years? And what will differentiate the winning firms from the losers?

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

10:20 Refreshment break Speakers’ Corner
11:00 Everything to play for: Time to embrace change
Disruption and dislocation mean opportunity, but only for the adaptable and the optimistic. Corporate culture is
as important as core competences in chaotic times: the capacity to exploit change is driven as much by attitudes
as aptitude. It also helps to be nimble and global. The tectonics of sectoral and regional upheaval means
unpredictable bursts of growth alongside the risks. This company is renowned for the right combination of
qualities for this environment. Hear its view of growth and opportunity in both the developed and the developing
markets. Where is the company prospering and how? How can treasury be an agent for change? The company
is no stranger to globalization having embraced it for many years and has renewed itself as and when needed,
driven by external circumstances.
11:40 Treasury models: Time to think again
Treasury’s land grab to become the central repository of financial and customer data, strategic analysis,
regulatory compliance and control was a natural response to crisis. But is it at odds with the need to build
businesses in new markets? These require local banks, relationships with local regulators and knowledge of
local techniques. New customers and revenues will flow to those who adapt to their needs, not to those who try
to impose alien practices. So the key is balance, setting limits on centralization and blending local and global
needs. Technology and your transaction banks have been the agents of central control but they can equally be
used as a platform for targeted de-centralization. What about the role of tax and business planning too? In this
panel companies and banks will look at how the evolution of treasury service provision can help to reconcile this
conflict and give you the best of both worlds.
12:20 Lunch
14:00 Conference breaks into streams

Register and pay by Friday 21 March 2014 for major discounts

Día 1 | Sesiones plenarias

Miércoles 14 Mayo 2014

Es el momento de repensar sus estrategias

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Descifrando las complejidades en la gestión de tesorería global.

08:00 Refrigerios y apertura de la exposición
09:40 E.E.U.U lidera de nuevo – ¿o no? Hora de entender la nueva economía
La complejidad reina en la economía mundial. Los BRIC han descubierto que el crecimiento no es inevitable y
que requiere reformas que aún no han realizado. Las proyecciones de crecimiento del PIB realizadas por el FMI
en algunas economías en desarrollo, han sido reducidas a medida que impedimentos estructurales y modelos
económicos insostenibles acaban con esas perspectivas. Europa también se rehúsa a aceptar la bancarrota de
estructuras y políticas existentes y, allí nuevamente, el FMI esta reduciendo sus proyecciones. Por contraste, la
recuperación de E.E.U.U está tomando impulso aunque el estancamiento político y la mentalidad cerrada de los
políticos significa que no hay avances en cuestiones fundamentales. Entonces, ¿dónde están las oportunidades
en este mundo enredado? ¿Qué aspecto tendrá la economía global en los próximos 5 años? Y, ¿qué separará a las
empresas ganadoras de las perdedoras?

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

10:20 Receso para el refrigerio Speakers’ Corner
11:00 Todo está en juego: Hora de aceptar el cambio
Las perturbaciones y trastornos significan oportunidades, pero sólo para los adaptables y optimistas. En tiempos
de caos la cultura corporativa es tan importante como las responsabilidades fundamentales: la capacidad de
explotar el cambio está impulsada tanto por las actitudes como por las aptitudes. También ayuda el ser ágil
y global. La agitación sectorial y regional significa estallidos impredecibles de crecimiento acompañados de
riesgos. Esta compañía es reconocida por tener una combinación adecuada de cualidades para este entorno.
Conozca su visión de crecimiento y oportunidades tanto en mercados desarrollados como en desarrollo. ¿Dónde
está prosperando la empresa y cómo?, ¿cómo puede la tesorería ser un agente de cambio? Esta empresa no es
ajena a la globalización, habiéndola aceptado durante muchos años y renovándose cómo y cuándo es necesario,
impulsada por las circunstancias externas.
11:40 Modelos de tesorería: Hora de pensar de nuevo
El ímpetu de la tesorería por convertirse en el repositorio central de datos financieros y de clientes, análisis
estratégico, cumplimiento y control regulatorio fue una respuesta natural a la crisis. Pero, ¿está alineado con
la necesidad de crear negocios en nuevos mercados? Esto requiere bancos locales, relaciones con reguladores
locales y conocer las técnicas locales. Nuevos clientes e ingresos fluirán hacia aquellos que se adapten a sus
necesidades, no a los que traten de imponer prácticas extranjeras. La clave está en el equilibrio, en establecer
límites a la centralización y combinar las necesidades locales con las globales. La tecnología y sus bancos
transaccionales han sido los agentes del control centralizado pero de igual forma pueden ser utilizados como
plataforma para descentralización focalizada. ¿Qué hay del rol de la planificación fiscal y de negocios? En ésta
sesión empresas y bancos analizarán como la evolución en la prestación de servicios de tesorería puede ayudar a
conciliar este conflicto y ofrecerle lo mejor de ambos mundos.
12:20 Almuerzo
14:00 La conferencia se divide en secciones

Para ver el programa completo y los oradores confirmados visite



Thursday 15 May 2014

Time to revisit the partners that support you


09:00 Time to tech test your banks
Bank selection has never been harder. Credit availability is a complex function of footprint, regulation and
willingness to lend. But more importantly, it should no longer be your key criterion. Your future success will
depend on new markets, new sales channels and new customer acquisition and payment models. Given the
volatility of opportunity in the new economy, only the quickest and most adaptable companies will thrive.
Equally, only those banks with the resources and skills to build and upgrade the next generation of treasury
platforms and solutions are worth consideration. But who are they? How can you tell if your existing banks have
what it takes? And, harder still, how do you evaluate potential new partners? In this session we ask the banks
to demonstrate the unique selling points of what they believe is their next generation tech. Does it match your
expectations? You decide.
09:40 Time to test your vendor partners
Join this lively session as we ask the major solution suppliers in the industry what they are doing to develop the
right technology for treasury in the future. We hear all the familiar buzzwords of cloud, big data and the varying
routes of connectivity to help drive your business forward, but can you say with all honesty you understand
where your vendors are headed and why? This session is a no-holds-barred look at what the vendors are
developing and why and how it might impact your choices. This session should help you to weigh up the right
path for technology and connectivity: Saas versus ASP versus installed, ERP versus TMS, partner models and
alternatives to Swift. What are the different architectures available to treasurers? We ask whether it’s time to
re-think the optimal treasury technology mix.
11:00 Time to look at tomorrow’s technology today
Let’s hear what top companies are doing in terms of revisiting technology. Ignoring cutting edge technology is
a dangerous game. Treasury is technology and your IT can be a competitive differentiator. Your problem is that
today, treasury tech is in transition. Legacy systems are all but obsolete, but replacement solutions aren’t quite
ready. And who wants to invest in the treasury version of the mini-disc? In this session our panel takes apart the
latest ideas in treasury analytics, connectivity, web and mobile. Which vendors, systems and architectures have
the best chance of post-transition dominance? Which look like dead ends? And is it better to wait and see?
11:40 Time to hear what your peers are thinking: Treasury Verdict
Every year we ask you to vote on issues ranging from corporate strategy to treasury systems. In addition,
through interviews with hundreds of your colleagues globally, and with the responses from our recent
international events, we would like to share with you the insights we have gained into companies’ plans. In this
session you will be able to compare your priorities and responses with those of your peers. At the same time hear
the views from our panel of treasury experts.
12:20 Lunch
14:00 Conference breaks into streams

