The 26th annual conference on Official INTERNATIONAL sponsors TREASURY MANAGEMENT THE INTELLIGENT TREASURY

4-6 October 2017 // CCIB, Barcelona

WILL TREASURY BE FREED OR TERMINATED? Adam Rutherford, Writer, Broadcaster, Scientific Adviser on AI & Robotics for films Ex Machina, Life, Annihilation Technology sponsors

LEARNING HOW TO READ THE ECONOMIC SIGNALS Dr. Pippa Malmgren, Trendspotter, Bestselling Author, Co-founder, H Robotics

BANKING 4.0: WILL YOUR BANK MAKE IT? Brett King, World-renowned Futurist, International Bestselling Author, Founder & CEO Moven Welcome to the world’s leading OVERVIEW

international treasury event... The intelligent treasury uses digitalisation and data to finally release the true strategic value of treasury. Done well, it will save companies millions in process, compliance and regulatory costs and generate millions more across procurement, M&A and new business initiatives. However, of course it’s not easy...

Data has become the lifeblood of the company, but it has also become its biggest challenge. Digital transformation is a leap many businesses will fail to make. And those that do face a series of hurdles. Join us at the most senior-level, international treasury event in the world to hear how some of the most innovative treasury teams are doing it.

If you come away with just one idea that helps in any of these areas, isn’t the ticket price worth it? Get the best rate! Call Maria now on +46 8768 4955 or email [email protected]

2.5 70+ 1900+ 140+ 50+ 90+ DAYS SESSIONS REGISTERED SPEAKERS PRACTICAL EXHIBITORS DELEGATES CORPORATE CASE STUDIES 2 // Barcelona 2017 WHO WILL YOU MEET? WHY ATTEND?

This truly global event attracts nearly 2,000 senior-level This is the world’s leading international treasury event. delegates and speakers from around the world. The sophistication, level of expertise and networking is unrivalled. Here’s why…

Hear 50+ highly practical case studies from international treasury teams – not sales pitches You’ll hear it here first – benefit from our proven track record of predicting the future trends and ideas you need to know Network with an unrivalled senior audience of almost 2,000 delegates from over 50 countries Fit six months’ worth of meetings with your banks, providers and clients into 2.5 days Benchmark your operations with treasurers from all industries View the cutting-edge solutions that are available in the marketplace today Meet the new FinTechs on the block Delivered by EuroFinance – 26+ years as the leading global provider and an Economist Group business

Corporate seniority

Assistant Manager, Group / Corporate / Regional Treasurer, Consultant, Advisor, Analyst Director, Head (MD, President, CEO, CFO, COO)

Manager, VP, Assistant Treasurer, Supervisor Controller

Make sure you are getting the best rate – call Maria on +46 8768 4955 EuroFinance’s international conference // 3 YOUR BANKING PARTNERS AND PROVIDERS ALL UNDER ONE ROOF…

4 // Barcelona 2017 For programme updates visit www.eurofinance.com/barcelona THE AGENDA

Big picture thoughts Core treasury processes Complex Countries The Regulation Series and best practice Series – NEW! Deluged by 24/7 news and analysis? Taking place in the exhibition hall, these 15 We have the most respected experts in If you don’t have a hedging strategy, you This series will take you through the minute sessions are designed to give you the latest updates on important regulatory changes their respective fields to bring you what need one. If you do, is it robust enough? challenges faced in difficult markets, with you need to know about Trump, Europe, and top trending topics. Stay ahead of the game, Pooling, virtual accounts, in-house banks, macro-economic briefings from the Economist understand the latest issues. Brexit, cyber, inflation and emerging SSCs, TMSs and more. Intelligence Unit and practical insights from markets banks and companies active in these countries DAY 1 // WEDNESDAY 4 OCTOBER What are the right treasury structures Artificial Intelligence is here – will – join the discussion in these intimate and going forward? 12.00 The many faces of MIFID2 treasury be freed or terminated? interactive workshops. If globalisation halts do you need a 12.40 IFRS 9 need to know De-coding FinTech – what you need to treasury centre rethink? 14.40 Faster payments globally? know Funding, hedging and cash management 15.20 PSD2 – What’s in it for you? What Big Data really means – and what it in the new world disorder? 16.40 10 things you need to know about tax can do Fixing the pain points in treasury DAY 2 // THURSDAY 5 OCTOBER The problem with legacy banking partners 14.20 Interchange fees Cyber-risk – who is really taking it 15.00 EMIR seriously? 16.20 Dodd Frank changes

INNOVATION FOCUS

The Treasury Lab Innovation Alley – NEW! Demo Pit – NEW!

Struggling to keep up with the pace of change? Innovation Alley and our Demo Pit are new The Demo Pit will feature short, sharp pitches Hear direct from those doing the innovating in features for 2017 and a unique opportunity to from FinTechs, vendors and banks showcasing these highly interactive sessions. meet emerging players, see new technologies their newest products. You will find a full and the latest disruptive innovations coming schedule on our website in due course as it is from start-ups, challengers and incumbent updated. partners alike, all working to solve treasury pain points.

Make sure you are getting the best rate – call Maria on +46 8768 4955 EuroFinance’s international conference // 5 KEY THEMES AT A GLANCE...

DAY 1 // Wednesday 4 October

MAIN SESSIONS

ARTIFICIAL THE INTELLIGENT BEST PRACTICE 09:00 Welcome address INTELLIGENCE TREASURY TREASURY 09:05 Chair’s introduction 09:15 Learning how to read the economic signals AI has moved from science fiction to a Where treasury and the business intersect. What concrete, measurable steps can 10:00 Spotlights: essential analytics business tool in the blink of an eye. Does it Key partners in transformation. treasury take to ensure best practice? 11:00 Refreshment break & Speakers’ Corner threaten the existence of treasury altogether? 11:40 Conference breaks into streams

DAY 2 // Thursday 5 October

MAIN SESSIONS FIXING TREASURY COMPLEX TREASURY 09:00 Chair’s introduction PAIN POINTS COUNTRIES & THE SSC 09:10 Will treasury be freed or terminated? When the big picture is so uncertain, Gain market insights into some of the The future of automation 09:50 What Big Data really means – and what it can do it’s easy to take your eye off the basics. most challenging geographies in which may lie within the SSC. 10:30 Refreshment break & Speakers’ Corner Here’s how to solve those niggling cash you operate. 11:10 The year that blockchain comes of age and treasury problems. 11:40 10 years on from the crisis: is FinTech the new risk factor? 12:30 Lunch 14:00 Conference breaks into streams

DAY 3 // Friday 6 October TREASURY ESSENTIAL THE TREASURY TECHNOLOGY ANALYTICS LAB MAIN SESSIONS From TMS upgrades to cloud solutions, Deluged by 24/7 news? We give you the Imagine the future today and how 09:00 Chair’s introduction which systems and suppliers suit which analysis from 10 months of Trump to Brexit advances in technology are changing treasury 09:10 Banking 4.0: will your bank make it? corporates? bumps and the comeback of inflation. operations. Hear from the people doing the 10:00 The turbulence of transition: a survival guide innovating. 10:40 Refreshment break & Speakers’ Corner 11:20 The end of treasury as we know it? 12:00 The EuroFinance award for intelligent treasury 13:00 Conference closes. Please join us for lunch

INNOVATION RISK FINTECH ALLEY Come and meet the innovators Political upheavals create complexity. We help you decode turning treasury on its head. Hear how to manage through all this the FinTech revolution. volatility.

6 // Barcelona 2017 For programme and speaker updates visit www.eurofinance.com/barcelona STREAM SESSIONS

DAY 1 // Wednesday 4 October

STREAM 1 STREAM 2 STREAM 3 STREAM 4 STREAM 5 STREAM 6 WORKSHOPS THE TREASURY LAB Enhancing core processes: Treasury and the SSC The intelligent treasury: A day in the life of best Front and centre for risk Treasury and technology: The Complex Countries Imagining the future today fixing treasury pain points the intersection of treasury practice treasuries management march of the machines series and the business

11:40 The first thing is still 11:40 Alive and kicking: 11:40 The perfect partner 11:40 Future proofing 11:40 The treasurer as 11:40 Paralysed by choice? 11:40 China 11:40 Follow the money: who’s centralisation the treasury SSC for the business the future the risk office Ask your peer group 12:20 Brazil funding what in treasury 12:20 Digital is the way to 12:20 Regulation, compliance 12:20 Treasury transformation 12:20 Building in room to grow 12:20 Adding real value 13:00 Lunch 13:00 Lunch solutions? strategic treasury and SSCs on the back of digitalising 13:00 Lunch through treasury 14:20 Digitising treasury 14:20 Russia 12:20 Blockchain/DLT: expect business models the unexpected 13:00 Lunch 13:00 Lunch 14:20 Managing the risk 13:00 Lunch amid change with Willis 15:00 Nigeria 13:00 Lunch Towers Watson 13:00 Lunch 14:20 Have you tidied up 14:20 Cyber security for SSCs of international funds 14:20 Combatting payments 15:40 Refreshment break your banks yet? 15:00 From treasury to SSC: 14:20 Growing pains: coping while transforming the fraud in the company 15:00 It’s not just technology: & Speakers’ Corner 14:20 The future of open with success business how to develop a global banking 15:00 Bank account the key to successful 15:00 An in-house solution to 16:20 Iraq management: migration 15:00 Singing the same tune: 15:00 Reducing risk with cash flow at risk treasury organisation 15:00 Unlocking working 17:00 Vietnam many ways to solve 15:40 Refreshment break why treasury and an in-house bank 15:40 Refreshment break 15:40 Refreshment break capital/supply chain 17:40 Adjourn to Networking 15:40 Refreshment break & Speakers’ Corner procurement need to be 15:40 Refreshment break & Speakers’ Corner & Speakers’ Corner finance with the right Reception & Speakers’ Corner 16:20 The big question still is – in perfect harmony & Speakers’ Corner 16:20 Countering counterparty 16:20 Workshop: What to buy, technology 16:20 All roads (should) lead where? 15:40 Refreshment break 16:20 Maximising liquidity, credit risk when to buy and making 15:40 Refreshment break to visibility 17:40 Adjourn to Networking & Speakers’ Corner minimising cross- 17:00 Foreign exchange risk: the right investment & Speakers’ Corner 17:00 Forecasting: data versus Reception 16:20 Treasury efficiency versus currency exposure strategic considerations 17:40 Adjourn to Networking 16:20 Big Data: who is it for, collaboration regulatory change: back 17:00 Wielding the knife: to not fall off the FX cliffs Reception really? 17:40 Adjourn to Networking to the future? treasury’s role in the from disruptive events 17:00 Trade and FinTech Reception 17:00 Leading the deal: carve-out and increased volatilities 17:40 Adjourn to Networking treasury as M&A 17:40 Adjourn to Networking 17:40 Adjourn to Networking Reception gatekeeper Reception Reception 17:40 Adjourn to Networking Reception

DAY 2 // Thursday 5 October

STREAM 1 STREAM 2 STREAM 3 STREAM 4 STREAM 5 STREAM 6 WORKSHOP THE TREASURY LAB Enhancing core processes: The challenges of funding The intelligent treasury: A day in the life of best Front and centre for risk Treasury and technology: Imagining the future today fixing treasury pain points and liquidity management the intersection of treasury practice treasuries management march of the machines and the business

14:00 Streamlining payments 14:00 Funding: the devil is in 14:00 The HP treasury story 14:00 How to scale treasury 14:00 Country risk: 14:00 Unlocking cash and 14:00 Tax Workshop 14:00 The role of treasury 14:40 Coping with trickle-down the details 14:40 Connecting the business alongside the business: a corporate perspective liquidity in the supply in the new payments compliance 14:40 A surprising story of and treasury: A case the Amazon story 14:40 Third party risks in the chain landscape 15:20 Refreshment break ratings study 14:40 Lessons from a high- cyber age: the known 14:40 ERP consolidation: 15:20 Refreshment break & Speakers’ Corner 15:20 Refreshment break 15:20 Refreshment break pressure treasury and the unknown myths and realities & Speakers’ Corner 16:00 Solving the problem & Speakers’ Corner & Speakers’ Corner transformation 15:20 Refreshment break 15:20 Refreshment break 16:00 SWIFT: are they of Africa 16:00 Working capital: when 16:00 SCF: is the gain worth 15:20 Refreshment break & Speakers’ Corner & Speakers’ Corner innovating for the future 16:40 We need to talk about the CEO notices, it’s the pain? & Speakers’ Corner 16:00 OPEN SPACES: 16:00 Best practice treasury on and how do they fit in collections strategic 16:40 With visibility comes 16:00 OPEN SPACES: Scenario planning the move for tomorrow this ecosystem? 17:20 Adjourn to day 3 16:40 Changing times for cash responsibility: treasury De-mystifying 17:20 Adjourn to day 3 16:40 Can you afford NOT to 17:20 Adjourn to day 3 17:20 Adjourn to day 3 KPIs on-behalf-of and ‘virtual’ move to the Cloud? 17:20 Adjourn to day 3 17:20 Adjourn to day 3 17:20 Adjourn to day 3

