Mccreevy Praises Strong European Capital Markets

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Mccreevy Praises Strong European Capital Markets marketwatch NEWS McCreevy praises strong European capital markets On the globalised financial playing field, it is developed. The EU-US Financial Markets important for politicians not to get “misty-eyed” Regulatory Dialogue – covering almost 80% of over regulation, according to Charlie McCreevy, world financial markets – was kick-started in European Commissioner for Internal Market the wake of the Enron scandal in 2002 when and Services. the EU worked hard with its counterparts in the In full flow: Ruby Wax on the ACT’s big night Speaking at the ACT’s annual dinner in US to minimise some of the negative impact November, which was supported by Bank of for European companies of the US Sarbanes- The ACT’s annual dinner raised more Scotland Corporate, McCreevy said the Oxley Act. than £21,000 for charity Childhood First European Commission “wants to keep in active On accounting standards, McCreevy said through the traditional sweepstake held touch with industry and regulators to learn of that the European Parliament and the European on the length of European Commissioner any teething problems or of practical obstacles Securities Committee (ESC) had recently Charlie McCreevy’s speech. Thank you to or difficulties that arise when you start to put approved the European Commission’s proposal, everyone who took part and made a the rules into practice”. which would enable US GAAP, Japanese GAAP, donation. The actual length of the Comparing EU financial markets today with Canadian GAAP and other countries’ speech, announced by after-dinner those of its main competitor, the US, McCreevy accounting standards converging towards speaker comedian Ruby Wax, was 20 said European markets clearly led in the areas IFRS to remain in use for another two years minutes 38 seconds. of commercial banking, foreign exchange, over- in the EU. This brings the deadline to 2009, The sweepstake winners were: the-counter derivatives, insurance, reinsurance and thus aligns the EU and US timetables on and foreign equity trading. this issue. It will also give recognition to other G Tom Jack of Severn Trent won a stay McCreevy said he was not pleading for more countries’ efforts to converge towards IFRS, at the Grosvenor House Hotel, kindly regulatory action but for the most “appropriate thereby promoting global use of the donated by the Grosvenor House Hotel; and proportionate”. He said the time was right international standards. G Ben Davies of Barclays Capital won a for industry to take the initiative, citing as an McCreevy said that some EU member states bottle of Dom Perignon champagne; and example the Single Euro Payments Area (SEPA). and elsewhere abused the sensitive “national G K Stannard of Smith & Williamson He also claimed security” argument to also won a bottle of Dom Perignon that the Markets in block foreign investment. champagne. Financial Instruments He said: “These Directive (MiFID) was arguments must be Childhood First offers intensive residential a good example of constrained. Actions on programmes of care, education and appropriate and these grounds must not treatment, together with expert family proportionate action. lead to discriminatory and placement support for children aged He said the European authorisation procedures 5 to 12 who have complex behavioural, Commission had and discouragement of social and emotional difficulties. The consulted extensively foreign investment in key money raised will help to renovate the and he hoped the sectors of the economy. playground of Childhood First’s special outcome of these “To counter this as school near Ashford in Kent. consultations had much as possible, I have www.childhoodfirst.org.uk. been “a balanced, recently put forward a proportionate and proposal that will tighten European companies and markets to compete sensible set of Charlie McCreevy, the procedures that in the EU and on a global scale. McCreevy measures which I European member states’ said: “We are beginning to see the first green Commissioner hope will enhance supervisory authorities shoots of a deeper, more integrated, stronger for Internal Market competitiveness and and Services. have to follow when European capital market, impacting positively protect investors assessing proposed on the real economy.” without placing undue burdens on business”. mergers and acquisitions in the banking, McCreevy added that nobody understood The EU discusses issues of competitiveness insurance and securities sectors.” better than corporate treasurers how important with its main trading partners, the US, China, The ultimate aim of the single market for efficiently functioning, competitive financial Japan, Russia and India. McCreevy said that financial services is to set the stage by markets were to businesses and long-term the dialogue with the US was the most providing the regulatory framework for economic growth 04 THE TREASURER DECEMBER 2006 marketwatch NEWS Treasurers split over TMS value ACT unveils new logo The ACT logo and design has been in Treasurers are split down