The 6th annual conference on Managing International Growth March 18-19, 2O2O | InterContinental San Francisco

Bringing together treasury leaders from the world’s Early bird discount top MNCs and fast growth companies Book by Friday February 7 and save up to $8OO www.eurofinance.com/sanfrancisco

Official sponsors Managing International Growth

Join to hear thought provoking big picture plenaries, Why attend? Who should attend? fireside chats and case studies from the best in class treasury teams across various industries. • Hear direct from treasurers who have • Corporate treasurers, CFOs and finance successfully entered new markets directors who need to know, the latest The US West Coast is nursery to dozens of fast-growth start-ups and • Discover the latest technologies that can trends in international treasury and risk innovators in tech, pharma, healthcare and finance. The treasurers support your global strategy management of these firms face unusual and complex challenges as they balance • Examine risk strategies that work in • Financial institutions, technology and boosting the business with the daily chores of managing cash, complex markets system providers who want to meet with treasury decision makers and better funding and risk. From smaller start-ups to household names, these • Learn how to avoid the common pitfalls understand the challenges they face companies and their finance functions need to use the latest of international regulatory and tax techniques and technologies to keep that growth going and jump the changes hurdles that could slow them down. But it is not just the dazzling • Understand how to effectively manage world of start-ups. Every treasurer of every company with international liquidity international growth plans faces a myriad of obstacles and opportunities across the treasury agenda from financing expansion • Network with an unrivaled senior to ensuring adequate working capital to getting the day to day cash audience of 2OO+ delegates management operations efficient and ensuring risks are mitigated. • Benchmark your operations with EuroFinance’s March 2O2O San Francisco event delivers the peer treasurers from all industries presentations, case studies and technical breakouts that fast-growth companies need to keep on track.

This event offers big picture sessions around the global economy and its challenges for companies; the latest tech developments offering real opportunities to solve finance function pain points; regulation and other current trends. Afternoon sessions are divided into in-depth sessions split between two streams.

Managing International Growth: Facing the Future 2 Corporate seniority

of corporates discovered Corporate new vendors and/or attendance 62% 83% treasury solutions

of which were of corporates said this is 49% senior corporates 77% the best treasury event ( Group Treasurer / VP Treasurer they attend / Head of Treasury / CFO level )

Corporate companies that attended last year’s conference included:

• AA.T Kearney • Bechtel • Fluor Corporation • • Salesforce • Varian Medical • Adobe • Box • Flex • Levi’s • Sanmina Systems • Aerojet • Broadcom • Gensler • Lime • ServiceNow • Volvo • Rocketdyne • CDK Global • Google • Logitech • Shopify • Warner Bros. • Agilent • Cisco • Hitachi Data •  • Square • Western Digital Technologies • Deliveroo Systems • • • Wilbur-Ellis • Airbnb • Disney • HP • • Stripe • Workday • Align • Driscoll’s • Hyundai • Oracle • • Zendesk Technologies • Dropbox • ICD • • Tesla • Alphabet • eBay • Infobox • Pattern Energy • Uber • • Equinix • Informatica • Postmates • Veritas • Aon • Eventbrite • Ingram Micro • Prologis Technologies •  • Expedia • • Pure Storage • • Fitbit • • Ring Central • BioMarin • Five Guys • Juniper Networks • Rio Tinto Pharmaceutical • Enterprises • KLA • Sage

Managing International Growth: Facing the Future 3 Plenary sessions Monday March 18, 2O19