Make sure you are getting the best rate – call Maria on +46 8768 4955 EuroFinance’s international conference // 7 PRE-EVENT TRADE FINANCE: PRINCIPLES & PRACTICES IFRS UPDATES FOR TREASURERS TRAINING With increasing pressure on credit INTERNATIONAL TRADE IMPORT AND EXPORT FINANCE This course will take you through CLASSIFICATION AND availability, Corporate Treasurers INSTRUMENTS – LETTERS OF all you need to know about hedging MEASUREMENT - (IAS 39 AND // are looking for new sources of CREDIT • Attributes of trade finance (short financial instruments under IFRS. IFRS 9) funding. Unlocking the potential term, self-liquidating, selective) The objective of the course is to TUESDAY value in the financial supply chain • Overview of trade instruments • Principles of discounting and give treasurers a comprehensive • Classification and measurement can offer a cost effective form of • Letter of credit – objectives calculations overview of the latest requirements of financial assets – IAS 39 financing. And as business becomes • How an LC can help mitigate risks • Practical examples and in the accounting standards which • Classification and measurement 3 OCTOBER increasingly global, supply chains • Role play to illustrate principles calculations affect them. There will also be a of financial assets – IFRS 9 become shorter but more complex. of an LC • Pre and post shipment finance focus on the latest developments • Classification and measurement 08:30 - 17:30 Understanding and mitigating risks • Confirmation of LCs • PO financing of the revised and simplified hedge of financial liabilities – IAS 39 • Invoice financing and IFRS 9 associated with international trade INTERNATIONAL TRADE accounting rules under IFRS 9 is now a required competency for • Example of financing solutions for specifically the complex practical INSTRUMENTS – BILLS OF exporters and importers EMBEDDED DERIVATIVES many corporate treasurers with EXCHANGE challenges, the opportunities these corporate treasury and procurement RECEIVABLES FINANCE bring for treasurers and how it can • Embedded derivatives - building strategic partnerships to • Bills of exchange for risk mitigation best be implemented. introduction leverage the spending power within and financing • Supplier centric solutions – • Embedded derivatives most multinationals. • Accepted drafts and bankers receivables finance Tutors: Pekka Korpi under IAS 39 acceptances • With and without recourse – & Michiel Mannaerts • Embedded derivatives This one day overview of trade • Discounting bills implications under IFRS 9 introduces the key concepts and • Calculating discounts exercise • Balance sheet impact of instruments associated with receivables finance IMPAIRMENT OF FINANCIAL international trade, highlighting the INTERNATIONAL TRADE • Worked example to illustrate P&L ASSETS roles of the banks and other players. INSTRUMENTS – DOCUMENTARY and balance sheet implications or • Impairment under IAS 39 You will leave the programme with COLLECTIONS receivables finance a understanding of the key concepts • Impairment under IFRS 9 • Documentary collections – and terminology of international SUPPLY CHAIN FINANCE DEBT VS. EQUITY trade, and opportunities for risk objectives and definition mitigation and financing within your • Risks to parties involved • Buyer centric solutions – supply • Definitions trading cycle. • Advances under a documentary chain finance • Compound instruments collection for financing • Principle of credit rating • Derivatives on own shares Tutor: Peter Green • Comparison of LC and doc differentials collection • Using SCF to extend days payable HEDGE ACCOUNTING • Calculation of benefits (to anchor PRINCIPLES OF INTERNATIONAL INTERNATIONAL TRADE customer and their suppliers) • Hedge accounting under IAS 39 TRADE INSTRUMENTS – BPO • Accounting challenges of SCF • Hedge accounting under IFRS 9 solutions • Understanding international trade • How BPOs work FAIR VALUE MEASUREMENT • Comparison with letter of credit • Challenges of supplier onboarding • Why trade is important for • Banks and third-party electronic • Definition of a fair value corporate treasurers GUARANTEES AND STANDBY SCF platforms • Scope • Determining risk mitigation LETTERS OF CREDIT • Supplier financing case study • FV hierarchy and financing opportunities in international trade • Using SBLCs and guarantees TRENDS IN TRADE FINANCIAL INSTRUMENTS • The role of banks in trade • Bid bonds, advance payment DISCLOSURES (risk mitigation, financing and bonds, performance bonds • Growth in international trade transaction processing) • Claims under SBLCs • Overview of Basel III • Financial risk management • Understanding terms of trade and • Legal jurisdiction • Impact of Basel II/III on the trade • Fair value disclosures Incoterms 2010 services and trade finance • Changes from IFRS 9 • Concepts of ‘title’ and ‘recourse’ WORKING CAPITAL AND SUPPLY • Automation and dematerialisation CHAIN • Focus on cashflow and working capital • What drives the need for working capital COURSE WRAP-UP • Cash conversion cycle – ‘order to cash’ and ‘purchase to pay’ • Summary of key learnings • Worked examples of key financial • Individual takeaways metrics

8 // Barcelona 2017 Make sure you are getting the best rate – call Maria on +46 8768 4955 TREASURY MANAGEMENT FOR CFOS DIGITAL TREASURY: FINTECH & NEW TECHNOLOGIES

In the radically changing economic BEST PRACTICE IN SUPPLY CHAIN MANAGEMENT AND With the current market TECHNOLOGICAL INNOVATION SUPPLY CHAIN FINANCING AND environment, treasury is both central INTERNATIONAL TREASURY AND WORKING CAPITAL conditions and growing role of AND ITS IMPACT ON TREASURY DYNAMIC DISCOUNTING and critical to many of the key CURRENT TRENDS treasury in business operations, SYSTEMS tasks facing a CFO – managing FX • Principles of supplier and receivables • Concept of supply chain financing corporate treasuries are risks, ensuring availability of credit, • Treasury as a strategic tool and financing • Evolution of treasury and dynamic discounting driving working capital efficiency and performance driver for the CFO • Creating win, win, win in the chain constantly looking for increasing management systems • Benefits to treasury restructuring banking relations to • Maximising liquidity and availability • Financing: POs; invoices; efficiency. As a result the treasury • Rise of blockchain and • Design of a supply chain finance work in a shared services environment. of credit facilities acceptances; promissory notes technology footprint is increasing related technologies solution and dynamic discounting This workshop provides practical • Managing for economic value rather • Off-balance treatment: SEC issues; in the organisation. With the • Evolution of FinTech – solution than accounting value without recourse Platform as a service model • Apps in the market and common examples of the best practice used evolution of new technologies • Importance of: cash; liquidity; • Leveraging credit differentials • Robotics and predictive analytics features by multinationals to meet these like Blockchain and rise of FinTech challenges. It is ideal for a CFO new to working capital management • Distributor and inventory financing • Case study – Implementation of applications, corporate treasuries CONCEPT OF DIGITAL TREASURY treasury management or as a refresher • Role of ERP systems to create supply supply chain financing app with bank chain efficiency SHARED SERVICE CENTRES AND have many choices to simplify and • Case study – Implementation of to update your current knowledge and PAYMENT FACTORIES • How to design a robust treasury set the agenda for the coming year and • New products and responses of the automate processes. system foundation for corporate supply chain financing app with a beyond. banking players • Critical role of treasury to deliver treasury dynamic discounting FinTech app • Impact of the credit crunch on bank banking interfaces to SSCs This workshop provides corporate • Integration points with key Tutor: Christopher Robinson relationships treasuries with examples and best ROBOTICS AND PREDICTIVE • Integration of ERP accounting with business processes ANALYTICS • Coping with FX: interest rate; payments systems practices used by organisations • Payments and collections commodity; counterparty risk • Examples from Oracle and SAP to set-up robust treasury system on behalf (POBO and COBO) • What is Robotics? TREASURY ORGANISATION AND • Achieving economies of scale: architecture to deal with these • Foreign exchange risk management – • Robotics application in treasury TREASURY TECHNIQUES benchmarking the processes issues. This workshop also integrated process with the business • Robotics tools for treasury • Challenges to eliminate domestic focuses on how to set-up a automation • Organisation of treasury and the role instruments and paper DIGITAL TREASURY – SYSTEM • Introduction to predictive analytics of the CFO • New business models for commercial ‘Digital Treasury’ using treasury ARCHITECTURE (FOUNDATION) • Use of predicative analytics • Setting treasury policy and flows: commissionaire; management system as a platform in treasury and FinTech applications to • What are the factors affecting governance limited buy/sell the treasury system design • Analytics tools • Treasury as a tool to actively manage support specialised processes. • Key system functionalities to be • Case study – Robotics risks GLOBAL PAYMENT in FX risk management INFRASTRUCTURE AND considered in the foundation • Levels of treasury responsibility: Tutor: A​niket Kulkarni • Cash study – Predictive analytics TECHNOLOGY • Target architecture with key features centralised; distributed; • How does the FinTech apps fit in cash flow forecasting decentralised • Multi banking and corporate access in the architecture BUSINESS NEED FOR CYBER SECURITY – HOW CAN • Inter-company lending: re-invoicing; to: Swift; FileAct; MA-CUGs; SCORE • Design considerations MODERNISING TREASURY FINTECH HELP? factoring • What is happening in SEPA? and common pitfalls SYSTEMS • Centralising exposure management: • Applying the right security and • Current cyber threats to treasury inter-company FX FINTECH MARKET AND controls • Current market factors affecting • SWIFT cyber security reviews for • Tax neutral or tax advantaged APPLICATION • Automated bank reconciliation and treasury processes corporates – how to prepare treasury vehicles receivables matching • Impact of currency volatility • How to use predictive analytics to • Matching duration of credit facilities • What are FinTech apps and • Cash forecasting process • Future of banks and its impact on prevent fraud and mitigate risk to cash flows how are they consumed • The great formats debate: ISO20022; treasury • Market overview of FinTech • Predictive analytics applications LIQUIDITY MANAGEMENT AND EDIFACT; ANSI; BANSTA; BAI; MT940 • Evolving role of treasury and tighter • Key innovation areas of FinTech • How to safeguard the treasury INVESTMENT • Creating a treasury dashboard integration of treasury with the system against cyber security business TREASURY PAYMENTS – HOW CAN • Accessing balances and capital WHAT TO EXPECT IN THE FUTURE BLOCKCHAIN AND FINTECH HELP? A CASE STUDY locked in the organisation • Treasury policy agenda issues for • Blockchain technology for payments • How a corporate modernise • Types of notional pooling, zero CFOs and transformed its treasury balancing and concentration • New payment methods • How to manage credit card • Realised benefits • The tax, legal, documentation and • Future improvements and roadmap regulatory issues payments in treasury • Mobilising core balances and money • How to integrate payments apps market investment (Apple Pay, PayPal) in treasury • Impact of IAS 39 and Basel II/III on system the corporate balance sheet • Design considerations • Case study – Integration of payment apps (credit card platform, Apple Pay) and blockchain

EuroFinance’s international conference // 9 MAIN DAY 1 // WEDNESDAY 4 OCTOBER SESSIONS 09:00 WELCOME ADDRESS 10:00 SPOTLIGHTS: ESSENTIAL ANALYTICS Chris Stibbs, CEO, The Economist Group, UK Moderated by: Sebastian di Paola, Partner, PwC, Switzerland Watch our latest videos Kurt Zumwalt, Treasurer, Amazon, US 09:05 CHAIRS’ INTRODUCTION eurofinance.com/youtube Deluged by 24/7 news and analysis? We have the key themes Robert J. Novaria, EuroFinance Tutor & Partner, you need to understand covered by the most respected Treasury Alliance Group, US experts in their respective fields. David Blair, Senior EuroFinance Tutor & MD, Acarate, Singapore TEN MONTHS OF TRUMP: After the radical promises of his campaign, Donald Trump’s presidency has prompted some Join our LinkedIn group 09:15 LEARNING HOW TO READ THE ECONOMIC radical activity in Congress, but how much real economic eurofinance.com/linkedin SIGNALS and regulatory change? And how are his interventionist, protectionist tendencies playing out in practice? What can we The big picture out there really matters to treasury because expect to be the impact on trade? disorder caused from geopolitical risk, and uncertainty caused from uneven growth and technological disruption are Jamie Thompson, Head of Macro Scenarios, Oxford Economics, Follow the conversation promoting rethinks about the global business environment UK with knock-on effects for FX, interest rate, tax, regulatory and @EuroFinance | #EuroFinance EUROPE BACK FROM THE BRINK?: The Eurozone recovery political risks. But how can you predict the effects of this on continues to gather pace. EU elections in France and the your business? How do you know which signals to read? Best- Netherlands have boosted confidence. But do Brexit and the selling author Pippa Malmgren, a former presidential advisor Greek and Italian experiences mean the Eurozone needs a on the impact of terrorism on the economy, and named as one rethink or a redrawing? of the top five women in finance, will argue that economic signals are everywhere and in the most unlikely places Erik Berglof, Professor & Director of the Institute for Global -- everyday signals that can help empower you in decisions Affairs, London School of Economics, UK to navigate troubled times. As a well-known trend-spotter, Malmgren also advises the UK government on Brexit and the BREXIT BUMPS: The initial lack of a ‘Brexit effect’ surprised Ministry of Defence on global strategic patterns. Focussed economists but the economy is now delivering their worst on innovation as well, she can offer insights into how fear. And the June election has created yet more uncertainty. technologies will solve new problems created by a changing So how should companies prepare for Brexit without making world. key changes too early? Will there be treasury impacts on tax, payment and liquidity structures? Dr. Pippa Malmgren, Trendspotter, Bestselling Author, Co-founder, H Robotics, UK Daniel Franklin, Editor ‘The World in 2018’ & Executive Editor, The Economist, UK INFLATION: In the US, the Eurozone and China inflation is the conundrum. Are core inflationary pressures real? Should central banks adopt higher inflation targets? What about increasing levels of household and corporate debt? We provide a roadmap for corporates and their treasurers.

