Miami EuroFinance 2011

Plus!
Running concurrently, our
brand new two-day conference on
Treasury and Risk Strategies
for High-Growth Markets
23–24 May 2011
See pages 16-19 for the full agenda
Join the most senior
group of treasurers
from across the Americas...
EuroFinance’s 15th annual conference on
International Cash and Treasury Management
23–25 May 2011, Doral Golf Resort and Spa, Miami, USA
Speaker updates inside
¡Además! Su guía de la conferencia y las sesiones sobre Latinoamérica en español
Lea el contenido para obtener más detalles
Official lead sponsor Global sponsor Official sponsors

EuroFinance’s international conference will offer a fascinating look
at some of the main treasury trends unfolding in 2011 and beyond,
including how treasury will be impacted by new regulation and the
latest solutions to maximize the efficiency of your operations.
Join the most senior group of treasurers from across the Americas.
Be part of the community that decides the treasury agenda for the coming
years, determines the issues and guides the profession.
The sophistication, level of expertise and networking opportunities far
exceed any other event of its kind in the Americas.
This year, delegates to International Cash and Treasury Management, will have free
access to our inaugural conference on Treasury and Risk Strategies for High-Growth
Markets, running concurrently on days one and two. This brand new event will
look at operating more efficiently in China, India and other emerging economies
in order to get the best possible results for your business.
2011 program highlights
A look at the world in 2011/2012
Our annual global regulatory update
How to build a treasury that can cope with change
New banking models that you need to watch out for
Exploring treasury management in a world of volatility
Special three-day stream on cash and treasury management in Latin America
Hear how your competitors from emerging markets run their treasury operations
2
Leading speakers include
Agility
AkzoNobel
Aon
Bombardier
ConocoPhillips
Deutsche Post - DHL
Enbridge Inc
FMC Technologies
Fosbel Inc
Hollister Inc
And many more!
All new streams
Myth versus practice
How to achieve treasury reality with
the tools on hand.
Rewriting the treasury rulebook
Where treasury can be reengineered
and where to leave it alone.
Latin America
Tackling obstacles and barriers.
EuroFinance’s 15th annual conference on
International Cash and Treasury Management
23–25 May 2011, Doral Golf Resort and Spa, Miami, USA
The only treasury event in the Americas
with a truly international perspective
In-depth training
courses...
Choose from Advanced Cash Flow
and Corporate Risk Management
See page 13 for more information
www.eurofinance.com/miamitraining
Free ticket for your
co-worker
Worth up to US$2,545!
Pay to attend the International Cash and
Treasury Management conference and receive
one of the limited FREE tickets for the
Treasury and Risk Strategies for High-Growth
Markets conference for your co-worker –
worth up to US$2,545!
Simply register and pay, and our marketing
team will be in contact.
Please note - tickets are limited and will be given
on a first come, first served basis.
Register today to avoid disappointment.
James McGregor
Author: One Billion
Customers: Lessons From the
Front Lines of Doing Business
in China, Senior Counselor
APCO Worldwide
Daniel Franklin
Business Affairs Editor
The Economist, UK
Clifford Bennett
Chief Economist
Empire Economics,
Australia
Also hear from
Approved for up to 17 CTP/CCM
recertification credits by the Association
for Financial Professionals.

8:00am Registration, refreshments and exhibition opens
9.00am Chair’s welcome to the conference
9.10am The world in 2011-2012: Will the corporate mood remain uncertain?
10:00am The EuroFinance business confidence report
10:40am Refreshment Break
11:20am Controllables versus uncontrollables: Where treasury can manage
corporate expectations
12:10pm The uncontrollable elephant about to join the room
12:40pm Lunch
2:00pm Conference breaks into streams after lunch
Stream A Myth versus practice: Treasury realities PAGE 5
Day 2 Tuesday 24 May 2011 - Page 7
Conference sessions at a glance
Day 1 Monday 23 May 2011 - Page 4 Day 3 Wednesday 25 May 2011 - Page 10
2:00pm Global cash visibility: True or false?
3:00pm Swift for bank independence: Yes or no?
3:40pm Refreshment Break
4:20pm Cash flow forecasting: Getting what you really need?
5:00pm Regional treasury solutions: More difficult or less?
5:40pm Adjourn to Treasury Networking Reception sponsored by HSBC
Stream B Rewriting the treasury rulebook PAGE 5
2:00pm In the balance: Finding the appropriate capital structure
3:00pm Expanding treasury’s influence across the globe
4:20pm Time to try a new approach to investing
5:00pm Regional treasury centers: Building a case for the value of
treasury and getting a seat at the table
Stream C Latin America: Tackling obstacles and barriers PAGE 6
2:00pm What does best practice mean in Latin America?
3:00pm Global transformation, local application
3:40pm REFRESHMENT BREAK
4:20pm Bringing LatAm into Swift: A blueprint
5:00pm More effective hedging and risk management
Treasury Networking Reception sponsor
Conferencesessionsataglance
3
8:00am REFRESHMENTS AND EXHIBITION OPENS
8:50am Chair’s welcome to Day 2
9:00am Becoming competitive in a new world
9:40am Treasury evolution: Building for change?
10:30am REFRESHMENT BREAK
11:10am A new approach to treasury
12:30pm LUNCH
Stream A Myth versus practice: Treasury realities PAGE 8
2:00pm Global cash pools: Real or imaginary?
2:40pm EBAM: Empty promise or holy grail?
4:00pm Consistent global bank delivery: What’s standing in the way?
5:00pm SEPA: Toil and too much trouble for your European operations?
5:40pm Conference adjourns to Day 3
Stream B Rewriting the treasury rulebook PAGE 8
2:00pm A new look at working capital capability
2:40pm Funding considerations in the future
4:00pm Tax update: managing overseas liquidity
5:00pm Seeking new funding challenges
9:10am Lessons from the East
9:50am Curious about your new competitors?
11:00am Brazil Workshop
12:20pm LUNCH
2:00pm Conference closes
Stream C Latin America: Tackling obstacles and barriers PAGE 9
2:00pm RFPs in an environment of bank change
2:40pm Borderless best practice on payments and collections in
the Andean region
4:00pm Can any banks offer a pan-LatAm solution?
5:00pm Keeping the LatAm supply chain moving
EuroFinance launches its brand new
two-day conference on
Treasury and Risk Strategies for
High-Growth Markets
23-24 May 2011
(Running concurrently with the International
Cash and Treasury Management conference)
See pages 16–19 for the full agenda
New for 2011