Plenary sessions

What’s driving or not driving the global It’s tough out there and companies may Teasing out the trends that impact the economy and what matters for companies have to change business now US companies have gotten used to an easy It’s a big picture world right now. Mega Economies have stopped working the way ride from their domestic tax, employment, trends in politics, economics, trade, we expect. The link between employment data protection and anti-trust regimes. But technology, regulation and the environment and inflation seems broken. A quarter of all when they try to export their business matter more than the details. Has the tech investment-grade bonds now have negative practices elsewhere, it’s a different story. In bubble burst? What does the US-China trade yields. Central bank balance sheets bulge Europe and Asia, investors, and more war mean for business? Is Europe falling to with the bonds they have bought. The role of significantly governments, are looking much pieces? What does business look like after those banks and their governments in fiscal harder about how tax and regulatory the next round of digitalisation, after and monetary policy is blurring. The rules of arbitrage, monopoly practices and unfair automation and AI get to grips with Big Data? business are in flux too. Political turmoil employment strategies, rather than genuine Will a quarter of all investment grade bonds matters more than the normal rules of the , lie behind outsize profits at some stay at negative yields? Listen to our expert market. The continued move towards global firms. In Europe the low to non-existent snapshots and join in their discussion with a supply chains and the digital reinvention of taxation paid by key digital platforms is a treasurer about what each of these trends sectors as far apart as taxis, pizzas and target. Some companies misuse of private mean. healthcare collides with nostalgic populism customer data to generate ad revenues has Are the China days over? and its desire to reassert nation states and been punished with large fines. Others have their boundaries. New generations of been hit with a billion dollars of fines for The escalating tariff fight between the U.S. consumers demand sustainability from misuse of data and selling product below and China creates problems for markets, driving leaders to seek profits with cost. And online content providers are under manufacturers there. These firms need to purpose. And all the while, more than a scrutiny for how they manage, promote and look at moving production to unaffected decade after the financial crisis, debt levels monetize that content. In Asia, chasing countries in Asia, such as Vietnam and continue to rise, and a private equity bubble Chinese business comes at the cost of Thailand, or even to Mexico. But which looks set to burst, if it hasn’t already. So why censorship, nixed M&A deals and blacklisting countries are most attractive from the point is the new thinking that emerged after threats. How can fast-growth US innovators of view of wages, taxation and proximity to previous crises missing this time round? Is avoid the regulatory backlash? Learn from high-tech supply chains? And what about the Chinese model showing the deficiencies the firms who have experienced it. Taiwan? in the neoliberal consensus and will populism GDPR plus CCPA ...equals what? overturn it? And what can companies do to ensure that they avoid extinction in what Surveillance capitalism has a problem. seems awfully like the transition to a new Customers have woken up to the fact that era? they are giving away billions of dollars of value for free and regulators have noticed that firms from search engines to loyalty card schemes are not very good at explaining what they are doing with data, nor at keeping

Managing International Growth | San Francisco 2O2O 4 Plenary sessions Monday March 18, 2O19

Plenary sessions

it safe and private once they have. So what The big debate: will regulation kill Going for Green: sustainability impacts us does giving people the right to see their data innovation? all, can treasury contribute and help the do to the businesses that monetize it and bottom ? It may not be treasury but the whole idea of how much of a risk are companies really technology and what it can do has always Environmental, social and corporate facing? fascinated. And, the lesson that technology governance (ESG) is becoming a critical part Which bubble is bursting what? has and always will disrupt relates to any of corporate reputation, driving not just industry or profession. From developments customer retention and loyalty but also It’s not just WeWork. A host of IPOs have in flight, urbanization, computers and investor and other stakeholder behaviour. So disappointed. But are investors tired of tech? energy, the effects have always been how can treasury contribute to companies’ Or are they tired of things masquerading as economic and social – and so political. But overall ESG efforts? One easy step is to tech, or whose tech is no barrier to entry? the difference today is that the effects of the ensure that any service provider to treasury And which investors? flows latest developments are beginning to be – including banks - is itself a responsible and into fintechs and cybersecurity start-ups are seen not as progress - not lifting people sustainable partner. This idea can be still strong. Private equity is still buying big from poverty and bondage - but as extended to the supply chain via innovative tech firms. So are public markets rejecting regressive and reversing previous gains. green SCF solutions that tie discount rates or private valuations across the board, or is it Technology that takes jobs without replacing other financial incentives to suppliers’ own more complicated? These firms and them; algorithms that hack humans into demonstrated sustainability. Another is to investors give us their view. harmful but profitable behaviours; look at moving to the increasing number of What’s wrong with interest rates? companies that undermine the political sustainable financing products in the bond, system that gave limited liability bank and leasing markets. Banks can even In Denmark, some financial institutions are corporations the right to exist. Like Big help companies meet their sustainability offering borrowers “negative” mortgages Tobacco and Big Oil, the tech firms commitments through structuring their that pay interest. The global pile of negative themselves understand that what they working capital requirements to help fund yielding debt has swelled above $12.5 trillion. provide needs to be regulated. But how renewable energy projects in ways that are And in the US, the yield on 1O-year much, by whom and what basis? And how more economical than other funding Treasuries is close to being negative in real much will regulation kill innovation? options. In this session we bring you three terms with growth at 3.1 per cent in the first socially responsible companies who not only quarter and the US economy grew by an tell you their treasury growth stories but also annualized 2 per cent in the second quarter. explain how treasury has gone green. The US Federal Reserve is adding both permanent and temporary liquidity to Peter Filipovic, VP, Treasurer, financial markets to counter structural Starbucks Coffee Company issues in the repo markets and is signalling smaller rate rises going forward. So are low rates permanent? What could cause shocks on the upside? Negative rates is also a bank relationship and counterparty risk issue.

