FTA
EXCHANGE
FINANCE AND TREASURY ASSOCIATION // ISSUE 5 NOVEMBER 2017
2017
7
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CONTENTS 6
16
30 YEARS AND BEYOND Four President’s, four separate interviews, four different takes on the association, on treasury and what the future holds.
THE SIX TRUTHS OF TREASURY AND RISK MANAGEMENT Corporate treasury organisations are on the move, digitising their operations to keep up with the pace of business, their expanding responsibilities and evolving requirements.
18
CHINA DRIVES RECORD CROSSBORDER CORPORATE ISSUANCE Tighter domestic funding conditions in China caused by government restrictions on borrowing to contain corporate leverage have fuelled a surge in cross-border bond issuance by Asia-Pacific nonfinancial corporates in 2017, says Fitch Ratings.
22
REGULATORY REFORM AND ITS IMPACT ON END USERS Reforms related to ‘conduct and culture’, the Volcker Rule, and financial benchmarks were agreed upon well after the ‘four pillar’ framework of post-GFC reform had been established.
26
WHAT WILL DISRUPTION IN TREASURY LOOK LIKE? With all the talk of disruption at the moment, it is worth taking a moment to reflect on just how innovation has impacted on the day-to-day working of your treasury.
30
2017 GLOBAL CORPORATE TREASURY SURVEY Deloitte is pleased to release its biennial Global Corporate Treasury Survey.
4. A NOTE FROM THE CONFERENCE COMMITTEE 50. PARTNER DIRECTORY FTA Exchange Magazine is published by the Finance and Treasury Association. All material in FTA Exchange Magazine is copyright. Reproduction in whole or part is not allowed without express permission from the publisher
ADVERTISING AND EDITORIAL Nadia Kentera nadia@financetreasury.com.au +613 9820 1113
4 // WELCOME
A MESSAGE FROM THE CONFERENCE CHAIR
ALISTAIR MCLEAN- FFTP - CHAIR, CONFERENCE COMMITTEE
On behalf of the FTA Board and the Conference Committee it is my great pleasure to welcome you to the Association’s 30th Annual Conference: Managing Risk in the New World. I hope that you will enjoy our second visit to the Sheraton Mirage and all the delights that the Gold Coast has to offer. The treasury landscape has changed significantly since the Association held its first conference. The ‘87 crash, the Asian Financial Crisis and the GFC have all influenced the way that both financial institutions and corporate treasuries assess and manage risk. Add in huge changes in the way in which treasury teams use technology as a strategic tool, a plethora of new accounting standards and a banking world behest to ever increasing regulation, it is a world which those first Members of the Association would struggle to recognise. Fortunately, we have enough of them who remember the good old days and we will hear more from them, alongside our own Donald Trump (impersonator Ben Price), at the NAB Gala Dinner on Thursday night. Fast forward to the present day and treasury teams now face a world of increased technological innovation and in return concerns over cyber-security have become more prevalent. Whilst funding markets have enjoyed a long period of stability since the GFC, volatility abounds in other risk classes. The expert panels of treasurers, bankers and industry practitioners at this conference will seek answers to how that risk is managed in the new world. We are fortunate to have such a strong line up of Keynote speakers at the Opening Plenary Session which will set the tone for the rest of the conference. Mandy Drury will host Colin Storrie (Group Director, Woolworths), Tony Nash (CEO, Booktopia) and Steve Sammartino (Futurist and Business
Technologist) in both individual presentations and a panel discussion. Adam Spencer will headline the sit-down breakfast sponsored by CBA in a session titled Random Thoughts for an Equally Random Mind - which I can only imagine will make the Black-Scholes model look like a primary school maths test. Closing the conference Alisa Camplin will speak about Creating Success in Sport, Business and Life. The conference splits into two streams this year encompassing the central conference theme of Managing Risk in the New World. The committee is particularly pleased to include a session on Diversity, Equality and Inclusion on Friday for the first time at this conference. In addition to the usual treasury themes of risk management, systems and funding the conference will devote the final session on Friday before lunch to self-development with sessions on Knowing your Leadership Style and the Risks and Rewards of LinkedIn. The conference will end at 2.30pm on Friday with a closing panel of Senior Members of the FTA wrapping together all three days (over a few drinks for attendees) I encourage you to leave the office behind, disable your technological devices and immerse yourself in the conference programme. The networking opportunities for members, nonmembers, exhibitors and sponsors at this event cannot be matched particularly at the ANZ Welcome Drinks, FTA NAB Gala Dinner, the Sit-Down breakfast, the FTA AGM and over lunch and tea breaks. Finally, I would like to thank the FTA board, conference committee and the FTA organising team (in particular Melanie and Nadia) for their hard work in putting together such a high quality programme.
The expert panels of treasurers, bankers and industry practitioners at this conference will seek answers to how risk is managed in the new world.
AT THE FOREFRONT OF
PROFESSIONAL DEVELOPMENT
FROM TOP LEFT: The original 1988 FTA congress program from the inargual event
FINANCE AND TREASURY ASSOCIATION
30 years and beyond NADIA KENTERA, BUSINESS DEVELOPMENT MANAGER FINANCE AND TREASURY ASSOCIATION
Four Presidents, four separate interviews, four different takes on the Association, on treasury and what the future holds. FTA’s Business Development Manager, Nadia Kentera, goes back over the decades to uncover some hidden stories and opinions of some of the industry’s most influential people. Most associations start out with a few people and a common interest. In this case it was Corporate Treasury. Melbourne’s Savage Club was the meeting place for this group then known as the Currency Club. According to Past President, Geoff Garside, ‘several organisations soon learned the value of being a member of the only professional body that truly understood the challenges of corporate treasury.’ It was only a short period of growth until another name change in 1982, to the Australian Society of Corporate Treasurers.
what we were doing and how we were doing it. Back then we were quite open to sharing this information among our profession and members were genuinely appreciative of the sharing of information.”
As Past President, Ivan St Clair recalls, “Coles-Myer were asked to run a session on ‘How to manage short term interest rate risk’. In the mid 1980s we were one of the largest buyers and sellers of bank bill futures on the Sydney Futures Exchange because we were hedging our interest rate risk. A lot of corporations wanted to know
According to St Clair, the 1998 name change to the Finance and Treasury Association was part of the Association’s strategic plan, derived from a need to become broader, more professional, more relevant and to open up the offering beyond the corporate market base. The then CEO,
This sharing of information was an important step in further growing the membership base as more and more professionals appreciated the value and importance of being part of an Association.
30 YEARS AND BEYOND // 7
ABOVE: The FTA Presidential Chain - Each link is enscribed with Past - Presidents names
Marilyn Forde and her predecessor, Steve Bowman, were integral to this change which opened up the doors to more members within the industry, not only in Australia but overseas. It eventually led to a chapter being formed in Hong Kong and the highest membership base ever recorded.
Over the past 30 years there have been a number of members eager to step up to the top job as President of the ASCT/ FTA. It’s a role that takes on the responsibility to lead and direct fellow Board members and the CEO while keeping the strategic vision for the Association relevant.
During this time, State Chapter Committees were extremely active and played a large role in local based offerings, seeking out new members and organising monthly lunches with guest speakers. As stated by Past President, Melvin Nunes, ‘these lunches were the backbone of the FTA and were regarded as a core benefit of membership, so much so that members would diarise the monthly lunches.’ A lunchtime affair would attract over 100 people in Melbourne, with networking a key driver.
My professional journey with the FTA has been an interesting one since I first started as the Membership Officer in 1999. I too have seen CEOs come and go, sat on countless board meetings, managed over a dozen of the annual conferences and worked with many Presidents, each one very different. As the following interviews suggest, each has had different takes on the Association, on treasury and what the future holds.
FTA PRESIDENT - 1993 - 1994
Geoff Garside AUSTRALIAN SOCIETY OF CORPORATE TREASURERS
You were Company Secretary and Group Treasurer for Dalgety Australia Holdings Limited (DAHL) from 1980 – 1993. Tell us about your treasury team. Let me set the scene. DAHL was a multinational conglomerate comprising more than 20 divisions and subsidiaries, more than 1,000 staff, operations in every State and revenue in hundreds of millions AUD. I had worked overseas for eight years from 1972 with the American multinational pharmaceutical giant Pfizer Inc. and was fortunate to have been exposed to a multi-currency environment. I returned to Australia and joined Dalgety in 1980. Prior to December 1983 Australia did not have a floating exchange rate and foreign currency and interest rates were mainly set by the Reserve Bank (RBA) and heavily influenced by Government monetary policy. Then, visionary PM Paul Keating introduced the floating exchange rate and the cosy foundations of Australia’s economic policy settings changed forever and for the better. The Government then issued 16 new banking licences to offshore banks to encourage competition in Australia. Australian organisations suddenly needed to adapt and forward-thinking organisations set about immediately to understand and operate in a new world of economic influences. I volunteered to establish the Dalgety treasury operations in Sydney. Initially I had a staff of one, (me), which grew to three. My biggest challenge was to coordinate the cash flows and foreign currency exposures of each of the 20 operating divisions under the Group Treasury, much
to the chagrin of certain divisional managers who tried to protect their empire from any interference. Microsoft Excel was my preferred computer software before and after the emergence of special purpose corporate treasury/accounting systems. Dalgety was a party to only the second interest rate swap in Australia as marketed by BT in 1984 as part of a significant treasury hedging strategy mainly focused on net internal offsets rather than derivatives for each exposure. How important was it to have a professional membership and how did it help personally throughout your career path? Establishment of ASCT / FTA as a professional body was essential in responding to the need within Australia’s new economic framework and not be beholden to the established financial institutions. The reinforcement of basic treasury lessons such as financial risk management, “cash is king” etc has been an invaluable part of my career and to receive recognition of it now is a fundamental part of my career which after Dalgety, encompassed treasury consulting/ advisory to major institutions and Government and then onwards to non-executive directorships. How has the role of the Treasurer changed since you were President? ASCT/FTA was fortunate from the earliest days to have a number of female members, both as bankers and as
“Participate in further professional development and continuing education. Don’t be a tech head but take the time to get out and broaden your knowledge and understand the business environment of your organisation and that of your domestic and international competitors
“
corporate treasurers and I’m aware and pleased that such has prospered. I don’t know that the role of treasurer has changed other than of course to maintain ever larger volumes and values and to plan and react in faster time frames and to continue to influence the CFO and Board of forthcoming challenges in the operating environment. Continuing education is a key now just as it was in the early days. How is technology changing the way we communicate and provide professional development for the industry?
of your domestic and international competitors so that you can respond and be better placed to make informed decisions and grasp opportunities. Don’t be a cowboy, instead understand the corporate culture and corporate governance framework to have your opinions properly formed, communicated and considered by other, wise heads within your organisation. Now a consultant, wearing a very different hat but putting all your learnings and years of experience to assist and coach others in the same field - Why?
The old Excel spreadsheet has largely made way for integrated treasury modules within sophisticated ERP systems however they in turn will face challenges from open systems. With that of course will come the ever increasing threat of cyber-attack and I counsel that all members must invest in appropriate protection mechanisms. Back up of systems alone is not enough. The speed of transactions and emerging opportunities for disintermediation present new risks that need to be quantified, understood and managed.
Be generous with your privileged position and share the knowledge. Its beneficial for you, your profession and your employer and may ultimately provide a benefit to yourself. I do it because I enjoy it and it feels good to give back something to the profession that gave me the opportunity and friendships to further one’s career.
What advice do you have for our up and coming Treasurers who are in or about to take on the corporate world?
No one can see 30 years ahead other than to assume that we will be part of an even more integrated global village, moving ever faster and with more challenges than we can imagine. The commercial disrupters such as Uber, Paypal, Amazon, and countless others operate in an on-line environment and bypass established intermediate service providers. Cyber security will become the “norm”. Treasurers will need to be real time decision makers. Time is critical.
Participate in further professional development and continuing education. Don’t be a tech head but take the time to get out and broaden your knowledge and understand the business environment of your organisation and that
On the conference theme – what do you think the next 30 years holds for the FTA and/or the industry?
FTA PRESIDENT - 1997 - 1998
IVAN ST CLAIR Ivan, you have a significant work history, Assistant Treasurer from 1989 – 1995 at Coles Myer, paint a picture of what it was like then? Corporate treasuries came into existence late 1982 early 83, and the big change then was when they were going to float the Australian Dollar in December 1983. Corporations felt they should be trying to manage those exposures. There was deregulation, many foreign banks trying to enter Australia, and a lot of volatility in the financial markets, from the time they floated the Australian Dollar. Interest rates were high, so for the first 3-4 years we were all learning. Myer became Coles Myer and other major corporations were wanting to share knowledge. In the early 90s we had the recession. Asset values went down 20%, interest rates went from an average in the 80s of 14.5% to 7.5% during the 90s, because of the recession, corporates de-geared and de-leveraged. If you measured the importance of a Corporate Treasury by its interest expense bill, we were less than half as important in the 90’s as we were in the 80s. If you measure it by managing FX exposures, once again the volatility of the currency, whilst it was quite high in the 80s, in the 90s it wasn’t that volatile at all. It was no surprise by the end of the 90s, when BHP decided to stop hedging, so the importance of Corporate Treasurer had dropped off a bit.
We’d been doing cash flow forecasting and looking at what could go wrong if the interest rates go up or down or our EBIT isn’t what we think it is going to be. We’d stress test them and try to figure out at what point of time will we breech our financial covernance because that would keep the banks happy. If we knew when we were likely to breech our financial covernance and if there was any risk of it we could do something about it. As the volatility of the currency went down as the volatility of the interest rates went down we became less and less important so as a result a lot of things such as Cash flow forecasting went out the window. If you look back at the surveys, the average size of a corporate treasury halved because we weren’t as important. In the late 90s the ability to undertake a shareholder class action came into existence so now if you look at once upon a time we were worried about keeping the providers of debt happy and keeping the banks happy. These days it’s every bit as much about keeping the providers of equity happy, because if you miss earnings guidance you know you’ve potentially got a shareholder class action on your hands. Corporations should have continued to do the disciplines that were introduced in the late 80s early 90s of rigorous cash flow forecasting, of reviewing the variances to find where things were going wrong and stress testing those forecasts. If they’d kept those we wouldn’t have as many shareholder class actions as you do these days.
30 YEARS AND BEYOND // 11 Perhaps we need to bring those disciplines back because if its not being done in corporate treasury, where is it being done? What were some of the key challenges we faced as a profession either in the past or future? The 80s was difficult for many in trying to forecast which way the currency was going. Trying to tell people that no one has a competitive advantage in trying to forecast which way the currency is going – that there is no point in trying to trade it or trying to hedge it. It took a few years to get that message through. At the moment, one of the challenges is the importance of interest rate hedging. There is no one managing short term interest rate risk. As interest rates are so low, when they do go up they could go up by 100% in 12 months so you will double your interest bill in 12 months. Economist, Don Stammer used to say ‘It is factor X, if we knew what factor X was it wouldn’t be factor X.’ So, we get blindsided by something and don’t see it coming. I suspect we are in that area now. A whole new generation of management coming through now who haven’t had to deal with interest rate management because they haven’t had to do it. In 2001 you were quoted in the Sydney Morning Herald saying that Corporate Treasuries need to use the internet. Only 16 years have passed since then, did you ever think that Corporate Treasuries would be operating on a Cloud? Yes, I think that would happen eventually. What I was surprised was we used to be secretive about some information particularly with your competitors, like how much are they hedging vs how much are we hedging, then the accounting standards changed and you had to disclose all information. You could find out what your competitors were doing by going on the internet and looking up their annual report. Is networking key? It’s more important now than it ever was. What we get now through social media and the internet is a lot of data, and not a lot of knowledge. Google is great but you have to sift through an awful lot of stuff to get what you want. Speaking one on one allows you the ability to get the real story of what went wrong and ask the question ‘if you had your time again, how could you do it better?’ You can only get that by building the trust with individuals. We were comfortable with picking up the phone and asking fellow industry professionals, ‘how did you do that’? Upskilling is important – technology is changing the way we communicate and provide PD, your organisation,
Treasury Training provide courses specifically to Treasury. How often should individuals upskill? There is a core body of knowledge that people in treasury need to have. From managing liquidity risk, doing their funding, importance of bank covernance, the importance of cash flow forecasting, hedging FX and interest rates and in some cases commodity prices. Once you get through that you need to keep up with industry changes e.g. hedge accounting was a huge learning curve for everyone 10 years ago, and you needed to invest your time and money into understanding it. What advice do you have for our up and coming Treasurers who are in or about to take on the corporate world? It is fascinating and every year is challenging. Whether it’s something happening in the markets, the GFC, the introduction of hedge accounting standards, new hedging strategies or next generation of treasury systems, there is something interesting happening. It has been a great career and I have formed some wonderful friendships as a result of the industry. Now a consultant, wearing a slightly different hat but putting all your learnings and years of experience to train others in the same field - Why? I still enjoy it. I do all the research and enjoy doing the research and I have the experience to know what might go wrong, more importantly if things do go wrong, I know the questions to ask. I also still enjoy doing some consulting on smaller treasury jobs in between the training courses. I work my commitments in with my personal yachting which is my other passion. And finally on the conference theme – what do you think the next 30 years holds for the profession as a whole? I think we are going to have a broader range of borrowing sources in the future. To use some old terminology ‘from Wall Street to Main Street,’ with the way they roll derivatives out, so downsizing derivatives to be able to use by small business. Hybrid instruments will become more acceptable and mums and dads will be better at saying we want that in the form of a debt instrument as opposed to an equity instrument, it will take time to get there and as a community we need to do something about the taxation of debt and equity on the returns to bring it back onto a more even keel.
FTA PRESIDENT - 2002 - 2003
Melvin Nunes FFTP FINANCE & TREASURY ASSOCIATION You have been with WA Treasury Corporation for over 40 years, now Deputy CEO, paint a picture of what it was like back in the late 70’s early 80’s …
How is technology changing the way we communicate and provide professional development for the industry?
Technology has transformed the market since I began in financial markets in the late 1970s. Here are some of the changes: • Settlements and Paper Securities - We have moved on from manual settlements and transfer of paper securities to fully electronic settlements and clearing. There was no Austraclear / Exigo in those early days. I recall having to sign each promissory note that WATC issued. • Information systems – we only had one Reuters terminal then. If we wanted to view more than 1 page we had to have another terminal. I remember dealing desks with multiple box terminals stacked on top of each other like building blocks – none would have passed any of today’s OHS regulations lest they topple over. • Communications – in WA, the closest thing we came to ‘live’ pricing was through a ‘voice box’ direct to a Sydney or Melbourne dealing room – and we needed one for each bank.
Online communication, video conferencing and the advent of social media has certainly changed the way that we interact both socially and professionally. And this will continue to grow. However, I am a bit old fashioned and believe that there is a definite role for the delivery of professional development services personally. People still and will continue to value personal interaction and to discuss and exchange views and ask questions face to face. Video conferencing does this to a certain extent but is still impersonal.
How important was it to have a professional membership, to be active on Committees and Boards and how did it help personally throughout your career path? I know in Perth, membership of the FTA and in its activities particularly its monthly lunches was considered a valuable career building pathway in that you got to meet and know almost everyone involved in financial markets. I remember receiving my membership certificate at a monthly lunch being an event and being made a fellow being an even greater honour. Has the role of the Treasurer changed since you were President? Yes, very significantly, particularly in the area of risk management.
What advice do you have for our up and coming Treasurers who are in or about to take on the corporate world? My advice would be to never underestimate the importance of your integrity and reputation in the market. Fourty years of service with the same organisation, and retirement just around the corner…. What will you do first? I will retire in mid-December. After which, we will be going on a family holiday with my two adult daughters and sonin-law to Canada for a white Christmas and then on to New York for New Year. And finally, on the conference theme – what do you think the next 30 years holds for the FTA and/or the industry as a whole? The market will continue to evolve. Technology will rule. Markets will certainly become more efficient. But it will be sad though as I believe we will see less human interaction and more online and automated trading and global straight through processing. As markets become even more global than they are now, we will also see geopolitical factors have greater impacts on markets and our decision making.
30 YEARS AND BEYOND // 13
FTA PRESIDENT - 2016 - PRESENT
Mike Christensen FFTP FINANCE & TREASURY ASSOCIATION How important is it to have a professional membership?
This is especially challenging for associations like the FTA with relatively small membership bases and limited resources.