Treasury Verdict

Day 2, 11:40

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



Jueves 15 Mayo 2014

Hora de visitar de nuevo a los socios que le apoyan

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09:00 Hora de poner a prueba la tecnología de sus bancos
Seleccionar bancos nunca ha sido más difícil. La posibilidad de obtener crédito depende no sólo de la presencia
del banco sino también de la regulación y disposición a prestar. Pero lo más importante es que eso ya no debería
ser su principal criterio de selección. Su futuro éxito dependerá de nuevos mercados, nuevos canales de ventas
y nuevos modelos para adquisición de clientes y pagos. Dada la volatilidad de oportunidades en la nueva
economía, solo las empresas más ágiles y adaptables prosperarán. Igualmente, sólo aquellos bancos con los
recursos y destrezas para construir y actualizar la siguiente generación de plataformas y soluciones de tesorería
merecen consideración. Pero, ¿quiénes son?, ¿cómo saber si sus bancos actuales tienen lo necesario? Y, aún más
difícil, ¿cómo evaluar a los nuevos potenciales partners? En esta sesión le pedimos a los bancos demostrar los
puntos fuertes de lo que ellos consideran será su tecnología de última generación. ¿Se ajusta a sus expectativas?
Usted decide.
09:40 Hora de poner a prueba a sus proveedores de tecnología
Participe de esta animada sesión en la que preguntamos a los mayores proveedores de soluciones de la industria,
qué están haciendo para desarrollar la mejor tecnología del futuro para la tesorería. Oímos los típicos términos
como cloud, big data y las varias rutas de conectividad para ayudar a impulsar a su negocio hacia adelante, pero,
¿puede usted decir con honestidad que entiende hacia dónde van sus proveedores y por qué? Esta sesión dará
una visión sin restricciones sobre lo que sus proveedores están desarrollando y por qué y cómo podrá impactar
sobre sus decisiones. Esta sesión le ayudará a ponderar cuál es el camino correcto de tecnología y conectividad:
Saas versus ASP versus instalado, ERP versus TMS, modelos de socios y alternativas a Swift. ¿Cuáles son las
diversas arquitecturas disponibles a los tesoreros? Preguntamos si será el momento de repensar cuál es la
óptima combinación de tecnologías de tesorería.
11:00 Hora de ver la tecnología del mañana hoy
Oigamos lo que las principales empresas están haciendo en cuanto a tecnología. Hacer caso omiso de la
tecnología de punta es un juego peligroso. La tesorería es tecnología y su TI puede ser una ventaja competitiva.
Su problema es que hoy, estas tecnologías están en transición. Los sistemas en uso están obsoletos pero las
soluciones para reemplazarlos aún no están listas. ¿Quién va a querer invertir en el equivalente al mini-disc de
la tesorería? En esta sesión nuestro panel analiza las últimas ideas en tesorería analítica, conectividad, web y
móvil. ¿Cuáles proveedores, sistemas y arquitecturas tienen las mejores posibilidades de dominio luego de la
transición? ¿Cuáles están destinados a perecer? ¿Será mejor esperar y ver?
11:40 Hora de conocer lo que piensan sus colegas: Veredicto de Tesorería
Todos los años le pedimos que vote sobre asuntos que van desde estrategia corporativa a sistemas de tesorería.
Adicionalmente, a través de entrevistas con cientos de sus colegas a nivel global y, con las respuestas de
nuestros eventos internacionales más recientes, nos gustaría compartir con usted los conocimientos que hemos
adquirido sobre los planes de las empresas. En esta sesión usted podrá comparar sus prioridades y respuestas
con las de sus contrapartes. Al mismo tiempo oirá las opiniones de nuestro panel de expertos.
12:20 Almuerzo
14:00 La conferencia se divide en secciones

Veredicto de Tesorería

Día 2, 11:40

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



Time to innovate and deliver value

Friday 16 May 2014


09:00 The future is you: Time to deliver greater value through innovation
This speaker provides insights into inspiring people, leading large teams and being the catalyst for innovative
solutions that set boundaries for change. This speaker has an extensive leadership background and provides
insights in the best ways of using networking, data and research to drive productivity. How do you lead large
teams, inspire creativity and motivate using innovative solutions that produce effective results and set new
boundaries? What innovations can provide strategic results in the 21st century?
09:40 Time to interrogate your investment strategies and benefit from a changing environment
What is your excuse for inaction? Fear of funding shortfalls and tax issues have driven cash hoards to extreme
levels. Risk aversion has concentrated that cash in short-term, fixed-income instruments and deposits. But now
is the time to re-evaluate. Real interest rates are low or negative, quantitative easing will end and regulatory
change is transforming the market for cash products. All this means treasurers need to revise their guidelines
and look at their yield, risk and product choices. Cash regimentation strategies need to be rewritten because the
options that supported them will not be there. Hear how companies are dusting off the investment policies and
looking at the way regulation can lead to new product innovations.
11:00 Time to find the silver lining in regulation
Regulation means increased costs and reduced opportunity – just ask any treasurer. Bank regulation has pushed
up fees and borrowing costs. CSR laws on the environment, employment and corrupt practices will make
business in new growth markets harder. FATCA, SEPA and other developments are rewriting the rules on how
banks supply international services. Dodd Frank, Basel III and EMIR are potentially expensive to your business.
But what about the benefits? Bank fees are an irrelevance next to an unsubsidized, globally consistent price for
bank debt that reflects actual credit risk. That provides a level playing field and helps stop firms funding marginal
projects and acquisitions that destroy shareholder value. It also forces treasurers to look at capital markets and
better working capital management. Regulation creates environments in which best practice is not a hindrance
to expansion, notably in those very emerging markets where locals have had an advantage because they do
not have to play ‘fair’. More generally, increased regulation creates the stability and certainty MNCs need to
compete on equal terms globally.
11:40 Taxing times for treasurers
Treasury is in the spotlight – and for the wrong reasons. The legitimate use of complex tax mitigation structures
(looks bad and) annoys customers and governments at a time of economic hardship in many parts of the world,
and in particular at home. Many corporates are structured for tax reasons instead of to match real business
needs and objectives; operation requirements subjugated to central finance dictat. This is not how successful
businesses grow in today’s new environment; it could be how mature businesses decay. And frankly, treasury,
along with their tax and finance colleagues, will have to adapt to much harsher examination because this
issue is not going to go away. Long accepted practices will be outlawed. A period of uncertainty will disrupt the
finance function as tax authorities respond and fight for their share of the companies’ global tax revenues. In
this session, an expert in tax will talk about the very real reforms coming your way and what it will mean for the
business long term.