Managing International Growth | San Francisco 2O2O 5 Plenary sessions Tuesday March 19, 2O19

Plenary sessions

So what now for cryptocurrencies? My career path: a fireside chat about KAL’s closing treasury How well cryptocurrencies are doing KAL, the Economist’s resident cartoonist, depends partly on your politics. The news Not every path into corporate treasury is has published over 8OOO cartoons, many of that some workers in tech are choosing to be obvious and in today’s companies it may them gracing the cover of the Economist paid in bitcoin was viewed by some as an even help to have an unconventional year after year as well as appearing in endorsement of digital currencies and by treasury background. As treasury is well-known news organisations globally. He others as a regression to the kind of transformed by technology, data, has drawn every major political figure in the payment-in-company-tokens that created cybersecurity and systems skills can trump last few decades and won awards around the forms of corporate bondage in the not-too- traditional expertise. As automation, world for his editorial and satirical coverage distant-past. More prosaically, outsourcing and shared service centres of political events. He is passionate about his cryptocurrencies have not yet been able to moves basic processes out of treasury, the work and the use of humour as an important demonstrate that they are currencies, rather need for strategic and communications skills tool in the defense of freedom of speech. He than assets, and that they can become to partner the business increases. And as will take us on a current events trip using his institutionalized as money. But the biggest regulation becomes an ever more significant art and show us that everyone has a news in crypto is the deterioration of the driver of business location, structure and cartoonist lurking in him or her. He will close Libra project in the face of opposition from activity, treasury’s role in compliance and out the event with a short drawing lesson governments and regulators and the investor relations becomes more significant. where you will be able to draw and take resulting departure of partners such as So how did this treasurer at one of the home a ‘realistic’ caricature of a major MasterCard, Visa, PayPal and eBay. Central world’s leading businesses start out? How political figure! Banks saw Libra, which worked on a did they end up where they are now? And Kevin Kallaugher, Editorial Cartoonist, permissioned blockchain, as potentially a just how deliberate was that? And finally, The Economist systemically important payment system, where next? rather than as a currency, and so demanded Adjourn to network reception and book the same resilience they would expect from signing channels like SWIFT. So are central banks the real future of digital currencies? If the People’s Bank of China does roll out DCEP, as has been announced, then maybe.

