EuroFinance Miami 2015

Wednesday 13 - Friday 15 May 2015
Trump National Doral Miami
Miami, US
Official lead &
global sponsor
Official sponsors
www.eurofinance.com/miami
Treasury steps up to the plate: Growing in times of disruption
EuroFinance’s 19th annual conference on
International Cash &
Treasury Management
Alec Ross
Author & Senior Advisor for
Innovation to Hillary Clinton
Jason Bristow
Chief Financial Officer Code42, US
Salim Ismail
Author – Exponential
Organizations, Founding Executive
Director Singularity University, US
TRADUCCIÓNAL ESPAÑOL
The leading international treasury event for the Americas
Transformation & technology sponsors

2 | The leading international treasury event for the Americas
Early bird discount Save up to $910
Book by Friday 20 March 2015
www.eurofinance.com/miami
Program highlights
In times of disruption, can treasury steer the right course?
Creating a strategic international treasury
Updates on treasury in Latin America
How can treasurers be sure they are choosing the right systems for their
businesses?
How regulations are affecting banks’ relationships with their customers
Cyber threats: don’t ignore!
Digital money: all you need to know about cryptocurrencies
Centralization strategies: the new way forward
What is a payment factory these days?
Approved for up to 15.8 CTP/CCM
recertification credits by the Association
for Financial Professionals.
Approved for up to 11.4 FPA
The leading international
treasury event for the Americas
“An extremely informative,
engaging, interactive event
that was well-planned and
well-executed.”
— Debbie Mendler
Manager of Treasury Services
B/E Aerospace, Inc.
Join our LinkedIn group:
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Why attend?
EuroFinance’s international Miami conference is the only treasury
event in the Americas with a truly global perspective.
It is the meeting place for high-level, international treasurers who want
to collaborate and share solutions.
If you are working in cash and treasury management and need to know
the latest international best practice, then this event is for you.
Treasury steps up to the plate:
Growing in times of disruption
Disruption. It is often the cue for a lot of talk, but little in the way of
constructive help. This EuroFinance event is different.
The challenge in today’s global marketplace is not change, it’s the collision
of so much change at once. So how do you prioritize? Satisfy the regulators
or your customers? Tackle the threat of cybercrime or invest in Big Data
analytics to get your growth strategy right?
In this three-day event, treasurers and other experts will explain the
concrete steps they are taking to deal with macro trends in business and
the economy, as well as the key treasury updates needed to maintain best
practice globally.
How can treasury skills be mobilized for the whole business? Can treasury
data unlock the opportunities hidden in disruption? And what specific
improvements are required to maintain treasury excellence in today’s
marketplace?
Find out at the leading international treasury event for the Americas.
13:00 Lunch
14:00 Validating and assessing
forecast results
• Reality checks and rules of thumb
• Sensitivity checks
• Scenario analysis and stress
testing
• Trends and changing business
circumstances
• Forecast accuracy
• Reports, metrics and feedback
loops
14:30 Best cash forecasting practices
• Tips and tricks
• Benchmarking
• Leveraging technology
• Case studies
15:30 Refreshment break
16:00 Enhancing corporate value using
cash forecasts in
• Day-to-day cash operations
• Risk management
• Working capital management
• Adapting to implications of
Basel III
17:30 End of course and presentation of
certificates
“The course fulfilled my
needs, providing the bigger
picture on cash management,
helping me understand the
business needs and the
rationale behind them.”
08:30 Registration and refreshments
09:00 Today’s treasury landscape
• Treasurer’s accountability in
context
• Risk management - effective
mitigation
• Liquidity – cash and debt
• Relationships – internal and
external
• Capabilities – to deliver
excellence
• Know your corporate context
10:00 Importance of cash forecasts
• Axioms of cash forecasts
• Changing priorities
• Objectives and uses of cash
forecasts
• Impacts of limited/no forecasting
10:30 Refreshment break
11:00 Basics of cash forecasting
• Core challenges
• Sources of data
• Data collection process
• Networks and connectivity
• Use of technology
• Key role of variance analysis
• Keep it simple
• Enrichment options over time
12:00 Effective forecast models
and tools
• Receipts and disbursements
method
• Imputed cash flow method
• Time horizons
• Process discipline
• Forecast templates
• Technology alternatives
• Analytics alternative
techniques
Introduction
This course will not only set
the context for and highlight
the importance of cash flow
forecasting in today’s complex
business environment, but will
also illustrate how to optimize
forecasting processes in order to
deliver value for your company.