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

12:20 Conference ends – Please join us for lunch



Viernes 16 Mayo 2014

Hora de innovar y agregar valor

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09:00 Usted es el futuro: Hora de agregar valor a través de la innovación
Este orador proporciona información para personas inspiradoras, que lideran grandes equipos y que son el
catalizador para crear soluciones innovadoras que establecen nuevos límites para el cambio. Tiene un amplia
experiencia de liderazgo y ofrece las mejores herramientas para usar el networking, los datos y la investigación
para impulsar la productividad. ¿Cómo liderar grandes equipos, inspirar la creatividad y motivar utilizando
soluciones innovadoras que produzcan resultados efectivos y establezcan nuevos límites? ¿Qué innovaciones
pueden proporcionar resultados estratégicos en el Siglo XXI?
09:40 Hora de cuestionar sus estrategias de inversión y beneficiarse de un entorno cambiante
¿Cuál es su excusa para no actuar? El temor a la escasez de financiamiento y asuntos fiscales han llevado a
la acumulación de cash a niveles extremos. La aversión al riesgo ha concentrado ese cash en instrumentos
y depósitos de corto plazo y renta fija. Pero llego la hora de reevaluar. Las tasas de interés reales son bajas
o negativas, la flexibilización cuantitativa llegará a su fin y los cambios regulatorios están transformando
el mercado de productos de cash. Todo esto significa que los tesoreros deben revisar sus lineamientos y
evaluar sus opciones en términos de rendimiento, riesgo y productos. Las estrategias para regimentar el cash
deben ser rescritas pues las opciones que las respaldaban no estarán allí. Conozca como las empresas están
desempolvando las políticas de inversión y buscando la forma en que la regulación pueda llevar a la innovación
de nuevos productos.
10:20 Receso para el refrigerio
11:00 Hora de encontrar el lado bueno de la regulación
Regulación significa costos elevados y menos oportunidades – pregunte a cualquier tesorero. La regulación
bancaria ha incrementado los costos de honorarios y prestamos. Las leyes de responsabilidad social empresarial
sobre el medio ambiente, empleo y prácticas corruptas harán más complicados los negocios en los nuevos
mercados en crecimiento. FATCA, SEPA y otros desarrollos están reescribiendo las reglas de cómo los bancos
proveen servicios internacionales. Dodd Frank, Basilea III y EMIR son potencialmente costosos para su
negocio. Pero, ¿cuáles son los beneficios? Los honorarios bancarios son irrelevantes comparados con el precio
no subsidiado y consistente a nivel mundial, de la deuda bancaria que refleja el riesgo de crédito real. Eso
proporciona una igualdad de condiciones que ayuda a frenar el financiamiento de proyectos marginales y
adquisiciones que destruyen el valor para el accionista. También obliga a los tesoreros a mirar hacia los mercados
capitales y mejorar su gestión de capital de trabajo. La regulación crea entornos donde las mejores prácticas
no presentan un obstáculo a la expansión, principalmente en esos mercados emergentes donde los locales han
tenido ventaja porque no han tenido que jugar “limpio”. En general, una mayor regulación crea la estabilidad y
seguridad que necesitan las empresas multinacionales para competir en igualdad de condiciones a nivel global.
11:40 Hora de repensar su estructura fiscal
La tesorería esta en la mira – pero por las razones equivocadas. El uso legítimo de estructuras para mitigar
impuestos (se ve mal y) molesta a clientes y gobiernos en un momento de dificultades económicas en muchas
partes del mundo y, particularmente, en casa. Muchas empresas están estructuradas por razones fiscales en
vez de alinearse a las necesidades reales de su negocio y sus objetivos; requisitos operativos subyugados al
dictado del centro financiero. Esta no es la forma en que empresas exitosas crecen en el ambiente de hoy; puede
ser la forma en que empresas maduras decaen. Francamente, la tesorería, junto con sus colegas de impuestos
y finanzas, tendrá que acostumbrarse a un examen más riguroso ya que esto no va a desaparecer. Prácticas que
eran aceptadas desde hace mucho tiempo, serán prohibidas. Un período de incertidumbre perturbará la función
financiera mientras las autoridades fiscales responden y luchan por su porción de los ingresos fiscales globales
de las empresas. En esta sesión, un experto fiscal hablará sobre las reformas que están en camino y lo que
representan para su negocio en el largo plazo.

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

12:20 Cierre de la conferencia – Almuerzo


DAY 1 | Stream 1


Time to turbo-charge the treasury

Practical case studies that use small tweaks to make a major difference to efficiency in treasury.

14:00 Keep vigilant on counterparty risk
The further we’ve moved away from Lehman Brothers, the more remote counterparty risk has seemed. But at
the same time, governments have edged away from guarantees to protect bondholders and depositors (look at
Cyprus) and their ability to effect further bailouts has been eroded as debt ratios rise. Many of Europe’s banks
are in trouble. In China a credit crisis may loom. The economic slowdown and political instability have raised
risks in other emerging markets. Counterparty risk is here to stay. What are the most sophisticated and proactive
treasurers doing about it?
14:40 Work on working capital: It should be in your DNA
The recession was good for working capital. Pressure on the top line renewed your focus on the basics: collection
times, payment terms and inventory levels. As usual though, as business has picked up, working capital metrics
start to deteriorate. The question is what can treasurers do about it? Most of the key decisions that affect
working capital are taken outside treasury by departments that may be incentivized to breach treasury-imposed
guidelines even if they exist. Procurement may not care about payment terms. Sales people will always try to
maximize revenues and keep customers happy. And few treasurers have any say in the inventory chain. But
there’s no mystery in working capital: if companies really care about it, they need incentivization schemes based
on its metrics.
16:00 Concentrate on cash visibility
Achieving cross-border cash visibility is the pursuit of the possible, not the chase for perfection. Global sweeps
can pool at least 35 currencies across 50 countries - covering 90% of most MNC business. The core building
blocks of a robust system are shared service centers (SSCs), hedging and trading visibility through platforms, and
the integration of these via a treasury workstation or an ERP system. The latest corporate suite is a flexible and
efficient route to centralization. SSCs or regional treasury platforms, along with payment/collection factories,
maximize cash visibility, again especially in difficult markets in which you have multiple in-country banks. And
integration into a central window is the final element, giving easy access to data and an opportunity to apply
additional analytics. This company’s cash dashboard gives it real-time visibility across its global operations.
These are the steps they took to get there.