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Payments: keeping up with the changes and reconciliation service from their core banks with less investment in technology It’s all about the tech: out with the Part 1: It’s a revolution not evolution old, in with the new and a better interface. The payments ecosystem is developing so Just-in-time treasury: Big corporates initial The benefits of technology are well touted: rapidly it is hard to keep up. The ease with reaction to instant payments was that they doing more with less; freeing up time for which developers can access payment APIs, pulled the rug from their delayed payment value-added activities; cost savings and bank and other transaction data means that cash management strategies. That’s efficiency gains; better business intelligence the number of platforms, apps and channels changing. Instant payments (and the from new generation Big Data analytics. But is multiplying almost daily. With these come corollary, instant collections) will have a these gains come with a warning: high IT staff better visibility, improved credit control, transformational impact on treasury, turnover makes in-house builds a nightmare; real-time and instant payments, but also especially as the value limits on instant but buying third-party solutions is also a leap cybersecurity and data privacy risks. They are payment initiatives increase. Just-in-time of faith, with implementation and enterprise also starting to upset the balance of power in payments enhance working capital, allow scalability critical. Legacy issues are always the system of interchange, the fees that more precise funding, and reduce costs, more difficult to overcome than expected and underpin much of the payment system. Cash especially in credit control. Real-time APIs are not magic: they can’t link the wallets freeze out the credit card payments also boost new business: instant unlinkable and they can’t circumvent intermediaries and reduce bank income; new digital payment eliminates supplier credit regulations. They also come with their own Big Tech payment players can afford to risk, so firms can broaden their supply chain. cyber risks, as does the whole of digital assume transaction credit risk and lower fees And they enable new digital business models transformation. So, what are the key areas to merchants. They in turn are migrating and a wider customer base, again, by and technologies on which treasurers should customers to alternative payment platforms eliminating credit risk. This treasurer is a focus? And how can they minimize the pain like Amazon Pay, Klarna and Zibby. As other convert. and complexity of technology change? large companies offer their own wallets [think Walmart Pay], the game will change again. So Migrating to alternative payments: For Each session in this steam will feature an what is the big picture? What do all these fast-growth companies payments pain expert speak to summarise the scene and various initiatives mean for corporate points are a real problem. High processing help you keep up to date with development treasury? And is all this good or bad for the costs, payment delays, manual AP within each of these technologies. We then banks? This speaker sets the scene. processing, fraud risk, limited transaction prevent live, robust case studies from visibility, mismatches between supplier companies that have implemented solutions. Part 2: Companies embracing the changing payment methods and company systems, Finally we offer you a beauty parade of tech payments environment: case studies and problems in remittance data processing providers and their solutions to give you a Leveraging APIs: APIs give corporate all cause real financial friction. Alternative snapshot of real tech solutions to common treasurers an alternative to traditional online payment providers can solve many of these operational pain points. channels at their banks, SWIFT or host-to- issues as their barriers to market entry have host connectivity. This treasury achieved been eroded by advances in technology and better integration, straight-through business models. This treasurer explains processing and a near real-time payments how.