Course outline
Objectives and uses of cash
flow forecasts
Accurate data collection
Constructing an effective
forecast model
Alternative techniques
Analysing the forecast
Linking cash flow
forecasting to working
capital management
The end game: increasing
shareholder value via cash
flow management
Tutor
Robert J. Novaria
EuroFinance Tutor
Consultant, US
Approved for up to 7.8 CTP/CCM/FPA
Pre-conference training
Tuesday 12 May 2015
Cash Flow Forecasting
ADVANCED LEVEL

Programme | At a glance Wednesday 13 – Friday 15 May 2015
DAY 1 | Plenary sessions
STREAM 1 STREAM 2 STREAM 3 STREAM 4
STREAM 1 STREAM 2 STREAM 3 STREAM 4
Anchoring the business,
growing the business
8:00am Registration, refreshments and exhibition opens
9:00am Welcome to the conference
9:10am Opening address
9:20am How to win when the playing field changes
9:50am Say goodbye to the golden era of tax
mitigation
10:30am Refreshment break Speakers’ Corner
11:10am Do you feel lucky? Then ignore cyber threats
12:00pm New rules, new game. Will banks still want you
on their team?
12:30pm Lunch
How the best survive and thrive
8:00am Refreshments and exhibition opens
9:00am Difficult choices on the road to longevity
9:40am Creating your own disruption: CFO in transition
11:00am And now in practice:
When disruption is a fact of life
11:40am Treasury verdict:
Taking treasury’s temperature
12:20pm Lunch
Opportunities in the storm
9:00am What is innovation and does it matter?
9:50am The real treasury technology debate
11:00am Banking on a brighter future
11:40am Digital money edges closer to the mainstream
12:20pm Conference ends – Please join us for lunch
The game plan: Lessons from
companies innovative in business,
innovative in finance
2:00pm Will you be forced to centralize
your treasury?
2:40pm Can you afford a new pool?
3:20pm Refreshment break
Speakers’ Corner
4:00pm Payment factory:
A worthwhile disruption?
4:40pm SWIFT or not?
5:20pm Adjourn to the Networking
Reception
The game plan: Lessons from
companies innovative in business,
innovative in finance
2:00pm Banking rationalization
the roadmap
2:40pm In-house banking:
An obvious step?
Speakers’ Corner
4:00pm OPEN SPACES
Ditching legacy systems:
A time bomb in treasury
5:20pm Adjourn to day 3
Best operational practice
in Latin America
2:00pm Macroeconomic perspectives:
The briefing
2:40pm Working capital management
in the region
Speakers’ Corner
4:00pm Time to start the
centralization journey: Really?
4:40pm Latin liquidity – dancing to the
local tunes
Reception
Best operational practice
in Latin America
2:00pm Keeping out of trouble with
better forecasting
2:40pm Spotlight on Mexico’s moment
Speakers’ Corner
4:00pm Please make your way to
stream 1, 3 or 4
Harvest low hanging fruit for an
international treasury
2:00pm FX management in global
markets: Strategic responses
2:40pm Making the most of the new
regulatory environment
Speakers’ Corner
4:00pm A cash management remodel
4:40pm Treasury in transformation
Reception
And the answer is:
The treasury wish list
2:00pm Keeping treasury real and
relevant
2:40pm Better metrics, better treasury
Speakers’ Corner
4:00pm Big data, big decision
4:40pm Strategic treasury: Turning the
dial up
Reception
Harvest low hanging fruit for an
international treasury
2:00pm Finding the game changer for
funding
2:40pm Another funding avenue:
Trade finance and the BPO
Speakers’ Corner
4:00pm OPEN SPACES
Working capital and the
supply chain avenues of
funding
And the answer is:
The treasury wish list
2:00pm Key challenges in spin-offs
and mergers
2:40pm Who really needs a mobile
treasury?