Let’s take a step back. What is happening to professions? Changes are afoot in the workplace. There is now no such thing as a job for life. Individuals will likely have many careers in their lifetime. According to Foundations for Young Australian’s The New Work Smarts Report, today’s 15-year olds are expected to work for 17 employees over five careers! Which means they need to commit to life-long learning to have refreshed and relevant skills. Where will they get these learnings from and who will they trust to deliver these learnings? Not only that, in the non-traditional workplace model with more casualised and freelance arrangements, professionals will rely even more on their network to connect. This is the opportunity for professional associations and therefore the relevance and importance of professional membership. The challenge for us as an Association is to step up and provide relevant networking and learning services. What are some of the key challenges we face as an association in relation to the current economic environment? The current economic environment of lower growth for longer is promoting a relentless focus on efficiency. Organisations and individuals have scant resources to allocate to a multitude of options. Organisations are shrinking and doing “more with less”. Coupled with changes in consumer expectations (more informed with more choice), associations need to be increasingly relevant and offer a compelling value proposition.
But it is also a tremendous opportunity. Associations that have a member-centric culture are ideally placed to meet current and future demands. Harnessing the leaders in your profession had never been so critical. Leadership, collaboration, and critical thinking is required to meet these challenges and secure these opportunities. How is technology changing the way we communicate and provide professional development for the industry? According to Satya Nadella, CEO of Microsoft, “The true scarce commodity of the near future will be human attention.” According to a recent Microsoft study, the average attention span has fallen from 12 seconds in 2000, or around the time the mobile revolution began, to eight seconds. Goldfish, meanwhile are believed to have an attention span of nine seconds! So yes, the way the Association communicates with its members and delivers its products and services has been and will continue to be hugely impacted by technology and its impacts on society. How do we compete, adapt and change in such an environment and with limited resources? That’s an interesting question. Is networking key? Yes, but done in the right way. According to Dexter Cousins, author of the Gig Exec, and owner of recruitment firm, Tier One People, more than ever. Career and business opportunities are coming via networking and connections, guiding us to the future of work. He says when your career seems to be going well, the vast majority neglect networking – it’s the equivalent of sitting on the coach, eating chips and watching sport, instead of
exercising! One day we catch a glimpse in the mirror and notice we’ve piled on 20kg. We then face 12 months of full exercise, diet and hard work to get back into reasonable shape.
My advice to anyone new to treasury or finance or anyone keen to progress their career, no matter where they are now, is to broaden your horizons, embrace new opportunities, and practice leadership as early and as often as you can.
At the root of sustainable networking is connecting with people as a “giver” (rather than a “taker” or “matcher”). When you meet someone new, focus less on what you can get out of the relationship, and more on what you can contribute to it.
Now a consultant, wearing a slightly different hat but putting all your learnings and years of experience to assist and coach others in the same field - Why?
So those that only network when they want something, will be less successful than those they give unconditionally, paying their value forward without expecting anything in return. You’ve been in Treasury for over 20 years, having worked as the Treasury Manager for Westfield and more recently Group Treasurer for Dexus. What advice do you have for our up and coming Treasurers who are in or about to take on the corporate world?
I did a lot of soul searching before making my latest move. It was some two years in the making! I’m not saying others should plan their next career move over two years, that’s just the timeframe I needed. In that time I used commercial and non-commercial means to search, explore, and plan the things I wanted to achieve and the environment I wanted to be in over the next stage of my career. For example, getting some executive coaching was a key component. For me it’s all about building and participating in sustainable growth. I think that’s just how I’m wired and why in my banking days I never became a trader. I’ve renovated
30 YEARS AND BEYOND // 15
them attain sustainable growth and I love being a trusted treasury, risk and finance advisor and using my network to make connections happen that wouldn’t otherwise. The different parts of the “portfolio” intersect all the time. So, if you take the above elements, there’s the opportunity to give back as well as be involved in transformative activity and with a bit more flexibility that what the corporate world typically has to offer. It’s still a work in progress and like everyone else I have my good days and not so good days. The main thing though is I’m learning, being stretched and meeting new people and businesses all the time. Was CFO ever an option for you? Yes, indeed this was the path that I thought was right for me for some time before reassessing. There was a pivotal point when I was undertaking the Deloitte CFO Vantage course where it gave me some fantastic insights into the role and really got me engaged with the role. However, as I worked toward this path, I wanted to make sure I was not just going down that path just because it was the most obvious path and therefore an automatic response. I wanted to make sure I was perusing it for the right reasons. You never say never, but for now, and for the above reasons, I have decided to pursue a different path.
three houses in my time, so I’ve got form for being enticed by “things” with great bones, great potential and some character. I love the transformation process and the result that a renovation delivers. That’s why I enjoyed my time at DEXUS. I was given plenty of opportunity to create or “renovate”, for example, building a treasury department and a FP&A department from scratch. At the same time, the group transformed from a subsidiary funds management business of Deutsche Bank to a ASX top 50 corporation. I also have a strong sense of community and giving back that I think was instilled in me by my parents from a very early age. I’m heavily influenced but current and trending workplace changes. There are labels flying around like portfolio careers, implying you can structure the way you work in a non-traditional form, and dedicate part of your time to different parts of your portfolio. That’s probably a fair representation for what I’m trying to achieve. I love my board work, I love consulting to smaller enterprises to help
And finally on the conference theme, what do you think the next 30 years holds for the FTA ? It’s a great question. I guess it comes back to how I framed the first question. Where will the profession be in 30 years’ time? And what requirements will professionals have at that time? And can Professional Associations step up and provide these requirements? I’d like to think so. It will require dedication, creativity, leadership, collaboration and energy from those within the profession to move with the times. We’ve already shown a lot of resilience and adaptability over the past 30 years so I have no reason to question why that won’t continue. I hope that’s the case not just for the FTA, but for all professional associations; for my children and their generation’s sake.
16 // RISK MANAGEMENT
THE SIX TRUTHS OF TREASURY AND RISK MANAGEMENT By George Chapman, ION Treasury, APAC Corporate treasury organisations are on the move, digitising their operations to keep up with the pace of business, their expanding responsibilities and evolving requirements. Regardless of where companies may be in their journey to a fully digitised treasury organisation, there are some underlying truths that treasuries across North America, EMEA and Asia Pacific share. In its most recent global treasury benchmarking survey, ION Treasury, in association with Treasury Strategies, Standard Chartered, and Zanders, captured the voice of nearly 1000 financial professionals. The survey’s key take-aways reveal these six truths to be foundational to the state of treasury and risk management today.
2. Global business growth adds complexity. New markets, business units, bank partners and currencies stretch treasury structures, processes and technologies so far that they become inefficient and uncontrollable. As a result, cash forecasting (75%), cash visibility (65%), and FX risk (53%) remain treasury’s top challenges. As treasuries grow beyond their capacity to manage complexity, they have no option but to change.
TOP 5 TREASURY AND RISK MANAGEMENT CHALLENGES 75% 65%
53%
1. Treasury is challenged by constant change. A constantly changing business environment puts pressure on treasury teams around the world. Regulations, for example, continuously challenge teams to find solutions that can help them remain compliant with new and evolving requirements. In this report, respondents note IFRS 9 (40%), Dodd-Frank and EMIR (34%), and Basel III (28%) are key regulatory challenges.
29%
Forecasting and liquidity planning
TOP 10 REGULATORY CHALLENGES
40%
34%
Cash visibility and optomisation
FX Risk
Payment fraud / management
Mid- to long-term funding
34%
3. Treasuries need to improve their functions.
28%
16%
15%
15%
12%
11% 7% 5%
IFRS 9
Dodd-Frank /EMIR
Basel III
IFRS 13 / ASC 20
SEPA
MMF
US Section 385
FBAR
FTT
ASC 815
Treasury teams are aiming to reduce the complexity that is slowing down their day-to-day operations and preventing them from having an enterprise view on cash and risk positions. An impressive 71% of respondents say that they are reviewing their policies, processes, and structures. Many are also looking beyond their current requirements to ensure that they are positioned for the future – for the next market shock, acquisition, or regulatory update.
9+11+63044 PRIMARY TECHNOLOGY IN TREASURY ERP 9%
4. Treasury teams remain lean. In every third treasury department, only one or two professionals are responsible for all financial operations. In fact, 73% say that they expect their teams to remain the same or shrink over the next three years, even as 68% see the scope of their functions growing.
Team Size
AMERICAS
EMEA
APAC
1 to 2
25%
29%
27%
3 to 5
31%
30%
28%
6 to 10
19%
19%
19%
11 to 15
5%
6%
6%
15 to 20
7%
4%
3%
More than 20
14%
13%
16%
5. Treasury is becoming more digitised Technology is closing the gap between lean treasury teams and treasury’s growing responsibilities. Treasury management systems (TMSs) are established as primary technology in 44% of treasury functions. With a TMS, treasury teams can access, collect, and share financial data in real time. As the data collection happens automatically, they confidently take decisions on accurate and upto-date data. Also, treasury leaders have the time to visualise and analyse that data. Better, more visual reporting enables them to communicate complex challenges and provide the CFO and the board with the intelligence they need to act upon.
System Mix 11%
TMS 44%
Bank Portal 30%
Spreadsheets 30%
6. Treasury is increasingly adopting cloud technology. Software that integrates treasury and risk management processes end-to-end improves efficiency and eliminates manual intervention. Where straight-through processing (STP) and system integration are important, cloud systems have proven their value. Cloud-based technology makes it easy to connect systems and subsidiaries. Cloud technology is particularly popular in North America and Asia Pacific and are especially preferred in smaller organisations. Treasury’s vision of a more digitised organisation is rooted in the need to eliminate as many manual processes as possible. With transactional processes supported by technology, treasuries gain time for strategic analysis. This, in turn, propels teams further along their digital path, increasing the need for tools supporting value creation – namely real-time data, advanced analytics, and visual reporting.
18 // CHINA DRIVES RECORD CROSS-BORDER CORPORATE ISSUANCE - OCTOBER 2017
CHINA DRIVES RECORD CROSSBORDER CORPORATE ISSUANCE
Strong Investor Demand for High-Yield Asia-Pacific Issuers Fitch Ratings Special Report Tighter domestic funding conditions in China caused by government restrictions on borrowing to contain corporate leverage have fuelled a surge in cross-border bond issuance by Asia-Pacific non-financial corporates in 2017, says Fitch Ratings. Other factors adding to the record USD164 billion yoy issuance for the first none months of 2017 (9M17) include a one-off USD10.5 billion issuance across six tranches by Japan’s Softbank Corp. in 3Q17 and increasing global investor demand for Asia-Pacific highyield names, as illustrated by the large amount of issuance out of China’s property sector and strong yoy growth in issuance by corporates in Indonesia and India.
Issuance by Asia-Pacific non-financial corporates for 9M17 is more than double the amount for same period last year and is higher than the record issuance of USD138 billion in 2014. This follows record quarterly issuance of USD61 billion in 2Q17 and USD69 billion in 3Q17 led by a surge in issuance by Chinese corporates, with Japanese corporates also contributing to 3Q17 issuance. Total cross-border issuance out of China, Japan and Indonesia over 9M17 already exceeds the countries’ previous annual records and issuance out of Hong Kong, Singapore and India is on track to register record levels for the full year 2017. Both India and Indonesia have experienced considerable yoy increases in domestic and cross-border issuance, as shown in the table below, indicating strong investor demand for Asia-Pacific high-yield names.
ASIA-PACIFIC CORPORATE CROSS-BORDER ISSUANCE BY COUNTRY (USDbn)
9M16
9M17
Record historic annual issuance
90 80 70 60 50 40 30 20 10 0
2014 China
2015 Japan
Source: Fitch, Bloomberg
2012 Hong Kong
2012 Australia
2013 South Korea
2013 Indonesia
2014 India
2012 Singapore
CHINA DRIVES RECORD CROSS-BORDER CORPORATE ISSUANCE - OCTOBER 2017 // 19
Bond Issuance Comparison Domestic versus cross-border issuance by non-financial corporates 9M16 (USDbn equivalent)
9M17
Issuance Growth YoY
Domestic (USDbn)
Cross Border (USDbn
Cross border of total
Domestic (USDbn)
Cross border (USDbn)
Cross border of total
Domestic (%)
Cross border (%)
China
1,014.5
39.8
3.8
653.7
78.5
10.7
-35.6
97.0
Japan
53.5
4.4
7.6
57.0
18.9
24.9
6.7
327.6
South Korea
20.1
4.7
18.9
32.1
6.4
16.7
59.4
37.0
India
15.2
3.2
17.3
30.0
7.7
20.4
97.4
141.7
Hong Kong
2.8
9.6
77.7
0.8
18.1
95.6
-69.7
88.5
Australia
1.5
9.9
86.5
5.5
12.8
70.0
256.5
29.6
Indonesia
1.5
0.9
38.0
3.3
8.2
71.0
127.1
806.5
Singapore
4.4
2.1
32.0
6.2
4.0
39.1
42.5
93.9
Source: Fitch, Wind Info data for China domestic Issuance, Bloomberg for all other data Strong Rise in Cross-Border Issuance Does Not Pose Systemic Risk Cross-border issuance by Chinese corporates of USD78.5 billion over 9M17 represented a 97% increase on 9M16’s USD39.8 billion. However, the outstanding foreign-currency debt of Chinese corporates remains low and Fitch does not believe it will pose a systemic risk to debt sustainability. However, strong issuance could create isolated vulnerabilities.
The top-10 issuers accounted for almost half of total issuance by 103 issuers, which was dominated by corporates in the property, technology, media and telecommunication (TMT) and utility sectors. Property developers, who tend to be high-yield issuers, accounted for 45% of all Chinese cross-border issuance in 9M17.
Top-10 Chinese Corporate Cross-Border Issuers in 9M17 Issuer
Sector
Total issued (USDm equivalent)
Number of issues
Weightedaverage coupon
Weighted average tenture
1
China Evergrande Group (B+/Stable)
Property
9, 124
6
6.7%
8.3
2 3
China Petrochemical Corporatation (Sinopec Group) Energy
6,650
8
3.0%
8.4
China National Chemical Corporatation (A-/Stable)
Chemicals
5,600
5
4.1%
5.0
4
State Grid Corporation of China (A+/Stable)
Utilities
5,000
4
3.1%
9.5
5
Kaisa Group Holdings Ltd
Property
4,540
7
8.9%
6.0
6
Baidu, Inc. (A/Rating Watch Negative)
TMT
1,500
2
3.2%
7.0
7
China Southern Power Grid Co., Ltd (A+/Stable)
Utilities
1,500
2
3.2%
8.0
8
China Jinmao Holdings Group Limited (BBB-/Stable)
Property
1,500
4
4.5%
5.2
9
Lenovo Group
TMT
1,500
2
4.9%
5.0
TMT
1,500
2
3.3%
6.7
Total Top 10
38,414
42
5.3%
7.0
Total Chinese Corporates (103)
78,896
160
5.4%
5.1
10 Huawei Investment & Holding Co., Ltd
Source: Fitch, Bloomberg
20 // CHINA DRIVES RECORD CROSS-BORDER CORPORATE ISSUANCE - OCTOBER 2017
Tighter Regulations and Rising Local Yields Drive Issuance
Source: Wind Info, Bloomberg, Fitch
Sep 17
Jul 17
May 17
Mar 17
Jan 17
Aug 17
Apr 17
Dec 16
Aug 16
Apr 16
Dec 15
Aug 15
Apr 15
Dec 14
Aug 14
1
Apr 14
2
Nov 16
3
Sep 16
4
Jul 16
5
(%) 12 11 10 9 8 7 6 5 4 3
May 16
(%) 6
Cross-border: US dollar, rated 'B+' by Fitch, 2.4 years to maturity Domestic: 'AA' domestic rating, 2.8 years to maturity
Mar 16
Cross-border: US dollar, rated 'A+' by Fitch, 1.6 years to maturity Domestic: 'AAA' domestic rating, 1.4 years to maturity
Times Property Holdings Limited Yield to maturity comparison
Jan 16
State Grid Corporation of China Yield to maturity comparison
US dollar bond issuance has also become more attractive for China’s investment-grade corporates, as foreign-currency issuance costs have remained flat against a rise in onshore yields, as seen by issuance from the State Grid Corporation of China. Issuance by Times Property Holdings Limited (B+/Positive) illustrates that the higher onshore yields have closed the premium gap associated with cross-border yields, even for high-yield corporates. Foreigncurrency issuance was also fuelled by fading investor concerns about a fall in the Chinese yuan – which would push up the cost of servicing foreign-currency debt – over the year.
Nov 15
The Chinese government started strengthening regulatory supervision over shadow banking practices in 4Q16, imposing restrictions on borrowing to contain leverage. This affected bondmarket access for most Chinese corporates, with domestic issuance falling by 35% yoy in 9M17 to CNY4.3 trillion (USD654 billion). In addition, 617 primary-market deals totalling CNY491 billion (USD75 billion) were cancelled or delayed. The slowdown in domestic issuance was most notable in 1H17, but has rebounded by 55% qoq to CNY2.0 trillion in 3Q17. The rebound saw cross-border issuance rising to 11% of total issuance in 9M17, from only 4% in 9M16. However, issuance is still down by 15% on a yoy basis.
Targeted restrictions have also pushed some Chinese corporates into offshore issuance. For example, rules on property developers tapping the domestic exchange-bond market were tightened in November 2016, driving a 10-fold increase in developers’ crossborder issuance in 1H17 versus 1H16. Property developers accounted for 45% of all Chinese cross-border issuance in 9M17.
Sep 15
Chinese corporates are choosing to issue bonds offshore in response to tighter borrowing conditions and higher yields in the local market.
Source: Wind Info, Bloomberg, Fitch
Chinese Cross-border Issuance to Remain Strong Despite Potential Setbacks Chinese cross-border issuance is likely to remain strong so long as domestic funding conditions stay tight. However, Fitch believes there are some factors could dampen activity, including an expected rise in the US federal fund rate by 50bp by end-2017 and another 100bp rise in 2018. This would weaken the incentive for crossborder issuance and renew investor’s Chinese yuan depreciation fears.
Companies that take on significant foreign-currency debt against their balance sheets also increase their cash flow volatility from Chinese yuan depreciation, particularly if they are highly leveraged. However, most cross-border issuance has been undertaken by large, creditworthy firms, which is to be expected as such firms have greater access to international capital markets. This limits the risk of corporates running into trouble post-issuance.
In addition, China’s National Development and Reform Commission has warned that companies failing to pre-register offshore issuance with a maturity of more than one year will be blacklisted. Some issuers have raised funds through short-term offshore notes, but this could prompt further action from the regulator.
In any case, total foreign-currency borrowing accounts for less than 10% of Chinese corporates’ aggregate borrowing. It is the corporate sector’s large local-currency debt that poses the bigger systemic threat.
Analysts Matt Jamieson +61 2 8256 0366 matt.jamieson@fitchratings.com Wayne Lai +86 10 8517 2112 wayne.lai@fitchratings.com Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-7534824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In this article, Fitch is not (i) providing any investment advice, (ii) making any recommendation to buy, sell or hold any security, or (iii) conducting an offering for the purchase, sale or holding of any security. In addition, any opinion expressed in this article regarding any matter is subject, in its entirety, to the limitations and disclaimers printed on Fitch’s related rating action commentaries and rating reports, which are accessible on Fitch Ratings’ website. 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22 // REGULATORY REFORM AND ITS IMPACT ON END USERS
REGULATORY REFORM AND ITS IMPACT ON END USERS By Pieter Bierkens, Executive Director, Regulatory Strategy - Commonwealth Bank
THE FOUR PILLARS OF GLOBAL REGULATORY REFORM As agreed to by the G-20 in 2008
Global Regulatory Framework
Strengthening Banks’ Prudential Standards Capital: Capital/Leverage Ratio Liquidity: LCR/NSFR Trading: FRTB
Conduct and Culture
Limiting the Contagion from OCT Derivatives Cleaning Reporting Platform Trading Margining
The Volcker Rule
Reforms related to ‘conduct and culture’, the Volcker Rule, and financial benchmarks were agreed upon well after the ‘four pillar’ framework of post-GFC reform had been established. Of the G-20 2008 reform agenda, prudential standards and OTC reform are generally considered the most consequential.