8:00am Acreditación, refrigerios y apertura de la exposición
9.00am Discurso de bienvenida del presidente de la conferencia
Andrew Sawers, Editorial Director, EuroFinance
9.10am El mundo en 2011-2012: ¿El clima corporativo continuará siendo incierto?
Si hay algo de lo que no hay dudas es que la incertidumbre continúa prevaleciendo en el mundo. ¿Hasta cuándo seguirá
esto? Persiste la preocupación por la deuda soberana europea, los débiles indicadores económicos en otras economías
y recientemente, problemas en el medio Oriente que podrían desbaratar un crecimiento sostenido. Las regulaciones
están impactando de manera adversa en el sentimiento general ya que preocupa que la legislación estadounidense y
las regulaciones pendientes en la Unión Europea desalienten el crecimiento. Por primera vez en los 20 años de historia
de EuroFinance, los problemas económicos y políticos encabezan de manera consistente la agenda de los tesoreros
en nuestros numerosos programas de investigación. En esta sesión, le pedimos a varios economistas de renombre que
comenten acerca de la confianza empresarial en el sector corporativo americano.
Daniel Franklin, Business Affairs Editor, The Economist, UK
Stephen Boyle, Head of Group Economics, Royal Bank of Scotland, UK
10:00am La encuesta de confianza empresarial de EuroFinance
Del otro lado del Atlántico, sus colegas están bastante más deprimidos que usted y las empresas esperan más malas
noticias de los bancos, los mercados y países. A las corporaciones europeas les inquietan las continuas dificultades en las
condiciones bancarias y el miedo a la falta de crecimiento. Mientras tanto, sus pares en Asia, alentados por índices de
crecimiento más altos que lo esperado y un enfoque más laissez faire en relación a lo regulatorio, están muy ocupados
aprovechando de las oportunidades. Nadie sabe qué pasará en el Medio Oriente ¿Qué tienen para decir las compañías
americanas? Nuestro sondeo sobre niveles de confianza empresarial le permitirá a la audiencia expresar sus inquietudes y
comparar impresiones mediante una votación electrónica. Nuestros economistas y un panel de profesionales de tesorería
estarán allí para interpretar los resultados y ayudarlo a crear un barómetro de las preocupaciones en materia de tesorería.
Moderado por Andrew Sawers, Editorial Director, EuroFinance
10:40am Receso para refrigerio
11:20am Factores controlables vs. incontrolables: donde la tesorería puede administrar las
expectativas corporativas
Las compañías están todavía lidiando con las consecuencias de la crisis de 2007 y ponderando cuáles serán los próximos focos
de riesgo. La situación en Medio Oriente.ha generado una escalda en los precios del petróleo tras de varios años de volatilidad,
creando caos en las predicciones de tesorería. En el futuro, las regulaciones podrían también obstaculizar de manera significativa
las estrategias corporativas de riesgo. Los accionistas presionan a las compañías para que reduzcan sus reservas de efectivo
y las pongan a trabajar, pese a que las perspectivas a futuro de las inversiones y la economía siguen siendo inciertas. Riesgos
inesperados pueden surgir de innumerables maneras distintas. Como tesorero, hay poco que puede hacer con respecto a lo
“incontrolable” o a una tormenta perfecta de eventos altamente improbables que surge ocasionalmente a lo largo de los ciclos
económicos. Esta sesión analizará a las compañías que han padecido una oleada de factores incontrolables y la manera en que
lograron apuntalar a la tesorería, construyendo un entorno cómodo en relación a lo que puede y no puede controlar y cómo se
puede sobrevivir en tiempos en que los eventos imprevistos se vuelven verdaderamente desagradables. El mundo siempre tendrá
sorpresas, y las compañías deben estar listas para abordarlas a medida que aparecen. Así, la cuestión está en evitar las distracciones
y continuar con lo que la tesorería puede y debería estar haciendo. Presentamos tres excelentes casos para ilustrar cómo lograrlo.
Robert J. Novaria, Consultant and Former Global Treasury Services Director, BP, Warrenville, IL
Gerry Laderman, SVP Finance & Treasurer, United Airlines, Houston, TX
H. Keith Jennings, Vice President & Treasurer, Cameron, Houston, TX
12:10pm Un elefante incontrolable a punto de entrar en escena
El diablo está en los detalles, y eso es lo que todo el mundo está esperando, ya sea de parte de la legislación estadounidense
o de las próximas normativas de la Unión Europea o incluso otras reglas en construcción de mercados y jurisdicciones
alrededor del mundo. Es probable que éstas alteren el contexto de liquidez del mundo corporativo en Estados Unidos y más
allá. Algunos dicen que el impacto sobre los costos y recursos corporativos podría igualar al ocurrido con la introducción
de la Ley Sarbanes-Oxley en 2002. Esta sesión servirá para comprender las principales fuerzas que podrían influenciar y
remodelar su entorno comercial a medida que las ramificaciones normativas se vuelvan más claras el próximo año.
Barbara Frohn Verheij, Managing Director, Advisor to the CEO, Banco Santander, Spain
12:40pm Almuerzo
2:00pm La conferencia se divide en secciones después del almuerzo
5:40pm Receso para la Recepción de Networking para Profesionales
de Tesorería auspiciado por HSBC
Votación para
establecer
comparaciones
Panel
corporativo
Orador
principal
Orador experto
9.10am The world in 2011-2012: Will the corporate mood remain uncertain?
One thing is certain and that is the continued prevalence of uncertainty in the world. How long
will this persist? Worries remain over European sovereign debt, anemic economic indicators in
other economies and now troubles in the Middle East which could further derail a sustained
recovery. Regulation is also taking its toll on positive sentiment with companies worried that US
legislation and pending EU regulations will dampen growth. For the first time in EuroFinance’s
20-year history, economic and political woes are consistently topping the treasury agenda in our
numerous research programs. In this session we ask several renowned economists to discuss the
key developments in the global outlook for 2011-12. The panel will later be joined by treasury
professionals to discuss business confidence amongst America’s corporate sector.
Stephen Boyle, Head of Group Economics, Royal Bank of Scotland, UK
Across the pond, your professional peers are rather more depressed than you are, with companies
expecting further bad news from banks, markets and sovereigns. European corporations are
concerned with continuing difficult bank conditions and fears of no growth. Meanwhile, your
peers in Asia, buoyed by higher-than-expected growth rates and a more laissez faire approach
to regulation, are busily taking advantage of opportunities. It’s anyone’s guess about the Middle
East. What do American companies have to say? Our business confidence survey will allow the
Miami audience to air concerns and benchmark sentiment via electronic voting. Our economists
and a panel of treasury professionals will be on hand to interpret the results and help you build a
barometer of treasury concerns.
Moderated by Andrew Sawers, Editorial Director, EuroFinance
11:20am Controllables versus uncontrollables: Where treasury can manage
corporate expectations
Companies are still dealing with the fallout from the 2007-2008 crisis. Growth is still sluggish; funding
and credit could yet turn tight again despite having bounced back. Regulation could impede corporate
risk strategies significantly in the future. Shareholders are pressuring companies to reduce some of their
cash piles and put them to work – even though the forward picture on investment and the economy is
still unclear. Unexpected risks can occur in countless different ways. As a treasurer there is little you can
do about the“uncontrollables”or a perfect storm of highly improbable events that pop up occasionally
through business cycles. This session will look at companies that have experienced an onslaught of
uncontrollables and how they managed to shore up treasury, building an environment at ease with
what it can and can’t control, and how it can ride out the times when the unforeseen events get really
nasty. The world will always bring surprises and companies need to be ready to tackle them as they
arise. The issue, then, is to keep from getting sidetracked and carry on with what treasury can and
should be doing. Here are some great stories to illustrate just how to achieve this.
Robert J. Novaria, Consultant and Former Global Treasury Services Director, BP, Warrenville, IL
Gerry Laderman, Senior Vice President – Finance and Treasurer, United Airlines, Houston, TX
H. Keith Jennings, Vice President & Treasurer, Cameron, Houston, TX
12:10pm The uncontrollable elephant about to join the room
The devil is in the detail and that’s what everyone is waiting for – whether from US legislation or
incoming EU regulation or, indeed, other rules under construction in markets and jurisdictions across
the globe.These are likely to alter the liquidity landscape of corporate America and beyond. Some
are saying the impact on corporate costs and resources could be as big as when Sarbanes-Oxley
was introduced in 2002.This session will help you understand the key fault lines that could shift and
reshape your business environment as the regulatory ramifications become clearer in the coming year
Barbara Frohn Verheij, Managing Director, Advisor to the CEO, Banco Santander, Spain
12:40pm Lunch
Benchmark
voting
Corporate
panel
Keynote
panel
Expert speaker
Day 1 Main conference sessions
4
Monday23May2011MainconferencesessionsDay1 Día 1 Sesiones plenarias
A B C
A B C

Monday23May2011StreamAandBDay1
5
Myth versus practice: Treasury realities
Many a project was shelved or ignored because it was considered not critical when the financial crisis took precedence and
changed companies’ priorities. As we start to return to “business as usual”, some of these areas are being looked at again, their
popularity stemming from whether or not they can be important solutions to help you manage any future financial crisis. These
solutions pledge to be a lot of things to a lot of very different companies. But can they live up to their promise? Some may simply
not deliver enough without an excessively high level of investment. Others fail to fit comfortably within existing corporate
structures. This stream will look at some of the headline treasury developments and the reality of what they can deliver.
2:00pm Global cash visibility: True or false?
The nirvana of treasury is total cash visibility. This would give companies control of the cash, the risks and the
internal liquidity. Treasury management system providers, bank portal developers and enterprise resource
planning system designers all promise global cash visibility in real time. Can it be achieved and, if so, isn’t the
real question about what you do with that enhanced visibility? Can you use that new information efficiently
to provide critical forecasts that let you plan your debt capacity, your commercial paper issuance and your
capital expenditure? Do the data analytics within the various systems actually address your needs? Given the
investing environment can it realistically forecast your liquidity so you can stretch tenor for better yield? Will it
give you the means to manage counterparty risk more efficiently? Technology is one part of the equation but
using the information is just as important. This panel will show how far you can go.
Ferdinand Jahnel, Vice President, Treasurer, Henry Schein Inc., Melville, NY
Michael Pratt, Assistant Treasurer, Genzyme Corporation, Framingham, MA
Arup Narain Sinha, Senior Manager, Treasury Operations, NBC Universal, New York
3:00pm Swift for bank independence: Yes or no?
When it came to Swift, a lot of companies adopted a“wait and see”attitude, frustrated by the complexity of
potential process change and the time and costs involved in connecting up. But suddenly, because Swift
has been tipped as a magic solution to lessen your dependence on banks and reduce counterparty risk, everyone
is leaping on the bandwagon – or at least, investigating how to connect up for real. Joining Swift can be complex
and may take many process changes and steps. But proponents say that, for those businesses now using a
managed bureau service, this route can eliminate much of the complexity and allow a company to dive right in.
What is the reality? Can you simultaneously“onboard”all of your accounts and get full reporting and payment
messages immediately? Can it be done holistically or does it have to be done piecemeal, bank by bank? What will
you really gain? Can you consolidate all of your communication channels using one set of message formats to
banks anywhere? How much project management will it require? Where are the common pitfalls?
Jayna Bundy, Sr. Treasury Manager, Microsoft Corporation, Redmond, WA
Sarah Pickard, Sr. Solution Manager, Microsoft Corporation, Redmond, WA
4:20pm Cash flow forecasting: Getting what you really need?
During the crisis and after it, cash flow forecasting became in vogue again despite most treasury studies showing
that companies are unhappy with their forecasting; in fact, around 90% still use spreadsheet-based systems. Now
there is more software available which promises to make the task easier and to help you set up correct processes,
time horizons and variance modelling, providing you with more meaningful information. But that’s only part of
the solution. The process has to start with what suits the company – how deep in your organization you need to
go, for example, or how coordinated your operations need to be with tax and other business services. This case
study will look at best practice and where you can fix the process.
Guy Simons, Assistant Treasurer, TRW Automotive, Livonia, MI
5:00pm Regional treasury solutions: More difficult or less?
Over the years, companies that are well-established in Asia have built processes and policies based on the
recurrent question of“What can’t I do in Asia?”Rules and regulations have therefore dictated how most
treasury organizations are structured in the region. But like the rest of the world, Asia is changing dramatically,
driven less by the crisis and more by governments seeking foreign investment and growth opportunities.
Consequently, countries have been allowing more creative liquidity solutions and changing the payments and
banking landscape for the better – not to mention opening up their capital markets. This session will look at
the case for revisiting Asia and how one company was able to eliminate legacy processes no longer necessary
in these markets by setting up new bank structures to handle its Asian operations.
Debra Hinds, Administration & Control and Global Cash Management Director, Bombardier Inc., Canada
Ali Agha, International Specialist, Trade Finance and Cash Management Corporates, Global Transaction
Banking, Deutsche Bank, New York, NY
Stream A
Corporate
panel
Case study
Case study
Case study
Treasury processes and policies have been around a long time, so changing these practices can be slow work (even though the
financial crisis certainly had many treasurers fine-tuning operations, pronto). Major undertakings and restructurings often had to give
way to tactical but less strategic head count reductions and streamlining of operations. Now might be the time to reassess vital areas
within treasury and rethink things in an entirely different light in order to be ready to seize opportunities when growth gets going.
Just because a particular structure has been used for ages, it doesn’t mean it has to look the same way going forward. Similarly with
particular markets in which you operate: be ready to take those opportunities!
2:00pm In the balance: Finding the appropriate capital structure
Unduly aggressive capital structures are risky; highly leveraged models are likely to be a thing of the past. But then,
cash on the balance sheet is also getting to be a dated story as pressure mounts from investors looking for return.
What’s the right balance? What do you do with the cash you are now holding as a buffer? Cash can be put to work,
but how much of it?That’s the million-dollar question on the minds of many companies. Shareholders are also asking
how you will make the cash work.There’s a bit more M&A activity now, as well as dividend payouts and share buybacks
from the big companies. Should you be reducing your cash levels? And are you prepared for the consequences if the
economic picture changes again?
Guillermo Gualino, Assistant Treasurer, Agilent Technologies, CA
Guy Simons, Assistant Treasurer, TRW Automotive, Livonia, MI
3:00pm Expanding treasury’s influence across the globe
Like computers that gain knowledge from the information you input, this company is an organization that is constantly
learning and improving treasury practices to meet the demands of the 21st century.Treasury recognized the need for
strategic change in order to support the company’s current and future needs and much of that change centered on
the need for standardization and centralization of processes. A shared services platform helped to improve working
capital, reduce transactional risks and costs, and achieve operational excellence.The strategy, launched successfully in
the US and Europe, is now under examination for other world markets.The end result delivered significant savings, but
more importantly it strengthened controls and created strategic partnerships within the business and treasury.
Judy Bouchard, Banking Coordinator, Cash Management & Banking - Treasury, ConocoPhillips, Houston, TX
Tammy Burks, Director of Cash & Reconciliations, Corporate Financial Shared Services, ConocoPhillips,
Bartlesville, OK
4:20pm Time to try a new approach to investing
Investment experts believe that the difference in return between overnight rates and three, six and nine month tenors
will become much more dramatic and therefore issues of tenor are coming more strongly into play in corporate
investment strategies. What does that mean for companies with short-term investing policies that take a different
approach? Will there be supply and demand issues and will companies see much difference if they lengthen tenor?
Moreover, regulatory reform is going to impact the short-term market. And whenever there are big environment
shifts in the financial landscape, product innovation isn’t far behind, so what are the options being rolled out in this
space? Banks and investment product providers have to rethink the product suite and how their clients value different
attributes. Companies have to find new approaches to investment, while demanding more tailor-made solutions
that match their“liquidity versus risk”profiles. Some companies, fed up with treasuries and lack of innovation, have
been leading the way, refining and mapping policy to a real rather than theoretical environment. It is actually quite an
exciting time in the investment space.
Paul Rice, Director, Head of Financial Intermediary Sales - Institutional Liquidity Management, DB Advisors, New York,
NY
Nellie Lee, Assistant Treasurer, Bechtel, San Francisco, CA
Ivan Troufanov, Assistant Treasurer, Salesforce, San Francisco, CA
5:00pm Regional treasury centers: Building a case for the value of treasury and getting a seat
at the table
What are the obstacles a company must overcome in order to create a regional treasury solution which can create very
real value for a business in terms of cash and liquidity?This case study will look at bringing down organizational barriers
so that everyone is on side with a regional treasury vision. From how to build the actual plan to the integration process
and execution of that, this company will share its story of how to go about setting up a regional treasury center. What
structures do you include such as multi-currency notional pooling? How do you keep improvements going in the
future? How can treasury gain a seat at the management table to prove you can create value?
Greg Zabikow, Director of International Treasury, Aon Corporation, Chicago, IL
Stream B
Corporate
panel
Case study
Corporate
panel
Chaired by Robert J. Novaria, Consultant and Former Global Treasury
Services Director, BP, Warrenville, IL
Chaired by Andrew Sawers, Editorial Director, EuroFinance
Case study