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Part 3: The payments tech parade: five looked at what technology, including AI and cashflow forecasting problem or could minutes to make a difference ML, could deliver what they needed. This is treasury get by with just a more rigorous how the project unfolded. version of the existing process? These three The range of payment platforms and vendors give their side of the story. channels is now confusing enough to be a Excel and an inflexible, legacy ERP system problem for corporate treasurers. Faced with push-button visibility and a cutting-edge Session 3: FX trading too many choices to evaluate through POC, cash planning and business intelligence tool. Part 1: Non-stop change in foreign and with the additional complexity of Broken down into 25 ‘micro-challenges’ the exchange bank-fintech collaboration, treasurers need project took a year but now delivers better straight talking from the sell-side. Here three entity level forecasts and has even affected FX markets continue to change. New vendors give their side of the story. dividend distributions. This is how the team regulated trading venues, further did it. multiplication of platforms and rapid means Cash forecasting: finally some solutions that FX liquidity and execution now vary This firm wanted a dynamic dashboard to Part 1: The challenge of cognitive cash widely depending on location and instrument gather treasury-critical information into a (spot, forward, NDF, swap, option). For Cashflow forecasting is still a manual, single window and realised that new corporate treasurers, a once simple spreadsheet-based process involving too technologies could clean their data and marketplace has become a tangle of choices. many people, resulting in monthly or upgrade their analysis techniques to improve Banks are doing their best to provide liquidity quarterly forecasts for, often, only the the accuracy of their forecasts and and a single point of access to both regulated current quarter or even the year. The reconciliations. The treasurer explains how and off-venue liquidity pools, as well as a granularity of inputs is insufficient and they chose technologies and vendors and choice of execution algos depending on manual interventions obscure the data what the project delivered. market and the purpose of the trade. But patterns that could have been useful. Part 3: The tech parade: what the vendors how can treasurers know that they are AI-systems use combinations of machine say getting the best price and service? Where do learning and true AI on data at an invoice, they get transaction cost analysis tools and employee and vendor payment level to learn Whatever the problem, more data and some quality market data? Do they need to the historical patterns that form the baseline AI to crunch it is the answer. That’s the way it re-examine counterparty relationships and truth of the cash position. Machine learning seems from trade surveillance, to selection criteria – in this new marketplace is systems then automatically reconfigure cybersecurity to cashflow forecasting. But is it better to use more or fewer forecast models by comparing forecast it true? Surely AI systems need far more counterparties? And how can technology versus actual cash positions to improve data to learn from than most companies help treasurers with transparency and accuracy with time. have in their accounting systems? That’s why efficiency in accessing FX liquidity? it’s Big Tech that dominates AI research. And Part 2: How treasurers see the future isn’t AI just the latest fintech bandwagon for Part 2: Three treasurers’ take on trading A new enterprise-wide ERP system was an coders seeking VC backers? These tech opportunity to look again at forecasting. companies say no. So, are the impressive Algorithmic trading: Algos are becoming an Having decided on a bottom-up process and claims they make for their products borne indispensable tool for corporate treasurers a two-month rolling forecast, this company out by results? Is AI the answer to the as they seek new and efficient ways to

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manage their foreign exchange exposures. a solution will practically align with my irrevocable undertaking to pay the invoice at This treasurer’s experiences show that the existing systems, staff and business maturity date and against which the seller range and accessibility of algos is now so objectives? In this beauty parade, three can request financing from its own bank extensive that companies of almost any size vendors explain how their solutions improve providing early payment by discounting the can benefit in a wide variety of trade FX pricing and transparency while BPU. Blockchain transactions including BPUs situations. integrating into existing TMS and ERP have now been executed in the wild. This systems. company explains the process and the Too much choice: The explosion in FX benefits. channels and venues creates a problem for Session 4: Blockchain for supply chain and corporate treasurers. Can they assume that trade finance Smart contracts in the US: A smart contract their relationship banks are still the best is simply computer code that can Part 1: Ready, finally, for the real world? place to go for FX or do they need to go automatically monitor, execute and enforce a direct the various regulated and unregulated As the hype around distributed ledger legal agreement. But in the US, and other liquidity pools available and which differ technology dies down, the work to create legal jurisdictions, the question is whether region by region? This treasurer’s bank practical solutions goes on. But even in trade smart contracts deployed on a distributed teamed up with an e-FX platform to give finance and the supply chain where ledger can meet the elements required of a them the best of all worlds. blockchain technology looks to have most legally enforceable agreement. That promise as far as financial markets are question may have been answered AI/ML: While artificial intelligence and concerned progress has been slow. Yes, affirmatively for some elements, but others machine learning have been used by buy- there have been significant POC and pilot remain a problem. For example, blockchain side firms whose business is earning returns transactions, but a lack of standardisation, technology impedes retroactive alteration from trading FX, the use of these the banks’ reluctance to work together and and so smart contracts are unmodifiable and technologies to help corporate treasurers is continuing regulatory issues around key final. What happens if an action performed less well-developed. However, there are building blocks such as (in the US) smart under the underlying contract needs to be practical applications in both modelling contracts have made progress slow. To declared void? successful FX execution strategies and in confuse treasurers further, there are at least hedging. This treasurer’s core FX service Working with platforms: So how does a 2O different overlapping consortia of banks provider uses AI in its offering. Here are the blockchain trade finance transaction actually and fintechs offering blockchain solutions in pros and cons. work from the treasurer’s point of view. How supply chain and trade finance, but offering do you ensure standardization of data Part 3: The tech parade: five minutes to different products in different regions and formats and security protocols? What about make a difference focusing on different parts of the interfacing with legacy treasury systems? transaction. As with most things tech, the problems for And does everyone in the entire transaction potential users boil down to two questions: Part 2 Case Studies: Beyond the proof of chain have to be on the same platform? This how do I evaluate so large and complex an concept treasurer explains the pros and cons as they ecosystem of providers and narrow down to see them. Bank payment undertakings: BPUs are the the handful to take to the POC stage? And online equivalent of a letter of credit in which how do I run that POC to determine whether the buyer’s bank providing the seller with an