Guy Simons, Assistant Treasurer, TRW Automotive, USA

16:40 Turn the tide on receivables
It’s fashionable in today’s allegedly ‘polycentric’ world to debate the need for centralization. In a globalized
world, in which regional treasuries oversee large and growing cash flows, shouldn’t local operations be entrusted
with more power to operate as they see fit? This is a false dichotomy: efficient payments and collections mean
automation, standardization and centralization. Yes, regional payment/collection factories can contribute,
but the standards and systems of the center create information and analytics that can be fed back to regional
centers, giving them the tools they need to achieve the autonomy they require. This company, by understanding
best practice and by clearly defining success, has created a clearly competent approach to receivables.
17:20 Adjourn to Treasury Networking Reception


DAY 1 | Stream 2


Time to future proof your treasury

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

14:00 Embrace the culture of change
So treasury is rocket science! It’s a process of continuous, incremental improvement, punctuated by occasional
leaps in technology or environment. The best companies don’t look for paradigm shifts in every blip in revenues
or spike in DPOs. Nor are they seduced by every claim of technological innovation. Instead, they question their
assumptions, review their objectives and analyze where change can bring about material increases in efficiency,
productivity and customer experience. These companies tend to be large, rich and well-staffed, but it pays to
watch where they choose to focus resources. That’s why this treasurer’s latest plans are worth hearing and how
the treasurer manages the challenge of change.
14:40 After the deadline: Use SEPA as a springboard for change
Treasurers for whom SEPA compliance is a necessity should by now have completed their compliance projects.
It’s one of those topics that has been seen as a chore best left to the regional treasury in most instances to
implement. However, more foresighted treasurers are using SEPA as a catalyst for broader changes that benefit
the business: master data upgrades, bank account rationalization, better CRM and the replacement of paper and
manual processes with electronic. This company has used SEPA to go beyond simple compliance as recognition
of the wider upgrade possibilities persuaded them to take a closer look. Here the treasurer explains the thinking
and the results.
16:00 Reappraise the renminbi: (Your competitors are)
The sharp slowdown in China’s growth and fears of a more serious reversal if interest rates or inflation rise, may
have persuaded treasurers without dedicated offshore renminbi infrastructure to wait and see. It’s also true that
the regulatory landscape is extremely fluid; making it possibly expensive to invest heavily until further activities
are definitively authorized. However, a robust plan for future renminbi integration should be part of any MNC’s
treasury agenda. Renminbi trade settlement is real and can improve the bottom line. Cross-border sweeping
will develop beyond the pilot stage, payment factories and other common treasury structures will become much
easier. Take a look at what some companies are doing in RMB to reduce costs, increase efficiency and improve
their competitiveness in China.

For program and speaker updates, visit


DAY 1 | Stream 3


Time to revisit Latin America

Doing business in an environment of constant change with few solutions.

14:00 Challenge what you think about Latin America
What’s your forecast for Latin America? Are there any bellwethers you can refer to for guidance? The region
faces the problem of slowing growth and uncertain global conditions. Does a slowdown that’s been worse than
expected simply reflect problems elsewhere or is this a decrease in long-term potential? The region is still highly
influenced by US monetary policy and America is not yet fully functioning. Asia’s future is also intimately linked
to LATAM’s, particularly China where growth has also slowed. The Pacific Alliance, signed by Mexico, Colombia,
Peru and Chile has created a trade block to strengthen the bonds with Asia and simultaneously to compete
better with them. These economies are among the most open in the region but there are still challenges such as
poverty, security and corruption. Here’s an expert economist’s take on the region.
14:40 Overcome the increasing volatility
Latam business for many American companies is such a small percentage of global turnover that a treasurer
could be forgiven for avoiding hedging in the region. And yet, the treasury role is to protect. Latam countries, like
many Asian ones closely linked with the dollar, saw their currencies slide last summer when the Fed indicated
QE tapering was on its way. While a reprieve followed swiftly, it was a reminder about currency volatility in the
region and that treasurers have to remain ever vigilant. What are corporate strategies for protecting against
currency movements in the region? Are companies hedging or not hedging? What advice can they offer against
market volatility if any?
16:00 Optimize cash and liquidity in the region
Governments may come and go and economic fortunes change but the wider landscape for cash and treasury
management in Latam remains a challenge. Rules and regulations are still complex. Tax is still a hurdle. Many
companies end up with country by country solutions that carry no negotiating power in terms of bank costs and
credit discussions; they also lose standardization and visibility objectives for the business. Banks active in the
region, alongside companies that are invested heavily or contemplating new projects, will talk about their cash
and liquidity requirements and the changing solutions they are employing. Is technology and modernization
within the banks helping companies do new things? How do they deal with trapped cash and unlock working
capital? What are solutions that treasury employs to either enhance yield or optimize existing liquidity there?
What are the best mechanisms to move cash? What makes most sense given tax and regulatory hurdles? What
about counterparty risk and wider risk management issues for Latin America?