Addressing the issue of ‘Too Big to Fail’ SIFI Designation TLAC ISDA Protocol
Addressing the risks from Shadow Banking Money Market Reform Repo Haircut
Benchmark Reforms
• Capital requirements: trades that are neither cleared nor margined will be subject to elevated capital requirements. Capital requirements for counterparty credit risk will change, under the ‘standardised approach for measuring counterparty credit risk exposures’ (SA-CCR). Costs for general balance sheet and liquidity usage are often referred to as ‘XVAs’
Prudential Standards and OTC Derivatives Reform The OTC derivatives reform agenda is intended to improve transparency, mitigate systemic risk, and protect against market abuse. It consists of: • Reporting derivatives trades: Non-financial corporates are exempt. • Central clearing for standardised derivatives contracts: In Australia, this mainly applies to large, internationally active banks. • Electronic trading platforms: Not yet required in Australia. • Margining of un-cleared swaps: Started 1 March 2017 (half-year relief provided until 1 September 2017). Non-financial corporates are exempt, as are all entities with less than A$3 billion in notional outstanding of non-centrally cleared OTC derivatives (month-end averages).
Banks’ prudential reforms consist of: • Capital Reforms: Enhanced capital standards against balance sheet exposures, including derivatives. The minimum ‘capital ratio’ is a percentage of risk weighted assets, the leverage ratio is a percentage of overall balance sheet size. • Liquidity Reforms: Banks need to hold liquidity against expected outflows over a thirty-day horizon under the liquidity coverage ratio (LCR). In addition, tenor of liabilities must suit the tenor of assets, to limit ‘roll-over risk’ and enhance balance sheet ‘funding stability’. This requirement is referred to as the ‘Net Stable Funding Ratio’ (NSFR). • Market Risk Reforms: Under the ‘Fundamental Review of the Trading Book’ (FRTB), market exposure, and therefore capital charges, will be re-calibrated. Less liquid exposures and in particular, exotic derivatives, may result in elevated balance sheet costs.
IMPACT ON END-USERS OCT Derivatives Reform The regulatory reform agenda incentivises the clearing or bilateral margining of OTC derivatives trades. Therefore, entities that are not caught by margining or clearing directly, will face increased capital charged on trades that are not margined or cleared. The SA-CCR provides relief for collateralised trades. In addition, it greatly limits the ability to offset exposures across, as well as within, asset classes. This is particularly impactful for uncollateralised, directional portfolios that cover different asset classes. Furthermore, certain exposures are subject to higher exposure assumptions, and hence capital costs. These include long-dated interest rate derivatives, and certain types of commodities transactions. Collateralised trades may yet incur funding costs, depending on CSA details Although OTC margining rules allow for different collateral types, cash collateral limits exposure under prudential rules and is generally preferred. Prudential Reforms Liquidity: Under the NSFR, corporate deposits are treated more favourably than those from financial counterparties, while longer-dated funding is generally preferred, as it provides more ‘available stable funding’ (ASF). Specifically, funding with a residual maturity of less than one year provided by non-financial corporate customers, and other funding with residual maturity of between six months and less than one year, including funding provided by central banks and financial institutions, will provide 50% ASF.
Under the LCR, HQLA need to be held against estimates of thirty-day outflows. Consequently, deposits with less than thirty days’ maturity do not generate net funding benefit for the bank counterparty. Capital: Higher capital costs on non-margined OTC derivatives (a function of the increase in quality and quantity of capital held against derivatives exposures) result in higher capital costs overall. CVA capital charges account for the risk of deteriorating counterparty risk, short of default. This ‘spread widening’ risk had been under-capitalised prior to the GFC. Resulting charges are relatively more impactful for lower-rated counterparties. Banks’ minimum capital requirements are a function of ‘riskweighted assets’, as well as overall balance sheet size (regardless of risk weights). For some overseas banks, the latter (the leverage ratio) may be the constraining metric. By its nature, the LR is particularly impactful on low-risk activities – these have limited risk weights, but large notionals. Regulatory reports suggest some overseas repo markets have been re-priced due to these capital constraints. Other • The Volcker Rule limits proprietary trading among all banks with a US footprint. Supervisors have suggested changes to limit the rule’s adverse impact on market liquidity. • The recently published FX Global Code of Conduct has optimised the execution and communication of FX trading. • Benchmark reform will see increased use of risk free interest rates in derivatives markets.
24 // REGULATORY REFORM AND ITS IMPACT ON END USERS
EXPLANATIONS AND GLOSSARY OF TERMS DERIVATIVES AND XVAs
GLOSSARY OF TERMS
XVAs refer to different valuation adjustments in relation to derivative instruments held by banks. These adjustments include:
Code of Conduct (FX): Global principles of good practice in the FX market to provide a common set of guidance to the market.
The deterioration in counterparty credit (credit value adjustment or CVA)
Dodd-Frank: 21 July 2010 Act signed in by then President Obama in response to the financial crisis. It incorporated a large part of the global regulatory reform agenda.
The cost of posting collateral (variation and initial margin) on the mark-to-market of hedges of trades entered into (FVA and MVA) The cost of capital for counterparty default risk (calculated under CEM or SA-CCR) FUNDING Under margining and clearing reforms, banks are required to post collateral (variation margin, sometimes initial margin) on hedges with financial counter parties. This collateral incurs funding costs. CVA CAPITAL Since the GFC, banks have been required to hold capital against the risk of credit deterioration of a counter party. This capital is sometimes referred to as ‘capital valuation adjustment’ or its acronym KVA. In addition, banks hold capital against the actual risk of counter party default. The method of calculating this default risk will change from ‘current exposure method’ (CEM) to SA-CCR, to apply from 2019 (see below). COUNTERPARTY CREDIT Regulation under the standardised approach for measuring counterparty credit risk exposures (LINK) will change the way banks calculate capital on their derivatives counter party exposure, expected to apply from January 2019. Specifically: • Collateral will provide capital relief; • Exposures within netting sets will be subject to offsets only within strictly defined asset classes; • Exposure calculations will use elevated assumptions of market volatility Upcoming Regulatory Reform Basel III is expected to be finalised by year-end, having been delayed on 3 January 2017 (LINK). The Australian implementation of some key reforms is expected to commence after said finalisation. These reforms include FRTB, and the LR
Financial Benchmark Reform: Directs the supervision of benchmark administration, submission, and conduct. In addition, it encompasses the development of a ‘risk free reference rate’ to supplement LIBOR. FRTB: The fundamental review of the trading book introduces requirements to ensure that banks have sufficient capital to withstand stressed trading market conditions. LR: Leverage ratio is a non-risk based metric defined as the capital measure, divided by the exposure measure. The Basel Committee for Banking Supervision (BCBS) has set a 3% minimum. LCR: Liquidity coverage ratio ensures that a bank maintains an adequate level of unencumbered high quality liquid assets (HQLA) to meet its liquidity needs for a thirty-calendar day time period. NSFR: Net Stable Funding Ratio is the measure of the level of a bank’s longer-term stable sources of funding, relative to the liquidity profiles of its funded assets. SA-CCR: The standardised approach for measuring counterparty credit risk exposure is to replace the Current Exposure Method (CEM). It takes effect on Jan 2019 at the earliest. Volcker Rule: Part of the Dodd-Frank reforms – essentially prohibiting banks’ proprietary trading and introducing restrictions on banks’ ownership of hedge funds and other vehicles.
Pieter Bierkens Executive Director Regulatory Strategy Level 24, Tower 1, Darling Park 201 Sussex Street Sydney, NSW Australia 2000 P: +61 2 9303 1818 M: +61 455 052 565 E: Pieter.Bierkens@cba.com.au
DIGITAL KNOWLEDGE LIBRARY Catch up on past presentations in your own time. www.financetreasury.com.au
WHAT WILL DISRUPTION IN TREASURY LOOK LIKE? By Cale Bennett - CFTP (Snr) - FairDealFX With all the talk of disruption at the moment, it is worth taking a moment to reflect on just how innovation has impacted on the day-to-day working of your treasury. Blockchain, APIenablement, cloud computing, big data, open data, artificial intelligence – there are so many applications for these technologies in treasury that they have fundamentally changed the way we approach our work, right? Well, no. Fundamentally, corporate treasuries have not changed in a material way operationally in at least the last 15 years. One could be forgiven for thinking that disruption is not likely to affect treasury in any meaningful way over the foreseeable future. Despite the lack of movement to date, it seems unlikely that treasury will be able to hold back the tide of innovation from impacting the way it operates.
The Correspondent Banking Network To an outsider, some of the processes and services in the financial markets would seem so out of touch with the modern world that it is hardly believable. The international remittance and correspondent banking network is one such instance. This network has hardly been touched for 50 years, and is arguably one of the least userfriendly experiences in financial markets. To recap, you pay your fees to participate. Your funds are sent into the ether and they arrive at the other end with an indeterminable amount of fees deducted during a time frame that is at best vague at the outset. In a world where data moves quickly and cheaply around the world, it would be difficult to describe to outsiders that this antiquated and expensive process is considered reasonable in our industry.
We believe the question of whether the inevitable disruption is utopian or dystopian will depend on which side of the transaction you sit. Whilst the incumbent financial markets and banking industry participants are not unique in their position as potential targets for disruption, the targets on their backs are particularly large due to both the significant profits they make and arguably a lack of client-focus. We believe there are two ways in which treasury operations will inevitably be impacted – transparency will rise and costs will fall.
SWIFT appears to be attempting to evolve some parts of this process, promising: • Faster use of funds • Transparency of fees; and • End-to-end payments tracking.
This article will take an objective look at three services that treasurers interact with frequently and identify some potential disruption that either is, or could be, on the way that will likely improve how treasuries function.
In other words, SWIFT in 2017 are indicating that the international movement of funds is innovating to the level that the international movement of physical parcels reached 10 years ago. This is almost comical, however the impetus to change only appears to have been driven by the rise of Ripple which has now signed with more than 75 banks, including Standard Chartered, Bank of America and Mitsubishi UFJ Financial Group.
Ripple is a blockchain-driven payments infrastructure company. Ripple’s value proposition to banking clients is cheaper rates and faster transfer times for international payments. With a consensus ledger that can process 1,000 transactions per second, and settle an international payment in three seconds (on average) it is clearly capable of delivering a superior end-user experience than even a more transparent correspondent banking network. SWIFT took too long to innovate and was unable to re-imagine their profitable process and so are now playing catch-up to a technically superior disruptor. It is a reasonable assumption to expect that sometime in the near future you will have a choice of remittance process - one that is fast, inexpensive, and completely transparent, and one that is the incumbent. The FX Business It is estimated that between $4 and $5 trillion dollars a day is transacted in the FX markets, between 5 and 10 times more than all equity markets combined. Likewise, the number of FX pairs and instruments is a fraction of all of the individual equities on all of the equity markets worldwide. There is no doubting that the FX markets are comparatively deep and liquid. Despite this, the business model in foreign exchange has remained unchanged since inception. Meanwhile, equities market participants have seen significant disruption to their business model. While banks and FX payments firms are still clipping tickets, the cost of execution in equity markets has actually fallen to zero with the launch of a company in the US called Robinhood in 2013. In the interests of transparency, Robinhood even includes a page on their website titled, “How Does Robinhood Make Money?” The answer is through memberships for increased service, interest on cash holdings, and margin loans.
Whilst one could point to a plethora of startups and others looking to reduce margins in the FX market, they are merely displacing the current high-cost operators by taking a slightly smaller clip of the ticket. It is not impossible to consider a world where clipping a ticket is no longer the business model. In fact, we believe it is inevitable that this will happen. A business model where foreign exchange transactions are executed at zero margin for fixed fees, or no fees, is not too difficult to imagine. Why should a $1,000,000 trade cost ten times more to execute than a $100,000 trade when the work required to clear the position and make the payment is identical? Realistically though, a change like this is very unlikely to be driven by an incumbent - can you imagine attempting to pitch a business model change like this up the line? Access to Data One of the key reasons that the cost of executing FX transactions has remained relatively high has been the cost of accessing transparency. Whilst share markets are transacted on an exchange for all to see, foreign exchange is primarily an over-the-counter market where transaction data is sourced through data vendors. The two dominant data vendors, Bloomberg and Thompson Reuters sit on every treasury desktop that can afford them. The last part of the previous sentence is important in how that market has evolved. It is well known that a Bloomberg terminal costs over US$24,000 per year, and they steadfastly refuse to discount their product. That is understandable - a Bloomberg terminal is a wonderful amalgamation of software and hardware. Knowing how to use the terminal is a skill that is actually called for in treasury-related job advertisements. In fact Bloomberg is so comprehensive and difficult to use that they have their own “University” (Type BU <Go>)! But what if you don’t need all those bells and whistles? What if over A$30,000 a year can’t be justified in the context of your organisation?
28 // WHAT WILL DISRUPTION IN TREASURY LOOK LIKE?
Too bad. You’re in the dark. This is the type of incumbent lack of client focus that enables disruptors to thrive. These new players will never win head-on, but there is a large addressable market in just slivers of what Bloomberg looks to cover. Examples include Symphony for chat, Money.net for equities data and information, and FairDealFX for foreign exchange pricing. We have taken a user-centered design approach and delivered precisely what our customer wants, rather than what we want to deliver. Where does FairDealFX fit in? FairDealFX is a glimpse into the future for incumbent providers in the foreign exchange market. Whilst it will forever remain a niche product, its user-focused core will ensure that we will continue to deliver value. In fact, it has helped our customers save tens of thousands of dollars already and it currently boasts a 100% retention rate for users, without long-term lock-in contracts. The real strength of the platform hasn’t even kicked in yet. At scale, anonymised data has the potential to deliver enormous benefits to the entire user base. If you could be told, in real-time, that a company with similar financial risk characteristics to your own was getting sharper pricing from your own bank on the FX forward you are in the process of executing ,do you think that information would be useful?
Conclusion Unlike some other industries, the impact of disruption on corporate treasury in our view is likely to be positive. As new and emerging companies take market share from incumbents, the costs of delivering your treasury program are likely to fall and information at hand should increase. Your treasury in 5 years will hopefully be powered by elegant technology-driven solutions that seemingly put everything at your fingertips. Whether these solutions are delivered by the companies you currently deal with remains to be seen. About the Author Cale Bennett CFTP (Snr) is a co-founder of FairDealFX, a foreign exchange pricing and deal capture system. He is also the Treasurer of a top-100 ASX-listed company. Are you interested in benchmarking your performance not based on what others say, but what they do? If so, take the leap and sign up for a trial of FairDealFX. It is what disruption is going to look like in treasury, only you can get it now.
JOIN LEADERS AT ALL LEVELS OF YOUR FINANCE AND TREASURY CAREER We’ve developed memberships options to kick start your career, get you We even want you to keep engaged once your career is over and become a mentor and professional role model to this future profession.
Contents
2017 Global Corporate Treasury Survey Executive summary
10
Survey demographics
11
CFO mandates
12
Strategic challenges for treasury organisations
13
Future state treasury operating models – 2017 vs. 2015
14
Execution of treasury responsibilities
15
Perceived advantages of execution models
16
Risk monitoring
17
Potential impacts of banking and tax regulatory reforms
18
Payment and cyber fraud
20
Treasury technology
21
Benefits of Blockchain
24
Deloitte Advisory and Deloitte Touche Tohmatsu Limited (DTTL) member firm global treasury contacts
25
Š 2017 Deloitte Touche Tohmatsu. All rights reserved.
Executive summary
Deloitte is pleased to release its biennial Global Corporate Treasury Survey In preparing the survey this year, our colleagues contemplated the following: • What challenges are Treasurers facing? • Do CFO mandates reflect current market volatility? • How is Treasury evolving into a strategic function? • Are tax and banking regulations already impacting treasury teams? From operational to strategic Validating the results from the 2015 survey, Treasurers are being further challenged by their Board and Executive Committee to add value to group operations rather than operate as an individual team. Collaboration with tax, risk, and finance teams is critical for Treasury to continue as a strategic advisor to the business. Key challenges persist Over 50% of Treasurers noted that FX volatility is a challenge, an issue exacerbated by political turmoil and the imminent changes due to Brexit. Other key challenges are visibility into global operations, cash repatriation, emerging markets operations, and liquidity management. Analytical capability is lagging 75% of respondents are not actively monitoring key risks using “at risk” measures, despite FX volatility being flagged as the biggest challenge faced by Treasurers. This creates a major opportunity for Treasurers to invest in technology to deliver more sophisticated real-time analytics. Technology has not cured all ills While an increased percentage of survey participants have indicated system usage for typical treasury responsibilities, systems are not being fully leveraged to support the whole of Treasury function. The challenge of visibility into global operations increased to 43%, while 30% cited insufficient technology infrastructure to support their department.
Tax and regulatory reform starting to bite Ongoing changes to both local and global tax and banking regulations are having far reaching impacts on Treasury teams, requiring many companies to rethink financial instrument usage and intercompany loan & liquidity management, issues which we expect to evolve as regulations are finalised. The Treasury of the future Treasury teams must continually re-evaluate their roles as Catalyst, Strategist, Steward and Operator in order to balance their priorities and challenges. The evolution of the Treasury function from operational to strategic, combined with increased market regulation and volatility, provides opportunities for Treasury to leverage whole of company skills to manage risks. Partnering with tax, finance and risk teams, coupled with greater use of available technologies, will set the course for Treasury as a key stakeholder with a permanent seat at the table. Want to engage Deloitte and DTTL are one of world’s largest professional services treasury practices, offering expertise across all areas of treasury transformation, strategy, M&A, and technology strategy, selection and implementation. If this survey resonates with any issues that your company is facing, please contact us. Our international contacts are listed on page 18. Thank you To all the companies who participated in our survey, we thank you for your time and insights. Please contact your local Deloitte Treasury contact for additional details on how your company compares to your regional or industry peers. We would also like to thank the following Deloitte professionals for their contribution to this publication: Rebecca Dawson, Tom Jarvis-Lemm, and Joan Cheney. Sincerely,
Leading working capital initiatives There is an increasing trend for Treasurers to lead working capital improvement initiatives. Working capital management, once a Finance responsibility, is evolving into collaboration with Finance to manage day-to-day funding for whole of company.
© 2017 Deloitte Touche Tohmatsu. All rights reserved.
Melissa Cameron Principal Deloitte & Touche LLP Global Treasury Leader
Steven Cunico Partner Deloitte Touche Tohmatsu Australian Treasury Leader
Survey demographics
Respondents to this year’s survey come from all corners of the global Treasury community – Deloitte is grateful to the over 200 companies across all industries and revenue groups for helping to shape the future of the function.
Annual revenue
Geographic location
24%
7%
61%
United States
EMEA
38%
55%
13% <$10bn
2%
$10–$50bn
APAC
>$50bn *All $ values throughout are USD equivalent
Other Americas
Number of Treasury FTEs
Industries
Consumer & Industrial Products
32%
39%
Technology, Media & Telecommunication Energy & Resources Life Sciences & Health Care
4%
69%
16% 0-10
11-20
7% 21-40
© 2017 Deloitte Touche Tohmatsu. All rights reserved.
8% >40
5% 6%
14%
Financial Services (non-bank) Other
CFO mandates
While Treasury continues to be viewed as a risk management function, there is an increasing trend towards supporting business strategy and delivering greater cash efficiencies through capital management. Interestingly, 15% of respondents, distributed across all industries and revenue brackets, highlighted their mandate to become a profit centre â&#x20AC;&#x201C; a shift from traditional Treasury as a cost centre of past years. 2% 1%
Liquidity risk management
97%
Steward for risk management for the company
90%
Access to capital markets to finance growth
80%
Strategic advisor to the business
80%
Value-add partner to the CFO (e.g., support or drive M&A activity)
77%
Low cost, efficient provider of services
76%
Creation of scalable treasury organization to support company growth
71%
20%
9%
Leading, governing and driving working capital improvement initiatives
71%
20%
8%
Enhanced governance and control over domestic and overseas operations
73%
2% 8% 2% 10%
8% 1%
13%
6% 1%
14%
8% 4%
20%
1%
2%
a profit center proprietary (e.g., performing and Becoming a profit Becoming center (e.g., performing tradingproprietary and abilitytrading to directly ability improve bottom line) to directly improve bottom line)
15%
0%
Important
Š 2017 Deloitte Touche Tohmatsu. All rights reserved.
Neutral
19%
18% 20%
Not Important
62% 40%
N/A
60%
6%
5% 80%
100%
Strategic challenges for treasury organisations
Continuing to challenge Treasurers are FX volatility, visibility of and access to group cash, operations and exposures, and working in restricted markets, with 75% of respondents identifying 3 or more concerns for their company. A key concern around technology is the speed with which the market is moving and being able to identify â&#x20AC;&#x2DC;which train to jump onâ&#x20AC;&#x2122;, and the impact of banking and tax reforms is an emerging challenge.
