CompleXCountries

Turkey has moved from some highly unusual economic approaches to ones which are more conventional: devaluation, higher interest rates. Our latest report examines how this has impacted corporate treasury activity, including funding, FX, FX hedging and working capital. You can read our commentary here: https://lnkd.in/eUFCt9zZ

Working Capital, it needs to be funded and managed; accounts receivable and payable teams need to be staffed, while inventory brings warehousing costs and obsolescence risks - where does corporate treasury come in? This report explores the role of treasurers, and the involvement in the business decisions: this is a real test of treasurers’ influence. It is based on a rich and lively peer group discussion. Read our commentary here: https://lnkd.in/dGkgMgAA

In the CXC poll on the use of AI in cash forecasting ten percent of respondents said they were using AI in their cash forecasting and a further 17% have plans to do so. Sixty seven percent are interested in AI for forecasting but have no plans in place and only seven percent are not interested. You can read our commentary (based on an 18 page report) here: https://lnkd.in/e7iMJJvU Artificial Intelligence – AI – is very much the rage. Admittedly, this peer discussion was about AI in cash forecasting, but it left the very real impression that every participant felt the need to have an AI story. In most cases, this lies somewhere in the future: while some people are quite advanced, for most, it is a work in progress. You can read our commentary (based on an 18 page report) here: https://lnkd.in/e7iMJJvU

Here is the latest CXC commentary on Corporate Treasury in the Caribbean. https://lnkd.in/eK_-JjsS #FX #Treasury #Banking Scotiabank - Global Banking and Markets Citi #Guyana #DominicanRepublic #Jamaica #TrinidadandTobago

CompleXCountries are partners for the EuroFinance International Treasury Management conference in Copenhagen. If you are planning to go - we hope to meet you. If you are thinking of going, here’s a bit more about the event: Dates: 2nd - 4th October Theme: Building intelligent treasury together Delegates: 2,200 senior treasury professionals 150+ speakers include Treasurers from: Bose • eBay • Finnair • Lego •Medtronic • Mars • FedEx • Maersk Tankers • Roche • LyondellBasell • Novo Nordisk • General Mills • Booking Holdings Inc. • Equinor • Colgate-Palmolive • ABB • Save the Children International • Salesforce and many more. For the full agenda, please visit: https://bit.ly/3W7id1Q CXC 10% discount code: MKTG/CXC10

Here's a very brief presentation on how CXC works and the value we deliver to corporate treasury professionals including our independent commentaries which we do not charge for.

CompleXCountries are partners for the EuroFinance International Treasury Management conference in Copenhagen. If you are planning to go - we hope to meet you. If you are thinking of going, here’s a bit more about the event: Dates: 2nd - 4th October Theme: Building intelligent treasury together Delegates: 2,200 senior treasury professionals 150+ speakers include Treasurers from: Bose • eBay • Finnair • Lego •Medtronic • Mars • FedEx • Maersk Tankers • Roche • LyondellBasell • Novo Nordisk • General Mills • Booking Holdings Inc. • Equinor • Colgate-Palmolive • ABB • Save the Children International • Salesforce and many more. For the full agenda, please visit: https://bit.ly/3W7id1Q CXC 10% discount code: MKTG/CXC10 Early bird registration deadline for further savings is 26th July.

In our – frequent and regular – peer group discussions on China, we nearly always end up talking about cash pooling. What, exactly, are the rules? And what is required? We ran a benchmark survey and held a peer discussion to clarify the situation, and come away with some clear guidance. Instead, we confirmed that the situation is not clear. One participant listed four different sets of applicable regulations – three from PBOC (People’s Bank of China), and one from SAFE (the State Administration of Foreign exchange). The survey also listed eight banks members use for pooling: each bank has a different way of interpreting the rules, so there is a truly impressive set of potential ways of doing things. Offers from banks include zero balancing, target balancing or even a centralised dynamic sequence – a form of notional pooling. So – apart from the obvious conclusion that the situation is complex, and that regulations in China are rarely totally clear – what can we say with certainty?...to read the rest of out 1,000 word commentary,please follow this link. https://lnkd.in/e6y78qMt By the way, if you sign up with CompleXCountries, you get commentaries like this one direct to your inbox. #China #CashPooling #HSBC #Citi #JPMorgan #BNPParibas #ICBC #ChinaConstructionBank #BankofChina

Cross border cash pooling, intercompany loans, in-house banks: treasurers are – rightly – proud of all the tools they have deployed to improve the efficiency of cash management. Having debt in one place, and cash in another, is not only expensive, due to the bid/offer spread, but it increases pressure on leverage calculations and credit ratings. Cash is a precious – and often rare – asset: it is vital to use it as well as possible. Recent rises in interest rates, and pressure on lending sources due to Basel III and stress in banking systems have increased reliance on these essential tools. But there is a problem: tax. With BEPS and increased co-operation between tax authorities around the world, many companies are re-visiting their approach to intercompany funding, to make sure they are above any reproach. But this is easier said than done. There are no clear rules, and it can be challenging to implement the basic principle of arm’s length pricing. Of course, not all arms are the same length, so some judgment is always involved. But, with intercompany funding, the same group is both borrowing and lending, so at least one side has to be off market. Even if an in-house bank gets involved, it is not subject to the same regulations as a real bank, so its pricing is different to the market. Read our commentary, based on a confidential senior corporate peer discussion here: https://lnkd.in/eJWJqZt5

Getting objective independent information about Treasury Systems is challenging. CXC are now producing reviews of leading systems based on polling, peer discussons between users and user interviews to get the full picture and user experience (positive/indifferent/negative) . Here's our review of Kyriba - if you are an extsing user you'll be able to benchmar your experiences and get ideas. If you are selecting a new system, then this is essential input. The full report is available to CXC subscribers or can be purchased separately - read our 1,00 word summary here (free): https://https://lnkd.in/eJXEUbHD