América Latina: sorteandos obstáculos y barreras
Nos gustaría tomar una varita mágica y decir“todo es mucho más fácil en América Latina”, pero la realidad es que el contexto aún es complejo.
A pesar de que numerosos países han revisado sus regulaciones, la mayor parte tiene que ver con alentar la inversión en sus economías,
más que ayudar a las operaciones de tesorería a facilitar el movimiento de capitales y modificar las estructuras impositivas (pese a que
existen algunos interesantes cambios impositivos dentro de los 20 países). Pero los modelos bancarios han cambiado considerablemente; el
contexto político se ha modificado en algunos países; y las economías se enfrentan a distintos niveles de crecimiento bajo distintas presiones.
El panorama es mixto. Esta sección analizará más detenidamente soluciones bien pensadas que las empresas están utilizando a la vez que
abordan los impedimentos y las barreras que obstaculizan su búsqueda de crecimiento en esta región.
2:00pm ¿Qué significa “mejores prácticas” en América Latina?
En la década de 1990, muchas compañías buscaron centralizar lo máximo posible desde su mercado de origen. Cuando ello no fue
posible, se establecieron centros regionales de tesorería a fin de minimizar lo mejor posible los riesgos cambiarios y las exigencias de
financiamiento, y optimizar las prácticas de administración del efectivo. Pero América Latina nunca funcionó como un centro regional
de tesorería de la forma en que los tesoreros habían esperado. En lugar de ello, surgieron soluciones híbridas de todo tipo ya que las
soluciones integrales simplemente no eran aplicables. Por diversas razones las compañías tuvieron que volverse creativas en cuanto
a qué centralizan y dónde optaban por establecer sus estructuras. El concepto clave aquí es la“personalización”. Desde obtener la
información correcta, combinado con gestionar las predicciones de flujo de efectivo y de datos hasta controlar el riesgo cambiario y
los movimientos de fondos, ningún sistema puede manejarlo todo. Estas empresas mostrarán hasta dónde han podido llegar.
Adriana Hoskins, Assistant Treasurer, Seaboard Corporation
Daniel Levy, Director - Global Finance Services LatAm, Johnson & Johnson
Breno Polli, Corporate Finance Director Americas, Unilever
3:00pm Transformación global, aplicación local
Una multinacional que creció por adquisiciones, con sistemas, procesos y bancos heredados, ¿cómo pasa de ser altamente
descentralizada a tener información mucho más centralizada? ¿Cómo impacta esto a las regiones donde opera? El caso es extenso
y complejo: un proyecto que abarcó toda la cadena de tesorería, desde los sistemas deTI, los bancos y las políticas hasta la revisión
de procesos y personal, todo ello en cuatro regiones y gran número de países. ¿Cómo reducir el número de relaciones bancarias
cuando se tienen varios centenares y miles de cuentas? El proyecto de transformación sucedió en medio de la crisis financiera y
una reducción de costos, y se llevó a cabo en pocos años.Todo se hizo en paralelo, en vez de en etapas, y sólo pudo haberlo hecho
una compañía que estaba ya buscando un cambio. Este caso de estudio explora cómo un programa global puede desplegarse en
América Latina y las complejidades y desafíos en las economías que no son abiertas para los negocios.
Hernán Rivera Galvis, Head of Financing AAN, Siemens S.A
3:40pm RECESO PARA REFRIGERIO
4:20pm Hoja de ruta: Modelo global de pagos transaccionales
La demanda y el impulso hacia un oportuno procesamiento de pagos y reporte de la información continúan con el avance de
la globalización del cash management. Las capacidades y la falta de ellas en cada una de las geografías son puntos clave para la
tesorería central cuando evalúa el banco y las estructuras de cuentas que mantienen en grandes regiones como Latinoamérica
así como en pequeños países en desarrollo. Mientras los principios de Swift han impulsado durante los últimos 35 años mayor
eficiencia entre bancos y empresas, modelos estratégicos globales bancarios y de pagos son clave para un éxito en el largo plazo.
Esta sesión proveerá a la audiencia con un caso práctico basado en mejores prácticas desde la perspectiva de project managers de
tecnología informática combinada con el punto de vista de operaciones de tesorería sobre cómo es la mejor manera de diseñar su
modelo de pagos para el largo plazo.
Diana Noteboom, Finance IS Business Analyst, Corporate Information Technology, ConocoPhillips, Bartlesville, OK
Judy Bouchard, Banking Coordinator, Cash Management & Banking Treasury, ConocoPhillips, Houston, TX
5:00pm Más efectividad en la cobertura y gestión de riesgos
Si usted es una compañía internacional, es posible que provea, construya, venda o facture en distintas monedas. Antes, las
empresas de América Latina a menudo pasaban por alto las prácticas relativas a la gestión de riesgos, en particular si el mercado
era difícil o poco importante para el resultado neto. Los riesgos más pequeños a menudo se dejaban expuestos a las vicisitudes
del mercado, y la cobertura natural era la principal herramienta. Cuando era posible, los riesgos más grandes se protegían pero
a un costo considerable; otros riesgos simplemente no podían cubrirse. Pero con creciente inversión en América Latina y mayor
volatilidad cambiaria, las compañías se han dado cuenta del impacto que pueden tener las pérdidas no planeadas. Cada mercado
presenta complejidades específicas, y este panel analizará cómo identificar, supervisar, controlar y mitigar el riesgo en toda la
región. El panel analizará las cargas administrativas, el limitado paquete de productos disponible y cómo ello puede orientar las
decisiones en materia de cobertura. Coordinado por un experto en estrategia de monedas, este panel corporativo se focalizará en
los desafíos y las oportunidades de cobertura de monedas y le ayudará a comprender mejor cómo los movimientos/ganancias/
pérdidas pueden afectar el valor del negocio y cómo los planes cambiarios estratégicos pueden impulsar a la empresa.
Clifford Bennett, Chief Economist, Empire Economics, Australia
Carlos Miquilarena, Treasury Director, DHL
Rodolfo Nunes Luterman, FX Manager-LATAM, Arher Daniels Midland (ADM)
5:40pm Receso para la Recepción de Networking para Profesionales de Tesorería auspiciado por HSBC
Sección C
Panel
corporativo
Caso práctico
Caso práctico
Panel
6
Monday23May2011StreamCDay1
Latin America: Tackling obstacles and barriers
We’d like to wave a magic wand and say things are much easier in Latin America but the reality is things are still difficult.
Although a number of countries have made reforms to business rules, much of this has been about encouraging
investment in their economies, rather than helping treasury operations via easing capital movement and changing tax
structures (although there are some interesting tax changes within the 20 countries). But banking footprints have changed
considerably; the political landscape has altered in some countries and the economies are facing varied levels of growth
with different stresses. It’s a mixed picture. This stream will look more closely at the well-thought out solutions companies
are employing while tackling the obstacles and barriers that hinder their quest for growth in this region.
2:00pm What does best practice mean in Latin America?
During the 1990s many companies sought to centralize as much as possible from their home market. Where
this wasn’t possible, regional treasury centers were established in order to best minimize currency exposures,
funding requirements and optimize cash management practices. But LatAm never quite worked as a regional
treasury center in the way treasurers had hoped for. Instead, all kinds of hybrid solutions have grown up because
package solutions simply don’t apply. Companies have had to become progressive over what they centralize
and where they choose to put their structures for a variety of reasons. Personalization is the name of the game.
From getting the right information in, along with managing forecasting and data flows through to controlling
FX exposure and cash movement, no system can cope with it all. These companies will demonstrate how far
they have been able to go.
Adriana Hoskins, Assistant Treasurer, Seaboard Corporation
Daniel Levy, Director - Global Finance Services LatAm, Johnson & Johnson
Breno Polli, Corporate Finance Director Americas, Unilever
3:00pm Global transformation, local application
As a result of a change in Siemens’ global structure, its subsidiaries have migrated to a centralized model. This new
cluster structure led the company to reconsider its banking relationships, the necessary technology and the way
to address the regulatory and FX challenges in the region. In addition, the finance department works hard to add
value to the business, seeking funding sources for clients and suppliers at preferential rates, depending on the
possibilities offered by each country. In this session Siemens shares how a global program can be rolled out to the
Latin American region and the complexities and challenges when some economies are not open for business.
Hernán Rivera Galvis, Head of Financing AAN, Siemens S.A
4:20pm A Road Map for Global Transaction Payments Model
The demand and drive for timely processing of payments and information reporting continues as globalization
of cash management advances. Geographical capabilities and gaps are key points forTreasury Headquarters as
they evaluate the bank and account structures they maintain in large regions like Latin America as well as smaller
developing countries. While Swift principles over the past 35 years have driven increased corporate to bank
efficiencies, strategic global bank/payment models are key to long-term success. This session will provide the
audience with a practical case study based upon best practices from a global IT project manager’s view along
with treasury operations view on how best to design your global payment model for the long-term.
Diana Noteboom, Finance IS Business Analyst, Corporate Information Technology, ConocoPhillips, Bartlesville, OK
Judy Bouchard, Banking Coordinator, Cash Management & Banking Treasury, ConocoPhillips, Houston, TX
5:00pm More effective hedging and risk management
If you are an international company, chances are you source, build, sell or bill in a number of currencies. In
the past, companies in LatAm often overlooked exposure management practices particularly if the market
was difficult or not significant to the bottom line. Small exposures were often left to market vagaries, natural
hedging was a key tool. Larger exposures were, where possible, protected but at considerable cost; other
exposures simply couldn’t be hedged. But with growing investment in LatAm and increasing currency
volatility, companies have realized the impact that unplanned losses can have. Each market presents particular
complexities and this panel will look at how to identify, monitor, control and mitigate exposures across the
region. The panel will look at the administrative burdens, the limited product suite available and how that can
guide hedging decisions. Chaired by an expert currency strategist, this corporate panel will look at challenges
and opportunities in currency hedging and help you understand how movement/gain/loss can impact the
business value and how strategic currency plans can drive the company forward.
Clifford Bennett, Chief Economist, Herston Economics, Australia
Carlos Miquilarena, Treasury Director, DHL
Rodolfo Nunes Luterman, FX Manager-LATAM, Arher Daniels Midland (ADM)
Stream C
corporate panel
Case study
Panel
Case study
Dirigido por Patrick Peters Bühler, EuroFinance Tutor,
Mexico City, Mexico
Chaired by Patrick Peters Bühler, EuroFinance Tutor,
Mexico City, Mexico