52%
43% 40%
39%
31%
30% 24%
22%
12%
FX volatility
Visibility into global operations, cash, and financial risk exposures
Cash repatriation
Liquidity
Entering/ managing within restricted markets
Inadequate treasury systems infrastructure
Global tax reform impacts
Leverage
Other
12%
Treasury operation cost
10%
Lack of understanding by Board/ Exec Management
9%
Ability to respond to the board/ ad hoc requests
* Multiple selections possible
Š 2017 Deloitte Touche Tohmatsu. All rights reserved.
Future state treasury operating models – 2017 vs. 2015
When comparing expected execution responsibility to the 2015 survey results, there is an interesting contrast across company revenue groups – the largest companies are shifting towards greater use of shared services models, while smaller companies are trending towards centralisation in corporate / regional treasury centres.
2017 - Future State Functional Execution (by revenue) Over $50bn
64%
$10-$50bn
15% 73%
Under $10bn
7% 10%
71%
10%
10% 9%
6%
Corporate Treasury
Regional Treasury/In-house Bank (IHB)
Decentralized (generally performed in countries)
Shared Service Center (SSC)
4%
5% 3% 9%
4%
Outsourced to third party (bank or service provider)
2015 - Future State Functional Execution (by revenue) Over $50bn
68%
$10-$50bn
64%
Under $10bn
67%
19% 11% 8%
10% 11%
Corporate Treasury
Regional Treasury/In-house Bank (IHB)
Decentralized (generally performed in countries)
Shared Service Center (SSC)
5% 3% 5% 11% 8%
4% 6%
Outsourced to third party (bank or service provider)
* $ USD equivalent
© 2017 Deloitte Touche Tohmatsu. All rights reserved.
Execution of treasury responsibilities
Many respondents indicated that, while execution of key risk functions will take place in Corporate Treasury over the next 2-3 years, corporations are choosing to manage cash and operations through other channels including both internal and external managed service solutions. 1% Cash management
16%
8%
20%
55%
2% Foreign exchange risk management
7% 4%
8%
79%
1% Debt and interest rate risk management
5% 4%
90%
1% Short-term investments and debt management
5% 6%
10%
78%
2% Long-term investments
4%4%
4%
86%
2% International treasury support
Retirement plans management
3%
45%
Other
20%
63%
Corporate Treasury Regional Treasury/In-house Bank (IHB) Decentralized (generally performed in countries) Shared Service Center (SSC) Outsourced to third party (bank or service provider)
Š 2017 Deloitte Touche Tohmatsu. All rights reserved.
28%
4%
12%
11%
7%
14%
66%
6%
15%
4%
Perceived advantages of execution models outside HQ Treasury
Over 70% of respondents indicated they see value in execution models outside central treasury. Treasurers are taking advantage of the control & liquidity centralisation benefits of regional Treasury functions and the expertise & scalability for growth delivered by third party providers. Both cost efficiency and standardization benefits are identified in shared service centers, providing for a satisfactory compromise for many.
58%
56%
55%
55%
48% 46% 43%
42%
43%
35%
34%
27% 22%
22%
22%
28%
23%
17% 14% 7% 4%
Standardization
Cost-efficiency
Scalability to support growth
Regional Treasury/ In-house Bank (IHB)
Š 2017 Deloitte Touche Tohmatsu. All rights reserved.
Control
Shared Service Center (SSC)
In-depth subject matter expertise
Lower transaction costs with banking/external counterparties
Centralized liquidity management structure for entire organization
Outsourcing to third party (bank or service provider)
Risk monitoring
Surprisingly, 75% of respondents are not actively monitoring key risks using ’at risk’ measures, and fewer than 50% actively undertake sensitivity analysis despite wide availability of systems and models. Given that FX volatility is the major concern for Treasurers, there is significant opportunity for Treasurers to invest in technology to deliver more sophisticated real-time analytics. CFO’s and Boards should expect more dialogue in these areas.
Risk Analytics
Stress testing target financial ratios
32%
Sensitivity analysis on individual risk factors (FX, interest rate)
At risk measures such as VaR, CFaR, or EaR?
© 2017 Deloitte Touche Tohmatsu. All rights reserved.
41%
49%
25%
5%
36%
26%
4%
22%
4% 11%
45%
Actively Monitoring
Adhoc, manual monitoring
Would like to but no ability
Not monitoring
Potential impacts of banking regulatory reforms
52% of respondents are already seeing an impact on their Treasury due to banking regulatory reforms, including increased funding and hedging costs, higher demand for transactional deposits from banks, and reduced demand and lower pricing for investment deposits. These impacts are resulting in Treasurers considering alternative solutions including moving towards the use of CSAâ&#x20AC;&#x2122;s (collateralisation with banks for OTC trades) and seeking out alternate funding sources.
27%
21% 20%
17%
17%
11% 9% 7% 5%
Revisiting short Using or term investment considering policies alternate funding sources
Using different Considering Noticed an Notice reduced financial collaterisation increase in access to or hedging costs increased cost of with banks for instruments such as options, OTC trades or funding rather than using cleared forwards/swaps products.
Other
We have yet to determine this
None
* Multiple selections possible
Š 2017 Deloitte Touche Tohmatsu. All rights reserved.
Potential operating model impacts of tax reforms
When considering the impacts of BEPS and IRC s.385 tax reforms, a high proportion of respondents indicated they have not yet determined possible impacts, while others nominated multiple impacts they are already experiencing. Given the potential for significant and far reaching effects across a global corporation, Treasury should be actively engaging with their tax team.
35%
31%
22% 20% 18% 15%
7%
6%
1% Loan Arms length Structure of documentation credit analysis cash pools and requirements in-house banks
Cash repatriation approaches
Treasury Effective tax operating rate model changes
Use of hybrid instruments
2% Other
We have yet to determine this
None
* Multiple selections possible
Š 2017 Deloitte Touche Tohmatsu. All rights reserved.
Payment and cyber fraud
40% of participating companies indicated that their Treasury team has been recently affected by fraud, with most indicating that more than one remedial program has been required to stem the issue. The results do not include known attempts at committing fraud. Leading companies are leveraging detective controls in addition to implementing preventative technology enabled controls to reduce their risk.
Has your company been affected by fraud?
How have you responded? 88%
40%
51% 37%
60% 17%
Yes
No
Implemented or Improved Treasury Management Systems and STP Reviewed/upgraded internal security Reviewed/upgraded internal controls and governance Implemented Regular Trainings * Multiple selections possible
Š 2017 Deloitte Touche Tohmatsu. All rights reserved.
Treasury technology – overview
While investment in Treasury Management Systems (TMS) has increased, over 20% of each functional area is still being managed in spreadsheets, leaving the company open to both operational and fraud risks. Of the companies using a TMS, implementation of cloud and managed services solutions has increased to nearly 50% – a trend expected to increase as vendors transition to cloud only offerings and treasury teams seek to shift the burden of IT support to vendors. Functional usage by system type
TMS Deployment Model
14%
16% 28%
32%
32%
29%
4%
8% 52%
14% 16%
16% 19%
14%
12%
20%
24%
5%
10%
Locally managed and maintained Managed Services
20%
Cloud/SaaS
6%
Locally managed systems by revenue
8%
63%
50% 32%
5%
7%
21%
28%
19% Investments FX and interest Commodity Bank Cash and debt rate risk price risk management administration management management management and and treasury relationship accounting management
76%
<$10bn
$10-$50bn
>$50bn
Dedicated TMS
ERP
Other
Homegrown Solution
No System * $ USD equivalent
© 2017 Deloitte Touche Tohmatsu. All rights reserved.
Treasury technology â&#x20AC;&#x201C; TMS functional usage
Treasury teams are seeking to leverage maximum functionality of their TMS, implementing cash management, investment and debt management, and FX capabilities where possible, and many solutions are integrated with trading and bank portals, confirmation platforms, and custom reporting tools. 15%
10%
5%
0%
Cash management and Bank administration and Investments and debt treasury accounting relationship management management
FX and interest rate risk management
Commodity price risk management
WallStreet Suite
SAP Treasury
FIS Quantum
FIS Integrity
Visual Risk
IT2
CitiFinancials
Kyriba
Reval
Oracle/Peoplesoft
Home-grown technology solution
Other systems in use include bank systems, Bellin TM5, CGI Twin, Globe$, Openlink and XRT for cash and bank account management, Aladdin, CGI Twin and Clearwater for debt and investment management, 360T, Bellin TM5, Bloomberg and CGI Twin for FX and IR management, and Allegro, ATAQ, Bellin TM5 and Calypso for commodity price risk management. Despite the increasing trend of treasury transformation and deployment of TMS, many systems are supported or augmented with the use of homegrown solutions which may pose greater cyber and operational risks.
Š 2017 Deloitte Touche Tohmatsu. All rights reserved.
Treasury technology – system use by company revenue
When viewed by company revenue size, TMS usage varies based on complexity of system – smaller and mid-size companies are more likely to deploy off the shelf systems whereas the larger corporations are using a mix of complex commercial and custom built internal systems.
Revenue <$10bn Commodity price risk management FX and interest rate risk management Investments and debt management Bank administration and relationship management Cash management and treasury accounting WallStreet Suite IT2
SAP Treasury CitiFinancials
FIS Quantum Kyriba
FIS Integrity Reval
Visual Risk Oracle/Peoplesoft
Revenue $10bn - $50bn Commodity price risk management FX and interest rate risk management Investments and debt management Bank administration and relationship management Cash management and treasury accounting WallStreet Suite IT2
SAP Treasury CitiFinancials
FIS Quantum Kyriba
FIS Integrity Reval
Revenue > $50bn Commodity price risk management FX and interest rate risk management Investments and debt management Bank administration and relationship management Cash management and treasury accounting WallStreet Suite
SAP Treasury
FIS Quantum
Reval
Home-grown solution
Other
No system/spreadsheets
* $ USD equivalent
© 2017 Deloitte Touche Tohmatsu. All rights reserved.
Blockchain
Most Treasurers are still firmly in the education phase when it comes to understanding Blockchain and how it will work for them. This need for a better understanding is reflected in the large number of recipients that ‘don’t see a benefit’ to their organisation - Treasury is a function that can immediately benefit from Blockchain technology. It is encouraging to see that respondents who do see a value recognise cost reduction, operational efficiency and security as being high on the list of potential benefits. Risk mitigation is another potential benefit, however the lower recognition could be due to the need for further education on the topic.
Blockchain Understanding
Blockchain Benefits
2% 17%
7%
17% 31%
9%
37% 37%
3% 7%
20% 13%
Well versed in blockchain technology and can communicate with specialists
Cost reduction (e.g. disintermediation)
Decent understanding of the blockchain technology and the potential applications
Risk mitigation
General understanding of blockchain and bitcoin Still trying to get a better understanding on what blockchain is I am not sure what blockchain is
Improve operational efficiency Enhance security Stay ahead in the competitive landscape Other I don’t see a direct benefit to my organization * Multiple selections possible
© 2017 Deloitte Touche Tohmatsu. All rights reserved.
Contact us
Global & United States Melissa Cameron mcameron@deloitte.com +1 415 706 8227
United States Carina Ruiz caruiz@deloitte.com +1 408 704 2158
Australia/New Zealand Steven Cunico scunico@deloitte.com.au +61 3 9671 7024
Australia/New Zealand Hussein Hussein huhussein@deloitte.com.au +61 2 9322 7485
Belgium Kristine Dooreman kdooreman@deloitte.com +32 2 800 26 51
Bulgaria Dimitar Popov dpopov@deloittece.com +359 2 8023 155
Canada Paul Lech plech@deloitte.ca +1 416 643 8037
Canada Brent Morgan brentmorgan@deloitte.ca +1 403 298 5984
China Lynda Wu lyndawu@deloitte.com.cn +86 10 85207479
Denmark Torben Winther twinther@deloitte.dk +45 30 93 61 00
France Corrine Sanchez cosanchez@deloitte.fr +33 1 40 88 84 37
Germany Volker Linde vlinde@deloitte.de +49 21187722399
India Muzammil Patel muzammilpatel@deloitte.com +91 22 6185 549
Ireland Pieter Burger piburger@deloitte.ie +353 14172446
Japan Kaoru Ito kaito@tohmatsu.co.jp +81 8045974232
Luxembourg Fabrizio Dicembre fdicembre@deloitte.lu +352 45145 3253
Middle East Irshad Jooma ijooma@deloitte.com +971 4 5064 928
The Netherlands Anne-Claire Van den Wall Bake-Dijkstra ACvandenWallBake@deloitte.nl +31 882882787
South East Asia Benny Koh bekoh@deloitte.com +65 6800 2266
South Africa Monique de Waal modewaal@deloitte.co.za +27 11 304 5417
Spain Alejandro Gonzalez de Aguilar agonzalezdeaguilar@deloitte.es +34 914432552
Switzerland Ronan Langford rlangford@deloitte.ch +41 58 279 9135
Switzerland Christophe Toulousy ctoulousy@deloitte.ch +41 58 279 8260
United Kingdom Dino Nicolaides dinicolaides@deloitte.co.uk +44 20 7007 8545
United Kingdom Karlien Porre kporre@deloitte.co.uk +44 20 7303 5153
United Kingdom Carl Sharman casharman@deloitte.co.uk +44 20 7007 7128
Š 2017 Deloitte Touche Tohmatsu. All rights reserved.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. The entity named herein is a legally separate and independent entity. In providing this document, the author only acts in the named capacity and does not act in any other capacity. Nothing in this document, nor any related attachments or communications or services, have any capacity to bind any other entity under the ‘Deloitte’ network of member firms (including those operating in Australia). About Deloitte Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte's approximately 200,000 professionals are committed to becoming the standard of excellence. About Deloitte Australia In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leading professional services firms. Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6000 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. For more information, please visit our web site at www.deloitte.com.au. Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Touche Tohmatsu Limited © 2017 Deloitte Touche Tohmatsu
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Building on a proud proud 180-year bankingVIC heritage, ANZisisan aninternational internationalbank bankwith witha a Building L20/100 180-year banking heritage, Address: Queen St, Melbourne 3000 ANZ
FTA CONFERENCE PRINCIPAL unique footprint. With locatedininMelbourne, Melbourne,ANZ ANZisisaatop top44bank bank in unique PARTNERS footprint. headquarters located Phone: (03) 8655With 4770headquarters
Australia, thethe largest banking group Website: www.anz.com in Australia, largest banking groupininNew NewZealand Zealandand andthe thePacific, Pacific,aaleading leadingbank bank globally on the Dow Jones Sustainability Index (DJSI), (DJSI), and among the the top top 25 25 banks in globally on the Dow Jones Sustainability Index and among Proud Sponsor of Welcome Reception and Cafe Building on a proud 180-year banking heritage,Building ANZ is an bank with a unique footprint. With headquarters located in with Melbourne, ANZ is a oninternational a proud 180-year heritage, ANZ is an international bank a the world. We provide aprovide rangebanking of banking and financial products and services to over banks in the We a range of banking and Jones financial products services in Australia, the largest banking group in New Zealand and theworld. Pacific, aheadquarters leading bank globally oninthe Dow Sustainability Index (DJSI), unique footprint. With located Melbourne, ANZ is a top 4and bank in and among t 9 million institutional clients and retail customers. Vanessa Lapeyre, Associate to over 10 million customers worldwide. banks in the world. We provide a range ofContact: banking and financial products and services to New over Marketing 10 millionand customers worldwide. Australia, the largest banking groupDirector, in Zealand the Pacific, a leading bank Address: L20/100 Queen St,Sustainability Melbourne VIC 3000(DJSI), and among the top 25 banks in globally on the Dow Jones Index We are committed to building lasting partnerships with our customers, shareholders Phone: (03) 8655 4770 We are committed to building lasting partnerships our customers, shareholders andpartnerships communities in 34our markets worldwide, withtooffices the world. We provide a markets range lasting ofworldwide, banking and financial products andNew services over in Australia Wewith are committed building with customers, shareholders www.anz.com and communities into34 with offices in Australia, Zealand, www.anz.com Zealand, throughout Asia and the Pacific, Website: and in9throughout the Middle East, and America. ANZ aims to offices be East, the best bank and in the world forANZ clients driven by r million institutional clients andworldwide, retail and communities in 34 markets with inEurope Australia, New Asia Europe and the Pacific, and incustomers. the Middle America. trade andoncapital flows. We provide unique access and on-the-ground presence in the 15 Asian markets andtrade 12 Pacific countries. ANZ is a Building a proud 180-year banking heritage, ANZ is insights an international bank a Pacific, unique With headquarters located inAmerica. Melbourne, Zealand, throughout Asia and theworld and in Middle East, Europe and aims to be the through best bank inwith the forfootprint. clients driven by regional and capital We areWe committed to abuilding lasting partnerships withJones our customers, shareholders in Australia, the largest banking group in New Zealand and thebe Pacific, leading bank globally on Dow Sustainability Index (DJSI), flows. provide unique access and insights through on-the-ground in 15and among t ANZ aims to the best bank in the world for the clients driven by regionalpresence www.anz.com and communities in12 34Pacific markets worldwide, with offices in Australia, New Zealand, banks in the world. We provide a range ofProud banking and financial products andprovide services to over access 10 million worldwide. Asian markets countries. 10 million customers worldw trade and flows. unique andcustomers insights through on-the-ground Sponsor ofcapital the and Juice BarWe and Friday Breakfast throughout Asia and the Pacific, and in the Middle East, Europe and America. ANZ presence in 15 Asian markets and 12 Pacific countries.
aimswith to be the best in the world clients driven regional trade and capital Contact: Simon Ling, bank Managing Director, Debt Markets We are committed to building lasting partnerships our customers, shareholders andfor communities in 34by markets worldwide, with offices in Australia We201 provide unique access and insights on-the-ground in 15 driven by r Sussex Street, Darling Park Tower Sydney, 2000in thepresence Zealand, throughout Asia and the Pacific, Address: and inflows. the Middle East, Europe and America. ANZ aims1,through to be theNSW best bank world for clients Asian markets and 12 Pacific countries. Phone: (02) 9118 6463 trade and capital flows. We provide unique access and insights through on-the-ground presence in 15 Asian markets and 12 Pacific countries. Email: simon.ling@cba.com.au Website: www.commbank.com.au/institutional The Commonwealth Bank is Australia’s leading financial institution, with total assets Proudof Sponsor of the$A755 Juice Bar and(as Friday Breakfast more than billion atand 30 June 2015). The Group is ranked the 10th largest Proud Sponsor of the Juice Bar Friday Breakfast Contact: Chris McLachlan, Managing Director, Client Risk Solutions bank in the world byManaging market capitalisation (Bloomberg, as at 12 February 2016) and is Contact: Simon Ling, Director, Debt Markets Address: 201 Sussex Street, Darling Park Tower 1, Sydney, NSW 2000 one of the largest companies on the Australian Securities Exchange. Address: 201 Sussex Street, Darling Park Tower 1, Sydney, NSW 2000 Phone: (02) 93038276 The Commonwealth Bank is Australia’s leading financial institution, The Commonwealth Bank is Australia’s leading financial institution, with with total total assets assets of Phone: (02) 9118 6463 Email:of mclachc@cba.com.au more than $A755 billion (as at 30 June 2015). The Group is ranked thethe 10th largest Through a disciplined approach to credit and market risk management, Bank more than $A755 billion (as at 30 June 2015). The Group is ranked the 10th largest Email: simon.ling@cba.com.au Website: www.commbank.com.au/institutional bank in the world by market capitalisation (Bloomberg, as at 12 February 2016) and is maintains a AAcredit rating (Standard & Poor’s, as at 12 2016). Our Website: www.commbank.com.au/institutional bank the world by market capitalisation (Bloomberg, as January at 12 February 2016) and one of in the largest companies on the Australian Securities Exchange. Institutional Banking and Markets division provides capital raisings, risk management The Commonwealth Bank is Australia’s leading financial institution, with total assets more than $A755 billion (as at 30 June 2015). aThe Group is rank is one of companies onof the Australian Securities Exchange. Through Proudand Sponsor ofthe thelargest Welcome Reception and Cafe Contact: Chris McLachlan, Managing Director, Client Solutions transactional solutions to Group’s clients.on the Australian Securities largest bank in the world by market capitalisation (Bloomberg, as atbanking 12 to February 2016) andthe isand one of Risk theinstitutional largest companies disciplined approach credit and market risk management, the Bank maintains a AAThrough a disciplined approach to credit market risk management, the Bank Address: 201 Sussex Street, Darling Park Tower Sydney, NSW 2000 & Poor’s, as Through a disciplined approach to credit and market risk management, the Bank maintains a January AA-1,credit rating (Standard at 12 January 2016 credit rating (Standard & Poor’s, as at 12 2016). maintains a AAcredit rating (Standard & Poor’s, as at 12 January 2016). Our Contact: Vanessa Lapeyre, Associate Director, Marketing Phone: (02)in93038276 Capabilities markets include foreign exchange, interest rate, commodity and fixed Institutional Banking andSt, Markets division provides capital by raisings, risk management Address: L20/100 Queen Melbourne VIC 3000 income products. The approach underpinned rich analytics, insights Email: mclachc@cba.com.au Our Institutional Banking and Markets division provides capital raisings, risk management andis transactional banking solutions to the Group’s institutiona Proud Sponsor of division’s thesolutions Juice Bar and Friday Breakfast and transactional banking to the Group’s institutional clients. Phone: (03) 8655 4770 Our Institutional Banking and Markets division provides capital raisings, risk from industry experts, innovative technology and a deep commitment to building Website: www.commbank.com.au/institutional Capabilities in markets include foreign exchange, interest rate, commodity and fixed income products. The division’s approach is underpinned by rich an www.commbank.com.au/institutional Website: www.anz.com management and transactional bankinglong-lasting solutions torelationships. the Group’s institutional clients. long-lasting relationships. insights from industryBank experts, innovative technology and a deep commitment toforeign building The Commonwealth is Australia’s leading financial institution, with include total assets of more than $A755 billion (as at 30 June 2015). The Group is rank Capabilities ininmarkets exchange, interest rate, commodity andfixed fixed Capabilities markets include foreign exchange, interest rate, commodity and Building on a proud 180-year banking heritage, ANZ is an international bank with a unique footprint. With headquarters located Melbourne, ANZ is a income products. division’s2016) approach underpinned bycompanies rich analytics, insights largest bank in the world by market capitalisation (Bloomberg, as atThe 12 February and isisone of the largest on thein Australian Securities income products. The division’s approach is underpinned by rich analytics, insights in Australia, the largest banking group in New Zealand and the Pacific, a leading bank globally on the Dow Jones Sustainability Index (DJSI), and among from industry innovative technology a deep to building Through a disciplined approach to credit and market risk management, Bank maintains a AA-and credit ratingcommitment (Standard & Poor’s, as at 12 January 2016t Proud Sponsor of theexperts, Dinner the from experts, technology a deep commitment to building longbanks in the world. We provide a range of banking andindustry financial productsinnovative and services to over 10and million customers worldwide. www.commbank.com.au/institutional long-lasting relationships.