the middle on the value months.” Despite the increasing usage of the web existence for 10 years. Much has of their treasury management systems (TMS). in day-to-day life, only a third of treasurers were happened in that time both for the ACT According to a global treasury management using the web functionality in their TMS. and the profession and the ACT’s new system survey carried out by Deloitte, almost half The survey revealed that the introduction of look is designed to reflect this change. of respondents – from a cross-section of IAS39 had pushed the treasury and accounting As well as providing a modern outlook, treasuries in Europe, the US, departments closer together, and the new design reflects the growing Asia Pacific and the rest of the that IFRS 7 would further responsibilities of treasurers and the world – were either completely consummate the relationship as widening appeal of the ACT across the satisfied with their TMS or risk reporting took centre stage. finance profession. thought that it was better than 40% of respondents used risk The logo therefore focuses on the ACT’s average. Of the rest a fifth were management methods as part of unique position as a central service dissatisfied with their TMS, their compliance with regulations, provider for a broad spectrum of while the rest thought theirs although not all treasury financial disciplines. was no better than average. management systems provided Richard Raeburn, ACT Chief Executive, Dimos Dimitriadis, Senior functionality in this area. said: “The role of treasury has changed Manager for Treasury Almost all respondents felt they significantly over the last few years, and Consulting at Deloitte, said: did not receive enough after-sales our new branding reflects our “Over 80% of respondents use support and communication from commitment to develop and support the an off-the-shelf system, with Dimos Dimitriadis: Half of suppliers, although suppliers wide range of financial disciplines some having bespoke treasurers planning major claimed it was a priority for them. reflected in our membership. Going upgrade in next 18 months. developments. A minority still The explanation for the forward, we will be emphasising our use in-house developed systems including conflicting views may lie with the fact that most ability to serve as a conduit for all spreadsheets. While 70% of respondents don’t treasuries lack dedicated in-house treasury our members, sharing innovation and wish to change their TMS, more than half are systems expertise and so cannot best use and best practice.” planning a major upgrade in the next 12 to 18 manage their suppliers. The new image has been introduced to coincide with the ACT office relocation On the move... and will be in use from 11 December. I Simon Bowles, FCT, previously Deputy Finance he was Executive Vice President, Corporate Director at the Royal Automobile Club, has been Finance and Treasury at AerCap. appointed Chief Financial Officer at Fiberweb, I Nikolai Naylor, AMCT, has been appointed which is due to list on the London Stock Product Control Manager at CMC Markets UK. Exchange on 17 November after its demerger Previously he worked for Shell International as from BBA. Business Analyst. I Fintan Coyle, AMCT, has been appointed I Niall O’Shea, AMCT, formerly Group Chief Assistant Manager of the Front Office at De Lage Accountant at RTE, has joined Ernst & Young as Landen Ireland. Previously, he was Treasury Director in its Financial Services Risk Advisory Manager at ABN Amro Bank. Services Group. I Andrew Green, MCT, previously Group Treasury ACT moves home I Emily Plummer, AMCT, previously Vice Manager at Uniq, has joined Foster Wheeler Energy President at Dresdner Kleinwort Wasserstein, has After 10 years at Ocean House, the ACT is Limited as Deputy Treasurer. joined Investec Bank (UK) as Credit Analyst, moving to new offices in the City. From I Euan Haggerty, AMCT, has been appointed UK Treasury and Specialised Finance. Monday 11 December, the address and Financial Controller at Miller Developments. contact details will be: I Stephen Wood, AMCT, previously Business Previously he was Financial Controller, Consumer 51 Moorgate Leader for Retirement Income at GE Capital, Finance at Royal Bank of Scotland Group. London EC2R 6BH has been appointed Group Financial Controller at Telephone: +44 (0) 20 7847 2540 I Seamus Leahy, MCT, previously Treasury Willis Group. Fax: +44 (0) 20 7374 8744 Manager at Kellmorr Investments, has joined The move will represent a significant Musgrave Group as Treasury Manager. MEMBERS’ DIRECTORY improvement in the office environment Members’ contact details are updated regularly at I Gavin Lewis, AMCT, previously Treasurer and www.treasurers.org. Email changes to Anna Corr: for the ACT team and provide more UK Group Controller at Multiplex Developments [email protected] professional surroundings for our (UK), has joined Stanhope as Finance Director. CAREERS members and other visitors. We very much look forward to meeting you I Brian Marks, MCT, has been appointed For up-to-date treasury vacancies and careers articles, in Moorgate.
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