Tuesday24May2011MainconferencesessionsDay2
7
8:00am Refrigerios y apertura de la exposición
8:50am Bienvenida del presidente al Día 2
9:00am Cómo volverse competitivo en un mundo nuevo
Pregúntele a cualquier tesorero sobre su mundo y casi todos responderán: es volátil, y la volatilidad presenta
oscilaciones más erráticas que nunca. Bienvenido a este nuevo mundo. ¿Cómo pueden las empresas continuar
siendo competitivas en este contexto? ¿Cuáles son las normas que deben considerar, los mercados en los que
deberían concentrarse y las habilidades que necesitan para desarrollarse a fin de ser uno de los casos de éxito
del mañana? ¿Pueden las compañías prepararse para aprovechar de potenciales oportunidades? Este panel
sobre competitividad corporativa nos brindará una perspectiva única sobre el actual escenario competitivo a
nivel mundial y cómo usted puede beneficiarse de este mundo que ha cambiado.
Dr. Savvas Savouri, Partner, Chief Investment Officer, Toscafund, UK
9:40am Evolución de la tesorería: ¿Construir para el cambio?
¿Hasta qué punto tiene su tesorería visión de futuro? ¿Apoya de manera adecuada el modelo de negocio
subyacente y la estrategia corporativa? ¿Ha analizado sus mercados de crecimiento y ha implementado
estructuras y procesos correctos para entrar y salir con facilidad de los mercados en el momento oportuno?
¿Ha reestructurado recientemente áreas clave dentro de la tesorería para lidiar con un mundo cambiante?
¿Está usted al día y preparado para las nuevas normas y regulaciones? ¿En qué parte de la curva de las mejores
prácticas se encuentra su tesorería? Este estudio de caso le presentará al ganador del premio anual a la
excelencia en tesorería de EuroFinance.
Johan van der Westhuizen, Director Control Treasury, AkzoNobel, The Netherlands
José Eduardo Boé, LatAm Regional Treasurer, AkzoNobel, Brazil
10:30am Receso para refrigerio
11:10am Un nuevo enfoque de tesorería
Cómo estructurar la tesorería ha sido siempre un tema de gran interés. Ha habido diferentes escuelas de
pensamiento según el modelo de negocio de cada compañía. Alcanzar cierto nivel de centralización ha
sido siempre el objetivo y la automatización, otro Tradicionalmente, la centralización consistía en trasladar
tanto como fuera posible de la función de tesorería de modo tal que funcionara en un solo lugar, o en el
empleo de un enfoque de regionalización. La regionalización, de cara al riesgo de contraparte en los últimos
dos años, se ha vuelto el modelo predominante, en particular respecto a cómo las compañías manejan sus
estructuras bancarias. Pero ahora que la crisis se ha apaciguado, ¿podría ser el momento para reflexionar sobre
qué funciona mejor con vistas al futuro?. Algunas empresas líderes, impulsadas por la automatización, están
experimentando con nuevos modos de estructurar la tesorería, desde aplicaciones remotas y móviles hasta
mudar la tesorería corporativa central a lugares más cerca de los mercados donde está creciendo el negocio.
Algunas están estableciendo centros de excelencia con componentes de tesorería fácilmente trasladables y
escalables que pueden seguir el talento de su gente. Esta sesión presenta nuevos enfoques de tesorería.
John Gleason, VP Treasury, HP, Houston, TX
Maureen Elworthy, Director Treasury, Royal Ahold, Quincy, MA
12:30pm Almuerzo
2:00pm La conferencia se divide en secciones después del almuerzo
5:40pm Receso de la conferencia hasta el Día 3
Panel
corporativo
Orador
invitado
Caso práctico
8:00am refreshments and exhibition opens
9:00am Becoming competitive in a new world
Ask any treasurer about their world and almost all will answer: it’s volatile – and that volatility has ever more
erratic swings. Welcome to this new world. How can companies remain competitive in such an environment?
What are the rules they must consider, the markets where they should focus and the skill sets they need to
develop to be one of tomorrow’s successes? Can companies step up to the potential opportunities? This panel
on corporate competitiveness will give a unique perspective on today’s competitive global landscape and how
you can benefit from a changed world.
Dr. Savvas Savouri, Partner, Chief Investment Officer, Toscafund, UK
9:40am Treasury evolution: Building for change?
How forward-thinking is your treasury? Does it adequately support the underlying business model and
corporate strategy? Do you have your growth markets mapped out and the correct structures and processes
in place to easily move in and out of markets at opportune times? Have you recently restructured key
areas within treasury to cope with a changing world? Are you up to speed and prepared for new rules and
regulations? How far along on the best practice curve is your treasury? This case study will feature the winner of
EuroFinance’s annual treasury excellence award.
Johan van der Westhuizen, Director Control Treasury, AkzoNobel, The Netherlands
José Eduardo Boé, LatAm Regional Treasurer, AkzoNobel, Brazil
11:10am A new approach to treasury
How to structure treasury has always been a topic of great interest. There have been various schools of
thought depending on a company’s business model. Some degree of centralization has always been the
goal; automation another. Traditionally, centralization consisted of moving as much of the treasury function
as possible so it operates from one location, or employing a regionalization approach. Regionalization, in the
face of counterparty risk in the past two years, has become a more dominant model particularly as to how
companies run their bank structures. But now that the crisis dust has settled, could it be time for reflection
on what works best, going forward? Some leading companies, driven by automation, are experimenting with
new ways to structure the treasury – from remote and mobile applications through to moving the treasury
HQ closer to the markets where its business is growing. Some are establishing centers of excellence with easily
moveable and scalable treasury components that can follow the talent of their people. This session will look at
new approaches to treasury.
John Gleason, VP Treasury, HP, Houston, TX
Maureen Elworthy, Director Treasury, Royal Ahold, Quincy, MA
12:30pm Lunch
Corporate
panel
Guest speaker
Day 2 Main conference sessions Día 2 Sesiones plenarias
Case study
Are you a corporate treasurer with an interesting story to share?
Then we would like to hear from you. Join our elite group of EuroFinance speakers
and raise your profile within the treasury profession. Contact Georgina Wellman
on +44 (0)20 7576 8529 or email georginawellman@eurofinance.com.
A B C
A B C