Jeffrey Franks, Director, IMF Europe Office, Brussels EMERGING MARKETS: A rising tide floats all boats. But Put your questions to speakers when they what about the ebb? Does a stronger dollar hurt emerging come off stage and deepen the discussion economies and make borrowing more difficult? Which markets are most exposed to US policy shocks? And where is with like-minded treasurers. political risk the most highest? 11:00 REFRESHMENT BREAK & SPEAKERS’ CORNER 11:40 CONFERENCE BREAKS INTO STREAMS

10 // Barcelona 2017 For programme and speaker updates visit www.eurofinance.com/barcelona DAY 2 // THURSDAY 5 OCTOBER DAY 3 // FRIDAY 6 OCTOBER

09:00 CHAIRS’ INTRODUCTION 11:10 THE YEAR THAT BLOCKCHAIN COMES OF AGE 09:00 CHAIRS’ INTRODUCTION 10:40 REFRESHMENT BREAK & SPEAKERS’ CORNER Robert J. Novaria, EuroFinance Tutor & Partner, Despite high-profile initiatives such as R3 and the Robert J. Novaria, EuroFinance Tutor & Partner, 11:20 THE END OF TREASURY AS WE KNOW IT? Treasury Alliance Group, US individual endeavours of individual banks and companies, Treasury Alliance Group, US David Blair, Senior EuroFinance Tutor & MD, usable blockchain products have been thin on the David Blair, Senior EuroFinance Tutor & MD, Depending on the study you read, you’ll see estimates Acarate, Singapore ground. But is that about about to change? In finance, Acarate, Singapore that say anything between 45% and 65% of jobs are HSBC has proclaimed that ‘blockchain technology could at risk from some form of automation over the next 25 09:10 WILL TREASURY BE FREED OR TERMINATED? revolutionise trade’; seven of the world’s leading global 09:10 BANKING 4.0: WILL YOUR BANK MAKE IT? years. And we can be sure it will be faster than that. This banks, HSBC, Deutsche Bank, KBC, Natixis, Rabobank, includes millions of ‘middle class’ jobs previously seen as Artificial intelligence has moved from science fiction to Banking is being disintermediated by FinTechs, right? Société Générale and UniCredit have announced an safe from mechanisation. Only high-level, cognitive, tasks business tool in the blink of a robot’s eye. Across sectors Well, what about the re-intermediation of banks by the agreement in principle to develop a shared blockchain look safe from AI and digitalisation. Tasks related to data as diverse as finance, law, healthcare, transport and providers of “global ACH” networks? What about the platform to make cross-border commerce easier for capture and analysis, middle-management and process energy, the practical applications of AI are becoming bank-driven accelerators producing bank-owned FinTech SMEs and Citibank has invested in post-trade blockchain management look highly vulnerable from the legal sector increasingly clear: AI is the only way organisations innovators? What about bank-FinTech collaboration? Yes, innovator Cobalt. Away from pure finance, companies to finance. So what about treasury? Surely the natural can make sense of the huge volumes of data they now PSD2 throws open banks’ customers to third-parties via including Bosch, BNY Mellon, Cisco, Foxconn, and Gemalto end-game of treasury trends is digital, centralised, STP generate and it can deliver fast, actionable insights. AI APIs, but it is not at all clear that the disintermediation have joined a collaborative effort with a number of startups systems, with remaining data entry and manipulation can drive automated financial advisors and planners in seen in consumer financial services extends in the same to develop a blockchain-based Internet of Things protocol; taken care of by robotic process automation – what banking and across corporations this technology can be way to the corporate world. It seems equally likely that in the legal industry blockchains transform the entire is left for the people? In theory, could a non-strategic used to deliver the answers to complex data-intensive banks, co-operating in new networks, and offering a new contract process; and Accenture has called blockchain the treasury be automated and any remaining functions be questions direct to senior management. So what does level of plug-and-play products and services via their ‘perfect technology’ for the airline industry. If 2017 is the spread between the CFO, credit control, management this mean for treasury? Is AI the technology that frees own FinTechs or in collaboration with new players, will year that blockchain initiatives finally begin to generate accountants and SSCs? And is the treasurer’s best hope treasurers from the problems of data overload and solves hold on to their key roles in the provision of transaction real-world applications, where are they most likely to that continued local regulatory and systems inefficiencies core problems of Big Data analytics and visibility? Or, services. Few people have the breadth of knowledge to appear and how will they affect treasury? ensure that human intervention will be required for a long since strategic treasury is all about delivering business look across the whole of FinTech and banking to see the time to come? insights derived from its visibility into enterprise data, Simon Taylor, Co-Founder, Director of Blockchain, 11:FS, trends, the winners and the losers. One of them is Brett does AI look more like a technology that threatens the UK King, bestselling author, founder and CEO of Moven (the 12:00 THE EUROFINANCE AWARD FOR existence of treasury altogether. first downloadable bank) and a consultant to companies INTELLIGENT TREASURY 11:40 10 YEARS ON FROM THE CRISIS: IS FINTECH such as Google, Microsoft and Oracle. He is also host of George Zarkadakis, Digital Lead, Willis Towers Watson, UK THE NEW RISK FACTOR? the popular Breaking Banks radio show. You may not care The annual EuroFinance Treasury Award for Excellence is Adam Rutherford, Writer, Broadcaster, Scientific Adviser on too much about how the world’s financial plumbing will the benchmark for treasury. Every year the theme changes AI & Robotics for films Ex Machina, Life, Annihilation, UK The FinTech revolution poses significant risks to the be transformed, but you do need to know which banks to reflect a key trend that has emerged in treasury over stability of the financial services sector, says Bank of recent times. This year the theme is The Intelligent 09:50 WHAT BIG DATA REALLY MEANS – AND WHAT will win the innovation wars, which FinTechs to watch and England governor Mark Carney, and may require new how to identify them and what you need to benefit from Treasury. Treasury is no different than any other function. IT CAN DO regulation. One issue: FinTech’s disruption of the business the next generation of transaction banking products and From manual, de-centralised and heterogeneous, it must models of traditional banks could increase liquidity risks It’s easy to think of Big Data as just more data – a bigger services. He can tell you. standardise, centralise and digitalise. But that is not for the broader financial system and “the opening up of dataset to plug into existing analytics to deliver more enough. Even before most businesses have worked out the customer interface and payment services business, Brett King, World-renowned Futurist, International accurate results. And it is true that better data gathering, how to execute a digital transformation, the ability to use could, in time, signal the end of universal banking as we Bestselling Author, Founder & CEO Moven, US automation and digitalisation, as well as new data digital information flows intelligently, the incorporation know it.” But the promise of FinTech also means lower sources such as social media, are creating vast new data of robotic automation and artificial intelligence and the pricing, better efficiency and even potentially more 10:00 THE TURBULENCE OF TRANSITION: A flows. But it would be more accurate to think of the data concept of ‘smart’ – networked intelligence – are already robust security for the finance function and your banks. SURVIVAL GUIDE revolution in terms of Big Analytics. It is advances in becoming key differentiators. This year’s treasury award Authorities around the globe are pushing innovation statistical and computational methods, the development For people, societies and businesses, the world seems looks at a company who have recognised the need to be and creating safe spaces to understand and promote the of ‘Big Algorithms’, that can generate new insights an unstable place. Political and economic certainties ‘smart’ and have made progress in the journey towards right development. At the same time they are promoting and allows machines to outperform even the most are being swept away; globalisation and democracy the intelligent treasury. New this year: we are awarding a their countries as key players that will shape the future of knowledgeable groups of experts in fields as diverse as seem under threat; new technologies are undermining winner in each category: FinTech and banking. Here they share their views. medicine, cosmology and the law. Hear how these general traditional notions of the company, the job and even · Companies that are very established and have been for a principles can be applied to any data to drive more 12:30 LUNCH the government. But are we getting carried away by number of years but who have embraced digitalisation. accurate forecasts and valuable insights which previously connectivity and digitalisation? Are we instead going back would have remained hidden. 14:00 CONFERENCE BREAKS INTO STREAMS to an era of hard power, the nation state and zero-sum · Companies that were known as disruptors back in their game competition? And in a de-globalising, protectionist time but are continuing to embrace change. 10:30 REFRESHMENT BREAK & SPEAKERS’ CORNER world, does business need to re-learn old methods? On this panel, we pit representatives of the key theories against · New companies and start-ups which have welcomed each other: those who believe the future will be shaped new technology, do not have to worry about legacy less by countries than by connectivity, those who believe systems but are future proofing what they are doing globalisation has gone too far and those who believe we currently in treasury. are entering an era of resource conflicts. They can’t predict 13:00 CONFERENCE CLOSES – PLEASE JOIN US FOR the future, but their insights into the key big-picture trends of the present will give you pause for thought. LUNCH

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Chair: Peter Green, Senior EuroFinance Tutor & Director, 14:20 HAVE YOU TIDIED UP YOUR BANKS YET? 16:20 ALL ROADS (SHOULD) LEAD TO VISIBILITY ENHANCING TransactionBanking.com, UK Bank rationalisation is like centralisation: first, everyone Visibility is easy to say but harder to obtain. Just as CORE 11:40 THE FIRST THING IS STILL CENTRALISATION should have done it; second, there are “good reasons” why technology promised us the paperless office but in fact they haven’t; third it’s the foundation of efficiency and gave everyone a printer, it promises us transparency but PROCESSES: It’s hardly ground-breaking, but the true centralisation of visibility across a key area of treasury activity. The basic rule creates myriad ways to create opacity through complexity. all core treasury processes is the single most important step is simple: don’t hold bank accounts where it isn’t necessary. Most corporates have evolved a tangle of TMS, ERP and on the road to efficiency and visibility. It is also critical in The problem, generally, is determining what the existing bank portals and may struggle to corral them into a single, FIXING ensuring cyber-security. More subtly, a rolling programme system is, why it evolved and what is necessary. For any transparent information flow. So what are the options? of centralisation ensures a continuous focus on wringing sizeable MNC, unnecessary complexity evolves through External suppliers such as Swift, the Cloud and other TREASURY efficiencies from every single underlying process. It breaks acquisition, new market penetration, the creation of business FinTech providers can bring order to specific parts of treasury “efficiency” into a series of identifiable projects, each of entities for tax and regulatory reasons – the list goes on. workflows. But they all come with costs and caveats. And PAIN POINTS which delivers measurable gains as treasury is updated and Companies end up with, 100s or even 1000s of accounts, they tend to require that core work on process simplification, re-engineered. So what are the key pain points for treasury creating problems down the line in terms of reporting and implementation of industry standards and interface building today? Which structures are becoming outdated and need When the big picture is analytics. So how should companies go about auditing has already been done. This treasury took a deep-dive on to be replaced? Which processes can benefit from proven and rationalising these accretions? What other techniques all its systems and processes as the prelude to a treasury- so uncertain, it’s easy technological innovation – as opposed to those which can be overlaid – virtual accounts for example – that can wide digital transformation programme. In this session the to take your eye off the require investment in the cutting edge? And where do those then reduce numbers further? And will the rationalisation treasurer explains what the process revealed, the solutions big picture issues impinge on key processes now and force process have any unintended consequences in terms of tax they chose and why. basics. Trump, blockchain treasury to react? or even bank relationships? Here is a template for initiating a rationalisation programme. Gary Throup, Head of Treasury, Philips Lighting, and artificial intelligence Cathy Fields, Assistant Treasurer & Director of Global Risk The Netherlands will undoubtedly change Management, Hitachi Data Systems, US 15:00 BANK ACCOUNT MANAGEMENT: MANY WAYS TO Tor Stian Kjøllesdal, Head of Internal Treasury, 17:00 FORECASTING: DATA VERSUS COLLABORATION the world, but you still Statoil ASA, Norway SOLVE Anyone who has run a (non-finance) division will have a story need to make payments Steven Gomes, Treasury Operations Manager, Once rationalised, bank accounts still need to be actively about trying to explain their business to central finance or the Bose Corporation, US managed to prevent inefficiencies developing anew. Opening and manage your bank auditors. They will remember being annoyed by questions and closing accounts and maintaining mandates are time like, “What’s your sales forecast for next year? What about accounts. So what are the 12:20 DIGITAL IS THE WAY TO STRATEGIC TREASURY consuming and costly, as well as a source of error and, profit?” And they will have been tempted to answer, “Most potentially, fraud. And in many regions, where multiple local problems that still plague Can treasuries really deliver strategic insights? It’s a rare likely +/-10% of last year, give or take.” That disconnect bank relationships are still necessary, the process is harder treasurer who sits on the board and even a seat on the ExCo between a function that seems to want to impose a spurious treasury and what are the still. The core solutions are structural: centralised treasury is not a given. One reason for this is simple: if treasury could accuracy on real-world uncertainty can be a real problem latest solutions to fix them? centres are a basic minimum; better still a payments and gather and analyse all the data that flows through it in – and that problem will lead to poor forecasting and a limit collections factory, or at least shared service centres, that anything approaching real time, it would indeed be able to to how much treasury can really support wider business can ‘see’ both ends of the payment/collection cycle; and for deliver the insights claimed. But most can’t. Digitalisation goals. Bridging the disconnect is partly a question of work: some, large corporates, the in-house bank represents the changes all of this. Fully digital, straight-through systems treasury must take the time to properly understand the ultimate solution as it can hold all accounts and acts on make real-time payment, collection and cash management nitty gritty of selling engine parts in Thailand or advertising behalf of the other group legal entities. And there are the analysis possible; accurate daily cash forecasts; global in China. It’s also a question of personality: uncertainty basics: maintain up to date authorisation matrices, ensure customer order and payment patterns; procurement and and unpredictability are normal. People drawn to finance that a central record of all bank accounts exists and use inventory management. With this information not only can often don’t like that. So is the answer more data and better existing processes to identify unnecessary complexity in bank treasury deliver strategic insights, it can push back against analytics? This treasurer thinks so. How can the forecasting accounts and connectivity. But which solutions suit which businesses tired of waiting and eager to exploit the latest accuracy pain point be solved? tech and opportunities. The problem is, delivering this type of types of company? And what about the Cloud – are there new process change is painfully slow in most large corporations. technology solutions to the problem? Graeme Williamson, Assistant Treasurer, Boston Scientific, US So what can treasurers do to create significant change and have any companies been able to make the transformation. 15:40 REFRESHMENT BREAK & SPEAKERS’ CORNER 17:40 ADJOURN TO NETWORKING RECEPTION This treasurer says “yes”. Refreshment break sponsored by Sponsored by Martin Schlageter, Head of Treasury Operations, F. Hoffmann-La Roche, Switzerland Peter Cunningham, Consumer & Healthcare Head, EMEA, MD, Citi, UK 13:00 LUNCH Sponsored by

12 // Barcelona 2017 For programme and speaker updates visit www.eurofinance.com/barcelona DAY 2 // THURSDAY 5 OCTOBER