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Part 3: Blockchain Beauty Parade does it need to wait until the underlying automated to enhance the final result. Three problems are tackled? And how big does a vendors from different parts of the With so many providers, so many slightly treasury have to be to have the scale to automation spectrum illustrate the different takes on the same underlying make RPA cost effective? possibilities. problems, should treasurers wait? Should they (can they?) sign up with multiple Part 2: Automatic means automatic Session 6: Liquidity and asset platforms? And can any of the banks and management: a changing view Treasurers asked to break down core fintechs involved demonstrate real processes into programmable chunks may Part 1: Liquidity gets smarter improvements in efficiency or cost? These worry that they are analysing themselves out three providers explain. Better liquidity management starts with of a job. Some may believe that automation multi-bank, multi-currency, real-time gross Session 5: Robotics: automatics in the and AI will release them to become more settlement and continuous reconciliation. treasury valuable deliverers of strategic insights to Blockchain and other new technologies have the business. Systems will perform many of Part 1: A not so bumpy road to robotic made this a practical proposition, allowing the functions previously the preserve of process automation treasurers to unlock more of the liquidity treasury, but treasury will become a centre trapped in their networks. The next step is to Turning repetitive, manual treasury tasks of expertise in tailoring treasury strategy to use next generation liquidity management into is the natural extension of support the business’ chosen trajectory. techniques to make the most of it. These treasurers’ longstanding drive for STP. Like Others see treasurers morphing into include new open-architecture bank STP it depends partly on how quickly and guardians of these new automated systems platforms and digital ecosystems, which easily existing technology infrastructure can (attended RPA), acting on automated provide investment analytics, trading, be connected and integrated with third- outputs but taking final decisions settlement, and reporting capabilities that party software and services and partly on themselves while also shouldering more can integrate with TMS and other enterprise the elimination of internal inefficiencies. responsibility for increasingly complex systems via reporting APIs and custom file Internally, areas such as FX, AP, AR, credit regulation and compliance. This treasurer is integrations. Treasurers can also now choose control and physical and financial supply in the midst of a large-scale automation from a variety of innovative liquidity planning chains all still contain manual and semi- project: this is how they are progressing and and forecasting solutions that apply artificial manual processes and spreadsheets. how they see their future. intelligence and automation to historical Externally, it is not just the explosion of new Priti Kartik, Head of Treasury, Credit & patterns to make predictions about cash technology partners that is causing Collections, Logitech positions, and provide treasurers with integration issues; banks still do not have insights that improve yields or reduce common interfaces and template Part 3: Robots on parade interest costs. And all of these services are requirements, even across their own RPA spans the whole range of treasury becoming available on an omni-channel branches globally. TMS providers do not sexiness processes, from unattended RPA’s basis, enabling treasurers to work seamlessly provide standardised interfaces and focus on high-volume, low-value processes regardless of location or device treasurers often find themselves building such as reporting and invoice processing, to them from scratch. So, does robotic process attended automation in which parts of a automation solve any of these issues, or more complex, high-value process are

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Part 2: Seamless liquidity and asset management: a case study Automated cash placement into money market funds is not new. Banks have offered the service for a couple of years now, allowing treasurers to set the rules under which they could maintain daily liquidity for transactional purposes while automatically investing their surplus cash on a daily, weekly or monthly basis. The next generation of these tools are beginning to incorporate cognitive analytics and are able to adapt investments to predicted cash movements and needs. This treasurer shows the benefits. Part 3: The liquidity beauty parade As elsewhere, treasurers’ main problem in liquidity management technology is the pace of development of new platforms, providers and channels. In this presentation, three solutions providers show how a combination of traditional techniques, better integration between third-party suppliers and upgraded internal systems and innovative new ecosystems and technologies are transforming corporate liquidity management.