8
Tuesday24May2011StreamAandBDay2
Myth versus practice: Treasury realities
Many a project was shelved or ignored because it was considered not critical when the financial crisis took precedence and
changed companies’ priorities. As we start to return to “business as usual”, some of these areas are being looked at again, their
popularity stemming from whether or not they can be important solutions to help you manage any future financial crisis. These
solutions pledge to be a lot of things to a lot of very different companies. But can they live up to their promise? Some may simply
not deliver enough without an excessively high level of investment. Others fail to fit comfortably within existing corporate
structures. This stream will look at some of the headline treasury developments and the reality of what they can deliver.
2:00pm Global cash pools: Real or imaginary?
Notional pooling can still be a difficult concept for many companies to grasp particularly if they are used to
concentration and zero-balance account structures. US rules do not allow US registered entities to participate
in a notional pool. However, it can be done, it is being done and it is bringing a number of benefits to users.
But what about the promise of multi-currency? How easy is that to achieve and how pragmatic a mix can a
company employ to get real global geographic coverage? The yield on pooled balances may not be a current
driver for such structures, but there are efficiency gains. Moreover, as the yield picture changes, having a
structure already in place may make more sense than waiting till your back is up against the wall. Can you
justify the business case without the yield factor?
Amy Goldstein, Head of Network Advisory, Royal Bank of Scotland, Chicago, IL
David Beamer, Assistant Treasurer, Jabil Circuit Inc, St Petersburg, FL
2:40pm EBAM: Empty promise or holy grail?
If you have multiple active bank accounts or even hundreds and thousands as some companies do, you have
probably been keeping an eye on eBam and its promises of managing and maintaining those accounts with
a completely automated tool. So far companies have not been impressed, primarily because many banks are
not ready themselves for the process and it really remains a nascent solution. This case study will look at an
early adopter, how far down the road they have been able to get and what obstacles remain for this tool to
succeed and perhaps the potential further down the line to extend the concept out to other areas like supply
chain to streamline workflow and eliminate manual processes.
Joan Verleih, Senior Advisor, Cash Management and Banking, Enbridge Inc., Canada
Tom Durkin, Senior Vice President, eCommerce Product, Bank of America Merrill Lynch, Chicago, IL
4:00pm Consistent global bank delivery: What’s standing in the way?
Because the crisis put paid to the“one global bank”model for most companies, EuroFinance research shows
that the number one frustration American corporates feel about their banks is lack of standardization.
Companies that are having to use a different bank in different regions are tired of having to map their bank
reporting from region to region. Why aren’t banks addressing this major complaint? With XML evolving, ISO
20022 is supposed to help banks and companies to exchange common data. But companies are complaining
that banks are in some ways trying to customize this data. There are all sorts of issues at play that are outside
the control of the banks – from the Fed program to modify FedWire to lack of coordination with Swift and
ISO20022 and the FX components on ACH. What are your banks doing to drive this agenda? Will the banks
get it together and address corporate concerns?
Fiona J. Deroo, Sales Executive, International Subsidiary Banking – Americas, Bank of America Merrill
Lynch, Chicago, IL
Eric Bauer, Senior Global Channels Advisor, Royal Bank of Scotland, Chicago, IL
5:00pm SEPA: Toil and too much trouble for your European operations?
SEPA is supposed to make cross-border payments as easy and inexpensive as domestic payments in Europe.
It’s an opportunity to automate payments, consolidate accounts and increase efficiencies in the payment
process. But not a lot of companies are finding it all that promising, plagued by delays and lack of clarity
around end dates. Well, now that the European Commission is getting serious about imposing deadlines
for switching over to SEPA – it’s time to dust off the game plan and see what can be done with a bit of an
overhaul. To date, companies have been put off the idea of launching the required reengineering process, but
there is a business case for it; there are immediate benefits and soon you will have no choice.
Eva Mareckova, Treasury Manager, Pall International Sàrl, Switzerland
Franck Lebled, Development Director, Parfip Lease Group, France
Maria Papadopoulos, Director, International Cash Management, BNP Paribas, New York, NY
Stream A
Case study
Case study
Panel session
Case study
Treasury processes and policies have been around a long time, so changing these practices can be slow work (even though
the financial crisis certainly had many treasurers fine-tuning operations, pronto). Major undertakings and restructurings often
had to give way to tactical but less strategic head count reductions and streamlining of operations. Now might be the time to
reassess vital areas within treasury and rethink things in an entirely different light in order to be ready to seize opportunities
when growth gets going. Just because a particular structure has been used for ages, it doesn’t mean it has to look the same
way going forward. Similarly with particular markets in which you operate: be ready to take those opportunities!
2:00pm A new look at working capital capability
Like any other forward-thinking company, working capital has become a primary focus for HP and its
treasury organization and it is looking at every possible area for improvement. From establishing a working
capital council to setting up financing programs and managing payment terms, HP is optimizing its working
capital to support growth for the company. This session will share some of the lessons learned, benefits and
experiences from the past year.
John Gleason, Assistant Treasurer and VP, Hewlett Packard, Houston, TX
2:40pm Funding considerations in the future
A lot of high yield debt issued before the crisis will mature in 2012. Although corporate funding conditions
have improved dramatically in the US (although not necessarily for lesser-rated credits or smaller companies)
most treasurers of big groups are quite sanguine about capital market access and bank lines at the moment.
Better-rated deals have been oversubscribed and some companies inundated with offers from banks eager
to pick up peripheral fee-based business from these brand-name companies. So, if you have debt maturing
in this timeframe, shouldn’t you be looking carefully at your cash and funding program? Should you be
acting now? “Share of wallet” criteria will continue to drive relationships so have you looked again at your
strategy recently?
John Engeman, VP & Assistant Treasurer, Liz Claiborne, New York, NY
Ferdinand Jahnel, Vice President, Treasurer, Henry Schein Inc., Melville, NY
4:00pm Tax update: managing overseas liquidity
By the clever and legal use of structures, companies can significantly reduce overseas tax rates. But with
a repatriation tax of 35%, who wants to bring profits home? Loans to the U.S. parent are also taxable as a
deemed dividend (Sec. 956), but creative financings equivalent in result are possible. This same rule was
also commonly used to intentionally trigger a high rate foreign tax credit using loans, when dividends,
sometimes through tiers of holding structures, were not feasible or would result in much lower rated FTCs.
But recent tax legislation has ended that ability. Or has it? This session will look at how to avoid taxable loans
to US parents, as well as how the prior affirmative use of such loans can be accomplished in other ways
when that is the desired outcome. The session will also explore what all this now means for where to keep
the liquidity within complex overseas structures, and finally, the session will look at coming tax law changes.
Steve Hoffman, Consultant, Former VP Tax Gillette, Stamford, CT
5:00pm Seeking new funding challenges
Export Credit Agencies (ECAs) have been around for a long time, but they are not as well used by the
treasury community as they could be. Why? Usually, it’s simply a lack of familiarity. ECA-backed deals can
help companies with their financing challenges, can fund expansion projects and can assist if companies
are unrated or lesser-rated. They can also be incredibly price-effective. There is ECA money around,
internationally, looking for deals. They are a good source of long-term funding and, if cleverly structured, can
be used as part of an effective working capital program.
Stream B
Expert speaker
Corporate
panel
Case study
Case study
Chaired by Robert J. Novaria, Consultant and Former Global Treasury
Services Director, BP, Warrenville, IL
Chaired by Andrew Sawers, Editorial Director, EuroFinance