Speakers’ Corner
4:00pm How treasury can transform
the business
4:40pm Asset management for
treasurers?
PAG 5
PAG 7
PAG 9
PAG 11
PAG 13
OPEN SPACES
A new EuroFinance format with expert contributors
including economists, regulators, banks and a number
of corporates in a relaxed setting discussing topical
challenges and how to deal with them. Sit back and
listen or raise questions and add to the conversation
– the choice is yours.
Networking Reception, sponsored by:

The leading international treasury event for the Americas | 5
Anchoring the business, growing the business
This morning looks at the big trends that are forcing change. In times of disruption, can treasury steer the right course?
Chair: Robert J. Novaria, EuroFinance Tutor Partner, Treasury Alliance Group, US
8:00am Registration, refreshments and exhibition opens
9:00am Welcome to the conference
9:10am Opening address
Juan Pablo Cuevas, Head of Global Transactions Services, Latin
America the Caribbean, Bank of America Merrill Lynch, US
9:20am How to win when the playing field changes
What kind of company are you? Are you being swamped
by the revolution in technology – the global scrutiny of
social media, Big Data and the disruption to customer
behaviors and previously strong business models? It is
this simultaneous assault that makes today’s business
environment so challenging. And it affects different firms
in different ways. Incumbents face existential threats.
Innovators run to stand still, looking over their shoulders at
the latest start-ups. All the while, boards struggle to balance
today’s cash cows with tomorrow’s growth, and treasury and
finance struggle with the new realities of a less benign world.
How do firms manage this environment if they are to stay on
top of it?
Edd Dumbill, VP Strategy, Silicon Valley Data Science, US
9:50am Say goodbye to the golden era of tax mitigation
The rules of multinational income tax and regulation
are changing. The OECD, the EU, emerging markets
governments, and even the US are focused on effecting
significant international tax rule changes. Specific changes
being contemplated include addressing so-called stateless
income, and shifting of profits to low or no-tax jurisdictions
through intercompany transactions (including ‘aggressive’
practices in transfer pricing). And they want to redress the
information balance between corporates and governments
in tax affairs by demanding country-by-country income
reporting. These changes could significantly impact
companies’ global tax and legal infrastructures. What will
this mean for treasury? Even if regulations are watered
down, the golden era is over. What is the current state of play
with Dodd Frank and EMIR, for instance, and how will all this
affect treasury structures going forward?
Robert Royall, Partner, Financial Accounting Advisory
Services, Ernst Young, US
Sam Peterson, Senior Manager, FAAS – Derivatives
Commodities Markets, Ernst Young, US
Lee Holt, Partner, International Tax Services – Capital
Markets, Ernst Young, US
11:10am Do you feel lucky? Then ignore cyber threats
The real money in cybercrime these days is you. Not you the
person, you the enterprise. While scamming individuals is
still big business, the sophisticated cyber fraudsters have
turned their attention to emptying databases of customer
records, hacking payment services and supply chains and
blackmailing corporates with threats of web disruption and
worse. The advent of mobile treasury will open up another
front in the war. And it’s not just corporate giants that must
beware. Around half of all cyber-attacks target small and
medium-sized enterprises. These attacks do not just cause
immediate operational and reputational damage. The
costs of defense and the ongoing damage following attacks
is a significant profit leak. Cybercrime is no longer low
probability, high cost. Unless you are well prepared it is high
probability, high cost. In this session are the key threats and
the best ways to counter them.
Josh Goldfarb, Chief Security Strategist – Enterprise Forensics,
FireEye, US
12:00pm New rules, new game. Will banks still want you on
their team?