FTA CONFERENCE PRINCIPAL PARTNERS
lasting relationships. Our Institutional Banking and Markets division provides capital riskConsultant, management and transactional banking solutions to the Group’s institutiona Contact: Laurenraisings, Corcoran, Enterprise Events, Marketing We are committed to building lasting partnerships with our customers, shareholders and communities in 34 markets worldwide, with offices in Australia Capabilities in markets include foreign exchange, rate, commodity and fixed income Address:interest700 Bourke Street, Docklands VIC products. The division’s approach is underpinned by rich an Zealand,from throughout and the Pacific, and in the Middle East, Europe and America. ANZ aims to berelationships. the best bank in the world for clients driven by r insights industryAsia experts, innovative technology and0409 a deep commitment building long-lasting For more than 150 years NABtohas been helping customers with their money. Phone: 216 826 trade and capital flows. We provide unique access and insights through on-the-ground presence in 15 Asian markets and 12 Pacific than 35,000 employees, serving 10 million customers at more thancountries. 800 Email:With more lauren.corcoran@nab.com.au locations across Australia, New Zealand and around the world, NAB aims to make a Website: Proud Sponsor www.nab.com.au of the Dinner responsible, Prouddifference Sponsor ofby thebeing JuiceaBar and Friday inclusive Breakfast and socially innovative bank.
FTA CONFERENCE PRINCIPAL PARTNERS
For more than of 150 years NAB has been helping customers with their money. Proud Sponsor the Dinner
Contact: Lauren Corcoran, Consultant, Enterprise Marketing For more than 150 years NAB has been helping customers with their money. With more than 35,000 employees, serving 10 million at more With more 35,000 employees, serving 10 Events, million customers at more thancustomers 800 Contact: Simon Ling, Managing Director, Debt Markets Proud Sponsor ofthan thelargest Welcome Reception and Cafe As Australia’s business bank, NAB works with small, medium and large Address: 700 Bourke Street, Docklands VIC locations across Australia, New Zealand and around the world, NAB aims to make a difference by being a responsible, inclusive andmake socially locations across Australia, New Zealand and around the world, NAB aims to a innovative b Address: 201toSussex Street,start, Darling Park Tower 1,NAB Sydney, NSW 2000 businesses help them run and grow. also funds some of Australia’s For moremedium than 150 years NAB has been helping withgrow. theirNAB money. Phone: 0409 216 826 Australia’s largest business bank, NAB works with small, and businesses to help them start, runinnovative and alsoWith funds some of Austra difference by 9118 being alarge responsible, inclusive andcustomers socially Phone: (02) 6463 Contact: Vanessa Lapeyre, Associate Director, Marketing most important infrastructure projects including schools, hospitalsbank. and roads. www.nab.com.au lauren.corcoran@nab.com.au more than 35,000 employees, serving 10 million customers at more than 800 important infrastructure projects includingEmail: schools, hospitals and roads. Email: simon.ling@cba.com.au Address: L20/100 Queen St, Melbourne VIC 3000 Website: www.nab.com.au locations across Australia, New bank, Zealand and around the world, NAB aims make a As Australia’s largest business NAB works with small, medium andto large Website: www.commbank.com.au/institutional Phone: (03) 8655 4770 businesses tobeing help athem start, run and grow. NAB alsoinnovative funds some of Australia’s difference by responsible, inclusive and socially bank. As Website: www.anz.com 29 FTA Conference 15-17 November 2017 Sheraton Grand Mirage Resort Contact: Chris McLachlan, Managing Director, Client Risk Solutions most important infrastructure projects including schools, hospitals www.nab.com.au Australia’s largest business bank, NAB works with small, medium and and large businesses For moreon than 150 years NABbanking has been helping customers with their money. With than 35,000 employees, serving 10 roads. million customers ANZ at more Building a proud 180-year heritage, ANZ is an201 international bankDarling with a more unique footprint. With headquarters located in Melbourne, is a Address: Sussex Street, Park Tower 1, Sydney, NSW 2000 locations across Australia, New Zealand and around the world, NAB aims to make a difference by being a responsible, inclusive and socially innovative to help them start, run and grow. NAB also funds some of Australia’s most important in Australia, the largest banking group in New Zealand and the Pacific, a leading bank globally on the Dow Jones Sustainability Index (DJSI), and amongbt Phone: (02) 93038276 Australia’s largest bank,a NAB with small, medium and large businesses to them start, run and grow. NAB also funds some of Austra infrastructure projects including schools, hospitals and customers roads. banks in the world.business We provide rangeworks of banking and financial products and services to help over 10 million worldwide. mclachc@cba.com.au important infrastructure projects includingEmail: schools, hospitals and roads.Bank (WIB) delivers a broad range of financial services to Westpac Institutional Website: Proudwww.commbank.com.au/institutional Sponsor of the Dinner and Public Sector customers with connections Commercial, Corporate, Institutional We are committed to building lasting partnerships with our customers, shareholders and communities in 34 markets worldwide, with offices in Australia to the Australian, New Zealand, Asian, European and markets. The Bank is Australia’s leading institution, with total assets of ANZ more thanto $A755 billion (as atin30Sheraton June 2015). The Group is rank Zealand, Asia and the Pacific, and infinancial the Middle East, Europe and America. aims be theUS best bank the world for clients driven by r29 Commonwealth FTAthroughout Conference 15-17 November 2017 Grand Mirage Resort largest bank in the world by market capitalisation (Bloomberg, as at 12 February 2016) and is one of the largest companies onPacific the Australian Securities trade and capital flows. We provide unique access and insights through on-the-ground presence in 15 Asian markets and 12 countries. Westpac Institutional (WIB)their delivers arelationship broad range of than financial services to For more than 150 yearstoNAB been helping customers with money. With more 35,000 employees, serving 1 WIB operates throughBank dedicated industry and specialist product Through a disciplined approach credit has and market risk management, the Bank maintains a AAcredit rating (Standard & Poor’s, as teams, at 12 January 2016
Commercial, Corporate,inInstitutional andbanking, Public Sector customers connections with expert knowledge transactional financial and debtwith capital markets,
to the Australian, New Zealand, Asian, Europeanbroking and USand markets. Proud Sponsor of the Juice Bar and Friday Breakfast specialised capital, public private partnerships, alternative investment OurAustralia’s Institutionallargest Bankingbusiness and Markets division provides raisings, risk management andbusinesses transactional to banking solutions to the Group’s institutiona bank, NAB workscapital with small, medium and large help them start, run and grow. NA solutions. Capabilities in markets include foreign exchange, interest rate, commodity and fixed income products. The division’s approach is underpinned by rich an Contact: Simon Ling, Managing Director, Debt Markets important infrastructure projects including schools, hospitals and roads. WIB operates through dedicated industry relationship and specialist product teams, insights from industry experts, innovativeAddress: technology and201 a knowledge deep commitment to building long-lasting relationships. Sussex Street, Darling Park Tower 1, Sydney, NSW with expert in transactional banking, financial and2000 debt capital markets, We combine market and industry insights with a deep understanding of our
Phone: (02) 9118 6463 specialised public privatethat partnerships, broking and alternative investment customers capital, to provide solutions maximise efficiency, provide transparency and Email: simon.ling@cba.com.au Proudsolutions. Sponsor of the Dinner free up working capital whilst mitigating risk. Our experienced team take a supply Website: www.commbank.com.au/institutional www.westpac.com.au/corporate-banking chain perspective of our customer’s business, providing innovative risk and financing We combine market withEvents, a deep understanding of our Contact: Lauren Corcoran, Consultant, Enterprise solutions designed toand addindustry value toinsights our customers andMarketing their strategic trade Contact: Chris McLachlan, Managing Director, Client Risk Solutions customers to provide solutions that maximise efficiency, provide transparency and Address: 700 Bourke Street, Docklands VIC counterparts business. Address: 201 Sussex Street, Darling Park Tower 1, Sydney, NSW 2000 free up working capital Phone: 0409 216 826 whilst mitigating risk. Our experienced team take a supply (02) 93038276 www.westpac.com.au/corporate-banking Phone: of our customer’s business, providing innovative risk and financing Email:chain perspective lauren.corcoran@nab.com.au Email:solutionsmclachc@cba.com.au designed to add value to our customers and their strategic trade Website: www.nab.com.au Website: www.commbank.com.au/institutional
PARTNER DIRECTORY // 51
SUPPORTING PARTNERS
BOOTH 1 For more than 25 years, Openlink (www.openlink.com) has been providing trading, treasury and risk management solutions for the For more than 25 years, Openlink (www.openlink.com) hasenergy been providing trading,treasury and risktheir supply chains. world’s most sophisticated corporates with exposure to the and commodities markets through management solutions for the world’s most sophisticated corporates with exposure to the energy and Openlink’s innovative down organizational silos and instantaneously connect procurement, trading, marketssolution throughhelps their clients supplybreak chains. commodities treasury and risk across multiple asset classes and throughout the enterprise. Openlink provides this critical consolidated view of enterprise-wide treasury and risk exposure on a single platform. 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Openlink was named Best Treasury Analytics So connect procurement, trading, treasury and risk across multiple classesTreasury and throughout the Matrix in Treasury Management Systems Guide 20 BOOTH Treasury 1 Management International’s 2016 Awards and topped theasset bobsguide Functionality For more than 25SUPPORTING years, Openlink has been providing trading,worldwide. treasury and risk management solutions for the Openlink is Openlink proud to support more than 38,000 users and more 600 clients enterprise. provides this(www.openlink.com) critical consolidated view ofthan enterprise-wide treasury PARTNERS world’s most sophisticated corporates with exposure to the energy and commodities marketsanalytics, through their supply chains. exposure on Marketing a single platform. The coupled with our advanced Sarah Lewis, Director | P: Openlink +65 6593Cloud 0810 platform, | E: sarah.lewis@openlink.com SUPPORTING PARTNERS enables clients to manage huge data volumes, advantage of even theand most fleeting of market Openlink’s innovative solution helps clients breaktake down organizational silos instantaneously connect procurement, trading, treasury across multiple classes and throughout the enterprise. Openlink provides this critical consolidated view of opportunities, and mitigate risk.asset Openlink was named Best Treasury Analytics Solution in Treasury BOOTH and 3 risk enterprise-wide treasury exposure on aof single platform. The Openlink Cloud platform, coupled with advanced analytics, enables clients to m Management International’s 2016 Awards and topped the bobsguide Treasury Functionality Matrix in our www.openlink.com.au SUPPORTING Moody’s Investors Serviceand isPARTNERS arisk leading provider credit ratings, research, and risk analysis. Moody’s commitment and PORTING PARTNERS huge dataManagement volumes, take advantage ofand even the mostfinancial fleetingmarkets, of market opportunities, and mitigate risk. Openlink expertise contributes toSystems transparent integrated and the firm’s ratings and analysis track debtwas named Best Treasury Analytics So Treasury Guide 2016/2017. Management International’s Awards and topped the bobsguide Treasury Matrix Treasury Management Systems Guide 20 s proud toTreasury support more than 38,000 and 2016 more than11,000 600 clients worldwide. covering approximately 120users sovereign nations, corporate issuers, 21,000 public Functionality finance issuers, and in 72,000 Openlink proud to support more than 38,000 users and more than 600 clients worldwide. BOOTH 1isfinance structured obligations. Openlink is proud to support than users and more than clients worldwide. Openlink is proud tomore support more38,000 than 38,000 users and more than 600 600 clients worldwide. For more than 25 years, Openlink (www.openlink.com) has been providing trading, treasury and risk management solutions for the SUPPORTING PARTNERS Sarah Marketing | P: +65 6593 0810 to | E:the sarah.lewis@openlink.com world’s mostSVP sophisticated with exposure energy and commodities markets through their supply chains. HectorLewis, Lim, - HeadDirector of corporates Asia Pacific Media Relations, Communications | P: +61.2.9270.8141 | E: hector.lim@moodys.com Jo Young,Openlink Eventsisand Outreach Manager |38,000 P: +61.2. 9270 8158 | 600 E: joanne.young@moodys com proud to support more than users and more than clients worldwide. Openlink’s solution clients break down BOOTH 3 innovative A: Level 10, 1 O’Connell Street,helps Sydney NSW 2000 | W:organizational moodys.com silos and instantaneously connect procurement, trading, treasury risk across multiple asset provider classes and throughout the enterprise. Openlink provides this commitment critical consolidated view of Moody’sand Investors Service leading provider credit ratings, research, analysis. Moody’s Investors Service isisa aleading ofof credit ratings, research, andand riskrisk analysis. Moody’s and enterprise-wide treasury and risk on a single platform. Openlink Cloudratings platform, advanced analytics, enables clients to m Openlink is proud to moreexposure than 38,000 users andfinancial more thanmarkets, 600The clients worldwide. expertise contributes tosupport transparent and integrated and the firm’s andcoupled analysiswith trackour debt BOOTH huge data5 volumes, takeand advantage of contributes even the11,000 most fleeting of market opportunities, and mitigate risk. and Openlink was named Best Treasury Analytics So covering approximately 120 sovereign nations, corporate issuers, 21,000 public finance issuers, 72,000 Moody’s commitment expertise toand transparent and integrated financial markets, Bloomberg, the global business andmore financial information and news gives influential decision makers edge by s proud to structured support more than 38,000 users and thanAwards 600 clients worldwide. Treasury Management International’s 2016 topped the leader, bobsguide Treasury Functionality Matrixaincritical Treasury Management Systems Guide 20 finance obligations. and the firm’s ratings and analysis track debt covering approximately 120 sovereign nations, 11,000 connecting them to dynamicmore network of information, people and ideas. Openlink is proud toasupport than 38,000 users and more than 600 clients worldwide. Openlink is proud to support more than 38,000 users and more than 600 clients worldwide. corporate 21,000 public finance issuers, and 72,000 structured |finance obligations. | E: hector.lim@moodys.com Hector Lim,issuers, SVP - Head of Asia Pacific Media Relations, Communications P: +61.2.9270.8141 www.moodys.com Sarah Lewis, Marketing Director | P: +65 0810 | E: sarah.lewis@openlink.com The company’s strength – delivering data,6593 and 9270 analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg P Jo Young, Events and Outreach Manager | news P: +61.2. 8158 | E: joanne.young@moodys com service. enterprise build2000 on the company’s core strength: leveraging technology to allow customers to access, integrate, distribut BOOTH 1 1 O’Connell A: Level Bloomberg’s 10, Street, solutions Sydney NSW | W: moodys.com manage across organizations morehas efficiently and effectively. 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Moody’s commitment BOOTH 5 Relationship Manager | A: level 27, 1 Bligh Street, Sydney NSW 2000 Chris Young, |people P: +61 and 2 9777 8609track | E: cyoung12@bloomberg.net | W: bloomber makers a critical edge by connecting them to a dynamic network of information, and ideas. expertise contributes to transparent and integrated financial markets, and the firm’s ratings analysis debt Bloomberg, the global solution businesshelps and financial information and news leader, influential decision makers a critical edge by Openlink’s innovative clients break downcorporate organizational silosgives and instantaneously connect procurement, trading, covering approximately 120 sovereign nations, 11,000 public finance issuers, and 72,000 connecting them to a dynamic network of information, people the andissuers, ideas. 21,000 treasury and risk across multiple asset classes and throughout enterprise. Openlink provides this critical consolidated view of structured obligations. BOOTH 7 finance company’s strength – delivering data,on news and analytics through innovative quickly The enterprise-wide treasury and risk exposure a single platform. The Openlink Cloud technology, platform, coupled with our advanced analytics, enables clients to m S&P Global Ratings is world’s leading provider of independent credit ratings. Our ratings are essential to driving growth, The company’s strength – delivering news and analytics through innovative technology, quickly andOpenlink accurately – named is at theBest coreTreasury of the Bloomberg P huge data volumes, take advantage ofdata, even theRelations, most fleeting of market opportunities, and mitigate was Analytics So and accurately –-isHead at the the core of the Bloomberg Professional service. Bloomberg’s enterprise solutions Hector Lim, SVP of Asia Pacific Media Communications | P: +61.2.9270.8141 | E:risk. hector.lim@moodys.com providing transparency and helping educate market participants so they can make decisions with confidence. We have more than 1 integrate, www.bloomberg.com service. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, distribute Treasury Management International’s 2016 Awards and topped the bobsguide Treasury Functionality Matrix in Treasury Management Systems Guide 20 Jo Young, Events and Outreach Manager | P: +61.2. 9270 8158 | E: joanne.young@moodys com build the company’s core strength: leveragingcorporate, technology to allow customers to access, integrate, milliononcredit ratings onthan government, financial sector and structured manage data information across organizations more efficiently and600 effectively. 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Daniel Antman | A: Level 10, 60Manager Margaret Street, NSW || P: +61 03 96312145 | E: daniel.antman@spglobal.com | W: marketintelligence.spgloba Chris Young, Relationship Manager | A: level 27, 1Sydney Bligh Street, Sydney NSW 2000 | P: +61 2com 9777 8609 | E: cyoung12@bloomberg.net | W: bloomber Jo Young, Events and Outreach | P: +61.2. 9270 8158 E: joanne.young@moodys BOOTH 1 We provide our opinions and research about relative credit risk; market participants gain independent A: Level 10, 1 O’Connell Street, Sydney NSW 2000 | W: moodys.com For more than 25 years, Openlink (www.openlink.com) has been providing trading, treasury and risk management solutions for the S&P Global Market provides and industry and analytics to investment information to helpIntelligence support the growthfinancial of transparent, liquiddata, debtresearch, markets news worldwide. world’s corporates with exposure the energyworldwide. and commodities markets through their supply chains. 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Thomson Reuters shares listed and on the Toronto andof New York essential intelligence for individuals, and governments to make decisions with confidence. connecting them to a dynamic of information, people and ideas. marketintelligence.spglobal.com enterprise-wide treasury and risk exposure on a single platform. The Openlink Cloud platform, coupled with our advanced analytics, an independent view ofWe the market built onina unique combination of broad perspective and local insight. We provide our opinions enables clients to m Stock Exchanges (symbol: TRI). trusted answers. enable professionals huge data volumes, take advantage of even theparticipants most fleeting ofindependent market opportunities, andtomitigate risk. Openlink wasofnamed Best Treasury Analytics So trusted answers. We enable professionals inNSW and about relative credit risk; market gain information help support the growth trusted answers. We enable professionals in Street, Daniel Antman | A: Level 10, 60 Margaret Sydney | P: bobsguide +61 03S&P 96312145 |Functionality E: daniel.antman@spglobal.com |atW: marketintelligence.spgloba The company’s strength –S&P delivering data, news and analytics through innovative technology, quickly and accurately – istransparent, the core ofSystems the Bloomberg P S&Presearch Global Ratings and Global Market Intelligence are divisions of Global (NYSE: SPGI), which Treasury Management International’s 2016 Awards and topped Treasury Matrix in Treasury Management Guide 20 Stock (symbol: TRI). liquid debt markets worldwide. Kate Parker | Exchanges A: Level 10, 60 Margaret Street, Sydney NSW | P: the +61 466 388 122 | E: kate.parker@tr.com | W: thomsonreuters.com Stock Exchanges (symbol: TRI). service. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute Stock Exchanges (symbol: TRI). Openlink is proud tointelligence support more 38,000companies users and more than 600 clients worldwide. provides essential for than individuals, and governments to make decisions with manage data and information across organizations more efficiently and effectively. 9 confidence. swers. WeBOOTH enable professionals in Directorprovides S&P Global Intelligence and|industry data, research, news and analytics to investment 1 Market BOOTH Sarah Lewis, Marketing | P: +65 financial 6593the 0810 E: sarah.lewis@openlink.com Thomson Reuters provides professionals with technology and human they need| to professionals, government agencies, corporations, and universities worldwide. 