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


Día 1 | Sección 3

Miércoles 14 Mayo 2014
Tradu
cción
al espa
ñol

Hora de repensar Latinoamérica

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

14:00 Cuestione sus conceptos acerca de América Latina
¿Cuáles son sus predicciones para América Latina?, ¿hay indicadores a los que pueda hacer referencia a modo
de orientación? La región enfrenta el problema de la desaceleración del crecimiento y las condiciones globales
de incertidumbre. Su desaceleración peor de lo esperada ¿es simplemente un reflejo de problemas en otros
lugares o se trata de una disminución en el potencial a largo plazo? La región continúa estando muy influenciada
por la política monetaria de EE.UU. y América aún no está en pleno funcionamiento. El futuro de Asia también
está íntimamente ligado a América Latina, particularmente al de China, donde también se ha desacelerado el
crecimiento. La Alianza del Pacífico, firmada por México, Colombia, Perú y Chile ha creado un bloque comercial
para fortalecer los vínculos con Asia y también para competir mejor con ella. Estas economías se encuentran
entre las más abiertas de la región, pero todavía enfrentan desafíos tales como la pobreza, la inseguridad y la
corrupción. He aquí un experto economista dando una visión de la región.
14:40 Supere la creciente volatilidad
Los negocios en Latinoamérica son un porcentaje tan pequeño de la facturación global de muchas empresas
americanas que se podría perdonar al tesorero por no cubrir divisas en la región. Y, sin embargo, el rol de la
tesorería es proteger. Los países Latinoamericanos, como muchos asiáticos que están también íntimamente
ligados al dólar, vieron sus divisas devaluarse el verano pasado cuando la Fed indicó que una reducción de QE
estaba en camino. Si bien rápidamente siguió un respiro, fue un recuerdo de la volatilidad monetaria en la región
y de que los tesoreros han de permanecer siempre alerta. ¿Cuáles son las estrategias corporativas para cubrir los
movimientos de divisas en la región? ¿Están las empresas cubriéndose o no? ¿Qué consejos pueden ofrecer frente
a la volatilidad del mercado?
16:00 Optimice efectivo y liquidez en la región
Los gobiernos van y vienen y las fortunas económicas cambian, pero el panorama general de gestión de tesorería
y cash en Latinoamérica sigue siendo un desafío. Las normas y regulaciones continúan siendo complejas. Los
marcos fiscales siguen siendo un obstáculo. Muchas empresas terminan adoptando soluciones país por país,
perdiendo poder de negociación en términos de costos bancarios y crédito así como los objetivos de estandarización
y visibilidad para el negocio. Bancos activos junto a empresas con inversiones fuertes o que están evaluando
nuevos proyectos en la región, hablarán acerca de sus necesidades de efectivo y liquidez y las soluciones que
están empleando. ¿Está la tecnología y la modernización de los bancos ayudando a las empresas a hacer cosas
nuevas? ¿Cómo manejan cash atrapado y desbloquean capital circulante? ¿Cuáles son las soluciones que emplea
la tesorería, ya sea para aumentar el rendimiento u optimizar la liquidez existente? ¿Cuáles son los mejores
mecanismos para mover cash? ¿Qué tiene más sentido dadas las trabas impositivas y regulatorias? ¿Qué pasa con
el riesgo de la contraparte y temas más amplios de la gestión de riesgos en América Latina?
17:20 Cocktail de recepción y networking para profesionales de tesorería

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

DAY 1 | Stream 4


Time to reshape your liquidity and risk practices

Managing change at the heart of treasury operations.

14:00 Take a shortcut to enhanced liquidity
In an environment of change and uncertainty, despite recent optimism, a key mandate of treasury has been and
will continue to be internal liquidity. Technological changes, pressure from widespread regulation and entry into
new markets impact the ability to manage liquidity efficiently. Against this backdrop, this case study will look
at one company’s quest to enhance its liquidity by diversifying funding sources, streamlining operations and
implementing new structures, for example a move from notional pooling to an inhouse bank.
14:40 Build a smarter pool
Conventional wisdom has it that global pooling is now straightforward. Most of the countries and currencies
that make up global GDP – and your revenues – are covered. But is that true? And what about the countries that
will be tomorrow’s core markets? The BRICs are not easily integrated into a global cash pool, nor are the N11
(the next eleven). Even in the developed world, the recent focus on tax efficient structures may in the future have
unintended consequences for the intra-company lending structures which underpin pooling. So which important
growth markets are the pioneers of pooling bringing into their global cash concentration schemes and which
should be left alone? What practical steps can you take to ensure the efficiency of your pooling operation?
16:00 Forecast your new frontiers
Predicting cash generation, measuring sensitivities and tracking trends is treasury. Short-term cash flow
forecasting is the lifeblood of the company. Long-term CFF is a key determinant of optimal capital structure.
But until now, it’s been more art than science. Consolidated positions, updated weekly or monthly, have limited
explanatory power. The science of accurate prediction means understanding where cash is coming from and
how it is generated. It requires the ability to pick out meaningful patterns from the noise, to distinguish casual
relationships from meaningless correlations. For this, treasurers need unconsolidated positions reported as
often as possible. And that means lots of data and the tools with which to analyze it. This company’s investment
in new technology has transformed its forecasting function. Hear about the substantial savings in working
capital, funding costs and the inventory and manufacturing cycle.
16:40 Persuade and mentor your suppliers
If supply chain finance were easy to implement, many more corporates would have done so. There are a host of
issues from onboarding to ensuring your banks are not just grabbing at the big ticket suppliers but are supporting
you all the way down the chain. The benefits are clear: the supply chain is a significant source of working capital.
But it is also a significant repository of risk and cost. So how to solve? Suppliers need help understanding and
implementing supplier finance programs. What are the practicalities? How do the various types of guarantee
and trade financing work? If larger MNCs really want the benefits of a sophisticated SCF program, then they
must take the time to educate their own suppliers and, if necessary, provide them with the tools and resources
they need. How can your bank help? This company shows how it was able to unroll and expand its SCF program
across markets.



DAY 1 | Stream 5


Time to focus on treasury transformation

Transformations that make a difference.

14:00 Get one step closer to the CFO
Small tweaks in the treasury are the day to day necessity of operations. But strategy is a much more elusive
role to grasp. The crisis may have turned the spotlight to safeguarding cash and liquidity and managing the
risks tied up in that process, but where next for treasury? How far into business can treasury influence? Can it
really contribute to identifying and exploiting new market opportunities? How does today’s treasurer in search
of a bigger role work with the CFO? This treasurer’s focus on the top line has transformed the treasury function
ensuring it contributes directly to business growth.
14:40 How treasury drives business transformation
Treasury transformation is about processes, protocols, message formats – details that boards take for granted.
True business transformation is radical, strategic change across an entire organization to ensure sustainable
success. And the true importance of treasury is that it is at the heart of the latter. This company believed that a
fundamental re-shaping of its sector would give it an opportunity to grow from domestic retailer to worldwide
enterprise. At the center of the investment program, acquisition process and business process re-engineering
was treasury. So how did treasury help drive this reinvention? And how has that process changed the nature of
the company’s treasury?
16:00 When treasury met financial planning
Can treasury influence or drive strategy when it comes to financial planning and analysis (FPA)? Treasury has
to work in lockstep with FPA and be a strong partner to many aspects of the business. How closely do you
work with the FPA team to integrate forecasting processes with the strategic plan? The planning process,
how scenarios relate to outcomes such as borrowing and cash flow all need to be integrated. What is the role
of treasury data and how does that play into the FPA process? When economic or market swings occur or
forecasts don’t pan out, how does the team respond?
16:40 Unravel the standard and put it to work: ISO20022
Making electronic payments is annoying. Archaic formats, inflexible and unintelligent inputs and
incompatibilities persist for companies managing multiple banks. ISO20022 is supposed to solve many of the
problems. Messages are easily linked to business components. Mappings are straightforward and replicable.
Message creation is more straightforward. Key markets around the world are implementing these messaging
standards and European companies are embracing it. The US and its companies lag. Why? There are plenty of
examples as to how standards can reduce costs and simplify process. When this company wanted to upgrade the
company’s payments infrastructure, ISO20022 was at the core of the development process, as was XML. Why
did it revise its payments processes and why has ISO20022 made such a significant difference?


DAY 2 | Stream 1


Time to turbo-charge the treasury

Practical case studies that use small tweaks to make a major difference to efficiency in treasury.