Chair: Peter Green, Senior EuroFinance Tutor & Director, 16:00 SOLVING THE PROBLEM OF AFRICA TransactionBanking.com, UK Corporates are doing more business in Africa. So how can 14:00 STREAMLINING PAYMENTS treasury support these initiatives while maintaining some version of best practice across a vast and diverse continent? For all the talk of innovation, many corporates’ cross- One answer is to set up a regional treasury centre and the border payment infrastructure remains largely unchanged. three leading contenders at present are Dubai, South Africa Treasurers’ problems are much the same too: visibility on and Mauritius, each with their own particular pros and FX rates used for conversions; use of offshore subs simply to cons. Even with an RTC, the diversity of regulations and make foreign payments; difficulty in reconciling payments and tax regimes makes even basic cash management difficult, invoices because of limits on payment information; a lack of with trapped cash a significant problem. However, as this real-time visibility into transaction status. Before treasurers treasurer will explain, the environment is changing rapidly worry too much about bypassing banks through the use of not least because of the rapid adoption of new digital and e-wallets or focus too much on the blockchain, they need to mobile solutions in banking and payments. Just as happened BARCELONA 2017 solve these bread-and-butter problems. For a start, have you in telecommunications, Africa looks set to leapfrog an entire quantified how changes to your existing payment processes ecosystem of legacy technologies and move straight to could reduce costs, the risks of fraud and reconciliation digitalisation. What does this mean for corporates operating failures? SWIFT’s global payments initiative should help in the region and are there lessons to be learned here that can with transaction progress reporting but what are the other be taken back to the so-called ‘developed’ markets? EVENT APP priorities for payments? And who needs to be involved across the business? How can you streamline your payments Alouis Ngoshi, EMEA Regional Treasury Director, COMING SOON! processes? Cummins Inc., UK Andrew Mills, Group Treasury Manager, MultiChoice, South Laurent Marret, General Manager Operations, Africa ArcelorMittal Treasury, France Anneli Walltott, Deputy Group Treasurer, Head of Cash Flow Personalise your schedule Wim Grosemans, Head of Product Management, International Management, Sandvik, Sweden Payments & local offer EMEA, BNP Paribas, Belgium Maria Mayrhofer, MD & Head of International Corporate Contact other delegates Sales, Transaction Banking, Africa & The Middle East, 14:40 COPING WITH TRICKLE-DOWN COMPLIANCE Standard Chartered Bank, South Africa and set up key meetings Know your customer (KYC) and anti-money laundering (AML) regulations continue to create problems for both 16:40 WE NEED TO TALK ABOUT COLLECTIONS Receive updates corporate and their banking counterparties. As the demands Accounts receivable (AR) management can be one of the of regulators escalate, the requirements around KYC have weakest areas of treasury. Poor planning and enforcement, Social media feeds become extensive and the volume of requested personal plus conflict with the business, can mean cash is tied up and legal documentation to corporates has increased with customers for far longer than necessary. Even when Interactive maps, videos, exponentially. Combine this with inconsistent regulatory bills are paid, companies often take too long to recognise interpretations and then multiply it by each institution that the fact. So before embarking on the complex road to a speakers, key event info a corporate has, or wants to have a relationship with – the collection factory, treasury must make sure the basics are and more... result is a time-consuming, complicated and highly-repetitive in place: do all customers have defined credit and payment administrative headache that needs to be brought under terms and are those terms recorded so that they are acted control. on? Is invoicing accurate and timely? When cash is received Sponsored by: The KYC Utility model is emerging to support both financial how quickly and accurately is it reconciled with invoices and institutions and corporates streamline and simplify the recognised? If any of these processes are weak, working management and distribution of KYC documentation from capital suffers and the task of extracting cash late payers through a single, secure platform. In this session we explore is made even more difficult. If treasury is happy with the the KYC Utility model and listen to how one treasurer has KPIs of the core AR system, then it’s time to look at virtual leveraged it to minimize the impact of responding to KYC accounts, automation and STP and how to maximise the requests on critical treasury function. benefits modern ERP systems can bring to collections. Finally, treasurers must understand how innovations in 15:20 REFRESHMENT BREAK & SPEAKERS’ CORNER payments feed through to the collections process. Refreshment break sponsored by Aroon Dasappa, SVP Finance, Tata Communications, India 17:20 ADJOURN TO DAY 3

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TREASURY 11:40 ALIVE AND KICKING: THE TREASURY SSC 14:20 CYBER SECURITY FOR SSCS 16:20 THE BIG QUESTION STILL IS – WHERE? FinTech, the Cloud, de-globalisation, outsourcing, regulatory Cyber-security has moved to the top of board, finance and Deciding on the location of any centralising business AND THE SSC complexity, harmonising global wages – there are so many treasury priority lists. And these key stakeholders are finding structure is still a critical step in the process. In general, possible reasons to write off the shared service centre and that creating a cyber-secure environment is a great deal companies still centralise by region (with the US often yet companies are still setting them up domestically and harder than it may first have appeared. This is true even in counting as one). In Europe, a number of countries compete Are SSCs treasury’s friend internationally. So why does it still make sense to open SSCs? those business areas that they control directly. It is much to be the most attractive, and this event is sitting in one of the or is it how treasury What functions are best transferred to an SSC and why? And more of a problem in tech-heavy standalone units often most successful. Barcelona – and Catalonia as a whole – have is treasury still a prime mover in these programmes or just a situated in emerging markets. First, the need for global increasingly been recognised as candidates for the delivery disappears? Companies small part of wider business process re-engineering? connectivity creates opportunities for cyber-criminals. of centralised finance, IT, asset management and customer are increasingly spinning Second, high staff turnover is typical in low-skilled, offshored care services to MNC’s European and worldwide customers. Lesley Rogers, Director, Treasury, Banking & Cash EMEA, jobs, making training difficult. Third, low wages create As well as the standard claims of high internationalisation, off functions such as AP/ AT&T, UK incentives for dishonesty: banks are finding that it may be skilled staff and a business-friendly environment, Catalonia AR reconciliation, daily 12:20 REGULATION, COMPLIANCE AND SSCS more cost effective to move call centres and any operations does also have a genuine claim to be a centre of technological liquidity management that handle personal data back onshore rather than innovation. The ALBA Synchrotron and the Mare Nostrum The trend towards shared service centres was greatly helped expose staff to the temptation of large payments to steal Supercomputer require high-level IT infrastructure to and FX into SSCs, leaving by another trend: the relaxation and global harmonisation information. So is re-onshoring the answer to SSC cyber- function and this is available to any companies in the vicinity. treasury teams smaller and of financial, tax and compliance regulations. Regional security or are there better solutions? What are the critical So in the digital era, in which the SSC is part of business initiatives, such as those in Europe, were part of a wider, risks and what are the best remiediations for them? transformation and not a low-cost, low-skill processing handling fewer tasks. Some competitive move by countries to make it easier for multi- centre, how has the priority list changed when it comes to SSCs even have a veto over national businesses to operate in them. The question is: is 15:00 FROM TREASURY TO SSC: THE KEY TO SSC location? What are the three most important attributes SUCCESSFUL MIGRATION treasury policy. So what is this trend going to continue or have we entered a phase of of a geography now? And what does the fact that Barcelona is protectionism and de-globalisation? And if we have, do we so popular tell us about those priorities? The success of an SSC is predicated on how well corporates the right balance? face a global business environment increasingly fragmented can migrate treasury processes into them. A typical sequence Krisztián Kozma, Treasury Director, CEMEX, France by regulations designed to boost the local at the expense of of migration starts with bank reconciliations and bank the international? It is very early days, but would that kind account management, followed by cash forecasting and 17:40 ADJOURN TO NETWORKING RECEPTION of environment alter the cost/benefit equation for SSCs? bank guarantee management, with additional functions Just as today it is hard to centralise in fragmented regions Sponsored by CaixaBank being transferred from in-country OpCos after that. The later like Asia, would a splintering global business environment process migration is not simply a case of moving transactions stymie treasurers’ continuing drive for centralisation and and their associated processes, but one of breaking down harmonisation? and re-designing existing on-shore jobs. This company set up Tony Osentoski, Head of Corporate Treasury & Insurance, its first SSC in 1998 and the first treasury activity took place a Asia Pacific, Solvay, Singapore decade later in 2008. Now 20 years in it has recently gone live on its latest, more complex phase of migrated work. So, from 13:00 LUNCH this experience in managing this process, what has treasury learned? What has gone well and why? What improvements Sponsored by ICBC could still be made? And when it comes to complex migrations, what are the key challenges and solutions?

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14 // Barcelona 2017 For programme and speaker updates visit www.eurofinance.com/barcelona STREAM 2 DAY 2 // THURSDAY 5 OCTOBER

Chair: Anne Friberg, CTP, Senior Director, Peer Knowledge Exchange, 16:00 WORKING CAPITAL: WHEN THE CEO NOTICES, THE The NeuGroup & Senior Contributor, iTreasurer, US IT’S STRATEGIC CHALLENGES 14:00 FUNDING: THE DEVIL IS IN THE DETAILS Getting companies to view working capital strategically has been slow. This has partly been because without an With interest rates still near all-time lows and macro- accurate global picture of cash, and without the structures OF FUNDING economic uncertainty increasing, surely now it a good time in place to maximise it, working capital optimisation has to review capital structures and funding programmes and been more theory than practice. But today, with the 2,000 AND LIQUIDITY prepare for rising rates? This is partly an economic question: leading US and European companies having an estimated if uncertainty is going to hold rates down, then restructuring trillion dollars or more tied up, and with the tools available makes little sense; if inflation and politics pushes rates up, it MANAGEMENT to get that number down, boards have noticed. They’ve also does. But it’s partly a market question and one way to gauge noticed the studies that show that every $1 locked up in net the market’s mood is to look at changes in the covenants in operating capital is worth 52 cents less for shareholders than In the funding markets, the bond and loan markets. In 2016, covenants in both were $1 held in cash that can be invested in growing a business. extremely lax, reflecting the easy conditions. However, in investors are worried about CEO business reviews now routinely include elements of 2017 we may be seeing the first signs of a lender/investor the price of corporate working capital as metrics, pushing WCM into operations, pushback. In the bond markets, borrowers scrapped language supply chain, procurement, IT and even sales. Treasury’s job bonds; treasurers are in new bond offerings that would have spared them from is to turn this newly strategic imperative into results. In this paying a make-whole premium in the event of a default (from worried about rising rates session this treasurer looks at some of the new tools and a simple covenant breach to actual bankruptcy). In the loan techniques that have boosted working capital at their firm. and issuing as much as markets, lenders are starting to rebel against ever looser they can. When it comes to definitions of EBITDA and have been shaken by events such Mandana Sadigh, SVP & Treasurer, Mattel Inc., US as J Crew’s transfer of IP into an unrestricted subsidiary. Are excess cash, the roles are the good times over? 16:40 CHANGING TIMES FOR CASH reversed. Treasurers fret Ravi Jacob, VP & Treasurer, Intel Corporation, US In the wake of substantial money market fund reform, about inflation and rates, with rates and inflation rising, and, in the US at least, the structural changes to core 14:40 A SURPRISING STORY OF RATINGS possibility of changes to the tax constraints that trap cash offshore, treasurers face a particularly uncertain outlook It is a market assumption that because most investors are investment vehicles and for their cash portfolios. In these circumstances, it is vital limited to buying rated paper, and still value the transparency that companies rigorously segment their cash and define political risk. In this stream that a rating confers, obtaining a rating will lower funding investment tolerances for each bucket. Some may look at a costs. So the standard evaluation nets the savings to be made hear how your peers plan shift from capital preservation to total returns but if they do, by having a rating against the cost, work and management to negotiate the challenges how is the balance of income, liquidity and yield achieved? time involved with obtaining one. However, this isn’t always Is there a zero loss tolerance, or are minimal fluctuations in capital raising and true! This debate will cover companies that are both unrated tolerable for some cash segments? And what fund products and rated, why they made the decision they did; how to liquidity management. are available to help? This session takes an in-depth look analyse the implications for funding costs and the processes at money market reform and the impact this will have on involved in funding with or without a rating. What are the treasurers’ liquidity management strategies in today’s key considerations? How can treasurers analyse their own uncertain times. positions? And at what point does a company think it will be compelled to obtain a formal rating? This panel will feature an Jane Lowe, Secretary General, IMMFA, UK unrated company talking about why they made that decision alongside others that chose to be rated. 17:20 ADJOURN TO DAY 3

Sekar Sundaram, Treasury Director, PAREXEL International, US François Masquelier, SVP, Head of Treasury & Enterprise Risk Management, RTL Group, Luxembourg Andrea Talpo, Group VP – Corporate Treasury, STMicroelectronics, Switzerland Edwin Veenman, Treasurer EMEA & NA, Yanfeng Global Interior Systems, Germany 15:20 REFRESHMENT BREAK & SPEAKERS’ CORNER