When treasurers talk about disruption, Basel III is not a
priority. It should be. Basel III fundamentally changes the
profitability of most banking products and so the desirability
of different types of transactions and clients. With hardly
the ink dry on Basel III, could Basel IV be on its way as
well? The relationship you have with your bank, with its
cross-subsidies and trade-offs, evolved over many years in a
different regime. The new regime may make your business
unattractive. In particular, changes to capital requirements
turn upside down the bank/corporate liquidity relationship.
Once treasurers who needed liquidity were prized, in future it
will be those who can provide it in the right form. In addition,
the new rules will redraw the map of which bank does
business where. To win in this new environment, treasurers
need to understand it and restructure the business they put
banks’ way to make sure they remain valued customers.
So what should they do? What impacts have already been
felt? And what is coming next? An expert analyst will open
this discussion with the lowdown on what specific banks
are doing. Real life examples will follow on how banking
relationships are changing and what to do about it.
Daniel L. Blumen, CTP, Partner, Treasury Alliance Group, US
12:30pm Lunch
2:00pm Conference breaks into streams

DÍA 1 | Sesiones plenarias Miércoles 13 Mayo 2015DAY 1 | Plenary sessions Wednesday 13 May 2015
08:00am Refrigerios y apertura de la exposición
09:00am Bienvenida a la conferencia
09:10am Palabras de abertura
Juan Pablo Cuevas, Head of Global Transactions Services,
Latin America the Caribbean, Bank of America Merrill
Lynch, US
09:20am Cómo ganar cuando hay cambios en el campo de juego
¿Qué tipo de compañía es la suya? ¿Está abrumado por
la revolución en la tecnología: el escrutinio global de las
redes sociales, Big Data y la alteración de los patrones de
comportamiento de los clientes y de modelos de negocios
anteriormente fuertes? Esta arremetida simultánea es la
que hace que el entorno de negocios de la actualidad sea tan
desafiante. Y afecta a las diferentes empresas de maneras
distintas. Quienes ocupan cargos de alta responsabilidad
enfrentan amenazas existenciales. Los innovadores corren
para mantenerse en pie, mientras mantienen la mirada fija
sobre las últimas start-ups. Al mismo tiempo, los directorios
luchan por equilibrar las operaciones actuales que generan
mayor flujo de fondos con el crecimiento a futuro; por su
parte, las tesorerías y los sectores de finanzas lidian con las
nuevas realidades de un mundo cada vez menos benévolo.
¿Cómo deben manejar este entorno las empresas para
mantenerse a la delantera?
Edd Dumbill, VP Strategy, Silicon Valley Data Science, US
09:50am Olvídese de la época dorada de la optimización fiscal
Las reglas del impuesto a la renta multinacional están
cambiando. La OCDE, la UE, los gobiernos de los mercados
emergentes y hasta los Estados Unidos están enfocados
en efectuar cambios significativos al régimen impositivo
internacional. Algunos de los cambios específicos que
están siendo contemplados incluyen el llamado ingreso
sin estado, y el movimiento de ganancias a jurisdicciones
con bajos impuestos a través de transacciones entre
compañías (incluyendo prácticas “agresivas” en los precios
de transferencia). Y quieren restablecer el equilibrio de
información entre empresas y gobiernos en los asuntos
fiscales exigiendo la presentación de informes país por
país. Estos cambios podrían afectar significativamente
la infraestructura fiscal y legal de las empresas a nivel
global. ¿Qué significa esto para la tesorería? Incluso si las
regulaciones son diluidas, la época dorada ha terminado.
¿Cuál es la situación actual con Dodd Frank y EMIR, por
ejemplo, y cómo afectará esto las estructuras de tesorería
de ahora en adelante?