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BOOTH 3 Ratings matter most, all powered by the world’s most trusted news Thomson shareswhich are listed on the Toronto and New York S&P Global and S&P Global Market Intelligence are organization. divisions of S&P Global Reuters (NYSE: SPGI), provides BOOTH 7Investors Thomson Reuters provides with the intelligence, technology and human expertise Moody’s Service is professionals a leading provider of credit ratings, research, and risk analysis. Moody’s commitment and trading, Stock Exchanges (symbol: TRI). Openlink’s innovative solution helps companies clients break down organizational silos and instantaneously connect procurement, essential intelligence for individuals, and governments to make decisions with confidence. S&P Global Ratings is to themultiple world’s leading provider of independent credit Our ratings are essential to consolidated driving contributes transparent and integrated financial markets, andratings. the Openlink firm’s ratings and track debt growth, swers. We expertise enable professionals in treasury and risk asset classes and throughout thethe enterprise. provides this view of they need to findacross trusted answers. We enable professionals in financial and risk, legal, taxanalysis andcritical providing transparency and educate market participants so they can make decisions with confidence. We have more than 1 enables clients to m covering approximately 120 sovereign nations, corporate issuers, 21,000 public finance issuers, and| W: 72,000 Kate Parker |and A:| Level 10, 60helping Margaret Street, Sydney NSW | matter P: |+61 466 388 122 | E:platform, kate.parker@tr.com thomsonreuters.com enterprise-wide treasury and riskMargaret exposure on a11,000 single platform. The Openlink Cloud coupled with our advanced analytics, Daniel Antman A: Level 10, 60 Street, Sydney NSW P: +61 03 96312145 |by E: the daniel.antman@spglobal.com | W: marketintelligence.spgloba media markets to make the decisions that most, all powered world’s accounting, hanges (symbol: TRI). million credit ratings outstanding onof government, corporate, financial sector and structured finance risk. entities and securities. WeBest offerTreasury Analytics So structured finance obligations. huge data volumes, take advantage even the most fleeting of market opportunities, and mitigate Openlink was named most trusted news shares are listedbroad on the Toronto and New an independent vieworganisation. ofInternational’s the marketThomson built on Awards aReuters uniqueand combination perspective localYork insight. Wein provide ourManagement opinions Treasury Management 2016 topped theofbobsguide Treasury and Functionality Matrix Treasury Systems Guide 20 Stock Exchanges TRI). Hector Lim, SVP - (symbol: Head of Asia Pacific Media Communications P:information +61.2.9270.8141 E: hector.lim@moodys.com and about relative credit risk; participants gain to help |support the growth of transparent, BOOTH 9isConference Openlink proud to support more thanmarket 38,000 users and moreindependent than 600 |clients worldwide. 30 research FTA 15-17 November 2017Relations, Sheraton Grand Mirage Resort Jo Young, Events and Outreach Manager | P: +61.2. 9270 8158 | E: joanne.young@moodys com liquid debtReuters marketsprovides worldwide. Thomson professionals with the intelligence, technology and human expertise they need to find www.thomsonreuters.com A: Level 10, 1Marketing O’Connell Street, Sydney 2000 | W: Sarah Lewis, Director | P: +65NSW 6593 0810 | E: moodys.com sarah.lewis@openlink.com trusted answers. We enable professionals in the financial and risk, legal, tax and accounting, and media markets to make the decisions that EXHIBITORS S&P Global Intelligence financial and news industry data, research, newsReuters and analytics investment matter most,Market all powered by theprovides world’s most trusted organization. Thomson sharestoare listed on the Toronto and New York professionals, government agencies, corporations, and universities worldwide. Stock Exchanges (symbol: TRI). 3 BOOTH 5 Moody’s Investors Service is a leading provider of credit benefit ratings, research, risk analysis. commitment andedge by Bloomberg, the global business and financial information and news leader,and gives influential decision makers a critical BOOTH 14 We’re an industry super fund owned for the exclusive of members. We’ve been aMoody’s trusted S&P Global Ratings and S&P Market Intelligence are divisions ofand S&P Global SPGI), which provides Kate Parker | A: Level 10, 60Global Margaret Street, Sydney NSW |markets, P:and +61 466 388 122 |(NYSE: E: kate.parker@tr.com | W:debt thomsonreuters.com expertise contributes transparent and integrated financial the firm’s ratings and analysis track connecting them toretirement a to dynamic network of information, people ideas. partner providing solutions for coal workers for 75 years. essential intelligence forExecutive individuals, companies and governments to make21,000 decisions withfinance confidence. Contact: Lis Armstrong, Manager, Marketing11,000 covering approximately 120 sovereign nations, corporate issuers, public issuers, and 72,000 Phone: +finance 61 2 4998 3965 structured obligations. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg P Email: lisette.armstrong@mine.com.au Daniel Antman | A: 10, 60 Margaret Street, NSW 03 returns 96312145 E: technology daniel.antman@spglobal.com | W: marketintelligence.spgloba open forLevel anyone to join, our strong record| P: of+61 stable can |be enjoyed by to allow customers Now 30 we’re FTA Conference 15-17 November 2017 Sheraton Grand Miragedistribute Resort service. Bloomberg’s enterprise solutions build onSydney the company’s core strength: leveraging to access, integrate, Address: 9/20 Loftus Street, Sydney NSWmeaning Hector Lim, SVP Head of Asia Pacific Media Relations, | P: +61.2.9270.8141 | E: hector.lim@moodys.com Website: mine.com.au manage data and -information across organizations more Communications efficiently and effectively. even more people. Jo Young,9Events and Outreach Manager | P: +61.2. 9270 8158 | E: joanne.young@moodys com BOOTH We’re an Young, industry fund owned for the exclusive benefit of Bligh members. We’ve been a trusted partner|providing retirement solutions coal workers for 75 A: Level 10, 1super O’Connell Street, Sydney NSW 2000 | W:Street, moodys.com www.mine.com.au Chris Relationship Manager | A: level Sydney NSW P:expertise +61 2 9777 E:for cyoung12@bloomberg.net | W: bloomberg Thomson Reuters provides professionals with27, the1 intelligence, technology and2000 human they8609 need| to find years. trusted answers. We enable professionals in the financial and risk, legal, tax and accounting, and media markets to make the decisions that Now we’remost, open to join, our strong record of stable returns can be enjoyed by even Reuters more people. BOOTH 5 for matter allanyone powered bymeaning the world’s most trusted news organization. Thomson shares are listed on the Toronto and New York BOOTH 7 Bloomberg, the global business financial information and newscredit leader, gives influential makers criticalgrowth, edge by Stock Exchanges (symbol: TRI). and S&P Global Ratings is the world’s leading provider of independent ratings. Our ratingsdecision are essential toadriving connecting them to a dynamic network of information, people and ideas.can make decisions with confidence. We have more than 1 providing transparency and helping educate market participants so they
PORTING PARTNERS PARTNERS SUPPORTING
SUPPORTING PARTNERS
SUPPORTING PARTNERS
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52 // PARTNER DIRECTORY
ITORS EXHIBITORS
ION Treasury is the largest provider of treasury and risk management solutions in the world. Its BOOTH 2 EXHIBITORS SUPPORTING PARTNERS solutions are designed to meet the needs of organisations with varying complexities and at different Contact: Michiko Sano, Regional Marketing Manager of technology adoption. stages Michiko Sano, Regional Marketing Manager BOOTH 1 Phone: +81 4291 (Japan) BOOTH 2 3 6432 EXHIBITORS +81 3 For 6432 4291 (Japan) more than 25michiko.sano@iongroup.com years, Openlink (www.openlink.com) has been providing trading, treasury and risk management solutions for the Email: michiko.sano@iongroup.com With over 1,250 clients in corporates more than 30 countries, ION is also a powerfulmarkets community shaping world’s most sophisticated with exposure to theTreasury energyAustralia and commodities through their supply chains. Contact: Michiko Sano, Regional Marketing Address: Angel Place, 123 Pitt Street, Sydney,Manager NSW 2000, Angel Place, 123 treasury Pitt Street, Sydney, NSW 2000, Australia Phone: +81 3 6432 4291 (Japan) the global landscape. ION Treasury is a division of ION, which dedicates over 40% of its Phone: + 61 2 8239 8300 BOOTH 2 Email: michiko.sano@iongroup.com + 61 2Openlink’s 8239 8300 innovative solution helps clients down organizational silos and instantaneously connect procurement, trading, employee to product innovation. It Street, isbreak the only corporate treasury provider that has the financial Website: base iongroup.com/corporations/treasury Angel Place, 123 classes Pitt Sydney, NSW 2000, Australia iongroup.com/corporations/treasury treasury andAddress: risk acrossContact: multiple asset and throughout the enterprise. Openlink provides this critical consolidated view of Michiko Sano, Regional Marketing Manager Phone: of products, + 61 2 8239 8300 strength, breadth and commitment to continuous innovation to deliver on treasury’s Phone: +81 3 6432on 4291 (Japan) www.iongroup.com enterprise-wide treasury and risk exposure aand single The Openlink Cloud platform, with our advanced analytics, enables organizatio clients to m Website: iongroup.com/corporations/treasury IONprovider Treasury is treasury the largest of treasury riskplatform. management solutions in the Itscoupled solutions areneeds designed to meet the needs Email: michiko.sano@iongroup.com diverse and changing technology needs. ION Treasury’s ofIts leading treasury products y is the largest of andprovider risk management solutions inportfolio theof world. solutions are world. designed toincludes meet the of organizations with ofAnalytics huge data volumes, take advantage ofstages even the most fleeting market opportunities, and mitigate risk. Openlink was named Best Treasury So Address: Angel Place, 123 Pitt Street, Sydney, NSW 2000, Australia varying complexities and at different of technology adoption. With over 1,250 clients in more than 30 countries, ION Treasury is also a powerfu ION Treasury isPhone: the largest provider treasury and risk management solutions in thethan world.30 Its solutions are designed to meet needs of organizations with plexities and at different stages ofInternational’s technology With over 1,250 clients inasmore countries, ION Treasury isthe also a powerful community Treasury Management 2016 Awards and topped the bobsguide Treasury Functionality Matrix in Treasury Management Systems Guide 20 Wallstreet Suite, Reval, IT2, ITS, City Financials and Treasura, as well innovative tools and services +adoption. 61 2 of 8239 8300 shaping thevarying global treasury landscape. ION Treasury is a dedicates division ofWith ION, which dedicates over 40% ofproduct its employee base toaisproduct innovation. complexities and different stages of users technology adoption. over 1,250 in more than 30 to countries, IONinnovation. Treasury is also powerful community Website: iongroup.com/corporations/treasury global treasury landscape. ION Treasury is at a division of ION, which over 40% of clients itsworldwide. employee base It the only corpo- It is the Openlink isacross proud to support more than and moreofthan 600 clients that span the entire solution set.38,000 shaping the global ION Treasury is a divisionof ION, which dedicates over 40% ofto its continuous employee baseinnovation to product innovation. It ison thetreasury’s only corpo- diverse an ratehas treasury provider that treasury has thelandscape. financial strength, breadth products, and commitment to deliver provider that the rate financial strength, breadth of products, and commitment toand continuous innovation toinnovation deliver ondeliver treasury’s diverse andand changing treasury provider that has the financial strength, breadth of products, commitment to continuous to on treasury’s diverse changing ION Treasury is the largest provider of treasury and risk management solutions in the world. Its solutions are designed to meet the needs of organizations with technology needs. ION Treasury’s portfolio of leading products includes Wallstreet Suite, Reval, IT2, City Financials Treasura, as well a Lewis,portfolio Marketing Director | P: +65 6593 | treasury E: sarah.lewis@openlink.com needs. IONSarah Treasury’s of leading treasury products includes Wallstreet Suite, Reval, IT2, ITS,Reval, City Financials andITS, Treasura, as well asand innovative varying complexities and at different stages of technology adoption. With over 1,250 clients in more than countries, ION Treasury is also a powerful community technology needs. ION Treasury’s portfolio of0810 leading treasury products includes Wallstreet Suite, IT2, ITS,30City Financials and Treasura, as well as innovative tools and services that span across the entire solution set. shaping global treasury landscape. ION Treasury is a division of ION, which dedicates over 40% of its employee base to product innovation. It is the only corposervices thatthe span across the entire solution set. vices that span acrosstools the and entire solution set. rate treasury provider that has the financial strength, breadth of products, and commitment to continuous innovation to deliver on treasury’s diverse and changing BOOTH 3 technology needs. ION Treasury’s portfolio of leading treasury products includes Wallstreet Suite, Reval, IT2, ITS, City Financials and Treasura, as well as innovative SUPPORTING PARTNERS tools is and that span across entire solution Moody’s Investors Service a services leading provider ofthe credit ratings,set.collaborate research, and risk analysis. Moody’s commitment and Deloitte is the brand under which thousands of professionals across a network of offices expertise contributes to transparent and integrated financial markets, and the firm’s ratings and analysis track debt around the world to provide audit, economics, financial advisory, human capital, tax, and technology BOOTH 1 covering approximately 120 sovereign nations, 11,000 corporate issuers, 21,000 public finance issuers, and 72,000 For more Deloitte than 25 years, Openlink (www.openlink.com) has been providing risk management solutions for the Australia is committed to growth, client service, and itstrading, people,treasury and theand company services. structured finance BOOTH obligations. 4 world’s most corporates exposure to theand energy and while commodities markets through their supply chains. continues to sophisticated invest in innovative newwith services, products people, expanding its business BOOTH 4 Contact: Steven FFTP, PartnerRelations, Communications | P: +61.2.9270.8141 | E: hector.lim@moodys.com Hector SVP - Head of Asia Pacific Media BOOTH 4Cunico throughLim, acquisitions, alliances and organic growth. Openlink’s innovative solution helps clients down organizational silos and instantaneously Address: 550 Bourke Street, Melbourne VIC 3000 Jo Young, Events and Outreach Manager | P:break +61.2. 9270 8158 | E: joanne.young@moodys comconnect procurement, trading, Contact: Steven Cunico FFTP, Partner Contact: Steven Cunico FFTP, Partner Phone: +61 3 9671 7024 and1risk acrossAddress: multiple asset classes and throughout the enterprise. Openlink provides this critical consolidated view of A: LevelFFTP, 10, O’Connell Street, Sydney NSW 2000 | W: VIC moodys.com Steven treasury Cunico Partner 550 Bourke Street, Melbourne 3000 Email: scunico@deloitte.com.au Address: 550 Street, Melbourne VIC 3000 enterprise-wide treasury and risk exposure on platform. Thegraduate Openlinkemployer Cloud platform, coupled advanced analytics, enables clients to m Deloitte is ranked asBourke the number one Accountancy and Advisory in the Top 100 with our www.deloitte.com.au Phone: +61 3 9671 7024a single 550 Bourke Street, Melbourne VIC 3000 Website: deloitte.com.au Phone: +61 3 9671 7024 Email: scunico@deloitte.com.au huge data volumes, take advantage of even the most fleeting of market opportunities, and mitigate risk. Openlink was named Best Treasury Analytics So +61 3 9671 7024 Australian Graduate Employers 2017 survey undertaken by GradAustralia and The Australian. Website: deloitte.com.au BOOTH Email: 5 scunico@deloitte.com.au Treasury Management Awards and topped the bobsguide Treasury Functionality Matrix in Treasury Management Systems Guide 20 Deloitte is theInternational’s brand under which2016 thousands of professionals collaborate across a network of offices around the world to provide audit, economics, financial scunico@deloitte.com.au Bloomberg, the deloitte.com.au global business and financial information news leader, gives decision makers a tocritical by continues advisory, capital, tax, and technology services. Deloitte Australia is600 committed toinfluential growth, service, and itsworld people, and theedge company to invest Website: is proud Openlink tohuman support more than 38,000 users and more than clients Deloitte is the brand under which thousands ofand professionals collaborate across aworldwide. networkclient of offices around the provide audit, economics, financial deloitte.com.au in innovative new services, products and people, while expanding its business through acquisitions, alliances and organic connecting them to a dynamic network information, people and ideas. advisory, human capital,of tax, and technology services. Deloitte Australia is committed to growth, client service, and itsgrowth. people, and the company continues to invest inDirector innovative services, products and people, whilecollaborate expanding its business through acquisitions, alliancesaround and organic growth. Sarah Lewis, Marketing |new P: +65 6593 | E: sarah.lewis@openlink.com Deloitte is the brand under thousands of0810 professionals across a network of offices the world provide audit,byeconomics, fina Deloitte is ranked aswhich the number one Accountancy and Advisory graduate employer in the Topthe 100world Australian Graduate Employers 2017to survey undertaken e brand under which thousands of–professionals collaborate across a network of innovative offices around to provide audit, economics, financial The company’s strength delivering data, news and analytics through technology, quickly and accurately –2017 is atsurvey the core of company the P advisory, human capital, tax, and technology services. Deloitte Australia is committed to growth, client service, and its people, and the continu GradAustralia and The Australian. Deloitte is ranked as the number one Accountancy and Advisory graduate employer in the Top 100 Australian Graduate Employers undertaken by Bloomberg man capital, tax, and technologyenterprise services. Deloitte Australia committed to growth, client service, andtechnology its people,to and the customers company continues invest GradAustralia and The Australian. service. Bloomberg’s solutions build onis the company’s core strength: leveraging allow to access,tointegrate, distribut in innovative new services, products and people, while expanding its business through acquisitions, alliances and organic growth. BOOTH 3 new services, products andinformation people, while expanding its business acquisitions, alliances and organic growth. SUPPORTING PARTNERS manage data and organizations morethrough efficiently and effectively. Moody’s Investors Service is aacross leading provider of credit ratings, research, andfor riskboth analysis. Moody’s commitment and Visual Risk is a leading provider of risk management and treasury software and Deloitte is ranked as the number one Accountancy and Advisory graduate employer in Corporate the Top Australian Graduate 2017 undert expertise contributes to transparent and integrated financial markets, and theAustralian firm’s ratings and 100 analysis track2017 debt nked as the number one Accountancy and Advisory graduate employer in the Top 100 Graduate Employers surveyEmployers undertaken by | survey Financial Services sectors. Founded 200127, we service a diverse client base across Australia, Chris Young, Relationship Manager | A:innations, level 1 actively Blighcorporate Street, Sydney NSW 2000public | P: +61 2 9777 8609and | E:72,000 cyoung12@bloomberg.net W: bloomber GradAustralia and The Australian. 1approximately covering 120 sovereign 11,000 issuers, 21,000 finance issuers, a and The BOOTH Australian. BOOTH 6 East For than 25 years, Openlink (www.openlink.com) has been providing trading, treasury and risk management solutions for the Zealand, South Asia Europe. Newmore structured finance obligations. BOOTH 6 and world’s sophisticated corporates with exposure to the energy and commodities markets through their supply chains. BOOTHmost 7 Contact: Richard Hughes FFTP Contact: Richard Hughes Relations, FFTP Hector Lim,Ratings SVP -treasury Head ofworld’s Asia Media Communications | P: delivers +61.2.9270.8141 | E: brand hector.lim@moodys.com Address: Level 5, 66Pacific King Street, Sydney 2000 S&P Global is the leading ofSydney independent credit ratings. Our ratings are essential to driving growth, Address: Level 5, 66provider King Street, 2000 Combining deep expertise with innovative technology, Visual Risk a distinctive Openlink’s innovative solution helps clients break down organizational silos and instantaneously procurement, trading, Jo Young, Events and Outreach Manager | P: +61.2. 