Refreshment break sponsored by Trintech

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Chair: Robert J. Novaria, EuroFinance Tutor & Partner, 14:20 GROWING PAINS: COPING WITH SUCCESS 16:20 TREASURY EFFICIENCY VERSUS REGULATORY INTELLIGENT Treasury Alliance Group, US CHANGE: BACK TO THE FUTURE? Rapid business growth is a test for all business processes TREASURY: THE 11:40 THE PERFECT PARTNER FOR THE BUSINESS from sales to HR. For treasury it puts particular pressure The challenge of managing a global treasury in today’s on existing systems especially where multiple acquisitions dynamic regulatory landscape – particularly its rapidly This case study will look at how treasury can play a role in create additional integration issues. So what are the key evolving tax reforms – is substantial. Regulation continues INTERSECTION the strategic aspects of business partnering. Treasurer Johan pressure points on treasury when the underlying business to increase the cost to banks of providing core corporate Nystedt, fresh from turning treasury into a more strategic role races ahead? What can go wrong most quickly with the most services: in mature markets, there is increased emphasis on OF TREASURY at Levi Strauss, joined Conagra Brands in April 2016 as the damaging consequences? And how can treasurers ensure making sure each local entity of a bank is fully capitalised Treasurer and head of Investor Relations, looking for ways that the continuity and accuracy of core treasury functions across and controlled locally, which puts extra pressure on banks his department could work with the business to create more AND THE the group without getting in the way of the business? This maintaining international networks; global regulations are value. This has included the centralization of FX, the spin-off company has used growth as the catalyst for a treasury increasing the cost of risk management transactions and of the Lamb Weston business, various sales and acquisitions, BUSINESS transformation project, which included insourcing treasury changing liquidity in key markets such as FX, leaving new and the renegotiation of the company’s credit facility. Treasury operations, redefining treasury technology, building players to fill the gap. What does this mean for treasury participates in the Audit and Finance Committee meetings of talent and teams and developing a flexible organisational decision-making, strategies and structures?: full fat, onshore, In one sense, treasury has the Board and chairs the Risk Oversight Committee, oversees framework. In this session, the treasurer explains how they local trading and treasury activities? And then there is BEPS: Investor Relations and has made some significant changes to never been more strategic. have continued to deliver overall treasury excellence at a time how will it affect cross-border supply chains and the treasury the company’s debt profile. He will talk about creating a step by of profound change and global expansion. and cash management structures which have arisen on Given current levels of step recipe for success. their back? Is a de-centralised, 1960s version of treasury volatility and uncertainty, 15:00 SINGING THE SAME TUNE: WHY TREASURY Johan Nystedt, VP Treasurer & Chief Risk Officer, the future? In the age of instant global communication and its protection of the Conagra Brands, US AND PROCUREMENT NEED TO BE IN PERFECT networking, are we going to find ourselves living again with business against them, HARMONY the inefficiencies of cash piling up in some countries, while 12:20 TREASURY TRANSFORMATION ON THE BACK OF others have debt? and its help in exploiting Commodity and currency risk are typically managed DIGITALISING BUSINESS MODELS separately by treasury and procurement. Worse, while them, is business critical. Damian Glendinning, VP & Treasurer, Lenovo, Singapore This company has recognised and acted on disruption in financial risk management is usually highly sophisticated, Digitalisation requires the their industry. As a consequence they are undergoing a commodity exposures are still often managed on an ad 17:00 LEADING THE DEAL: TREASURY AS M&A re-engineering of every rapid transformation and are embarking on digitalisation to hoc, manual basis through supplier contract terms. And GATEKEEPER change the business model. The treasurer will talk about the the correlations between FX and commodity prices are Anyone who has ever been involved in a merger or system and process in journey and treasury’s role within the underlying business. ignored. The high volatilities seen in both the currency and acquisition, especially of a public company where the data The development has included innovative approaches to commodity markets make this approach untenable. Not only the business: treasury room is limited, knows that information gained at the start payment; embracing new technologies and new approach to can corporates be caught out by price swings through poor of the deal pays back with interest. Is the target business is a key partner in this data analytics. Treasury’s role has become a true business commodity risk management (losing margin and/or market performing as described? Are there issues that will derail transformation. partner that can fully support the business and its success.. share), they can also find their hedges working against each other over non-contiguous time periods and quantities. expected synergies? Are there unusual tax and accounting 13:00 LUNCH Businesses that manage their commodity and currency risk structures or other financial engineering that obscure in a more centralised and sophisticated manner gain an edge the true profitability of the operating business? And what Sponsored by ICBC over rivals that don’t, as this treasurer demonstrates. Here’s is the real trade-off between buying the business and how to marry up the two. organic investment? Getting treasury and finance in right at the beginning is a crucial step in getting the answers to Rob McAnally, Group Treasurer, Associated British Foods, UK these questions. So how can treasurers make sure their Mark O’Toole, VP, Commodities & Treasury Solutions, contribution is understood and asked for? OpenLink, US Alexander Foltin, Corporate VP, Finance & Treasury, 15:40 REFRESHMENT BREAK & SPEAKERS’ CORNER Infineon Technologies AG, Germany Refreshment break sponsored by Pictet Asset Management 17:40 ADJOURN TO NETWORKING RECEPTION Sponsored by CaixaBank

16 // Barcelona 2017 For programme and speaker updates visit www.eurofinance.com/barcelona DAY 2 // THURSDAY 5 OCTOBER

Chair: David Blair, Senior EuroFinance Tutor & MD, Acarate, Chair: Robert J. Novaria, EuroFinance Tutor & Partner, Singapore Treasury Alliance Group, US CONFERENCE VENUE 14:00 THE HP TREASURY STORY 16:00 SCF: IS THE GAIN WORTH THE PAIN? HP’s recent split into two new independent and publicly- We’ve all heard the pitch: SCF is a win-win, with suppliers traded companies was undertaken to optimise financial gaining predictability of cash flows and MNCs increasing growth opportunities, and to enhance capital allocation DPOs and boosting working capital without increasing risk Barcelona International and future cash flows. Zac Nesper, VP & assistant treasurer, in the supply chain. Usually it sounds too good to be true. HP will detail the journey, looking at works streams such as Often seems little more than a way to make suppliers pay banking, technology and systems, capital markets, FX risk their large customers for paying before 120 days. That Convention Centre (CCIB) management and others. This session will provide valuable aside, establishing and ensuring utilisation of SCF facilities lessons learned that are applicable equally to those setting is not a simple process. Simply choosing from the complex up treasury as to those doing spin-offs. What were the array of programmes is difficult; winning over stakeholders insurmountable obstacles? What were the lessons learned? with a vested interest such as treasury, procurement, legal, How would they do things differently is they were to do the accounting, audit and IT departments can stop an SCF process again? What were the accomplishments of which programme in its tracks. And then there is the question of treasury was most proud? single or multi bank solution. In this session the treasurer will go through the opportunities and challenges of setting up a Zac Nesper, VP & Assistant Treasurer, HP, US SCF program. What are the typical goals? What stands in the 14:40 CONNECTING THE BUSINESS AND TREASURY: A way? And how to measure success? He will also give practical examples that quantify the operational and financial impacts CASE STUDY and will look at structuring, pricing, supplier onboarding and One of the commonest conflicts within businesses is that platform/process set-up. between the centre and the frontline. Sales people struggling Marco Arosio, Group Treasurer, Zalando SE, Germany to open new markets do not take kindly to central dictats on KYC or payment terms. Business unit chiefs chafe against 16:40 WITH VISIBILITY COMES RESPONSIBILITY: The CCIB – Centre de Convencions Internacional de Barcelona – is an the constraints of corporate risk management policies. To TREASURY KPIS change this perception, central functions such as treasury integral part of Diagonal Mar, the newest section of Barcelona’s seafront. must deliver solutions with obvious business benefits. That An often overlooked variable in the ‘strategic treasury’ This also places the CCIB in the heart of the technology and business way, instead of being seen as ”computer says no”, they discussion is visibility. Boards need to see things to view become partners from whom the business seeks advice. them as important. The development of treasury dashboards, district known as Barcelona 22@. Often overlooked intermediaries in this process are your themselves a spin-off from the improved financial technology banks. As well as delivering the core services that can relieve spreading through corporates, for the first time gives senior administrative stress and improve business processes, large management a regular and easy-to-understand insight into Hotel bookings transaction banking specialists have long experience in helping core treasury activities and their performance. This in turn to deliver strategic advice and business change, from helping drives the development of more and better KPIs, which in If you require hotel accommodation in Barcelona, or require any more with TMS and ERP systems to explaining the most effective turn drives increased board interest in treasury, more budget ways to borrow, move cash and manage risks in difficult new allocation to treasury projects and better treasury access information about the hotels, contact Lucy or Hannah at our appointed markets. Here’s how one treasurer leveraged their bank’s to boards and ExCos. Typical KPIs include cash visibility, accommodation bureau, Absolute Corporate Events: expertise to build a better relationship with the business. counterparty limit usage, forecast errors portfolio value at risk cost of funds above benchmark, cash sweep data, Albert Grifols, Global Treasury Director, reconciliation efficiency and working capital and liquidity T: +44 (0)20 3474 0313 | [email protected] Grifols Worldwide Operations Ltd, Spain management statistics. This process is easiest for larger firms Andrew Betts, Head of Global Trade & Receivables Finance for with sophisticated IT infrastructure, with a TMS linked to the Please note that bedrooms in the city are limited and we strongly advise Europe, HSBC, UK ERP and other systems. However, every treasury can benefit that you reserve your accommodation as soon as possible. All bedrooms 15:20 REFRESHMENT BREAK & SPEAKERS’ CORNER from developing KPIs and ensuring that they reach senior management, as this treasurer explains. will be subject to availability at the time of booking and you will need Refreshment break sponsored by Trintech Frederick Schacknies, SVP & Treasurer, Hilton, US to provide a valid credit card number and EuroFinance registration confirmation number in order to guarantee your reservation. 17:20 ADJOURN TO DAY 3

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Chair: Bart Ras, MD, Greensill Capital, UK 14:20 MANAGING THE RISK OF INTERNATIONAL 16:20 MAXIMISING LIQUIDITY, MINIMISING CROSS- A DAY IN THE FUNDS WHILE TRANSFORMING THE BUSINESS CURRENCY EXPOSURE 11:40 FUTURE PROOFING THE FUTURE For a business that handles approximately 1 order per second A holistic approach to liquidity that encompasses cash LIFE OF BEST A key problem with the current drive for digital globally that Oriflame picks & packs and ships to customers management, loan portfolio management and the supply transformation – as well as less ambitious attempts to (all of its systems and handling of these are global), and chain avoids the inefficiencies that silos can bring and PRACTICE upgrade treasuries – is understanding which structures 95% per cent of business done online, the company has improves FX risk management. Best practice treasuries will stand the test of time and which costs are just funding undergone a critical and essential digital revolution. How concentrate cash efficiently and then structure that cash TREASURIES transitional arrangements. In this session three treasurers does a company manage such a transformation with the to meet the short- and longer-term needs of the company, will discuss how they have undertaken transformations in the complexity and challenges it faces? Meanwhile, Oriflame ensuring that the mix leaves only what is necessary in the following areas of treasury and how they have tried to avoid ‘Best practice’ can be a has a lot of business cycles every year (17), and this requires lowest yielding bucket. They also work to improve the transitional technologies: nebulous term, but what close monitoring of cash handling / management and its efficiency of FX risk management across all areas. Beyond • Pooling international flow of funds. Its Swiss-based treasury hedges three or four currencies, getting FX risk in liquidity structures does it really mean when • In-house banking around 70 percent of its exposures and it maintains cash can become expensive and unwieldy. In pooling structures, applied to treasury? What • Payment factories pools, the primary purpose of which is to keep the cash with both short-dated FX swaps or notional conversion to a its core banks in Europe and thereby to minimise the risk of base currency can create problems. . And it’s not just in concrete, measurable Hans Maarten van den Nouland, Executive Director, Global having it trapped in local entities and local currencies. This cash management. Most large MNCs operating in multiple steps can treasurers Head Liquidity & Cash Management, Merck Sharp & Dohme, CFO will talk about the change in business model and the countries will have evolved large portfolios of financings and The Netherlands impact on finance. inter-company loans in multiple currencies and conflicting take to ensure that they terms and conditions. Many will no longer match the original are meeting the highest 12:20 BUILDING IN ROOM TO GROW Gabriel Bennet, CFO, Oriflame Cosmetics, Switzerland need and they too will be tying up liquidity and creating FX standards? And what does High-growth companies face the same problems of 15:00 REDUCING RISK WITH AN IN-HOUSE BANK risk. Re-organising cash management and financing structures transitional technology as any other treasuries, but multiplied can have a significant effect on long-term cash flows. ‘best practice’ look like The generic pros and cons of in-house banking are well by the need to build in capacity to cope with expansion. Paul Buck, Director Treasury EMEA, PPG Europe BV, known. The main con is the expensive, multi-year project that in the different contexts They cannot afford to overspend on disposable solutions The Netherlands of particular sectors or but equally the business cost of non-robust, non-scaleable is needed to put one in place. The main pros are centralisation solutions is unacceptable too. So how can treasurers at these of control, concentration of funds, reduced reliance on 17:00 WIELDING THE KNIFE: TREASURY’S ROLE IN business scales? companies build a flexible, modern treasury able to cope with external funding and investment instruments and cash THE CARVE-OUT the often unexpected twists and turns of a growing, possibly visibility. In addition, an in-house bank provides treasury acquisitive, business? When building a treasury essentially with a way to determine company-specific lender and Non-core operations are a drag on management time and from scratch to cope with rapid expansion, what should they borrower rates and terms. But in these uncertain times, the a distraction from the strategies that will drive the core focus on first - banking partners, cash management, AP/ in-house bank’s most valuable function may be that it allows business forwards. Divesting these businesses is simple in AR, risk management, tax structures? And what traditional corporates to isolate themselves from bank counterparty and theory and complex in practice. Add to that the often very treasury stages can they skip? Three companies give their sovereign risk. If customers pay foreign subsidiaries not into compressed timescales – three to six months is common – stories. local bank accounts but accounts those subsidiaries hold with and the differences with larger M&A transactions become the in-house bank, located in a secure market, the local risk is clearer. The creation of a spin off treasury may well fall to Douglas Tropp, Corporate Treasurer, The Priceline Group, US eliminated. As banks are buffeted by political and regulatory the treasurer alongside minimizing business disruption Patrik Hallerström, Treasury Manager, Spotify, Sweden risk, and face disintermediation by technology, counterparty and the cost-cutting required post-deal if the remaining Jori McCuskey, Director of Treasury, Symantec, US risk is a significant issue. This treasurer explains how in-house business’ cost-structure is now awry. And treasury itself banking works for their company and looks at how elements may have made things more difficult: the trend towards 13:00 LUNCH of the in-house bank philosophy can be applied in companies highly-integrated businesses, shared services, and common that cannot afford the full solution. Sponsored by ICBC ERP systems makes converting a business line into a stand-alone business difficult. This company shares their Jeremy Hamon, Head of Group Treasury, experience of a carve-out, the check-list they built, and how Primetals Technologies, UK that blueprint helped provide readiness to build integrated Michael Bach, Consulting Director, Bellin, Germany treasury operations, processes and applications, in a near 15:40 REFRESHMENT BREAK & SPEAKERS’ CORNER simultaneous merger. Refreshment break sponsored by Pictet Asset Management Mario Del Natale, Director, Treasury Operations, Systems & Applications, Johnson Controls International, Belgium 17:40 ADJOURN TO NETWORKING RECEPTION Sponsored by CaixaBank