Robert Royall, Partner, Financial Accounting Advisory
Services, Ernst Young, US
Sam Peterson, Senior Manager, FAAS – Derivatives
Commodities Markets, Ernst Young, US
Lee Holt, Partner, International Tax Services – Capital
Markets, Ernst Young, US
10:30am Pausa para refrigerio Speakers’ Corner
11:10am ¿Se siente con suerte? Entonces, ignore las amenazas
informáticas
En la actualidad, el verdadero dinero en los delitos
informáticos es usted. No usted como persona, sino como
empresa. Si bien engañar a particulares aún es un gran
negocio, los sofisticados estafadores informáticos han
redirigido su atención a vaciar las bases de datos de los
registros de clientes, hackeando los servicios de pagos y las
cadenas de suministro y chantajeando a las empresas con
amenazas de interrupción del servicio de Internet y otras
peores. El advenimiento de la tesorería móvil abrirá otro
frente de batalla. Y no son sólo los gigantes corporativos
los que deben estar atentos. Alrededor de la mitad de los
ataques informáticos están dirigidos a pequeñas y medianas
empresas. Estos ataques no solo causan un daño operativo
y reputacional inmediato, sino que también los costos
de defensa y el daño constante tras los ataques son una
importante pérdida de ganancias. El delito informático ya no
es cuestión de bajas probabilidades y alto costo. A menos que
esté bien preparado, es cuestión de alta probabilidad y alto
costo. En esta sesión se mencionarán las principales amenazas
y las mejores formas de contrarrestarlas.
Josh Goldfarb, Chief Security Strategist – Enterprise Forensics,
FireEye, US
12:00pm Nuevas reglas, nuevo juego. ¿Seguirán queriéndolo en su
equipo los bancos?
Cuando los tesoreros hablan de disrupción, Basilea III
no es una prioridad. Debería serlo. Basilea III cambia
fundamentalmente la rentabilidad de la mayoría de los
productos bancarios y, así, el atractivo de los diferentes tipos
de transacciones y clientes. Con la tinta aún fresca en Basilea
III, podría estar en camino Basilea IV? La relación que tiene
con su banco, con sus subsidios cruzados y transacciones,
evolucionó con los años en un régimen diferente. El nuevo
régimen puede hacer que su negocio sea menos atractivo. En
particular, los cambios en los requisitos de capital invierten
la relación de liquidez entre los bancos y las empresas. En su
momento, los tesoreros que necesitaban liquidez eran los más
preciados; en el futuro, lo serán los que puedan suministrarla
de la forma correcta. Además, las nuevas reglas rediseñarán
el mapa bancario, cuales operan y dónde lo hacen. Para ganar
en este nuevo entorno, los tesoreros necesitan comprenderlo
y reestructurar el negocio que plantean a los bancos para
asegurarse de que sigan siendo clientes valorados. Entonces,
¿qué deberían hacer? ¿Qué efectos ya se han hecho sentir?
Y ¿qué es lo que se viene? Un analista experto abrirá esta
discusión con la verdad sobre lo que bancos específicos están
haciendo. Luego seguirán ejemplos reales de cómo están
cambiando las relaciones bancarias y qué hacer al respecto.
Daniel L. Blumen, CTP, Partner, Treasury Alliance Group, US
12:30pm Almuerzo
2:00pm La conferencia se divide en secciones

Afianzamiento y crecimiento del negocio
Esta mañana examina las principales tendencias que están forzando el cambio. En tiempos de disrupción,
¿puede la tesorería elegir el rumbo adecuado?

The game plan: Lessons from companies innovative in business, innovative in finance
Chair: Andrew Hay, Global Treasury Risk Management Executive, Former Assistant Treasurer, Operations, Goodyear, US
2:00pm Will you be forced to centralize your treasury?
Centralization is an old treasury chestnut, but it
has a new answer. In the past, arguments over
the extent of centralization revolved around cost
and complexity, the risks involved in reliance on
a limited group of banks and suppliers and the
internal battles with local operations. This is no
longer a viable argument. Changes in the external
environment have been rapid and aggressive such
as the regulatory response to the financial crisis
and multinational tax mitigation. The internal
environment – including technological changes
supporting treasury processes and demands of
various stakeholders (finance, FPA, business units)
within the organization also combine to mean that a
centralized treasury operation is in the best position
to ensure consistency of process and controls and
to maintain necessary compliance. This company
believes that the value of running centralized
treasury operations is compelling and the risks in
running a decentralized operation is increasingly
unacceptable. An organization-wide view of critical
aspects such as counterparties, exposures, best
practices is best executed by a centralized treasury
team. Hear how it optimized treasury bandwidth and
leveraged expertise and relationships.