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How to be an effective treasury becomes more difficult still. So, should Unlocking and protecting growth organization and team to support growth treasurers of fast-growth and internationalising firms start with a robust tax opportunities: a series of fireside There is a lot of talk about ‘strategic treasury’ minimisation structure and work from there? chats but not a lot of detail about what that means This speaker explains how they built an in practice. To deliver value to the business international tax structure and how The expectations of treasury have changed. and to wider stakeholders, treasury needs a technology is critical to baking resilience into Now seen as a potential source of insight and plan. This will include a digital transformation what they have built. business impact, treasurers need to deliver map, details of how automation will be accelerated innovation while managing the introduced and a timeline for specific value- Tailored strategies for digital treasuries new risks that innovation brings. With more added deliverables. The development of It is all too easy to generalise about pressure on treasurers than ever before, this treasury as a source of high-impact business digitalization. Yes, there is an increasing stream looks at how you can support your insights, as well as maintaining its role as tension between the real-time transactional business, bring innovative ideas to the game provider of the optimum funding mix, the world experienced by customers and clunky and make a real difference to underlying most appropriate risk management strategies treasury technology. Yes, developments in growth. and the most effective cash and liquidity technology across the full spectrum of management programme inevitably means treasury activities have given treasurers change. Treasuries taking on new activities unprecedented choice over who supplies such as managing benefit plans or real estate them with core products and services. And portfolios, need to keep learning new skills. yes, it is clear that digitalization is an This presentation will deliver practical opportunity for treasury to develop real-time examples of the transactions, processes and capabilities and to begin to deliver genuinely steps along the way to developing the strategic insights to senior management. But treasurer – and treasury – of the future. one size does not fit all and many of the The right structure for your growth structures and solutions being proposed strategy today are unsuited to the resources and needs of mid-sized, fast-growth companies. How Tax and accounting regulations drive most much of their treasuries should be on- treasury structures. Adapting domestic premises versus in the Cloud? Instead of treasuries to global growth strategies is a enduring the costs and lead-times of difficult complex and difficult task. Just ensuring that legacy integrations maybe it’s better to start the structures chosen remain viable in a again? This treasurer gives their perspective volatile regulatory environment is hard on building the right digital treasury for you. enough. Throw in cross-border funding and cash management, risk management, supply chain financing and the acquisitions that usually accompany growth and building a future-proofed but efficient treasury

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Liquidity management in a negative rate liquidity management technology. This world treasurer explains what he has told the Board and what happened next. Roughly a quarter of the debt issued by governments and companies around the Sustaining rapid growth: a fireside chat world are currently trading with negative Most treasurers have planned for risks on the yields. Even some junk bonds have a negative downside, but how many plan for risks on the yield to call. The question of how to respond is upside? In companies that are growing fast, really above the treasurer’s pay-grade. Yields treasury can unwittingly become a brake on are this low because central banks want growth: ‘no, you can’t launch the product banks to lend and companies to spend. And there; no, you cannot pay that vendor; no, you the corporate response has been to spend – cannot accept that currency.’ Keeping ahead at the end of 2O18 America’s cash mountain of the business in order to facilitate growth is was down 15% from the record $1.99 trillion at a discipline most treasurers need to learn. the end of 2O17 – though more on stock Critical to it is the choice of bank and vendor buy-backs than gainful investment. So, the partners. Are they flexible enough to support question is really one for the board: with your growth? How can they help with money not worth much in the bank, what are technology? If you have an e-Commerce the other ways to use it? And the savers’ model, can they help you with low-value, local nightmare is the borrowers’ paradise, so is payments and trapped cash in emerging now not the time to be refinancing? It is also markets? And can treasury keep up with the true to say that this is more hype than reality: volumes if the business becomes more the nominal levels are eye-catching but are direct-to-consumer? In this fireside chat, this they a distraction? After all, real yields have treasurer talks about how they balanced the been close to zero and negative before. So, is traditional role of treasury – focusing on it simply the nominal losses that worry funding, working capital, risk and credit treasurers and if so why? If their firms are too control – with the need to make it as easy as worried about recession to invest now, then possible for the business to expand into new they have to accept the cost of insurance – regions, customer bases and sales channels. that cash at hand – has risen in parallel. There are strategies for avoiding nominal loss, but David Watt, Head of Treasury, Sonder Inc. they all come with risk – risks that will likely crystallize in the event of the recession that is preventing investment. So, it makes little sense to take a risk with liquidity that you are not prepared to take for the firm’s future. This situation requires a change of policy from the top, not simply a tweak of cash pooling or