18 // Barcelona 2017 For programme and speaker updates visit www.eurofinance.com/barcelona DAY 2 // THURSDAY 5 OCTOBER

Chair: Bart Ras, MD, Greensill Capital, UK 16:00 OPEN SPACES: DE-MYSTIFYING ON-BEHALF-OF AND ‘VIRTUAL’ 14:00 HOW TO SCALE TREASURY ALONGSIDE THE Get informed BUSINESS: THE AMAZON STORY Best practice centralisation is beginning to demand heavy tech lifting. After the easiest inefficiencies are removed, the Amazon treasury has had to keep pace with a company that next steps can be expensive and complex. If you don’t have has grown from $6 billion to $136 billion in revenue between a single-instance ERP, should you move straight to a hybrid advice from 2,000+ 2004 and 2017. Here they tell their story about how treasury Cloud ERP? How feasible is full payment centralisation has been involved and what that has meant in terms of through POBO for your organisation and what types of managing cash, foreign exchange and associated systems payment factory or shared service centre can act as a and processes as well as the implications for financing the stepping stone? And then there is the receivables piece of the senior treasurers business. Hear about the direct organizational impacts and jigsaw: what problems do virtual accounts solve and which changes that treasury was required to undergo during this do they leave? And is COBO a realistic proposition for most journey of building scalable infrastructure for the future. companies? In this session our cross-sector experts will take Kurt Zumwalt, Treasurer, Amazon, US you through their thinking on how to come up with a new FREE – whenever you need it Sean Patterson, Assistant Treasurer, Amazon, US blueprint for global treasury management: • Leveraging existing technology 14:40 LESSONS FROM A HIGH-PRESSURE TREASURY • The expanding world of virtual accounting TRANSFORMATION • Innovation on a budget Get to solutions faster. Avoid costly mistakes. Turning round treasury post-merger in a private equity • The role of bank tech and FinTech in new treasury hothouse is one of the toughest tests. The lessons learned structures have applications across all treasuries, especially those • Building the business case for treasury: best practice struggling with centralisation and technology issues. This delivers business growth company, formed by a three-way merger in 2014, has the Francisco de Barros, Regional Treasurer EMEA Region, AbbVie, typical leverage and need for cash generation of a PE-owned The Netherlands business with the additional challenges caused by the merger. Andreas Resei, European Treasurer, Mondi, Austria Initial problems included a de-centralised organisation with Hans Maarten van den Nouland, Executive Director, Global some finance teams abroad; a time consuming and error Head Liquidity & Cash Management, Merck Sharp & Dohme, prone cash reporting and forecasting process; a TMS in place The Netherlands but not exploited to its full capabilities and hundreds of bank Timothy Bartlett, Senior Liquidity Commercialisation Manager, accounts at a double-digit number of banks with no central HSBC, UK overview. The basic project objectives will be familiar to Vanessa Manning, MD, Head of Cash Product Europe every treasurer: daily global cash positioning; automated or & Americas, Standard Chartered Bank, UK semi-automated, bank-independent cash pooling; enhancing the cash reporting and forecasting processes; gaining 17:20 ADJOURN TO DAY 3 better insights into FX risks and authorisation policies; a streamlined payment process; and making savings in both interest and direct costs via process optimisation. In this session the treasurer explains how they have begun to solve these issues by selecting a new TMS system, benefiting from newly available technologies, reinforcing the treasury team and overcoming the leverage problem that made bank relationships harder. And they show how treasury rationalisation can be seen as a template for the rest of the organisation.

Albert Hollema, Group Treasurer, Endemol Shine Group, The Netherlands Dave van der Zwan, Deputy Treasurer, Endemol Shine Group, The Netherlands 15:20 REFRESHMENT BREAK & SPEAKERS’ CORNER Join today! Refreshment break sponsored by Trintech www.eurofinance.com/ectn

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Chair: David Blair, Senior EuroFinance Tutor & MD, Acarate, 14:20 COMBATTING PAYMENTS FRAUD IN THE 16:20 COUNTERING COUNTERPARTY CREDIT RISK FRONT Singapore COMPANY The post-crisis problem of bank counterparty risk has never AND CENTRE 11:40 THE TREASURER AS THE RISK OFFICE The payment fraud that involved SWIFT connectivity, really gone away. Nor has any workable risk management although no fault of SWIFT, brought the subject front and methodology for corporates arisen to help. In Italy, Greece No matter how sophisticated their risk quantification and centre to the finance function. Where do you start with and the UK, as well as in the case of large individual FOR RISK identification, most corporates end up with layered hedging detecting fraud in the company? How can you monitor, institutions, treasurers are faced with what are effectively strategies, risk by risk, in a way that has not changed in flag and report suspicious or unusual behaviour in financial binary choices: use or do not use. In an environment in MANAGEMENT 20 years. This methodology ignores concepts such as risk transactions? Are your authentication processes robust; your which bank regulations are narrowing choice as it is, this appetite, risk bearing capacity and risk budgeting that have alert system accurate? This company will talk about how they is a problematic way to deal with risk. Yes, treasurers can become normal in the financial sector and which have begun While it is true that use multi-factor authentication and real time anomalous use ratings and CDS prices as measures of the markets’ risk to help in hard-to-measure risks such as cyber. Best practice activity to ensure financial transactions are safe. If you want perceptions, but what can they do with those measures? The the current political corporates are currently changing the way they look at risk to to learn how to prevent fraud cases within your company, ultimate risks for the treasurer do not resemble credit default examine the overall impact of interest rate, FX and credit risk upheavals create their increase both control and compliance within the finance risks. They are operational, they are often contingent and on their long-term competitiveness. So, instead of looking and treasury function, this case study will show you how to they depend largely on the specific resolution mechanisms own complexities and at FX gains and losses as line items, instead companies can protect corporate payments across the enterprise. that would be applied to a specific counterparty – to the event risks, treasurers decide to risk manage their EBITDA footprint in currency and extent that that can be determined in advance. So how are still really faced with interest rate terms. Conceptually this sounds easy but it has Robert Scriven, Group Treasurer & Planning Manager, should treasurers decompose the key risks embedded in bank profound impacts on financial and management accounting. Cairn Energy PLC, UK counterparty risk? And are there ways to hedge them? managing the same So how does it work? And why is it different to more James Richardson, Head of Market Development – Risk & exposures they always traditional methods? Fraud, Bottomline Technologies, UK 17:00 FOREIGN EXCHANGE RISK: STRATEGIC Ayca Arisoy Kilic, Treasurer for EMEA, Bunge, The Netherlands CONSIDERATIONS TO NOT FALL OFF THE have: FX, interest rate 15:00 AN IN-HOUSE SOLUTION TO CASH FLOW AT FX CLIFFS FROM DISRUPTIVE EVENTS AND Bruno Lawaree, VP & Assistant Treasurer, Eaton Corporation, RISK and counterparty credit. US INCREASED VOLATILITIES Christopher Donohoe, Assistant Treasurer, Ingersoll-Rand plc, The ability to model ‘what ifs’ is key to strategic business What’s really changing is Data compiled by the Frontier Strategy Group says that Ireland decision-making. So treasurers continually need to how technology is enabling in 2016, $51bn was lost by the 211 European and North John McAnulty, Group Treasurer, Richemont, Switzerland understand how the risk to performance changes as a American companies it surveyed due to the direct impact of the better management consequence of choices in hedging, funding, market volatility currency volatility. However, this type of statistic masks the 12:20 ADDING REAL VALUE THROUGH TREASURY and other variables. Value-at-risk (VaR) is one methodology, of these risks and how, No. 1 myth of hedging: MNC’s exactly know their exposure. tailored to financial institutions; cash-flow-at-risk (CFaR) Treasury isn’t just about process efficiency and the latest Complexity of most MNCs’ operations generate different increasingly, businesses is a better fit for treasurers who need to model the levers payments software, treasurers are still called upon to fund forms of FX risk and the economic implications of these they control. CFaR’s role in helping treasury navigate are changing the way they and hedge large, complex transactions. This company was across a portfolio of businesses and currencies is not easily increasing volatility and uncertainty is becoming more keen to pursue one of the last remaining strategic deals modelled. Thus treasury’s job is not simply to hedge, it is to think about them. significant as a tool for better competitive positioning as available in a rapidly consolidating sector - a multi-billion understand these exposures and the business implications well as tactical treasury. So how can treasurers on limited dollar cross-border acquisition. For the treasury team, the of altering the FX mix. So, given recent large movements budgets implement the methodology quickly and cheaply to first job was assembling the bank group and arranging first a in core currencies, does translation risk exposure merit a evaluate its usefulness? In this session learn why CFaR is a bridge loan and then a multi-currency refinancing package. re-evaluation? Does this extended period of volatility mean key risk management tool and explore the core elements of Given the size of the exposures, the company wanted an treasurers should look at extending the maturity of hedges[ the underlying calculation. See how CFaR is directly relevant FX hedge in place that would attract hedge accounting or ‘enjoy’ more flexibility in hedging? Do lower margins or the to treasury and how to create a working CFaR system with treatment. It also wanted the hedge to be contingent on need for strategic change, driven by new business models, limited external resources, directly in Excel, and how to use the deal taking place, and there were regularity issues: the mean that the business needs more cash flow certainty while the result in making key business decisions. nightmare scenario of being locked into FX forwards without it invests in innovation? If so, how can treasury help develop an underlying transaction. So how did treasury work with the Vincent Delort, Global Treasury Risk & Reporting Manager, the natural hedges that best achieve this? banks to devise the overall funding and hedge strategy? Why JTI, Switzerland was hedge accounting so important? And how did they come Frank Waechter, Senior Head of Group Treasury & Insurance, up with a pricing structure that reflected the deal dynamics? 15:40 REFRESHMENT BREAK & SPEAKERS’ CORNER PUMA SE, Germany Jacques Molgo, Group Financing & Treasury Director, Refreshment break sponsored by Pictet Asset Management 17:40 ADJOURN TO NETWORKING RECEPTION Air Liquide, France Sponsored by CaixaBank 13:00 LUNCH

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20 // Barcelona 2017 For programme and speaker updates visit www.eurofinance.com/barcelona DAY 2 // THURSDAY 5 OCTOBER

Chair: Robert J. Novaria, EuroFinance Tutor & Partner, 14:40 THIRD PARTY RISKS IN THE CYBER AGE: Chair: David Blair, Senior EuroFinance Tutor & MD, Treasury Alliance Group, US THE KNOWN AND THE UNKNOWN Acarate, Singapore 14:00 COUNTRY RISK: A CORPORATE PERSPECTIVE This panel will investigate known and potential third party 16:00 OPEN SPACES: SCENARIO PLANNING cyber risks and opportunities for corporate treasurers. The Country risk is no longer an esoteric pursuit of academics at Given the current unpredictability of both developed and discussion will be based on the results of a new global EIU supra-national lenders. The violent political lurches seen in developing markets, it is better to model for a number of survey of corporate treasurers across industry sectors which the developed world, and the inability of some developing possible outcomes, rather than develop risk management and examines their preparedness for the risks posed by cyber countries to manage their public finances have turned it operating plans for just one or two. In this double session, criminals. This Deutsche Bank sponsored report, now in its into a core operating problem for any multi-national. For our panelists will lead an interactive discussion around key third year, examines how criminals are increasingly capable treasurers, the challenge is to create actionable data and treasury scenario planning issues: of exploiting internal and third party system weaknesses commentary from which business decisions can be made. In to access company platforms, data, and potentially even this session, this treasurer explores how they have developed BREXIT: Should companies model a two-location strategy? financial accounts. The panel will cover a number of relevant a country risk framework that defines ‘high-risk’ countries What are the possible outcomes in cross-border payments questions including: using quantitative and qualitative assessment and how the and banking? What if the UK government pursues a low-tax strategy? Here the panel will work through the companies can approach the framework of ‘risk adjusted • What are the main entry points for cyber attacks? Brexit checklist: payment system access, withholding tax, return’ allowing management to compare the cost of doing • Why is there such differentiation in preparedness across passporting, other tax issues arising from changes to EU/UK business in different countries on a level playing field. How sectors and what does that mean in a globalised world? tax treaties and cross border trade. is this assessment communicated to stakeholders? What • How can cyber attacks exploit weaknesses in AML are the right scorecards for them? What are the challenges practices or new KYC regulations? US RADICALISM? AGAIN TAX IS A KEY ISSUE: lower of implementing such a framework? And what are the key • How should data security and access internally and corporate tax rates and a possible amnesty on offshore cash, elements of a ‘play book’ – the actions needed to mitigate the externally be controlled? versus protectionism and penalties for offshoring jobs. With country risk proactively before the ‘trapped cash’ problem hits • Do corporate treasurers have a forward looking view in boosts to energy, defence and infrastructure, is the new home and enable businesses to continue transacting in this relation to cyber risk? US enough of a growth market to make foreign risks less difficult environment? • How much control do treasurers really exercise over their attractive? third party partners? Ahmet Gokcen, Director of Financial Risk Management EMEAI, • What are treasurers doing to ensure employees CHINA/ASIA: Aside from the perennial issue of a Chinese Dow Chemical Company, Switzerland understand cyber risks? slowdown, there is now the risk of a trade war with the US. The solar power industry shows one possible result: US firms George Zinn, Corporate Vice President & Treasurer, forced to move to China. What other examples can treasurers Microsoft, US use to try to figure out the unintended consequences of Greg Day, VP & Chief Security Officer, EMEA, Palo Alto political action? Networks, UK David Watson, Global Head of Client Connectivity & Digital EUROPE AT A CROSS-ROADS: Greece is still bust; Italy’s Products, Deutsche Bank, US banks are still shaky; the political far-right is still a threat and the elite still seems unable to break from outmoded solutions. 15:20 REFRESHMENT BREAK & SPEAKERS’ CORNER Do treasurers have to model the unthinkable – a European break-up – or is it too complex? In the meantime then, are the Refreshment break sponsored by Trintech key issues country-specific or regulatory?