9
Day2
9
América Latina: sorteandos obstáculos y barreras
Nos gustaría tomar una varita mágica y decir “todo es mucho más fácil en América Latina”, pero la realidad es que el
contexto aún es complejo. A pesar de que numerosos países han revisado sus regulaciones, la mayor parte tiene que
ver con alentar la inversión en sus economías, más que ayudar a las operaciones de tesorería a facilitar el movimiento de
capitales y modificar las estructuras impositivas (pese a que existen algunos interesantes cambios impositivos dentro de
los 20 países). Pero los modelos bancarios han cambiado considerablemente; el contexto político se ha modificado en
algunos países; y las economías se enfrentan a distintos niveles de crecimiento bajo distintas presiones. El panorama es
mixto. Esta sección analizará más detenidamente soluciones bien pensadas que las empresas están utilizando a la vez que
abordan los impedimentos y las barreras que obstaculizan su búsqueda de crecimiento en esta región.
2:00pm RFP (solicitudes de propuestas) en un contexto de cambios en el
ámbito bancario
Debido a que los niveles de servicio y cobertura geográfica de los bancos han cambiado, ¿debe usted
repensar sus RFP para servicios de cash Management en la región? Esta compañía dio el valiente y costoso
paso de reformular su proceso completo de RFP y de revisar extensamente el nuevo contexto bancario para
asegurarse de contar con la mejor solución posible ofrecida para América Latina. Este caso de estudio le hará
recorrer el proceso y las preguntas que realmente necesita formular para evaluar a sus socios
de tesorería.
Jaime Uribe, Director Treasury, Latin America, Deutsche Post - DHL, Miami, FL
2:40pm Las mejores prácticas sin fronteras para pagos y cobros en la región Andina
Lograr que los pagos y los cobros funcionen en la Región Andina se está volviendo más interesante para
los tesoreros que buscan capitalizar el crecimiento en la región. Esta sesión ofrecerá algunas de las mejores
prácticas, así como también analizará los desafíos para gestionar la liquidez, los pagos y los cobros con
efectividad en Colombia, Perú y Venezuela.
Hugo Prada, Gerente de Recursos Financieros para Latinoamérica, Terpel, Colombia
Adriana Montaña, Director, BBVA Andean Region, Colombia
3:20pm Receso para refrigerio
4:00pm ¿Algún banco puede ofrecer una solución panlatinoamericana?
En los últimos años, los bancos no han invertido demasiado en la región de América Latina, a pesar de que
algunos están incursionando ahora en ciertos países de forma intensa. Algunas instituciones se han retirado
mientras que los bancos locales han ganado solidez. Pero, ¿alguno cuenta con la presencia suficiente para
ofrecer la solución integral que desearían las empresas? ¿Sus alianzas pueden brindar cobertura suficiente?
¿Qué tienen previsto hacer los bancos? ¿Cuál es su estrategia y líneas de productos para esta región? A
medida que las nuevas exigencias de capital comienzan a hacerse sentir, los bancos ¿tendrán interés en
continuar desarrollando esta región para sus clientes?
Juan Pablo Cuevas: Managing Director, Latin America Head, Global Treasury Trade & Liquidity Sales,
Bank of America Merrill Lynch, Miami, FL
Ignacio Escudero, Head of Global Sales – International Transaction Services, BBVA, Spain
Antoine Arts, Managing Director Global Cash Management Sales, Santander, Spain
5:00pm Manteniendo la cadena de suministro de América Latina en movimiento
En el cauteloso contexto actual de liquidez, la cadena de suministro se ha vuelto un punto de interés
fundamental para la tesorería corporativa. Los problemas varían desde cómo evaluar el riesgo de los
principales proveedores hasta cómo prestarles apoyo posteriormente para mantener la fluidez del propio
negocio. Cada vez más las compañías de la región esperan apoyar su gestión de capital circulante con
soluciones de cadena de suministro como por ejemplo el financiamiento con facturas, financiamiento a
proveedores y programas con tarjetas.
5:40pm Receso de la conferencia hasta el Día 3
Caso práctico
Panel
bancario
Caso práctico
Caso práctico
Latin America: Tackling obstacles and barriers
We’d like to wave a magic wand and say things are much easier in Latin America but the reality is things are still difficult.
Although a number of countries have made reforms to business rules, much of this has been about encouraging investment
in their economies, rather than helping treasury operations via easing capital movement and changing tax structures
(although there are some interesting tax changes within the 20 countries). But banking footprints have changed considerably;
the political landscape has altered in some countries and the economies are facing varied levels of growth with different
stresses. It’s a mixed picture. This stream will look more closely at the well-thought out solutions companies are employing
while tackling the obstacles and barriers that hinder their quest for growth in this region.
2:00pm RFPs in an environment of bank change
Because service levels and bank footprints have changed, do you need to rethink your RFPs for cash
management services in the region? This company took the brave and expensive step of redoing its entire
RFP process and reviewing extensively the new bank environment to ensure they had the best possible
solution on offer for LatAm. This case study will take you through the process and the questions you to need
to really be asking to evaluate your treasury partners.
Jaime Uribe, Director Treasury, Latin America, Deutsche Post - DHL, Miami, FL
2:40pm Borderless best practice on payments and collections in the Andean region
Making payments and collections work in the Andean region is becoming more interesting for treasurers who are
looking to capitalize on growth in the region. This session will provide some best practices as well as discuss the
challenges in managing liquidity, payments and collections effectively in Colombia, Peru and Venezuela.
Hugo Prada, Gerente de Recursos Financieros para Latinoamérica, Terpel, Colombia
Adriana Montaña, Director, BBVA Andean Region, Colombia
4:00pm Can any banks offer a pan-LatAm solution?
In past years, banks have not invested heavily in the LatAm region, although some are now stepping into
certain countries in a major way. Some institutions have pulled out while local banks have been gaining
strength. But does anyone have enough of a footprint to offer a completely holistic solution that companies
would like? Can their partnerships offer enough coverage? What are the banks planning on doing? What is
their strategy and product pipeline for this region? As new capital requirements begin to bite will banks have
the appetite to further develop this region for their clients?
Juan Pablo Cuevas: Managing Director, Latin America Head, Global Treasury Trade & Liquidity Sales,
Bank of America Merrill Lynch, Miami, FL
Ignacio Escudero, Head of Global Sales – International Transaction Services, BBVA, Spain
Antoine Arts, Managing Director Global Cash Management Sales, Santander, Spain
5:00pm Keeping the LatAm supply chain moving
In today’s cautious liquidity environment the supply chain has become a focal point of interest for corporate
treasury. The problems range from how to assess the risk of key suppliers, to how to support them to keep your
own business fluid. Now, more and more companies in the region are looking to support their working capital
management with supply chain solutions such as receivables financing, supplier finance and card programs.
Stream C
Case study
Banking
panel
Case study
Case study
Sección C (Día 2)
We are delighted to announce that Médecins Sans Frontières (MSF) is
EuroFinance’s preferred charity.
MSF provides medical assistance to populations in distress, victims of
natural or man-made disasters and victims of armed conflict. MSF relies
on donations from the public for two key reasons: to ensure the freedom
to provide humanitarian assistance whenever and wherever it is needed,
and to remain independent from political, religious and economic
interests. www.uk.msf.org
If you wish to make a donation, please go to www.justgiving.com/eurofinance
Are you a corporate treasurer with an interesting story to share?
Then we would like to hear from you. Join our elite group of EuroFinance speakers and raise
your profile within the treasury profession. Contact Georgina Wellman on +44 (0)20 7576 8529
or email georginawellman@eurofinance.com.
Dirigido por Patrick Peters Bühler, EuroFinance Tutor,
Mexico City, Mexico
Chaired by Patrick Peters Bühler, EuroFinance Tutor,
Mexico City, Mexico
Tuesday24May2011StreamC

Wednesday25May2011MainconferencesessionsDay3
9:10am Lessons from the East
The global financial crisis pushed a reluctant China onto the world stage. Many say this huge nation just wasn’t
ready for such a public outing as it had many more issues to resolve before it was ready to become a global
star. James McGregor, author of One Billion Customers: Lessons from the Front Line of Doing Business in China,
gives a compelling tale of China’s real strategies for its businesses and fast-moving corporations, telling you
the things you need to know about China’s people, its government and the toolbox of policies that could
potentially play havoc with American business interests.
James McGregor, Author: One Billion Customers: Lessons From the Front Lines of Doing Business in China,
Senior Counselor APCO Worldwide
9:50am Curious about your new competitors?
There is a new generation of international companies headquartered a long way from Europe or America’s
venerable multinationals. These companies thrive on new and emerging markets, have high growth
expectations and believe that risk is an opportunity, not a threat. Do these companies with big global
ambitions approach business strategy and finance differently? Unencumbered by legacy systems and
risk-averse shareholders, what are their priorities? How well managed is their supply chain, working capital
and cash? Do they use different metrics and strategies? How do their treasurers interact with the board and
CFOs? Are there lessons to be learned by their operations in dynamic growth markets? These well-known
international treasurers from newer markets will also share their experiences of embracing new and different
business cultures.
David Blair, Independent Consultant, Former Group Treasurer of Huawei in China and Nokia in Finland
Jaideep Singh, Chief Treasury Officer, Fal Oil, Sharjah, UAE
11:00am Brazil in depth
This intense workshop will give a thorough understanding of the economic outlook and political, financial and
operational risks in Brazil as well as an up to date tax and legal briefing including the latest on FX and money
movement regulations. The banking climate will be reviewed and several corporates will also share their
experiences of managing cash and liquidity in the country.
Luis Afosonso Lima, Chief Economist, Telefonica, Brazil
Gilson De Oliveira Carvalho, Ceo, Fiat Finanças, Brazil
12:20pm Lunch
2:00pm Conference closes
Day 3 Main conference sessions
10
Corporate
panel
Workshop
Guest speaker
FREE DOWNLOAD!
Treasury Perspectives, the annual publication from
EuroFinance, is now available for you to download.
60 pages packed with insights on treasury strategy,
funding, risk, cash management, regulation,
connectivity and global trends.
Download your copy today at
www.treasuryperspectives.com
2010–2011
CASH MANAGEMENT
The new cash fluidity
CONNECTIVITY
Tentacles of connectivity
FUNDING
Too much of a good thing
GLOBAL VIEW
Meet the multi-dynationals
REGULATION
Feel the weight
RISK MANAGEMENT
Long-tailed exotics
Staying in the spotlightStaying in the spotlight
08:30am REFRIGERIOS Y APERTURA DE LA EXPOSICIÓN
9:00am Bienvenida del presidente al Día 3
9:10am Lecciones sobre el Oriente
La crisis financiera global ha empujado a una China reticente al centro del escenario mundial. Muchos dicen
que esta enorme nación simplemente no estaba lista para semejante salida pública, dado que tenía muchos
problemas por resolver antes de estar lista para convertirse en una estrella mundial. James McGregor, autor
de One Billion Customers: Lessons from the Front Line of Doing Business in China, presenta un relato convincente
sobre las estrategias reales de China para sus negocios y corporaciones de rápido movimiento, y cuenta lo que
necesitamos saber sobre el pueblo chino, su gobierno y la batería de políticas que podrían potencialmente
causar estragos a los intereses comerciales estadounidenses.
James McGregor, Author: One Billion Customers: Lessons From the Front Lines of Doing Business in China,
Senior Counselor APCO Worldwide
9:50am ¿Siente curiosidad sobre sus nuevos competidores?
Existe una nueva generación de compañías internacionales con sedes bien lejos de las venerables
multinacionales de Europa o los Estados Unidos. Estas compañías prosperan en los mercados nuevos y
emergentes, tienen expectativas de alto crecimiento y consideran que el riesgo es una oportunidad, no una
amenaza. Estas compañías con grandes ambiciones globales, ¿tienen un enfoque distinto respecto de la
estrategia de negocios y finanzas? Libres de sistemas heredados y accionistas renuentes al riesgo, ¿cuáles
son sus prioridades? ¿Qué tan bien manejada está su cadena de suministro, su capital circulante y su caja?
¿Utilizan mediciones y estrategias distintas? ¿Cómo interactúan sus tesoreros con el directorio y los directores
de finanzas? ¿Hay lecciones que aprender de sus operaciones en mercados de crecimiento dinámico? Estos
reconocidos tesoreros internacionales de los mercados más nuevos también compartirán su experiencia en
relacionarse con culturas empresariales nuevas y diferentes.
David Blair, Independent Consultant, Former Group Treasurer of Huawei in China and Nokia in Finland
10:30am RECESO PARA REFRIGERIO
11:00am Brasil en profundidad
Este intenso workshop le dará una comprensión cabal de las perspectivas económicas y políticas, riesgos
financieros y operacionales en Brasil así como una actualización impositiva y legal, incluyendo las últimas
regulaciones cambiarias y relativas al movimiento de fondos. Se analizará el entorno bancario y varias
empresas compartirán sus experiencias en la gestión de cash y liquidez en el país.
Luis Afosonso Lima, Chief Economist, Telefonica, Brazil
Gilson De Oliveira Carvalho, Ceo, Fiat Finanças, Brazil
12:20pm Almuerzo
2:00pm Fin de la conferencia
Panel
corporativo
Taller
Orador
invitado
Día 3 Sesiones plenarias