14:00 Pay attention to global developments in payments
Coping with changes in the global payments environment requires a degree of double think. As companies seek
growth in emerging markets, they are forced up against the constraints of local banking and legal systems.
Understanding how to satisfy customer requirements as well as internal processes within these constraints
is a full-time job. However, at the same time, most global businesses also wear a developed market hat. Here
SEPA compliance and the improvement of payment factories are key projects to be evaluated or executed. These
challenges are entirely different in nature: their PL impact is initially negative or opaque and getting budget can
be a hard sell. So how are global treasuries coping with the increasing divergence between the needs of different
businesses? How can one model fit divergent markets? Here’s a company which has a sound global approach.
14:40 Don’t give up on eBam but start without it?
The aims of eBam are unarguable and the benefits, in terms of automation, standardization and counterparty
risk management, are extremely desirable. However, the sheer length of time we’ve all been waiting now means
that treasurers’ skepticism is understandable. One answer is to keep an eye on the latest pilot schemes and
SWIFT initiatives while exploring the alternatives. This treasurer looks at what companies can achieve while
they wait for the full solution. Many of the key benefits promised by eBam can be implemented through your
relationship banks, so which banks offer electronic bank opening and management? How can existing digital
signature/key initiatives be used with these services? To what extent can treasurers assemble the core eBam
suite from these elements? This treasurer shows the score.
16:00 Find your connectivity solution
Sometimes the most obvious solutions really are the best. For most corporates, unable to maintain continuous
investment in fundamental infrastructure, SWIFT Corporate Services are a cost- and time-effective path to
next generation connectivity. Alliance Lite, Trade for Corporates, Trade Services Utility, e-invoicing and 3S
Key combine to create the foundations of a treasury platform that covers everything from cash visibility to
counterparty risk. Along with new initiatives, like bank payment obligations, which look ready to transform
financial supply chains, SWIFT is becoming an indispensable part of global corporate treasury. It’s affordable,
gives bank agnosticity and is adding enhancements that companies want. Why not? Here’s a case study that
shows the benefits of all the developments.
16:40 Take the fight to the fraudsters
Too many treasurers still view fraud as a low-frequency low-value problem. For many it still is, however, as
business models migrate to the web and to mass customer direct sales, the scope for catastrophic business
interruption increases dramatically. The theft of CRM data can shut down your business and destroy your
reputation. The hacking of your websites or social network presence can do the same. And as treasury embraces
mobile and the web, new windows into companies’ most important financial processes are opened. So how do
treasurers understand these new risks and how easily their systems and procedures can be compromised? What
new structural changes are needed to maintain operational integrity?


DAY 2 | Stream 2


Time to future proof your treasury

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

14:00 Be an expert integrator: Seamless treasury post-MA
Merging and integrating treasuries is, for many, a one-off opportunity to upgrade. However, they also provide
treasurers with plenty of chances to fail. Whether dealing with a spin-off or an acquisition, these types of
transactions create basic issues of business continuity and lay bare systems and processes that have evolved
over years. Treasurers must keep the business working while simultaneously rebuilding a new treasury operation
from the pieces of the old. This company has gone through multiple acquisitions and explains how it integrates,
using the process as a catalyst for change.

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

14:40 Persuade them of your value: Take metrics seriously
Treasury’s enthusiasm for measuring the performance of others has never been matched by keenness to
measuring itself, partly because it is extremely difficult to develop meaningful metrics. While others may be
easy to reduce to numbers, there are what may look like insurmountable problems in measuring treasury’s
contribution. Outside a handful of global giants, what progress has been made in developing a consistent set of
KPIs that can be cheaply implemented and which accurately reflect the performance of the finance function? Has
any combination of metrics been used to incentivize treasurers successfully? This company believes that it has
done so and explains how and what they’ve learned.
16:00 Use regulation to beat the competition
It’s easy to lose sight of strategic objectives and important business trends in the blizzard of regulatory
changes. MNCs used to operating in a handful of developed markets today face a minefield of legislative opacity
and fluidity, especially in high-growth countries. But instead of dwelling passively on the negative, the best
treasurers can use regulatory change as a competitive tool. Tax changes can transform business lines and
operational structures. Changes to the treatment of dividends or intra-company loans can release trapped cash
and investment opportunities. Technical tweaks can open up currencies for funding, hedging or integration into
global cash management schemes. How do you keep ahead of the regulatory game?
16:40 Revitalize your SSC
The business case for a shared service center starts with the cost savings and most companies have embraced
some form of SSC. Success is judged on whether costs have been saved. Later companies come to value the
SSC’s contribution to standardization and efficiency more generally. But after that, how can you use your SSCs
not just to wring costs from processes but to contribute to strategic treasury? One answer is to add treasury
management, financial planning and analytics to create a resource for the business as a whole. And some
companies are going even further: giving the executives in charge a global title and metrics. With the strategic
importance of the SSC increasing, how does evolving SSC functionality mesh with treasury? What are the pros
and cons for global MNCs?



DAY 2 | Stream 3

Time to revisit Latin America


Doing business in an environment of constant change with few solutions.

14:00 Understand the devil in the detail: Regional cash pooling?
The number of currencies in Latam, the FX restrictions in some countries and withholding tax implications
of intercompany lending, make cash pooling difficult to implement. However, there are ways of optimizing
liquidity. Companies use local cash pools in countries with more flexible regulations, or sometimes set up an in
house bank, concentrating the account in locations outside of the region. Tax and treasury have to work closely
to determine domicile and ownership of the pool header, legal entity and country participation. Bank partners
and overall account structures are key considerations too. We look at one case study in detail, looking at the
requirements in different countries.
14:40 Colombia: Building on a better future
Colombia is working hard to leave behind its colorful past. Instead it is looking to build a future of peace with
sustainable, egalitarian economic development. Strong fundamentals and political stability combined with policies
to improve the business environment, a central location and an attractive internal market have made Colombia
a sought after destination for investors and businesses alike. However, treasurers operating there must be aware
of tax and foreign exchange regulations. Central bank requirements on cross border fund movement coupled with
bank transaction taxes can make cash pooling near impossible. Payment to foreign suppliers and getting decent
exchange rates are not easy in an environment of high volatility and heavily penalized foreign exchange regulation.
Join this session to hear about best practices and opportunities in Colombia.
16:00 Overcoming the challenges: Argentina and Venezuela in the spotlight
Argentina and Venezuela are both in economic turmoil. For Argentina there’s political crises, dwindling FX
reserves, balance of trade problems and unrest. For Venezuela it’s also inflation, capital and foreign exchange
controls, consumer goods shortages and corruption. Against this background we look at how companies
are operating in both countries. Do they expect measures that might bring back confidence to investors? Will
exchange controls be relaxed to promote investment and new growth? What treasury and cash structures do
companies use in Argentina? In Venezuela CADIVI, then SITME (Foreign Currency Bond Trading System) and
finally SICAD (Complementary System for the Administration of Foreign Currency), the mechanisms to obtain
dollars have failed to prevent the black market from growing and determining its own rate. How do you manage
cash in these conditions? How are treasuries dealing with trapped cash and fund repatriation? We give an update
on market conditions, regulations and an outlook for the future.
16:40 Brazil: From froth to reality
Brazil has been the foreign investor’s darling of recent years. Yet today it is a risk. The size of the country
means its fortunes impact the entire region. Tax breaks and a weak economy have continued to undermine the
fiscal position. Inflation is high and there is growing discontent among the population. Red tape and a super
complex tax regime are as pervasive as ever. In the face of the world economy’s changing conditions, Brazil has
two challenges: to adapt to the changing world while at the same time make structural reforms, eliminating
investment barriers. In the meantime, as a treasurer, you need to navigate Brazil’s challenging and often
confusing regulatory and tax system. What is the most efficient way to manage cash and treasury in Brazil? Hear
the outlook for the future alongside the view from a company that is managing well there.