Thomas Dunn, Chairman, Orbian, UK Mike Dolan, Markets Editor, Reuters, UK 17:20 ADJOURN TO DAY 3

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Chair: Chris Robinson, Director, TransactionBanking.com, UK 14:20 DIGITISING TREASURY AMID CHANGE WITH 16:20 WORKSHOP: WHAT TO BUY, WHEN TO BUY AND TREASURY AND WILLIS TOWERS WATSON MAKING THE RIGHT INVESTMENT 11:40 PARALYSED BY CHOICE? ASK YOUR PEER GROUP Treasuries are challenged by constant change as their Everyone agrees that technology is critical to the future TECHNOLOGY: Treasurers face a bewildering array of potential solutions, companies continue to grow and face more complexity. of companies yet many treasury functions still rely on across a large number of process areas and delivered on a As treasuries and their companies continue to evolve, spreadsheets. Technology is the backbone of effective MARCH OF THE variety of platforms and cost bases. To make things more successfully digitalising treasury to ensure efficiency and treasury management, and despite it looking like a marathon complicated, the vendors themselves must cope with a control risks becomes paramount, particularly as many task to decide and implement, it is actually getting easier MACHINES rapidly changing marketplace and disruptive competition and treasuries are asked to handle more operations with less than ever to install, maintain and measure its effectiveness. some will not make it. The best way to identify the solutions people. But exactly how is this achieved? This case study This workshop will look at what you need to know. What that meet your needs is to see how your peers have made Technology is the answer session will look at how Willis Towers Watson improved its technology makes sense and how do you get a project off the these choices and to look at how those choices turned out. So treasury function amid constant change, taking a holistic ground? Are you looking for best of breed or a one system to every problem and the in this session treasurers will explain how and why they chose approach to digitalisation from vision to vendor selection and only solution? In fact, which would make more sense for between: cause of most of them implementation. your corporate objectives? How can treasurers differentiate • A Cloud solution between available TMS systems and providers? How do they – at least that’s how it Paul Higdon, Co-CTO, ION Treasury, UK • An on-premise solution evaluate a TMS versus, say, an ERP-based solution before Caroline Cundill, Director of International Treasury, Willis can seem. Treasury in • An Application Service Provider (ASP) solution buying? What are the considerations you need to make in Tower Watson, The Netherlands particular seems to have • A Software-as-a-Service (SaaS) solution your selection? Do you really need a full-blown RFP or is that something of the past? become a never-ending IT Bruce Edlund, Director of Treasury, Citrix, US 15:00 IT’S NOT JUST TECHNOLOGY: HOW TO DEVELOP project. So is the treasurer’s Aroon Dasappa, SVP Finance, Tata Communications, India A GLOBAL TREASURY ORGANISATION Staff in technology departments are often not notably well Christian Kammann, Group Treasurer, Trelleborg, Sweden remunerated and departments are generally understaffed main job to manage the To develop and lead a global treasury organisation, you and reliant on consultants or contractors. In this kind of technology transition 13:00 LUNCH need to have a vision that the team believes in. It starts environment, how can treasurers persuade the board to with a total review of all policies and procedures and a team buy the best, not just the transitional make-good? Can they from spreadsheets Sponsored by ICBC that challenges everything. Benchmarking, gap analysis, identify the best? And can ‘best’ be translated into metrics and legacy systems to identifying the resources to get to world class and developing that relate to business value or competitive advantage? What a road map are all critical components. Harley Davidson will can you expect from a systems implementation? redundancy as humans share their 5-year road map of which world-class technology become unnecessary? In was a key feature. The company implemented an all new Plus, what are the current trends in TMS technology? What payroll system, a TMS, OCR and global AP/T&E system are providers developing for the future? How do you ensure this process, what are the in order to achieve efficiency, globally and visibility. The scalability for the future? Vendors will be on hand to answer key steps from now: TMS treasurer will discuss the vision, the results and the benefits. your questions. upgrades, the Cloud, Darrell Thomas, VP & Treasurer, Harley-Davidson, Inc., US In this workshop you will learn: single-instance ERP, 15:40 REFRESHMENT BREAK & SPEAKERS’ CORNER • How to evaluate systems AI, RPA? And which • How to demonstrate the ROI Refreshment break sponsored by Pictet Asset Management systems and • Articulate the short and long-term effects of underinvesting in technology suppliers suit • Cloud security issues which types of • The treasury technology landscape corporate? Jerome Albu, SVP – Treasury & SaaS Solutions, FIS, France Terry Beadle, Global Head of Corporate Development, GTreasury, UK Bob Stark, VP Strategy, Kyriba, US Christian Mnich, Senior Director Solution Management, Treasury, SAP, Germany 17:40 ADJOURN TO NETWORKING RECEPTION Sponsored by CaixaBank

22 // Barcelona 2017 For programme and speaker updates visit www.eurofinance.com/barcelona DAY 2 // THURSDAY 5 OCTOBER

Chair: Chris Robinson, Director, TransactionBanking.com, UK 16:00 BEST PRACTICE TREASURY ON THE MOVE FOR TOMORROW 14:00 UNLOCKING CASH AND LIQUIDITY IN THE SUPPLY CHAIN Microsoft need no introduction. They have been a treasury leader for decades and a past winner for the EuroFinance Traditionally, working capital finance has been provided by Award for Excellence in International Treasury. The session intermediaries with little incentive to create transparency or will look at their best practice approach to in-house banking, to make cash readily available for all companies. In this old POBO/ROBO, as well as cross entity/border cash and funding. model, borrowed working capital is risk-based and requires Never standing still, now Microsoft are harnessing the power underwriting by third-party financial institutions. Traditional of Cloud, machine learning, blockchain, business intelligence SCF programmes are part of this mechanism, with terms and other technologies to use visualisations and interactive imposed upon suppliers by larger buyers. Called a win-win, dashboards in order to provide real time visibility to minimise users clearly do not agree: with around $40 trillion of invoices risks, make appropriate investment decisions and add genuine due for payment at any point in time globally, just $2-3 trillion value to the business. of invoice finance is available from financial institutions. The ideal SCF solution would allow dynamic discounting Jim Scurlock, Group Treasury Manager, Microsoft, US tailored to suit the exact requirements of the borrower and the risk appetite of the lender. It would eliminate most risk 16:40 CAN YOU AFFORD NOT TO MOVE TO THE CLOUD? by being based on approved invoices and it would operate as Companies want increasingly centralised, digitalised and a transparent marketplace in which lenders’ and borrowers’ automated processes. They want controllable technology needs are transparently matched. Such a platform exists. costs. And they want to focus resources on their core Here a treasurer explains how it is helping to bring liquidity businesses, not worrying about the virtualisation of the data to business supply chains and to give companies visibility centre or advanced persistent threats. This corporate wanted of their entire chain, enabling them to pay suppliers early, to improve visibility into global cash, enhance the accuracy of utilising excess cash to generate a return. cash forecasting and optimise its use of cash. They were also Fabio Manca, Managing Director, keen to implement a global, in-house banking program to DHL Inventory Finance Services, Germany optimise cash movement, reduce bank fees and FX translation costs and minimise physical cash movements. By moving to 14:40 ERP CONSOLIDATION: MYTHS AND REALITIES a Cloud-based Software-as-a-Service treasury management system they achieved their core goals as well as generating Discussions about ERP systems quickly become almost significant time savings from automating previously manual philosophical. Is single-instance better than multiple or tasks such as logging into bank portals and calculating cash two-tier? Is relying upon a fully-functioned ERP better than positions. In addition, implementing the Cloud solution has running integrated of best-of-breed standalone solutions? introduced scalability to the treasury team – and allows them Often the views expressed reflect an obvious bias – a to run more efficiently than larger peer organisations. treasurer with a particular treasury system or a supplier with a specific product – rather than an objective evaluation. Yves Gimbert, Group Treasurer, Engie, France Given the stated aims of modern treasury – centralisation, standardisation, automation – and the need for better, 17:20 ADJOURN TO DAY 3 faster access to data and analytics, it seems unlikely that an approach involving multiple-ERPs or ERP plus multiple standalone solutions is best. And large MNCs are increasingly Watch our latest videos consolidating into single-instance ERPs and pushing even that into the Cloud to reduce duplication and get a single eurofinance.com/youtube view of all critical data. Most of the alleged disadvantages – complexity, subsidiaries’ need for different systems – are myths that need to be dispelled. This treasurer’s quest for a single view of the truth led them to do just that. Join our LinkedIn group 15:20 REFRESHMENT BREAK & SPEAKERS’ CORNER eurofinance.com/linkedin Refreshment break sponsored by Trintech

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INTIMATE, THE COMPLEX COUNTRIES SERIES 14:00 TAX WORKSHOP: TRANSFER PRICING OF TREASURY INTERACTIVE, OPERATIONS – WHITE SMOKE EXPECTED INSIGHTFUL. FROM THE OECD’S CHIMNEY The time of sailing in the dark seems to finally come to an end. Indeed, the OECD faces the summer heat in a Join these workshops for frantic attempt to meet its deadline for the publication market insights into some of the first ever official draft guidance on the transfer Many countries present unique challenges for corporate treasury, Join these small, interactive workshops with market briefings from pricing aspects of financial transactions. This guidance of the most challenging whether from volatile macroeconomic and geo-political constraints or the Economist Intelligence Unit and practical insights from corporate could impact each and every multinational on how geographies you operate in. because of shifting regulatory landscapes, underdeveloped banking treasurers and banks active in these markets. There may be no outright they structure their intercompany treasury operations. infrastructure, exchange controls, and liquidity and FX constraints to solution to all the problems these markets pose, but this series will What can be expected? name but a few. How can companies navigate these environments, help you to benchmark your operations and question our panellists on • After the OECD’s Base Erosion and Profit Shifting mitigate the risks and the impacts to the bottom line as well as to how to do more effective business. (‘BEPS’) Project, the OECD should now finally tackle identify opportunities? hot issues like if & how to factor in implicit support, if & how to reflect synergy effects in cash pool structures, the interaction between substance and 11:40 CHINA 15:00 NIGERIA pricing, etc. Will the OECD reach a consensus on clear principles, or will they come up with a vague and ambiguous text?

• Tax authorities more and more meddle on how Christian Bauwens, SVP & Treasurer, Flex, US Pat Thaker, Regional Director, Middle East & Africa, groups structure their financing. Thereto, they Sirkku Markula, SVP, Corporate Treasurer, Kone Corporation, Finland Economist Intelligence Unit, UK feel now even more empowered due to a recent Duncan Innes-Ker, Regional Director, Asia, Thierry Lehmann, Corporate Finance & Treasury, LafargeHolcim, Australian landmark case (Chevron) whereby tax Economist Intelligence Unit, UK Switzerland authorities supplemented a plain vanilla high- Stefan Leijdekkers, Head of APAC Corporate Regional Sales, Louise Georgiou, EMEA Treasury Director, NCR Corporation, Cyprus yield credit facility with securities and financial Bank of America Merrill Lynch, Singapore Geoffrey Gursel, Director Treasury & Trade Solutions, Sales & covenants so to come to a low-risk instrument Helena Huang, China Economist, ICBC Standard Bank, UK Implementations Head Sub-Saharan Africa, Citi, South Africa yielding low interest rates. Is this the new normal? Maria Mayrhofer, MD & Head of International Corporate Sales, Transaction Banking, Africa & The Middle East, Standard Chartered, • Finally, captive insurance agreements, guarantees South Africa and hedging instruments often serve important commercial purposes, but are sometimes wrongfully perceived by tax authorities as fancy tax gimmicks because of their inherent complexity. 12:20 BRAZIL 16:20 IRAQ Meanwhile, groups’ treasury and tax departments are left dangling in the wind with little to no guidance to revert to. Luckily, the anticipated OECD guidance is also expected to elaborate on these Heinz Jeranko, Senior Divisional Treasurer, COFRA Holding AG, Pat Thaker, Regional Director, Middle East & Africa, concepts. Switzerland Economist Intelligence Unit, UK During the workshop, we will have an interactive Fiona Mackie, Regional Director, Latin America & Caribbean, Aashish Pitale, Group Treasurer, Essar Group, India discussion on how the new trends impact your Economist Intelligence Unit, UK Jagadeshwaran KothandaPani, Head of Sales for Middle East, treasury organisation and our views what the future Olivier Chasseau, Head of Treasury, Universal Music Group, France North Africa & Turkey, Treasury & Trade Solutions, Citi, UAE will bring?