8:30am REGISTRATION AND REFRESHMENTS
9:00am Objectives and uses of cash flow forecasts
• Liquidity management
• Establishing cash management policies
• Identifying and avoiding cash shortages
• Determining funding requirements
• Calculating potential dividends
• Planning capital investment programs
• Banking relationships and loan covenants
9:30am Accurate data collection
• Capturing accurate internal departmental data
• Capturing accurate and timely bank data
• Establishing and enforcing disciplined reporting
• Link with budgeting and accounting systems
• Differentiating cash and accounting items and measures
• Interpreting and adapting input data; highlighting certain data vs. estimated data
• Separating metrics you can control and vary from those that are fixed by others
11:00am Constructing an effective forecast model
• Receipts and disbursement method
• Own model vs. bought software
• Time horizons
• Allowing for real time adjustment for actual outcomes
• Mechanisms for identifying variance and establishing reporting triggers
• Varying the breadth and depth of information and degree of accuracy
12:00pm Alternative techniques
• Judgmental
• Exponential smoothing
• Extrapolative
• Regression analysis
• Causal
• Distribution/scheduling
1:00pm LUNCH
2:00pm Analysing the forecast
• Is the forecast realistic? Conducting a reality check
• Understanding and conducting sensitivity tests
• Scenario analysis and stress testing
• Modelling uncertainty and risk
• What hedges are in place, what additional protection is needed?
• Adapting to changing trends and business circumstances
3:00pm Linking cash flow forecasting to working capital management
• The cash conversion cycle
• Information flows
• Linking systems
• Benchmarks and alert triggers
• Measures of working capital performance
4:20pm The end game: increasing shareholder value via cash flow management
• Defining shareholder value; measuring shareholder value
• Lowering the cost of capital
• Discounting cash flows
• Making cash count – practical and presentational outcomes
5:30pm END OF COURSE AND PRESENTATION OF CERTIFICATES
Advanced Cash Flow Thursday 26 May 2011
Our research regularly shows that the majority of companies that use cash flow forecasting are dissatisfied with
their systems and results. This course will examine the variety of approaches that can be taken depending on
purpose and profile of company. The relationship between forecasting, liquidity and working capital is examined
in detail so that forecasting is not considered in isolation, but at the center of the drive to maximize shareholder
value. The learning objective is for you to be confident in optimizing the accuracy of your forecasts, maintaining their usefulness
under differing scenarios of change and pressures, and to maximize the benefits seen from improved cash generation.
Earn up to 7 CPE credits per course Delivery method: group-live
Program level: intermediate No prerequisites or advanced preparation required
EuroFinance is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing
professional education on the National Registry of CPE Sponsors.
State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue
North, Suite 700, Nashville, TN, 37219-2417; Website: http://www.nasba.org
For more information regarding refund, complaint and cancellation policies, contact EuroFinance on +44 (0)20 7576 8555. 11
Corporate Risk Management Sunday 22 May 2011
This course will examine the concepts of risk management and how they should be applied across
organizations in principle. On a practical level the common risk management responsibilities of the treasury
function (financial risk) will be explored in detail. Participants will then be equipped to design and implement
a risk management program and understand how to put effective risk mitigation strategies into operation.
Conferencetraining
8:30am REGISTRATION AND REFRESHMENTS
9:00am Welcome and introduction
9:10am The foreign exchange market
• Spot exchange rates, reciprocal rates and crossrates
• Forward outrights and swaps and their uses: the relationship with the money markets
• Covered interest arbitrage
• Short dates
• Time options
• Forward/forward rates
• Non-deliverable forwards
10:00am Management of short-term interest rate risk
• Forward/forward interest rates
• The yield curve
• Forward rate agreements (FRAs) – the mechanics; uses by borrowers and depositors
• Interest rate futures – pricing; the mechanics of trading; futures compared to FRAs
11:00am Interest rate swaps
• Concepts and mechanics of swaps
• Swap pricing – long-term swaps and credit arbitrage; short-term swaps and FRAs/futures
• Applications – asset and liability swaps
• Calculating the all-in cost of borrowing
• Calculating the all-in return on an investment
12:00pm Currency swaps
• Currency swap pricing
• Applications – hedging commercial flows; asset and liability swaps
• Comparison with foreign exchange forwards
1:00pm LUNCH
2:00pm Currency and interest rate options
• Option terminology and markets
• Pricing – underlying concepts; European and American options
• Choosing between options and forwards
• Hybrid/synthetic instruments – range forwards, participation forwards, break forwards; caps, floors, collars and zero-cost structures
• Survey of exotic options – barrier options; average options
4:00pm Exposure management
• Definition and analysis of different types of exposure – transaction; translation; economic/competitive
• Corporate attitudes and writing a company FX policy
• Structure of responsibility and procedures for making decisions
• Reporting and performance evaluation
• Hedging techniques and strategy
• Currency debt management
5:00pm END OF COURSE AND PRESENTATION OF CERTIFICATES
Course tutor: Patrick Peters Bühler, EuroFinance Tutor, Mexico City, Mexico
Patrick is a Certified Cash Manager (CCM) by AFP. He has been CFO and Treasurer for different multinational companies in Latin
America, Mexico and the US. He is currently Executive Director of Tesoreria Sudamericana in Uruguay, a Treasury Consultancy, and
President of FinanceCouncil.org. He is tutor of Eurofinance and teaches classes of Finance and Treasury in Universities in Latin America.
Course tutor: Robert J. Novaria, Consultant, Former Global Treasury Services Director, BP, Warrenville, IL
As a treasurer, controller and global financial leader at BP and Amoco Corporation, Mr. Novaria delivered award-winning
operational and project-based results by building teams and relationships, solving complex problems and facilitating
transitions. He led organizations through crises, post-acquisition integrations, technology upgrades, restructurings and
relocations, while consistently meeting unrelenting cost challenges.

Official lead sponsor
RBS is one of the world’s foremost financial services companies, with an
extensive global network serving more than 40 million customers. As a top
5 global payments provider, our Global Transaction Services business offers
expertise in international cash and liquidity management, trade finance,
merchant acquiring and commercial card products and services.
Contact:
Amy Goldstein, Network Advisory Sales Manager, Global Transaction
Services, International Cash Management
amy.goldstein@rbs.com
Julian Oldale, Regional Sales Manager, Global Transaction Services,
International Cash Management
julian.oldale@rbs.com
Susie Shipley, Regional Head of Global Trade Finance,
Global Transaction Services
Susie.shipley@rbs.com
www.rbs.com
Is your bank or supplier exhibiting? Contact your relationship manager for significant discounts on the registration fee.12
Sponsors, exhibitors and media partners
Global sponsor Treasury networking reception sponsor Official PR agency
Media partners
Global sponsor
Bank of America Merrill Lynch is one of the world’s largest financial institutions,
providing a full range of banking, investing, asset management and other financial
products and services. It is a leading global bank and wealth management franchise
and a premier corporate and investment banking and capital market business,
providing innovative services in M&A, equity and debt capital raising, lending, trading,
risk management, research, and liquidity and payments management. Clients and
customers can expect access to a comprehensive suite of world class products,
services, and expertise from an organization that serves clients in more than 150
countries and has relationships with 99 percent of the U.S. Fortune 1,000 companies
and 85 percent of the Fortune Global 500.
For additional information regarding Bank of America Merrill Lynch, please visit
www.baml.com.
Contact:
Juan Pablo Cuevas, Director
Latin America Regional Treasury Sales Executive
1.305.347.2811
juan.p.cuevas@baml.com
InternationalCashandTreasuryManagementSponsorsandexhibitors
Endorsed by
Official publication

Official sponsors
Global Transaction Banking within Deutsche Bank comprises commercial
banking products and services for corporations and financial institutions.
Business units include Cash Management, Trade Finance, Trust & Securities
Services, offering domestic and cross-border payments, risk mitigation
for international trade, and the provision of trust, agency, depositary and
custody services.
DB Advisors offers a broad range of investment strategies to institutional
clients worldwide and specialize in fixed income and liquidity management.
DB Advisors has an established global presence, with 223 investment
professionals in eight countries and assets under management of $231
billion (€169 billion) as of September 30, 2010. DB Advisors is the brand
name for the institutional asset management division of Deutsche Asset
Management, the asset management arm of Deutsche Bank AG.
If you are interested in any of our services, please contact:
Kevin Bannerton
Managing Director, Head of Americas Institutional Liquidity Management
DB Advisors, 345 Park Avenue, Floor 25, New York, NY, USA
Tel: +1(212)454-0454 E-mail: kevin.bannerton@db.com
Megan Kate McNiff
Marketing Manager, Global Transaction Banking
Deutsche Bank, 60 Wall Street, New York, NY 10005
Tel: +1(212)250-1631 E-mail: megan.mcniff@db.com
BNP Paribas is a leader in global banking and financial services and one of
the six strongest banks in the world (Rated AA by Standard & Poor’s). The
group is present in 84 countries, with 202,500 employees, including 15,000
in North America.
BNP Paribas is one of the top Cash Management providers in Europe and
enjoys a significant and growing presence in Middle East/Africa, Asia and
North America. With the acquisition of Fortis Bank, BNP Paribas has further
strengthened its footprint in its Cash Management offering and now has
seven domestic markets in Europe: France, Belgium, Luxembourg, Italy,
Ukraine, Poland and Turkey.
Cash Management is a key strategic business for the Bank. Our extensive
network, strong capabilities and local expertise provide our clients with
innovative solutions to optimize efficiencies and manage their cash flows
wherever they operate worldwide.
Contact:
Walid Shuman, Managing Director, Head of Cash Management Americas
walid.shuman@americas.bnpparibas.com
13
Banco Santander is a retail and commercial bank with presence in 10
main markets. At the end of June 2010, Santander was the largest bank in
the euro zone by market capitalization. Founded in 1857, Santander had
EUR 1,365 billion in managed funds. Santander has 92 million customers,
13,671 branches – more than any other international bank – and 170,000
employees. It is the largest financial group in Spain and Latin America, with
leading positions in the UK and Portugal.
Santander provides a unique combination of local and global cash
management capabilities, becoming the provider of choice for Corporates
in Latin America. Santander’s leading commercial franchise allows us to
provide the widest product range locally in each country in the region
besides Santander’s regional capabilities help its corporate clients with
flexible connectivity platforms and service solutions to handle their cash
management business with whatever degree of treasury and operational
centralization they wish.
BBVA has solid fundamentals and a strong capital base and skilful risk
management. The high priority the bank gives to the building of long-term
relationships has made BBVA Group win the trust of 48 million customers
and nearly 1 million shareholders in 33 countries. The Group has a major
presence in Europe, Latin America (1st bank in Mexico), the United States
(1st regional bank in the sunbelt) and Asia-Pacific (with presence in the
main financial centres: Hong Kong, Singapore, Tokyo, Sydney, Mumbai and
Shanghai).
BBVA’s suite of Cash Management services offers a broad range of reliable
world-class solutions in America. Our extensive branch network covering
12 countries enables us to offer not only the sum of the best local services
and market knowledge, but the construction of integrated solutions for our
clients making BBVA the best partner for cash management in Latam.
Committing our expertise to power your ambition
Standard Chartered PLC is a leading international bank, listed on the
London, Hong Kong and Mumbai stock exchanges. It has operated for over
150 years in some of the world’s most dynamic markets and earns more than
90 per cent of its income and profits in Asia, Africa and the Middle East. This
geographic focus and commitment to developing deep relationships with
clients and customers has driven the Bank’s growth in recent years.
With 1,700 offices in 70 markets, Standard Chartered offers exciting and
challenging international career opportunities for more than 80,000 staff. It
is committed to building a sustainable business over the long term and is
trusted worldwide for upholding high standards of corporate governance,
social responsibility, environmental protection and employee diversity.
The Bank’s heritage and values are expressed in its brand promise,
‘Here for good’.
For more information on Standard Chartered, please visit
www.standardchartered.com
InternationalCashandTreasuryManagementSponsorsandexhibitors
Would you like to sponsor or exhibit
at this event?
There are a limited number of sponsorship and exhibition
opportunities available. If you have products to offer
corporate treasurers, finance directors and CFOs, then
this is the ideal opportunity to demonstrate them.
Please call Dale Coskery-McDonald, Head of Strategic
Relationships on +44 (0)1372 841 947 / +44 (0)7788 582 352
or email dalecoskery@eurofinance.com for more information.