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

17:20 Adjourn to Day 3


Día 2 | Sección 3

Jueves 15 Mayo 2014
Tradu
cción
al espa
ñol

Hora de repensar Latinoamérica

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

14:00 Comprenda el diablo escondido en los detalles: ¿cash pooling regional?
El número de divisas en Latinoamérica, las restricciones cambiarias en algunos países y las implicaciones del
impuesto de retención en los préstamos intercompañía, hacen difícil la implementación del cash pooling. Sin
embargo, hay formas de optimizar liquidez. Las empresas utilizan cash pools locales en países con marcos
regulatorios más flexibles, o, a veces crean in house banks, concentrando la cuenta fuera de la región. El
departamento de impuestos y la tesorería tienen que trabajar en estrecha colaboración para determinar el
domicilio y titularidad de la cuenta cabecera del pool, su entidad legal y participación de los países. Los partners
bancarios y las estructuras generales de las cuentas son también consideraciones importantes. Vemos un
estudio de caso en detalle y los requisitos de los diferentes países.
14:40 Colombia: Construyendo un futuro mejor
Colombia está trabajando duro para dejar atrás su pintoresco pasado. En su lugar, está tratando de construir
un futuro de paz, con un desarrollo económico sostenible e igualitario. Los sólidos fundamentos económicos
y la estabilidad política combinados con normas destinadas a mejorar el entorno de negocios, su ubicación
central y un mercado interno atractivo han hecho de Colombia un codiciado destino tanto para inversores como
para empresas. Sin embargo, los tesoreros que trabajan allí deben ser conscientes de las regulaciones fiscales
y cambiarias. Los requisitos del Banco Central sobre el movimiento de fondos transfronterizos unido a los
impuestos sobre las transacciones bancarias pueden hacer casi imposible el cash pooling. Pagar a proveedores
extranjeros y obtener el mejor tipo de cambio no es fácil en un entorno de alta volatilidad y un marco regulatorio
cambiario restrictivo. Participe en esta sesión para conocer las mejores prácticas y oportunidades en Colombia.
16:00 Supere los desafíos: Argentina y Venezuela en la mira
Argentina y Venezuela atraviesan una tormenta económica. En Argentina hay crisis política, fuerte disminución
de las reservas, problemas de la balanza comercial y descontento social. En Venezuela también hay alta
inflación, controles de capital y cambiarios, escasez de bienes de consumo y corrupción. En estas circunstancias,
escuchamos como las empresas están operando en ambos países. ¿Se esperan medidas que puedan devolver la
confianza a los inversores? ¿Se flexibilizarán los controles de cambio para promover la inversión y el crecimiento
de nuevo? ¿Qué estructuras de tesorería y liquidez usan las empresas en Argentina? En Venezuela CADIVI,
y a continuación SITME (Sistema de Transacciones con Títulos en Moneda Extranjera) y finalmente SICAD
(Sistema Complementario de Administración de Divisas), los mecanismos para la obtención de dólares, no han
logrado impedir el crecimiento del mercado paralelo y su propio tipo de cambio. ¿Cómo gestionar la liquidez
en estas condiciones? ¿Cómo manejan las tesorerías la repatriación de fondos y el cash atrapado? Damos una
actualización de las condiciones de mercado, normativas y perspectivas para el futuro.
16:40 Brasil: De vuelta a la realidad
En los últimos años, Brasil había sido la niña bonita de los inversores extranjeros. Sin embargo, hoy en día es un
riesgo. El tamaño del país significa que su fortuna afecta a toda la región. Las exenciones fiscales y una economía
débil han seguido socavando la posición fiscal. La inflación es elevada y hay un creciente descontento entre la
población. Sigue prevaleciendo una gran burocracia combinada con un régimen impositivo complejo. En vista de
las condiciones cambiantes de la economía mundial, Brasil tiene dos retos: adaptarse a este mundo cambiante
y realizar reformas estructurales, eliminando las barreras a la inversión. Mientras tanto, como tesorero, usted
necesita navegar por el desafiante y frecuentemente confuso sistema regulatorio y fiscal de Brasil. ¿Cuál es la
forma más eficiente de gestionar la liquidez y tesorería en Brasil? Conozca las perspectivas para el futuro junto a
una empresa que está consiguiendo buenos resultados allí.

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

17:20 Pasar al Día 3

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

DAY 2 | Stream 4


Time to reshape your liquidity and risk practices

Managing change at the heart of treasury operations.

14:00 Rate rises will require vigilance
We live in a world of low, stable interest rates. Or do we? At some point the cycle will change, rates will go up and
companies will need to be prepared to change policy on interest rate risk management. Is it possible to plan ahead?
What are the tools in today’s environment and how do companies employ these to achieve strategy and policy
objectives? This company will show how it is planning ahead and ready for sudden and unexpected changes. It will
point out key signals in the market which indicate coming change and how they approach that change.
14:40 Focus on best risk management in practice
In most areas of treasury, the path to improvement is reasonably clear. Not so in risk management. But at the same
time you need to get down to analyzing all that new data. Need to better mitigate risk? Sure. But how, with the
same old products? And what about automation? How much of risk management in the treasury can go technical?
Does it make sense? And how does it work in practice? There isn’t even broad agreement on the metrics of risk
management let alone its overall impact on the PL. What is clear is that macroeconomic instability, combined
with corporates’ need to push into new markets, is exposing treasurers to higher levels of all types of financial and
operational risk. So what are the best treasuries doing and what can you learn from them?
16:00 Take your card program global
Commercial card programs are becoming an important tool in cash management. There are plenty of reasons
to take those advantages and roll them out elsewhere in the world. Cards can help improve working capital
efficiency and help you manage your spending and push the bottom line and the spend data that comes out of
card programs can be a real strategic tool. The best commercial card implementations ensure a single source of
accountability, enhanced reporting functionality and standardization. They also create better capital visibility
and defined spend metrics. How is it possible to look at a global implementation? What are the pros and cons?
Can you use the same sophisticated management information systems to identify key suppliers globally, use
purchasing data to negotiate better deals and hold onto your cash for longer? This corporate shows how it took
its program global and uses the data to track the bigger trends.