David Ledure, Partner, PwC, Belgium

14:20 RUSSIA 17:00 VIETNAM

Agathe Demarais, Lead Russia Analyst & Regional Manager, Europe, Duncan Innes-Ker, Regional Director, Asia, Economist Intelligence Unit, UK Economist Intelligence Unit, UK Tim van Raemdonck, Manager Treasury Europe, LyondellBasell, Brice Zimmermann, Global Head of Treasury, Puma Energy, Switzerland The Netherlands Syed Muhammad Ali, Head of Cash Management ASEAN & South Asia, Alexander Botsiev, SVP, Global Transaction Banking, VTB Bank, Russia Standard Chartered, Singapore

24 // Barcelona 2017 For programme and speaker updates visit www.eurofinance.com/barcelona THE DAY 1 // WEDNESDAY 4 OCTOBER DAY 2 // 5 OCT TREASURY Chair: Enrico Camerinelli, Senior Analyst, Aite Group, Italy 15:00 UNLOCKING WORKING CAPITAL/SUPPLY CHAIN Chair: Enrico Camerinelli, Senior Analyst, Aite Group, Italy FINANCE WITH THE RIGHT TECHNOLOGY LAB 11:40 FOLLOW THE MONEY: WHO’S FUNDING WHAT 14:00 THE ROLE OF TREASURY IN THE NEW PAYMENTS IN TREASURY SOLUTIONS? FinTech or next generation SCF providers are one example LANDSCAPE of how successful FinTech grows where it is most needed. The most successful FinTechs won’t necessarily be those with Traditional SCF has proved unwieldy and unpopular, full of The evolution of the payments ecosystem has become so IMAGINING the most backing, but investor enthusiasm is one gauge of manual and paper processes. The new solutions are trying rapid that few outside the race itself can fully understand where FinTech will impact treasury most significantly in the to address the key issues: making finance available to all of it. And focusing on the innovations in B2C user experiences THE FUTURE near future. That said, successful FinTech solutions need to suppliers, not just the largest; solving the problems of supplier can mask the far more profound changes in the underlying address real treasury pain points and problems. They may on-boarding; reducing the workload of standalone programmes plumbing of the payments system. PSD2, other regulatory TODAY integrate multiple existing systems for better data visibility or by integrating with ERP systems to create fully automated and changes, real time payments and SWIFT’s GPII are all part solve key connectivity issues; they may automatically create scalable programmes and maximising the ability to customise of a tipping point in the development of global payment budgets, forecasts, and data visualisations; or they may offer infrastructure. But where does treasury fit in? The end-user Treasury’s success and programmes to individual lender and borrower needs while functionality to SMEs previously only available to the largest lowering risk. Here’s how and here’s who. payment experience is determined by third-parties, not the perhaps its existence, will MNCs. Hear the accelerators explain what they think is corporate producer of the product or service. So what role coming down the pike. Andy Nash, former SVP Finance Transformation, should treasury play in the new digital channels? Should be determined by advances Royal Ahold Delhaize, Switzerland in-house banks take control of commercial flows and digital in technology. But how can 12:20 BLOCKCHAIN/DLT: EXPECT THE UNEXPECTED Amer Qavi, Founder & CEO, Swipezoom, UK development? Or will companies outsource more and more of Michael Vrontamitis, Head of Trade, Europe & Americas, their interaction with customers, leaving treasury to just plug treasurers hope to keep The blockchain will affect corporates first in payments, right? Transaction Banking, Standard Chartered, UK in to third-party apps? If so, what are the risks? Maybe not. Innovations will be adopted most eagerly where up with advances in so Matthew Stammers, VP of Marketing, Taulia, UK they solve the most pressing problems, and payments work Christopher Van Woeart, Head of Treasury, Stripe, US many different fields and pretty well. Trade finance, supply chain finance, identity 15:40 REFRESHMENT BREAK & SPEAKERS’ CORNER Tony McLaughlin, Head of Emerging Payments & Business still do their day job? The management, collateral management and other inefficient, Development, Treasury & Trade Solutions, Citi, UK best way to understand partly manual, sometimes insecure processes are more likely Refreshment break sponsored by Pictet Asset Management Simon Jones, Head of Treasury Solutions, Treasury Services to be transformed simply because new solutions will be easier EMEA, J.P. Morgan, UK the many strands of digital to sell where they are needed. Which solutions are ready for 16:20 BIG DATA: WHO IS IT FOR, REALLY? roll-out? 15:20 REFRESHMENT BREAK & SPEAKERS’ CORNER and FinTech innovation is A number of surveys have shown that relatively few even to hear from the people Ashley Kemball-Cook, Business Development & Product large companies have significant Big Data projects. Worries Refreshment break sponsored by Trintech Manager, Qadre, UK over costs and the difficulty in predicting the value of these doing the innovating. The projects up front derail initiatives; and SMEs assume that this 16:00 SWIFT: ARE THEY INNOVATING FOR THE FUTURE Treasury Lab will take 13:00 LUNCH kind of investment puts Big data Data out of reach. Again, AND HOW DO THEY FIT IN THIS ECOSYSTEM? FinTech solutions that deliver Big Data aggregation, cleaning place in the exhibition hall. Sponsored by ICBC and analysis in the Cloud are the answer to these problems. SWIFT GPI is the payment network’s response to the So which products are available, who is using them and what dramatic changes in the payment market. Already more Sessions will be interactive 14:20 THE FUTURE OF OPEN BANKING and led by experts from results are they achieving? than 100 banks, including the largest global transaction PSD2 plus fintech equals bye bye banks? That is certainly banks are actively using the service which opened for live corporate treasury, one view – and book title. But giving third-parties access to 17:00 TRADE AND FINTECH payments in January 2017. ABN AMRO, Bank of China, BBVA, Citi, Danske Bank, DBS Bank, Industrial and Commercial FinTech providers bank data via APIs does raise the possibility that previously Trade and trade finance are still among the most arduous, automatic relationships, lending, FX and cash management Bank of China, ING Bank, Intesa Sanpaolo, Nordea Bank, and banks. manual processes companies face. No surprise then that Standard Chartered Bank and UniCredit are live with SWIFT for example, break down as products and services become FinTech players have focused on everything from invoicing, unbundled. The short-term benefits may be cheaper or GPI, exchanging GPI payments across 60 country corridors. bill of lading, border crossing and receivables financing. In its first phase, SWIFT GPI focuses on business-to- easier to use products; but in the longer term, if customers A number of these solutions use the blockchain to reduce abandon the concept of wallet and cherry pick services across business payments. The second phase will enable the digital the risk of documentary fraud, to create self-executing transformation of cross-border payments. And SWIFT GPI banks and FinTechs, will their core lenders and payments contracts, to provide traceability and authenticity of infrastructure still be there? What does the latest snapshot of is already exploring the potential of using new technologies products in the supply chain and to provide a secure such as distributed ledger technology, in the cross-border the FinTech ecosystem tell us about the future of corporate transfer of value and deliver a solution to the trade finance banking? payments process. Learn how you can benefit from this new problem of endorsement. But with so many solutions in system in this session. Joy Macknight, Deputy Editor, The Banker, UK development, should treasurers watch and wait, or help with Natalie Willems, EMEA Head of Payments & Receivables, GTS, proof-of-concept? At the very least, understand these new 17:20 ADJOURN TO DAY 3 Bank of America Merrill Lynch, UK developments by listening to the firms that are building them. Sponsored by CaixaBank Craig Ramsay, Global Innovation Lead, Global Liquidity Ignacio Sanchez-Miret, Global Treasurer & Risk Manager, & Cash Management, HSBC, UK HMY Group, France Sophia Wikander, Head of Business Innovation, Nordea, David O’Rourke, Group Trade Finance Manager, Ornua, UK Sweden Gadi Ruschin, CEO & Founder, WAVE, Israel 17:40 ADJOURN TO NETWORKING RECEPTION

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At Bank of America Merrill Lynch, For 150 years HSBC has been where Citi, the leading global bank, has Deutsche Bank’s trade finance and Nordea is the largest financial BNP Paribas is a leading bank in We are a leading international we are committed to doing what’s the growth is, connecting customers approximately 200 million customer cash management teams provide services group in Northern Europe Europe with an international reach. banking group, with more than right for our clients, investing in to opportunities. Today, we are one accounts and does business in more commercial banking products and with leading positions within It has a presence in 74 countries with 80,000 employees and a 150-year communities, and strengthening of the world’s largest banking and than 160 countries and jurisdictions. services – for both corporates and corporate and institutional banking more than 192,000 employees. The history in some of the world’s economies. 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Nordea’s vision Corporate & Institutional Banking. of wealth across Asia, Africa and the We develop actionable insights, Pacific, the Middle East and North and credit, corporate and investment risk mitigation for international trade is to be a Great European bank, In Europe, the Group has four Middle East. Our heritage and values based on our deep experience, Africa. We combine extensive global banking, securities brokerage, and asset and liability management. acknowledged for its people that domestic markets (Belgium, France, are expressed in our brand promise, in-depth research and broad reach, notable financial strength, transaction services, and wealth Our customers are supported in their create superior value for customers Italy, Luxembourg) and BNP Paribas Here for good. perspective. Beyond ideas, we and a long term commitment to management. domestic, regional and global trade and shareholders. 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Explore our insights and comment Our Global Liquidity and Cash and public sector organizations Banks (G-SIB) and one of few From local communities to global on our blog, BeyondBorders. Follow Management business offers award across the globe. With a full range of www.cib.db.com European banks with an AA- rating. As one of the primary cash markets, we are dedicated to shaping Standard Chartered on Twitter, winning services and solutions digital and mobile enabled platforms, Our customer base consists of management players globally, and the future responsibly. With around EUR 723 billion of assets LinkedIn and Facebook. to clients ranging from top-tier tools and analytics, TTS continues to approximately 10 million private the European leader, BNP Paribas under management (March 2017), Chris Jameson local corporates and small-to-mid lead the way in delivering innovative customers and around 0.7 million has an unrivalled network of over Karin Flinspach Deutsche Asset Management is one of Head of Corporate Sales, market companies to Fortune 500 and tailored solutions to its clients. corporate customers. The Nordic and 220 business centres and 1,700 Managing Director, Regional Head, the world’s leading investment Western Europe, Global Transactions multinationals, financial institutions It offers the industry’s most Baltic regions are our home market, experienced relationship managers Transaction Banking, Europe management organisations. Deutsche Services and government bodies. Our wide comprehensive suite of treasury while we serve customers through across Europe, the Americas, T: +44 20 788 55890 Asset Management offers institutions [email protected] range of account services, liquidity and trade solutions including offices in Germany, UK, USA, China Asia, Africa and the Middle East. [email protected] traditional and alternative investments management, integrated payments cash management, payments, and Singapore as well as our network The breadth and depth of its across all major asset classes. Victor Penna and integrated receivables solutions receivables, liquidity management of international partner banks. network, innovative technology, Managing Director, Regional Head, can enhance the way our clients do and investment services, working With 60 years in Active, 40 years in client proximity, and regulatory insights.nordea.com Cash Management Europe & business. capital solutions, commercial card Alternatives and over 10 years in and cultural expertise enable the Americas, Transaction Banking programs, trade finance and services. Passives, we are leaders in our fields nordea.com/cm bank to design, deliver and support Lance T. Kawaguchi T: +44 20 788 55890 of investment. We combine creativity cohesive solutions worldwide. Managing Director & Global Head – citi.com/treasuryandtradesolutions [email protected] and intelligence with technology to These capabilities uniquely position Global Banking Corporates, Global develop new ways of serving the BNP Paribas to meet clients’ www.sc.com Liquidity & Cash Management financial needs of our diverse clientele local, regional and global cash T: +44 (0) 20 7005 8603 worldwide. management objectives both today [email protected] and in the future. deutscheam.com Nick Jones Official publication: cashmanagement.bnpparibas.com Head of Sales, Liquidity, EMEA HSBC Global Asset Management T: +44 (0) 20 7991 8431 [email protected] www.hsbcnet.com

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26 // Barcelona 2017 For programme and speaker updates visit www.eurofinance.com/barcelona TECHNOLOGY SPONSORS

ION Treasury is the largest provider Bottomline Technologies (NASDAQ: 150 countries, 600 professionals, Thomson Reuters enables leading OpenLink is the global leader BELLIN is a global leader in providing Orbian is the world’s leader in the of treasury and risk management EPAY) helps businesses pay and 1 team. PwC’s global Corporate decision-makers to make the in trading, treasury and risk web-based treasury software development and management of solutions in the world. Its solutions get paid. Businesses and banks rely Treasury network combines a decisions that matter most across management solutions for the and services for multinational major, successful Supply Chain Finance are designed to meet the needs on Bottomline for domestic and variety of professional backgrounds, the financial, risk, legal, tax and commodity, energy, corporate corporations. Founded by a programs. Combining its own award- of organizations with varying international payments, effective including treasurers, bankers, system accounting space. The Financial and financial services industries. treasurer and built on the expertise winning proprietary IT system with complexities and at different stages cash management tools, automated developers, accountants, integrators & Risk segment is a provider of OpenLink’s products address of over 150 experts, BELLIN has the most effective funding capability, of technology adoption. With workflows for payment processing and management consultants. We critical news, information and treasury, portfolio management, been exceeding expectations Orbian has been providing world-wide, over 1,250 clients in more than and bill review and state of the art work with your treasury to enable analytics, enabling transactions and trading, risk management, since 1998. tm5, awarded best multi-currency SCF solutions to the 30 countries around the world, fraud detection, behavioral analytics management across the whole connecting communities of trading, and operations processing for “Treasury Management System” world’s largest global corporates and ION Treasury is also a powerful and regulatory compliance. business to make the right financial investment, financial and corporate financial and physical assets. With at the FinTech Innovation Awards, their suppliers for 17 years. community shaping the global decisions. professionals. 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It has 600+ clients, 12 SaaS/hosting or Treasury as a Service on that Orbian is able to provide solutions that work for you. And, on treasury’s diverse and changing Sales Director, Financial Messaging information, software and services of the world’s largest commodity/ (TaaS) inspire more than 22,000 ‘unlimited’ funding to its customers you get constant access to a technology needs. ION Treasury’s T: +44 (0) 7971 618 916 for professionals in accounting energy companies, 9 of the largest companies with 50,000+ users in • Already embedded in SAP-ERP comprehensive range of specialists portfolio of leading treasury products [email protected] firms, corporations, law firms and financial institutions, and 13 leading 150+ countries and counting. systems; limited technical – treasury, systems, tax, accounting, includes Wallstreet Suite, Reval, IT2, government. 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[email protected] on-boarding process consultant for 15 consecutive years • Simple contracts for buyer and europe.salesenquiries@ www.bellin.com by TMI magazine. suppliers in English and local thomsonreuters.com languages Sebastian di Paola For Iberia queries: • Complete suite of account Global & Europe – Switzerland: jordi.vazqueztodoli@ reconciliation tools and reports for +41 58 792 9603 thomsonreuters.com buyers and suppliers [email protected] • Multi-languages customer support www.thomsonreuters.com Ian Farrar Thomas Dunn Asia Pacific – Hong Kong: Chairman, London, UK +852 2289 2313 [email protected] [email protected] Official PR agency: T: +44 20 7065 7010 Peter Frank Sabrina Piquemal Americas – United States: Sales & Marketing Manager, London, +1 646 471 2787 UK [email protected] T: +44 20 7065 7013 www.pwc.com/corporatetreasury [email protected]

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