Miami, USA
23–24 May 2011
Doral Golf Resort and Spa
Official sponsors
Inaugural two-day conference
Treasury and Risk Strategies
for High-Growth Markets
Managing in China, India and other emerging economies
Official lead sponsor
Program highlights
Where to put your resources
Unlocking trapped cash
Successful supply chain solutions
Anticipating risks outside the home markets
The growth of shared services in China
Plus! Lessons from the East from James McGregor,
author of One Billion Customers
With lower growth rates in their
home markets, multinationals are
increasingly looking to emerging
market countries to bolster revenues
and contribute to the bottom line.
Typically, these high-growth markets, with complex
regulations and currency restrictions, have presented
the most difficulties in terms of treasury operations, as
companies seek to unlock cash and working capital
they have tied up there and invest it more efficiently.
This two-day event will look at operating more
efficiently in these complex markets. From investment
risk to trapped cash and improving information, we will
use best practice case studies and expert speakers to
cover all the essentials of doing business in complex
markets – with a special focus on China.
Even if you have local people on the ground, you need
to understand the bigger picture and the changing
legislation and practices. We will show you how to get
the best possible results in emerging markets.
Who should attend?
If you want to derive more value from your existing
operations in developing regions, especially China or
India, or are considering launching businesses there and
need to know the treasury, cash and risk issues involved
– then this event is a must.
“You can’t afford to be
underinvested, or to underestimate
or ignore the potential of these
vast markets”
Registeronlineatwww.eurofinance.com/growth
Approved for up to 14 CTP/CCM recertification credits
by the Association for Financial Professionals.14

2:00pm The RMB essential regulatory briefing
The RMB essential regulatory briefing China has taken
numerous steps towards the RMB becoming an international
currency in global trade, creating plenty of opportunities for
multinationals operating there. The session will provide a
briefing on China’s road to regulatory reform and its upcoming
plans on capital markets, tax and internationalization of the
RMB. Making RMB a more international currency is a hot topic,
but what can we really expect? Here we explore the road ahead
for China and deregulation and how companies can benefit.
Frank Hamer, Managing Director, GTS Country Head - China,
The Royal Bank of Scotland
2:30pm The RMB update: Making sure you are taking
advantage of new opportunities
This panel will look at the trade, investment and financing
opportunities arising and present several case studies of how
companies are using these changes to their advantage. Everyone
from mid-size companies to top MNCs are looking at what’s on offer
as China deregulates. Many companies are still digesting the new
rules and this session will help clarify the opportunities. For many,
the information available is confusing; there is still a general lack of
understanding about just how powerful these changes can be for
MNCs operating in China.The case studies will show how they have
taken advantage of the government’s regulatory changes in this area.
Drew Bender, Manager of International Treasury,
Leggett & Platt, Carthage, MO
4:20pm Understanding the banking environment in China
and other growth markets
The financial crisis brought change to the banking sector across
the world and therefore in turn, impacted some companies’
operations abroad. For others, it gave an opportunity to review
bank relationships globally and perhaps change the mix in different
regions or countries to lesson counterparty risks. In Asia, local banks
gained market share from the cash management businesses of the
big multinationals. In both China and India this has been driven by
MNCs tapping into the commercial domestic market rather than
just needing cross-border flows, and therefore requiring extensive
branch capabilities. So how do you really build a bank solution that
can overcome the diverse regulations but still remain centralized
enough to give you cash visibility and fit into your global banking
structure?This session will look at the banking environment in
China and India and other growth markets. It will be followed by a
discussion of how MNCs partner with both global and local banks
to achieve the most efficient cash management solutions.
Kristjan Drake, Head of Corporate Treasury Sales – China &
Taiwan, Bank of America Merrill Lynch
Linda McLaughlin-Moore, Head of International Cash
Management, J.P. Morgan Treasury Services, New York, NY
Frank Hamer, Managing Director, GTS Country Head - China,
The Royal Bank of Scotland
5:40pm Conference adjourns to the Treasury Networking Reception
11:20am Chair’s welcome to the conference
David Blair, Independent Consultant, Former Group Treasurer
of Huawei in China and Nokia in Finland
11:25am Where to put your resources in the future
Are emerging markets like China and India the growth engine
for the world economy for the future? Many economists
believe that China will, within a few decades, become the
world’s largest economy and the RMB will replace the dollar
as the world’s reserve currency. What will that actually mean
for world business? Should your company be looking to
these markets now and for the future to drive corporate
growth and profitability? What are the inherent risks? Some
say China will run out of steam in 10 years with its aging
population and one-child policy and that India will therefore
become the more dynamic market. But what about the
opportunities in LatAm and Africa? The future of the Middle
East is very unclear at present. What is the real picture? All are
very different markets and demand different strategies for
multinationals operating there. Should one take precedence
over the other in your international strategy? Whatever
happens you can’t afford to underestimate or ignore the
growing influence of these economies.
Marcos Buscaglia, BofA Merrill Lynch Global Research
12:00pm Curious about your new competitors? The world’s
new blue-chips
There is a new generation of international companies
headquartered a long way from Europe or America’s venerable
multinationals. These companies thrive on new and emerging
markets, have high growth expectations and believe that risk
is an opportunity, not a threat. Do these companies with big
global ambitions approach business strategy and finance
differently? Unhampered by legacy systems and risk-averse
shareholders, what are their priorities? How well managed
is their supply chain, working capital and cash? Do they use
different metrics and strategies? How do their treasurers
interact with the board and CFOs? Are there lessons to be
learned by their operations in dynamic growth markets? These
well-known international treasurers from newer markets will
also share their experiences of embracing new and different
business cultures.
David Blair, Independent Consultant, Former Group Treasurer
of Huawei in China and Nokia in Finland
12:40pm Lunch
Conference: Treasury and Risk Strategies for High-Growth Markets Monday 23 May 2011
9.10am The world in 2011-2012: Will the corporate mood
remain uncertain?
One thing is certain and that is the continued prevalence of
uncertainty in the world. How long will this persist? Worries
remain over European sovereign debt, anemic economic
indicators in other economies and now troubles in the
Middle East which could further derail a sustained recovery.
Regulation is also taking its toll on positive sentiment
with companies worried that US legislation and pending
EU regulations will dampen growth. For the first time in
EuroFinance’s 20-year history, economic and political
woes are consistently topping the treasury agenda in our
numerous research programs. In this session we ask several
renowned economists to discuss the key developments in
the global outlook for 2011-12. The panel will later be joined
by treasury professionals to discuss business confidence
amongst America’s corporate sector.
StephenBoyle,HeadofGroupEconomics,RoyalBankofScotland,UK
Clifford Bennett, Chief Economist, Empire Economics, Australia
Across the pond, your professional peers are rather more
depressed than you are, with companies expecting further
bad news from banks, markets and sovereigns. European
corporations are concerned with continuing difficult bank
conditions and fears of no growth. Meanwhile, your peers
in Asia, buoyed by higher-than-expected growth rates and
a more laissez faire approach to regulation, are busily taking
advantage of opportunities. It’s anyone’s guess about the
Middle East. What do American companies have to say? Our
business confidence survey will allow the Miami audience
to air concerns and benchmark sentiment via electronic
voting. Our economists and a panel of treasury professionals
will be on hand to interpret the results and help you build a
barometer of treasury concerns.
Day 1
Benchmark
voting
Keynote
speaker
Keynote
panel
Regulatory
update
Corporate
panel
Expert speaker
and panel
Corporate
panel
PLEASE NOTE:
‘Treasury and Risk Strategies for High-Growth Markets’
delegates can also access Day 1 morning sessions of the
International Cash and Treasury Management conference
as outlined below.
How to register
Secure your place online at
www.eurofinance.com/growth
or complete the registration form
at the back of the main brochure 15
Monday23May2011MainconferencesessionsDay1

Miami EuroFinance 2011

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