9270 8158 so | E:they joanne.young@moodys comconnect Phone: +61 2 9262 6969 Phone: +61 2 9262 6969 providing transparency and helping educate market participants can make decisions with confidence. We have more than of forward-looking risk analytics, asset-liability management, hedge accounting, cash and treasury treasury and risk across multiple asset classes and throughout the enterprise. Openlink provides this critical consolidated view of 1 Email: richard.hughes@visualrisk.com Email: richard.hughes@visualrisk.com A: Level 10, 1 O’Connell Street, Sydney NSW 2000 | W: moodys.com million creditWebsite: ratings outstanding government, corporate, financial sector and structured finance entities We offer enables clients to m Website: visualrisk.com visualrisk.com enterprise-wide treasury and risk on exposure on acommitment single platform. The Openlink Cloud platform, coupled withand our securities. advanced analytics, management software. Coupled with a deep to delivering market-leading client support BOOTH 6 an independent viewtake of the market built on the a unique combination of broad perspectiveand andmitigate local insight. We provide opinions huge data volumes, advantage ofand even most fleetingand market opportunities, risk. Openlink wasour named Bestactively Treasury www.visualrisk.com Risk is a risk; leading provider of risk management treasury software for both Corporate and Financial Services Founded in 2001 serviceAnalytics So and research service, this provides treasuries management aofcritical strategic edge. Visual Risk is aVisual leading provider of market risk management and with treasury software for bothinformation Corporate andto Financial Services sectors. Founded 2001 wewe actively service and about relative credit participants gain independent help support thesectors. growth ofintransparent, BOOTH 5 Treasury Management International’s 2016 Awards and topped the bobsguide Treasury Functionality Matrix in Treasury Management Systems Guide 20 a diverse client base across Australia, New Zealand, South East Asia and Europe. a diverse client base across Australia, New Zealand, South East Asia and Europe. Contact: Richard Hughes FFTP liquid debt markets worldwide. the global business andthan financial information news leader, gives influential decision makers a critical edge by RichardBloomberg, Hughes FFTP Openlink is proud to support more 38,000 users andand more than 600 clients worldwide. Address: Level 5, 66 King Street, Sydney 2000 Combining deep treasury expertise with innovative technology, Visual Risk delivers a distinctive brand of forward-looking risk analytics, asset-liability management, them to adeep dynamic network of information, people and Coupled ideas. Level 5,connecting 66 King Street, Sydney 2000 Combining treasury expertise innovative technology, Visual Risk delivers distinctive brandtoofdelivering forward-looking risk analytics, asset-liability management, hedge accounting, cashwith and treasury management software. with aadeep commitment market-leading client support and service, this Phone: +61 2 9262 6969 S&P Global Intelligence provides financial and data,with research, news andtoanalytics investment hedge accounting, cashtreasuries and treasury management software. Coupled a deep commitment delivering to market-leading client support and service, this Sarah Lewis,Market Marketing Director | P: +65 6593 0810 |aindustry E: sarah.lewis@openlink.com +61 2 9262 6969 provides and management with critical strategic edge. Email: richard.hughes@visualrisk.com provides treasuries and management with a critical strategic edge. professionals, agencies, corporations, and universities worldwide. The company’sgovernment strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg P richard.hughes@visualrisk.com Website: visualrisk.com service. enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribut visualrisk.com BOOTHBloomberg’s 3 S&P Global Ratings and S&P Market Intelligence divisions of effectively. S&P Global (NYSE: SPGI), which provides and manage data and information across organizations moreare efficiently and Moody’s Investors Service isFTA aGlobal provider of credit research, and risk Moody’s commitment 31 Conference 15-17 November 2017ratings, Sheraton Grand MirageFounded Resort - Gold Visual Risk is a leading provider oftreasury risk management and treasury software for bothanalysis. Corporate and Financial Services sectors. in Coast 2001 we activ SWIFT for Corporates offers aleading wide and growing of products and services for multi-banked essential intelligence for individuals, companies andrange governments to make decisions with confidence. a leading expertise provider of risk management and software for both Corporate and Financial Services sectors. Founded inGrand 2001 we actively service contributes to transparent and integrated financial markets, and the firm’s ratings and analysis track debt 31 base FTA Conference 15-17 November 2017 Sheraton Mirage Resort - Gold Coast a diverse client across Australia, Zealand, South East Asia and Europe. corporates to connect with banks financial through aNSW single, secure and reliable channel. Chris Young, Relationship Manager |East A:New level 27, 1institutions Bligh Street, Sydney 2000 | P: +61 2 9777 8609and | E:72,000 cyoung12@bloomberg.net | W: bloomber nt base across Australia, New Zealand, South and Asia and Europe. covering approximately 120 sovereign nations, 11,000 corporate issuers, 21,000 public finance issuers, Daniel Antman | A: Level 10,treasurers 60 Margaret Sydney NSWglobal | P: +61 03 96312145 | E: daniel.antman@spglobal.com | W: marketintelligence.spgloba SWIFT provides corporate andStreet, finance managers visibility on cash and trade, lowerofcost of structured finance obligations. Combining deep expertise with innovative technology, Visual Risk delivers a distinctive brand forward-looking risk analytics, asset-liability m eep treasury expertise with treasury innovative technology, Visualand Riskreliability delivers for a distinctive brand of forward-looking risk analytics, asset-liability management, financial and improved security their financial network. BOOTH 7transactions ministrator hedge accounting, cash and treasury management software. Coupled with a deep commitment to delivering market-leading client support and service, nting, cashBOOTH and treasury management software. Coupled with a deep commitment to delivering market-leading client support and service, this Hector Lim, SVP - Head ofworld’s Asia Pacific Media Relations, Communications | P: +61.2.9270.8141 | E: hector.lim@moodys.com S&P Global Ratings is themanagement leading provider ofstrategic independent Our ratings are essential to driving growth, 9treasuries provides with a critical edge.credit ratings. asuries andThomson with aand critical strategic edge. Jomanagement Young, transparency Events and Outreach Manager | P:market +61.2. 9270 8158 | E:they joanne.young@moodys comthey providing and professionals helping educate participants so can make decisions with confidence. Reuters provides with theand intelligence, technology and human expertise need to We find have more than 1 SWIFT is a global member-owned cooperative the world’s leading provider of secure financial A: Levelcredit 10, 1ratings O’Connell Street, Sydney NSW 2000 | W: moodys.com million on government, corporate, sector andaccounting, structured finance entities and to securities. offer that trusted answers. We outstanding enable professionals in the financial andfinancial risk, legal, tax and and media markets make theWe decisions messaging provide our community with a platform forbroad messaging and standards an independent viewWe of the built on a unique combination of perspective andshares local for insight. Weon provide our opinions matter most,services. all powered by market the world’s most trusted news organization. Thomson Reuters are listed the Toronto and New York communicating, and we offer products and services to facilitate access and integration, identification, and research relativeTRI). credit risk; market participants gain independent information to help support the growth of transparent, Stock Exchanges (symbol: BOOTH 5 about PARTNERS 31SUPPORTING FTA Conference 15-17 November 2017 Sheraton Mirage Resort analysis and financial crime compliance. Ourinformation messagingand platform, products andinfluential services decision connect more than liquid debt markets worldwide. the global business and financial news leader, gives makers a critical edge by onference Bloomberg, 15-17 November 2017 Sheraton Grand Mirage Resort - Grand Gold Coast Kate Parker | A: Level 10, 60 Margaret Street, Sydney | P:and +61ideas. 466 122 | E:customers kate.parker@tr.com | W: thomsonreuters.com 11,000 banking and organisations, marketNSW infrastructures and388 corporate in more than connecting them to a securities dynamic network of information, people range ofS&P products and services for multi-banked to connect bankstoand financialwww.swift.com institutions Global provides financial and corporates industry data, research, news with and analytics investment BOOTH 1 Market 200 countries and Intelligence territories, enabling them to communicate securely and exchange standardised financial professionals, government agencies, corporations, and universities worldwide. For more than 25 years, Openlink (www.openlink.com) has been providing trading, treasury and risk management solutions forfinancial the The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at of the core of the Bloomberg P IFT provides corporate treasurers and finance managers global visibility on cash and trade, lower cost messages in asophisticated reliable way.corporates As their trusted provider,towe facilitateand global and local financial flows, support world’s most with exposure the energy commodities markets through their supply chains. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, 30financial FTA Conference 15-17 November 2017 Sheraton Grand Miragedistribut Resort for theirservice. network. For more information, visit http:/ /corporates.swift.com/ trade and commerce all around the world; we relentlessly pursue operational excellence and continually S&P Global and S&P Global Intelligence divisions of effectively. S&P Global (NYSE: SPGI), which provides manage dataRatings and information acrossMarket organizations moreare efficiently and Openlink’s innovative solution helps clients down organizational silosdecisions and instantaneously connect procurement, trading, essential intelligence for individuals, companies and governments toinefficiencies. make with confidence. seek ways to lower costs, reduce risks andbreak eliminate operational treasury and risk across multiple and enterprise. Openlink provides this critical view of nd the world’s leading provider of asset secure financial messaging services. We our8609 community with a platform Chris Young, Relationship Manager | A:classes level 27, 1 throughout Bligh Street,the Sydney NSW 2000 | P:provide +61 2 9777 | E:consolidated cyoung12@bloomberg.net | W: bloomber enterprise-wide treasury and riskMargaret exposureStreet, on a single platform. Openlink Cloud platform, coupled with our advanced analytics, enables clients to m Antman |in A:Belgium, Level services 10,SWIFT’s 60 Sydney NSW |The P:integration, +61 03 96312145 | E:the daniel.antman@spglobal.com | W: marketintelligence.spgloba and we Daniel offer products and to facilitate access and identification, analysis and financial Headquartered international governance and oversight reinforces neutral, global huge data volumes, take advantage of even the most fleeting of market opportunities, and mitigate risk. Openlink was named Bestcrime Treasury Analytics So BOOTH 7 character of itsmore cooperative SWIFT’s global network ensuresTreasury an active presenceinfrastructures inMatrix all thein Treasuryand nd services connect than structure. 11,000 banking and securities organisations, market corporate Treasury Management International’s 2016 Awards and office topped the bobsguide Functionality Management Systems Guide 20 S&P Ratings issupport the world’s provider of independent credit ratings are essential to driving growth, BOOTH 9is proud Openlink tocommunicate moreleading than 38,000 users and more than 600ratings. clientsOur worldwide. majorGlobal financial centres. ories, enabling them to securely and exchange standardised financial messages in a reliable way. As providing transparency and professionals helping educate participantstechnology so they can make decisions withthey confidence. Thomson Reuters provides withmarket the intelligence, and human expertise need to We find have more than 1 al financial flows, support trade and commerce all| E:around world; relentlessly pursue operational excellence Sarah Lewis, Marketing Director |on P: government, +65 6593 sarah.lewis@openlink.com million credit ratings corporate, sector andwe structured finance entities and securities. offer that trusted answers. We outstanding enable professionals in the0810 financial andfinancial risk,the legal, tax and accounting, and media markets to make theWe decisions an eliminate independent view of the built most on a unique of broad perspective andshares local insight. Weon provide our opinions matter most, alloperational powered by market theinefficiencies. world’s trusted combination news organization. Thomson Reuters are listed the Toronto and New York risks and and research about relative credit risk; market participants gain character independent of information to help support the growth of transparent, Stock Exchanges (symbol: TRI). BOOTH 3 oversight governance and reinforces the neutral, global its cooperative structure. SWIFT’s global liquid debt marketsService worldwide. Moody’s Investors is a leading provider of credit ratings, research, and risk analysis. Moody’s commitment and he majorKate financial centres. Parker | A: Level to 10,transparent 60 Margaret Sydney NSW |markets, P: +61 466 122 | E: kate.parker@tr.com | W:debt thomsonreuters.com expertise contributes andStreet, integrated financial and388 the firm’s ratings and analysis track S&P Global Market Intelligence provides financial and industry data, research, news and finance analyticsissuers, to investment covering approximately 120 sovereign nations, 11,000 corporate issuers, 21,000 public and 72,000 professionals, government agencies, corporations, and universities worldwide. structured finance obligations. 30 FTA Conference 15-17 November 2017 Sheraton Grand Mirage Resort S&P Global and S&P Global Market Intelligence divisions of S&P Global (NYSE: SPGI),| which provides Hector Lim,Ratings SVP - Head of Asia Pacific Media Relations, are Communications | P: +61.2.9270.8141 E: hector.lim@moodys.com essential individuals, companies and governments to joanne.young@moodys make decisions with confidence. Jo Young,intelligence Events andfor Outreach Manager | P: +61.2. 9270 8158 | E: com
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ne: +61 2 9225 8102 Commercial Administrator Contact: Joanna Bertoline, il: joanna.bertoline@swift.com Phone: +61 2 9225 8102 bsite: swift.com Email: joanna.bertoline@swift.com Website: swift.com ut SWIFT for Corporates FT forSWIFT Corporates offers a wide and growing range of products and services for multi-banked corporates to connect with banks and financial institutions About for Corporates PARTNER DIRECTORY // 53 ugh a single, secure and reliable channel. SWIFT range provides corporateand treasurers finance managers global visibility on with cash banks and trade, lower cost of financial WIFT for Corporates offers a wide and growing of products servicesand for multi-banked corporates to connect and financial institutions sactionsaand improved and channel. reliabilitySWIFT for their financialcorporate network.treasurers For more information, visit http:/global /corporates.swift.com/ hrough single, secure security and reliable provides and finance managers visibility on cash and trade, lower cost of financial ransactions and improved security and reliability for their financial network. For more information, visit http://corporates.swift.com/ FT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform messaging standards for communicating, products and services facilitate access and integration, identification, analysis and financial WIFT is a and global member-owned cooperativeand andwe theoffer world’s leading provider ofto secure financial messaging services. We provide our community with acrime platform pliance. Our messaging platform, products and services more than 11,000 banking andaccess securities market infrastructures and corporate or messaging and standards for communicating, and we connect offer products and services to facilitate andorganisations, integration, identification, analysis and financial crime omers in more 200 countries and territories, them to communicate securely and exchange standardised financial messages in a reliable As ompliance. Ourthan messaging platform, products and enabling services connect more than 11,000 banking and securities organisations, market infrastructures andway. corporate rustomers trusted provider, global and financial flows, them support and commerce alland around the world; we relentlessly operational excellence in more we thanfacilitate 200 countries and local territories, enabling to trade communicate securely exchange standardised financialpursue messages in a reliable way. As continually wayswe to facilitate lower costs, reduce risks and eliminate inefficiencies. heir trusted seek provider, global and local financial flows,operational support trade and commerce all around the world; we relentlessly pursue operational excellence dquartered in Belgium, SWIFT’s international governance oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global nd continually seek ways to lower costs, reduce risks and and eliminate operational inefficiencies. e network ensures an active presence in all the major financial centres. Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global Equifax Australasia Ratings specialises in providing ffice network ensures presence in all the major financial centres.corporate credit ratings and counterparty BOOTH 2 an active Credit
EXHIBITORS
SUPPORTING PARTNERS
risk intelligence solutions. It is a leading domestic credit rating agency that provides credit ratings
OTH 10 BOOTH 1 Contact: Michiko Sano, Regional Marketing Manager For more than 25 years, Openlink (www.openlink.com) hasto been providing trading, treasury and risk management solutions for the corporates in Australia and New Zealand support critical business decisions across mid-market BOOTH 10on Phone: +81 Product 3 6432 4291 and (Japan) world’s mostinsurance, sophisticated corporates with exposure the energy and commodities marketsfinance). through their supply chains. tact: Junaid Khatri, Senior Manager the finance, corporate public sectorsto (including project and infrastructure Email: michiko.sano@iongroup.com ress: Level 15, 100 Arthur Street, Sydney Contact: Junaid Khatri, Senior Product Manager Companies are increasingly using Equifax’s issuer based ratings strengthen market perceptions andprocurement, trading, Openlink’s innovative solution helps clients down organizational silos and instantaneously connect Address: Angel Place, 123 Pitt Street,break Sydney, NSW 2000, to Australia ne: +61Level 475 15, 819 088 Address: 100 Arthur Street, Sydney treasury and risk across multiple asset classes and throughout the enterprise. Openlink provides this critical consolidated view of to support funding and finance activities. Phone: + 61 2 8239 8300 il: junaid.khatri@equifax.com Phone: +61 475 819 088 enterprise-wide treasury and risk exposure on a single platform. The Openlink Cloud platform, coupled with our advanced analytics, enables clients to m Website: iongroup.com/corporations/treasury bsite: equifax.com Email: junaid.khatri@equifax.com www.equifax.com huge data volumes, take advantage of even the most fleeting of and market and mitigate risk. Openlink was named Best Treasury Analytics So Whether you are looking for an issuer or counterparty rating, / oropportunities, a public or private assessment, Website: equifax.com Treasury Management International’s 2016 Awards and topped the bobsguide Treasury Functionality Matrix indesigned Management Systems Guide 20 ION Treasury is the largest provider of treasury and risk management solutions in the world. Its solutions are meet the needs of organizatio fax Australasia Credit Ratings specialises in providing corporate credit ratings and counterparty risk intelligence solutions. It is aTreasury leadingto domestic credit Equifax Credit Ratings provides highly credible, comprehensive and authoritative reports that stand up Openlink is proud to support more than 38,000 users and adoption. more than 600 clients worldwide. varying complexities and at different stages of technology With over more than 30 Itcountries, ION Treasury is also a powerfu ng agency that provides credit ratings on mid-market corporates in Australia & New Zealand to 1,250 support criticalinbusiness decisions the finance, insurance, Equifax Australasia Credit Ratings specialises in providing corporate credit ratings and counterparty riskclients intelligence solutions. is across a leading domestic credit to public andglobal political scrutiny. orateagency and public sectors (including project infrastructure finance). Companies are Zealand increasingly using Equifax’s issuer ratings to strengthen market shaping the treasury landscape. IONcorporates Treasury isinaAustralia division of ION, which dedicates over 40% of itsbased employee base tothe product innovation. ating that provides credit ratings onand mid-market & New to support critical business decisions across finance, insurance, It is the Sarah Lewis, Marketing Director | P:financial +65 6593 0810 breadth | E: sarah.lewis@openlink.com eptions and topublic support funding and finance activities. rate treasury provider that has the strength, of products, commitment continuous to deliver on treasury’s orporate and sectors (including project and infrastructure finance). Companies areand increasingly using to Equifax’s issuerinnovation based ratings to strengthen market diverse an needs. IONand Treasury’s erceptions technology and to support funding financeportfolio activities.of leading treasury products includes Wallstreet Suite, Reval, IT2, ITS, City Financials and Treasura, as well a ether you are looking for an issuer counterparty / or a public BOOTH tools and3services thatorspan across therating, entireand solution set. or private assessment, Equifax Credit Ratings provides highly credible, prehensive and up provider to company public and political scrutiny. Moody’s Investors Service astand leading of credit research, and risk analysis. Moody’s commitment and ETOS Limited areports treasury providing middle and back office treasury operations Whether you areauthoritative looking foris an issuer that orisoutsourcing counterparty rating, / or aratings, public or private assessment, Equifax Credit Ratings provides highly credible, expertise to transparent and integrated financial markets, firm’s ratings and analysis track debt omprehensive and authoritative reports that stand up toNew publicZealand and political scrutiny.andAthe support tocontributes a wide range of Australian and organisations. team of experienced treasury covering approximately 120 sovereign nations,a11,000 issuers, 21,000 public finance issuers, and 72,000 OTH 11 professionals ensures ETOS clients maintain leadingcorporate practice framework of controls and procedures structured finance obligations. BOOTH 11to manage their treasury risk and compliance. ETOS’ strength comes from its flexibility to tailor services tact: Sally O’Keefe CFTP/Lesley Mitchell CFTP Hector SVP -Street, Head Sydney of Asia Pacific Media Communications | P: +61.2.9270.8141 | E: hector.lim@moodys.com to meet clients’ needs. No two ETOSRelations, clients are the same. ress: Level 4,Lim, 447 Kentspecific NSW Contact: BOOTH Sally O’Keefe CFTP/Lesley Mitchell CFTP 1Events Jo Young, and Outreach Manager | (L) P: +61.2. 