Managing International Growth | San Francisco 2O2O 13 Key information

Get the best rate How to register We offer a variety of discounts for group bookings, loyal customers, clients of our sponsors and more. Register online. Please go to: For advice on how to get the best rate for you, call our marketing team on +44 (O)2O 7576 8555 or email [email protected]. www.eurofinance.com/sanfrancisco

Prices The venue Further enquiries Register and pay by Friday, February 7, 2O2O to qualify for the early registration discount. If InterContinental San Francisco +1 (212) 641 9837 (US) payment is not received by this date, you will be charged the full registration fee. 888 Howard Street, San Francisco, +44 (O)2O 7576 8555 (UK) , 941O3, US [email protected] Early bird registration Full registration Hotel bookings Treasury or finance professionals Terms and conditions $1,355 USD $2,135 USD within corporations Absolute Corporate Events, as our exclusive Fees include: Refreshments, lunch, full documentation and accommodation partner, can assist you with a conference materials where available. They do not include hotel Financial institutions / system suppliers range of hotel rooms in San Francisco at accommodation. All fees are inclusive of published discounts. Bank $2,265 USD $2,755 USD transfer charges are the responsibility of the payer. EuroFinance / consultants / lawyers / accountants preferential rates. As space is limited, we advise Conferences Limited reserves the right to alter the programme you to reserve your room as soon as possible. All content, speakers or course at any time due to circumstances beyond their control. Dress: Business. Cancellation terms: Receipt bedrooms will be subject to availability at the of registration (inclusive or exclusive of payment) constitutes formal Special discounts time of booking and you will need to provide a agreement to attend this conference/course and cancellation valid credit card number to guarantee your terms apply. Full refunds are available on all cancellations received A 25% discount on the full registration fee is available for treasury association members. in writing to [email protected] 28 days before the reservation. conference/course start date. No refunds or credits after this date Not be used in conjunction with any other offer, including the early registration discount. and any outstanding payment will be required in full. The option to IMPORTANT: Absolute Corporate Events is the transfer to another conference or course is subject to availability. All confirmation details will be sent upon receipt of booking. Attendance only booking agent we are working with and will fees will not be refunded (irrespective of the date of booking) in not contact you first. If you receive an the event or threat of war, terrorism or circumstances outside of the organisers’ control. Promotional discounts: EuroFinance unsolicited call from a booking agent claiming to Conferences Limited regrets that additional discounts received be affiliated with EuroFinance, it may be after the registration has been submitted cannot be retrospectively applied to reduce the original price charged. Please note: There will phishing/scam related. be photography and/or filming at this event and your image may be captured by us and used for our business and promotional purposes, in printed publications, videos and/or on our website. By registering for the event you are giving us your permission to use your image in this way. If you have any queries about this, please email marketing@ eurofinance.com.

© EuroFinance Conferences Limited Floor 5, 2O Cabot Square, , E14 4QW, UK

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