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

16:40 Get to the bottom of FX exposures
After liquidity, FX risk is often the treasurers’ number one concern. Hedging instruments and techniques have
remained little changed for years. What’s new is the possibility of access to the data required to create truly
tailored hedge programs. Understanding FX exposures is fundamental to hedging, but until now companies
have only had broad-brush, historical information. This is why they have tended to use unsophisticated forward
hedges of simple exposure. With the levels of granularity now achieved by centralized treasuries, much more
detailed analysis of FX sensitivities is available, giving treasurers and their boards many more choices in hedging
strategy. So what differences has this bought about in FX risk best practice? Which types of data have proved
most useful in revealing key exposures? And what tools are being developed to fine-tune FX risk management?
How much is regulation playing a role?


Pre-conference training

Tuesday 13 May 2014

Tax in Brazil

Corporate Risk Management

08:30-17:30

08:30-17:30

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

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

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

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

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

n understanding of the different types
A

of corporate tax and the impact on treasury.
ips to reduce tax costs and mitigate risk
T
initiatives that can optimise cash flow
Tax
ow to work better with your tax department
H
he impact of tax on funding and reporting
T
View the full agenda:

www.eurofinance.com/taxbrazil

What will you learn?

isk management framework in treasury
R

Foreign exchange risks
anaging FX transaction costs
M

Interest rate risk
redit risks
C
ffective risk management
E
View the full agenda:

www.eurofinance.com/crm

Our tutors use a mix of teaching methods including lectures, real-life case studies
and group exercises to provide you with practical skills and knowledge that can
immediately be applied upon your return to the office.
What our training delegates say...
“A very rewarding and well-balanced course with a very competent tutor.”
“The course fulfilled my needs, providing the bigger picture on cash management,
helping me understand the business needs and the rationale behind them.”
“Complex concepts were communicated in simple terms with good examples.”
“You inspired me to revisit old truths and to evaluate new solutions.”
“The tutor was energetic, engaging and knowledgeable. The best tutor I have had!”
“EuroFinance’s course was key to our successful implementation.”


Sponsors, exhibitors and partners

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

Official sponsor
Banco Santander is a retail and commercial bank, based in Spain, with a
presence in 10 main markets. Santander is the largest bank in the euro
zone by market capitalization. Founded in 1857, Santander had EUR 1.24
trillion in managed funds, 103 million customers, 13,927 branches – more
than any other international bank – and 182,958 employees at the close
of 2013. It is the largest financial group in Spain and Latin America. It also
has significant positions in the United Kingdom, Portugal, Germany, Poland
and the northeast United States. Santander registered EUR 4.37 billion in
attributable profit in 2013, an increase of 90% from the previous year.
Santander Global Banking Markets is the global business unit responsible
for satisfying customers’ needs which, because of their size, complexity and
sophistication, require tailored wholesale services or products of higher
value-added.


Official sponsor
As close as you need, as far as you go
BBVA is a global financial services group with approximately €607 billion in
total assets, 50 million clients, 7.688 branches and 113,293 employees in 31
countries. The BBVA Group maintains a leadership position in Spain, Mexico
and Latin America as well as the Sunbelt region of the United States. BBVA has
also a relevant franchise in Asia and is present in the Turkish market.
BBVA’s suite of Cash Management services offers a broad range of world-class
solutions for Corporates and Institutions. In the Americas, our extensive
branch network covering 9 countries and our state of the art technology
enables us to offer the best local services together with global integrated
solutions. Thanks to our deep market knowledge and our growing position in
the US, BBVA has become a leading partner is Cash Management between US
and Latam markets.
www.bbva.com
Ignacio Escudero | Global Sales – International Transactional Services
ignacio.escudero@bbva.com
Annette Vivoni | Global Sales America – International Transactional Services
annette.vivoni@bbvany.com

Official sponsor
HSBC is one of the world’s largest banking and financial services
organisations. The Group’s network is comprised of 6,600 offices in 80
countries and territories in the Americas, Europe, Asia-Pacific, the Middle East
and North Africa. HSBC combines extensive global reach, notable financial
strength, and a long term commitment to our Commercial Banking and
Global Banking and Markets clients. We offer a wide array of global solutions
including Cash Management, Asset Management and Trade and Receivables
Finance services, from traditional to innovative e-enabled solutions, designed
to address the needs of our clients today, as well as in the future.
Jared Smith
Executive VP, Head of GBM Sales, US Payments Cash Management
jared.smith@us.hsbc.com
Dorothy Musho
Senior VP, Head of CMB Sales, US Payments Cash Management
dorothy.r.musho@us.hsbc.com
Jorge Gonzalez
Regional Head of PCM Sales, Latin America Payments Cash Management
jorge.gonzalez@hsbc.com.mx


Sponsors, exhibitors and partners

Official sponsor
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
walid.shuman@us.bnpparibas.com | T: +1 312 237 3338
Lise Gjertsen
lise.gjertsen@us.bnpparibas.com | T:+1 212 841 2296

Official sponsor
Global Transaction Banking within Deutsche Bank comprises commercial
banking products and services for corporations and financial institutions.
Business units include Cash Management, Trade Finance and Trust
Securities Services, offering domestic and cross-border payments, risk
mitigation for international trade, and the provision of trust, agency,
depositary and custody services.
Deutsche Asset Wealth Management is home to the full range of active,
passive, alternative and private wealth management functions of Deutsche
Bank. Few organizations can offer the depth of intellectual capital, expertise
and experience that Deutsche Asset Wealth Management provides to
financial professionals and investors. In a rapidly changing environment, we
deliver a comprehensive set of investment strategies and services, deep access
to world markets, prudent risk management and a culture of unwavering
integrity and excellence.
Amanda Stewart
Vice President, GTB Marketing Communications
Deutsche Bank, 60 Wall Street, Floor 26, New York, NY 10005, USA
amanda.stewart@db.com | T: +1 (212) 250 0084
Kevin Bannerton
Managing Director, Head of Americas Institutional Liquidity Management
DB Advisors, 345 Park Avenue, Floor 25, New York, NY, USA
kevin.bannerton@db.com | T: +1 (212) 454 0454


Exhibitors

Official lead global sponsor

Official publication

Official airline network

Media partners


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International Cash Treasury Management | Miami

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Tax in Brazil
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