9270 8158 | E: joanne.young@moodys com BOOTH 4 ne: +61 2 9042 2686 (S) +64 21 289 1990 Address: For Level 4, 44725 Kent Street, Sydney(www.openlink.com) NSW EXHIBITORS EXHIBITORS more than years, Openlink been providing trading, treasury and risk management solutions for the A: Level 1 O’Connell Street, Sydney NSW 2000 | W:has moodys.com il: sally.okeefe@etos.com.au lesley.mitchell@etos.co.nz Phone: +61addresses 210, 9042 2686 (S)challenges +64 21 289 1990 (L) ETOS many faced byexposure Treasurers Financeand teams that include: world’s most sophisticated corporates with to and the energy commodities markets through their supply chains. bsite: etos.co.nz Contact: Steven Cunico FFTP, Partner Email: sally.okeefe@etos.com.au • Lack of in-house experience lesley.mitchell@etos.co.nz Address: 550 Bourke Street, Melbourne VICdown 3000organizational silos and instantaneously connect procurement, trading, Openlink’s solution helps clientsmiddle break Website: etos.co.nz BOOTH BOOTH 145 innovative BOOTH 14 S Limited is aSegregation treasury outsourcing company providing and back office treasury operations support to a wide range of Australian and New Zealand • of duties Phone: +61 3 treasury 9671 7024 treasury and risk across multiple asset classes and throughout the enterprise. Openlink provides thismakers critical of Bloomberg, the global business and financial information and office news leader, gives influential decision aconsolidated critical edgeview by nisations. A team of experienced professionals ensures ETOS clients maintain a leading practice framework of controls and procedures to manage ETOS Limited is a treasury outsourcing company providing middle andplatform. back treasury operations support to a wide range of Australian and New Zealand www.etos.co.nz • Key person risk Email: scunico@deloitte.com.au Contact: Lis Armstrong, Executive Manager, Marketing Contact: Lis Armstrong, Executive Manager, Marketing enterprise-wide treasury and risk exposure on a single The Openlink Cloud platform, coupled with our advanced analytics, enables clients to m connecting them to a dynamic network of information, people and ideas. rrganisations. treasury risk and compliance. ETOS’ strength comes from its flexibility to tailor services to meet clients’ specific needs. No two ETOS clients are the same. A team of experienced treasury professionals ensures ETOS clients maintain a leading practice framework of controls and procedures manageAnalytics So Phone: + 61 4998 3965 Phone: +2 61 2 4998 3965 of even the most fleeting of market opportunities, and mitigate risk. Openlink was named Bestto Website: deloitte.com.au huge data volumes, take advantage Treasury • Business continuity heir treasury risk and compliance. ETOS’ strength comes from its flexibility to tailor services to meet clients’ specific needs. No two ETOS clients are the same. Email: lisette.armstrong@mine.com.au S addresses many challenges facedInternational’s by Treasurers and Finance teams that include: Email: lisette.armstrong@mine.com.au Treasury Management 2016 Awards and topped the bobsguide Treasury Functionality Matrix in Treasury Management Guide 20 The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core ofSystems the Bloomberg P • Cost efficiencies Address: 9/20 Loftus Street, Sydney NSW Address: 9/20 Loftus Street, Sydney NSW ETOS many challenges faced by Treasurers and Finance teams that include: ack ofaddresses in-house experience Deloitte is the brand under which thousands of professionals collaborate across a network of offices around the world to provide audit, economics, fina Openlink is proud to support more than 38,000 users more than clientsleveraging worldwide. service. Bloomberg’s enterprise solutions build on the and company’s core600 strength: technology to allow customers to access, integrate, distribut Website: mine.com.au Website: mine.com.au • Regulatory compliance egregation of dutiesexperience advisory, human tax, and technology services. Deloitte Australia is committed to growth, client service, and its people, and the company continu • Lack of in-house manage data andcapital, information across organizations more efficiently and effectively. Sarah Lewis, Marketing +65 0810 E:expanding in innovative new services, products and people, while its business acquisitions, alliances and organic growth. ey Person Risk We’re an industry super fundDirector owned for| P: the exclusive benefit of| members. We’ve been a trusted partner providing retirement solutions for coal for 75 • Segregation of duties We’re an industry super fund owned for the 6593 exclusive benefit ofsarah.lewis@openlink.com members. We’ve been athrough trusted partner providing retirement solutions for workers coal workers for 75 years. years. usiness Continuity • Key Person Risk Chris Young, Relationship Manager | A: level 27, 1 Bligh Street, Sydney NSW 2000 | P: +61 2 9777 8609 | E: cyoung12@bloomberg.net | W: bloomber Deloitte is ranked as the number one Accountancy and Advisory graduate employer in the Top 100 Australian Graduate Employers 2017 survey undert ost Efficiencies BOOTH 3 • Business Continuity Now we’re openopen for to join, strong record of stable returns can be by even moremore people. Now we’re for anyone to meaning join, meaning our ratings, strong record of stable returns canenjoyed be enjoyed by even people. Fitch Ratings is aanyone leading provider of our credit commentary and research. to providing GradAustralia and The Australian. egulatory compliance Moody’s Investors Service is a leading provider of credit ratings, research, and riskDedicated analysis. Moody’s commitment and • Cost Efficiencies BOOTH 7 value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers expertise contributes and integrated markets, andratings. the firm’s debt growth, • Regulatory compliance S&P Global Ratings is to thetransparent world’s leading provider offinancial independent credit Ourratings ratingsand areanalysis essentialtrack to driving
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covering approximately 120 sovereign 11,000 corporateand issuers, 21,000 public financeThe issuers, and 72,000 global perspectives shaped by strong nations, local market experience credit market expertise.
providing transparency and helping educate market participants so they can make decisions with confidence. We have more than -1Gold Coast FTA Conference 15-17 November 2017 Sheraton Grand Mirage Resort structured finance obligations. additional context, perspective insights we provide help investors to make importantfinance credit entities million credit ratings outstandingand on government, corporate, financial sector and structured and securities. We offer BOOTH 1 15-17 32 FTA Conference November 2017 Sheraton Grand Mirage Resort - Gold Coast an independent of the market built on a unique combination of broad perspective and local insight. We provide our opinions judgments with view confidence.
Hector Lim, SVP Head Openlink of Asia Pacific Media Relations,has Communications P: +61.2.9270.8141 | E: management hector.lim@moodys.com BOOTH 15 BOOTH 15 For more than 25- years, (www.openlink.com) been providing |trading, treasury and risk solutions for the and research about relative credit risk; with market participants gain independent information to help support thesupply growth of transparent, Jo Young, and Outreach Manager | P:exposure +61.2. 9270 | E:and joanne.young@moodys com world’s most sophisticated corporates to the8158 energy commodities markets through their chains. BOOTH 6Events liquid debt markets worldwide. Contact: David Brooks, Director Contact: David Brooks, Director A: Level 10, 1 O’Connell Street, Sydney NSW 2000 | W: moodys.com FitchAddress: Group Level is a Level global leader inStreet, financial information services with operations in more than 30 Address: 15, 77 King Street, Sydney, NSW 2000down 15, 77 King Sydney, NSW 2000 organizational silos and instantaneously connect procurement, trading, Openlink’s innovative solution helps clients break Contact: Hughes FFTP countries. Fitch Group is 0346 comprised of: Fitch Ratings, a global leader in credit ratings and research; Phone: (02)Richard 8256 0346 / 0427 802 646 Phone: (02) 8256 /provides 0427 802 646 and S&P Global Market Intelligence financial and industry data, research, news andprovides analytics to investment treasury and risk across multiple asset classes throughout the enterprise. Openlink this critical consolidated view of Address: Level 5, 66 provider King Street, Sydney 2000 data, analytical Email: Email: BOOTH 5 david.brooks@fitchratings.com Fitch Solutions, adavid.brooks@fitchratings.com leading of credit market tools andCloud risk services; BMI professionals, government agencies, corporations, and universities worldwide. enterprise-wide treasury and risk exposure on a single platform. The Openlink platform, coupled with our advanced analytics, enables clients to m Website: fitchratings.com Website: fitchratings.com Phone: +61 2 9262 6969 Bloomberg, global business and of financial information and news leader, gives influential decision risk. makers a www.fitchratings.com critical edge by Best Treasury Analytics So Research, anthe independent provider ofeven country risk and industry analysis specializing in emerging and Openlink huge take advantage the most fleeting of market opportunities, and mitigate was named Email:data volumes, richard.hughes@visualrisk.com connecting them aprovider dynamic network information, people and ideas. S&P Global Ratings and S&P Global Market Intelligence are divisions ofDedicated S&PtoGlobal (NYSE: SPGI), which Fitch Ratings is a leading of credit ratings, commentary and research. Dedicated providing value beyond the rating through independent and and Systems Guide 20 Fitch Ratings is ato leading provider of credit ratings, commentary and research. to providing value beyond theprovides rating independent Treasury Management International’s 2016 Awards and topped the bobsguide Treasury Functionality Matrix in through Treasury Management frontier markets; and Fitch Learning, a of preeminent training and professional development firm. With Website: visualrisk.com prospective opinions, Ratings offers globalglobal perspectives by strong local market experience and credit market expertise. The additional context, prospective credit opinions, Fitch Ratings offers perspectives shaped by strong local market experience and credit market expertise. The additional context, essential intelligence forFitch individuals, companies and governments to make decisions with confidence. Openlink iscredit proud toin support more than 38,000 users andshaped more than 600 clients dualperspective headquarters London and New York, Fitch Group is majority owned by worldwide. Hearst. perspective and insights we provide help help investors to make important credit judgments with with confidence. The company’s strength –wedelivering data, news analytics through innovative technology, and insights provide investors toand make important credit judgments confidence. quickly and accurately – is at the core of the Bloomberg P Visual Risk is a leading provider of risk management and treasury software for both Corporate and Financial Services sectors. Founded in 2001distribut we activ service. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, Sarah Lewis, Marketing Director | P: +65 6593 0810 | E: sarah.lewis@openlink.com Daniel Antman | A: leader Level 10,Australia, 60 Margaret Street, Sydney NSW | P: +61 03 96312145 | E: daniel.antman@spglobal.com | W: amarketintelligence.spgloba Fitch Group is aand global in financial information services with operations inand more than 30 countries. FitchFitch Group is comprised of: Fitch Ratings, global leader a diverse client across New Zealand, South East Asia and Europe. Fitch Group isbase a information global leader inacross financial information services with operations ineffectively. more than 30 countries. Group is comprised of: Fitch Ratings, a global leader manage data organizations more efficiently in credit ratings and research; FitchFitch Solutions, a leading provider of credit market data, data, analytical toolstools and risk BMI Research, an independent provider of of in credit ratings and research; Solutions, a leading provider of credit market analytical andservices; risk services; BMI Research, an independent provider country risk3 and industry analysis specializing in emerging andtechnology, frontier markets; and Fitch Learning, aa preeminent training and professional development firm. firm. Withasset-liability country andtreasury industry analysis specializing in emerging and frontier markets; and Fitch Learning, a preeminent training and professional development With BOOTH Combining deep expertise with innovative Visual Risk delivers distinctive brand of forward-looking risk analytics, m BOOTH 9 risk Chris Young, Relationship Manager | A: level 27, 1 Bligh Street, Sydney NSW 2000 | P: +61 2 9777 8609 | E: cyoung12@bloomberg.net | W: bloomber dual headquarters in London and New York, Fitch Group is majority owned by Hearst. dual headquarters in London and New York, Fitch Group is majority owned by Hearst. Moody’s Investors Service isprofessionals a leadingmanagement provider of intelligence, credit ratings, research, risk analysis. Moody’s commitment hedge accounting, cash and treasury software. Coupled withand a deep commitment to delivering client support and service, Thomson Reuters provides with the technology and human expertise they need tomarket-leading find and expertise contributes to management transparent integrated financial and firm’s ratingscompanies and track debt provides treasuries with a critical strategic edge. FIS offers a leading liquidity and riskand management solution for insurance trusted answers. Weand enable professionals in the financial andmarkets, risk,corporations, legal, taxthe and accounting, andanalysis mediaand markets to make the decisions that BOOTH 7 covering approximately 120 nations, 11,000risk corporate issuers, Thomson 21,000management, public finance issuers, and on 72,000 matter most, all powered by sovereign the suite world’s most trusted news organization. Reuters shares are listed the Toronto and New York the public sector. The solution includes credit modeling,collections treasury risk S&P Global Ratings is the world’s leading provider of independent credit ratings. Our ratings are essential to driving growth, structured finance obligations. Stock Exchanges (symbol: TRI). analysis, cash management, payments system integration, andso payments delivered to We have more than 1 providing and helping educate market participants they can execution make decisions with directly confidence. BOOTH 16 transparency BOOTH 16 Hector Lim, SVP - Head of Asia Pacific Media Relations, Communications | P:and +61.2.9270.8141 | E:entities hector.lim@moodys.com corporations or Level via banking million credit outstanding on government, corporate, sector structured finance securities. We offer Kate Parker | ratings A: 10, 60 partners Margaret Street, Sydney NSW |financial P: +61 466 388 122 | E: kate.parker@tr.com | and W: thomsonreuters.com BOOTH 1Events Jo and Outreach | P: 9270 8158 | E: com insight. We an independent view of the on a +61.2. unique combination ofjoanne.young@moodys broad perspective and local provide ourSheraton opinionsGrand Mirage Resort 31Young, FTA Conference 15-17 November 2017 Contact: Franca Robutti, VP,market Sales & built Account Management Contact: Franca Robutti, VP,Manager Sales & Account Management For more than 25 years, Openlink (www.openlink.com) has been providing trading, treasury and risk management solutions for the A: Level 10, 1+61 O’Connell Street, Sydney NSW 2000 |in-house W: moodys.com Phone: 3+61 9982 5570 Phone: 3 9982 5570 and research about relative credit risk;from market participants gainsystems, independent information to help support the growth of transparent, The solutions help consolidate data multiple drive workflow and provide world’s most sophisticated corporates with exposure to the energy and commodities markets through their supply chains. Email:Email: franca.robutti@fisglobal.com franca.robutti@fisglobal.com liquid debt markets worldwide. connectivity to aLevel broad range of trading partners including banks, SWIFT,credit data providers, FX Address: Level 27, 385 Bourke Street, Melbourne 3000,3000, Victoria, Australia 30 Address: FTA Conference 15-17 November 2017 Sheraton Grand Mirage Resort 27, 385 Bourke Street, Melbourne Victoria, Australia Openlink’s solution helps clients break down organizational silos and connect procurement, trading, BOOTH 5 innovative Website: fisglobal.com Website: fisglobal.com platforms, money markets, and market data. The technology is supported by ainstantaneously fulland range of services S&P Global Market Intelligence provides financial and industry data, research, news analytics to makers investment treasury andthe riskglobal acrossbusiness multipleand asset classesinformation and throughout the enterprise. Openlink provides this critical aconsolidated Bloomberg, financial and news leader, gives influential decision critical edgeview by of delivered bythem experts, including managed cloud services, treasury operations management, professionals, government agencies, corporations, and universities worldwide. www.fisglobal.com FIS offers a leading liquidity and risk management solution for corporations, insurance companies andplatform, the public sector. Thewith solution suite includes creditcredit risk enables FIS offers adomain leading and riskexposure management for corporations, insurance companies and the public sector. The our solution suite includes risk enterprise-wide treasury and risk on solution a single platform. The Openlink Cloud coupled advanced analytics, clients to m connecting to aliquidity dynamic network of information, people and ideas. modeling,collections management, treasury analysis, cash management, system integration, payments execution delivered directly to modeling,collections management, treasury riskthe analysis, management, payments system integration, and payments execution delivered directly SWIFT administration, managed bank connectivity, bank onboarding, and vendor enrollment. huge data volumes, take advantage ofrisk even mostcash fleeting of payments market opportunities, andand mitigate risk. Openlink was named BesttoTreasury Analytics So corporations or viaorbanking partners. corporations viaand banking partners. S&P Global Ratings S&P Global Market Intelligence are divisions ofinnovative S&P Global (NYSE: SPGI), which Treasury Management International’s 2016news Awards topped the bobsguide Treasury Functionality Matrix in Treasury Guide 20 The company’s strength – delivering data, andand analytics through technology, quickly andprovides accurately – isManagement at the core ofSystems the Bloomberg P essential intelligence for individuals, companies and governments to make decisions with confidence. Openlink is proud toconsolidate support than 38,000 users and more than 600 worldwide. service. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, The solutions help help consolidate datamore from multiple in-house systems, drive workflow and clients provide connectivity to a broad range of trading partners including banks, The solutions data from multiple in-house systems, drive workflow and provide connectivity to a broad range of trading partners including banks, distribut SWIFT,credit data providers, FX platforms, money markets, and market data.data. Theand technology is supported by a full of services delivered by domain experts, manage data and information organizations more SWIFT,credit data providers, FXacross platforms, money markets, andefficiently market Theeffectively. technology is supported by arange full range of services delivered by domain experts, Daniel Antman |cloud A: Level 10, 60 Margaret Street, Sydney NSW |administration, P: +61 03 96312145 | E:bank daniel.antman@spglobal.com | W:vendor marketintelligence.spgloba Sarah Lewis, Marketing Director |treasury P: operations +65operations 6593 0810 | E: sarah.lewis@openlink.com including managed services, treasury management, SWIFT managed bank connectivity, bank bank onboarding, and vendor enrollment. including managed cloud services, management, SWIFT administration, managed connectivity, onboarding, and enrollment. Chris Young, Relationship Manager | A: level 27, 1 Bligh Street, Sydney NSW 2000 | P: +61 2 9777 8609 | E: cyoung12@bloomberg.net | W: bloomber BOOTH 9 3 BOOTH Moody’s Service isprofessionals a leading provider of intelligence, credit ratings, research, and analysis. Moody’s Thomson Reuters provides with the technology and risk human expertise they commitment need to find and BOOTH 7Investors expertise contributes to and integrated and the firm’s track debt trusted answers. Weisenable professionals in the financial andmarkets, risk, credit legal, tax and accounting, and media markets to make the decisions that S&P Global Ratings thetransparent world’s leading provider offinancial independent ratings. Ourratings ratingsand are analysis essential to driving growth, 33 33 FTA Conference 15-17 November 2017 Grand Mirage Resort - New Gold Coast FTA Conference 15-17 November 2017 Sheraton Grand Mirage Resort covering approximately 120 sovereign nations, 11,000 corporate 21,000 finance and 72,000 matter most, all powered byhelping the world’s mostmarket trusted news organization. Thomson Reuters shares areSheraton listed on the Toronto and YorkCoast providing transparency and educate participants soissuers, they can makepublic decisions withissuers, confidence. We have more than 1- Gold structured finance obligations. Stock (symbol: TRI). on government, corporate, financial sector and structured finance entities and securities. We offer millionExchanges credit ratings outstanding an independent view of the market builtMedia on a unique combination of broad| perspective and local |insight. We provide our opinions Hector Lim, SVP - Head Asia Pacific Communications P: +61.2.9270.8141 E: hector.lim@moodys.com Kate Parker | about A: Level 10,of60 Margaret Street, Relations, Sydney NSW | P: independent +61 466 388 122 | E: kate.parker@tr.com | W: thomsonreuters.com and research relative credit risk; market participants gain information to help Jo Young, Events and Outreach Manager | P: +61.2. 9270 8158 | E: joanne.young@moodys com support the growth of transparent, liquid debt markets worldwide. A: Level 10, 1 O’Connell Street, Sydney NSW 2000 | W: moodys.com
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S&P Market Intelligence provides financial 30 Global FTA Conference 15-17 November 2017 and industry data, research, news and analytics to investment BOOTH 5
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