David Nelson, Vice President Investor Relations
Treasurer, Cognizant, US
2:40pm Can you afford a new pool?
Good liquidity management is aggregation of
transactions into as few locations, accounts and
cash movements as possible, and of cash into as
few pools as possible. So should it stand to reason
that a global cash pool, for major currencies at
least, is a must-have for any MNC? The ideal for
some companies would be to eliminate local cash
pools and use a system of automated sweeps that
would also consolidate multiple finance companies
and pool-header accounts into a single offshore in
house bank. This maximizes visibility, control and
interest efficiency. The set-up is complex and costly,
and a harsher regulatory environment in banking
and tax is complicating the decision and introducing
uncertainty into current structures. This company
explains why pooling is still the right decision, how
they implemented and control their process and how
they will anticipate regulatory change.
Jean-Michel Harlepin, Treasurer,
Vinci Finance International, Belgium
3:20pm Refreshment break Speakers’ Corner
4:00pm Payment factory: A worthwhile disruption?
What is a payment factory nowadays and what is it
good for? This company asked the same questions
back in 2012 after its board approved a five year
roll-out of SAP as its global ERP. Using the new ERP
as a treasury management system opened up the
possibility of further integration and a payment
factory became the next logical step. The goals set
included centralizing payment transaction execution
and increasing visibility and control of cash flows
via a service bureau. Also, the company wanted to
achieve a single channel between the ERP and banks
at the same time as optimizing both the number of
bank relationships and bank accounts. However,
achieving these benefits required a root-and-branch
reform of the existing way of executing payment
transactions and also the buy-in from subsidiaries
who don’t always relish giving up control over their
cash. Learn how this company varies between
EBICS (Electronic Banking Internet Communication
Standard) and SWIFT to connect to their banks of
choice, and why they went for a service bureau. What
lessons have been learned based on experience from
several roll-outs during the first two years?
Janko Hahn, Head of Treasury Operations, Autoneum,
Switzerland
4:40pm SWIFT or not?
It should be a no-brainer. If you are multi-banked
and operate in several geographies, SWIFT
might be the obvious choice for visibility, bank
connectivity and security. It provides straightforward
connectivity for corporates these days. The discipline
it imposes on treasury creates better processes
and spurs straight-through processing and further
centralization. And its additional products enhance
the package. So are there any obstacles? Costs have
come down which should be an added impetus.
Here is a look at the pros and cons, including the
alternatives.
John Taboada, Director Latin America, SWIFT, US
5:20pm Adjourn to Networking Reception sponsored by
Strategic Treasurer and Fides
DAY 1 | Stream 1 Wednesday 13 May 2015
Treasury Perspectives
EuroFinance’s annual publication
Download the app for FREE!
Treasury Perspectives, the annual publication from EuroFinance,
is available for you to download. 52 pages packed with insights
on treasury strategy, funding, risk cash management, regulation,
connectivity and global trends.
www.treasuryperspectives.com
Conference venue and accommodation
Trump National Doral Miami
4400 N.W. 87th Avenue, Miami, FL 33178, US
For preferential rates please book through Zibrant, our official
accommodation bureau at www.zibrant.com/efc. As space is
limited, we advise you to reserve your room as soon as possible.
+44 (0)1332 285 518 | eurofinance@zibrant.com

DÍA 1 | Sección 2 Miércoles 13 Mayo 2015DAY 1 | Stream 2 Wednesday 13 May 2015
2:00pm Perspectivas macroeconómicas: un panorama general
A primera vista, la historia económica de Latinoamérica
es desalentadora. La retracción del boom post-
commodities no fue una sorpresa, pero sí lo fueron las
constantes bajas en las previsiones económicas del
2014, con el crecimiento regional que actualmente se
prevé en torno al 2,2 %. No obstante, una mirada más
atenta revela una sorprendente división: el crecimiento
del PBI entre los miembros de la Alianza del Pacífico
(Chile, Colombia, México y Perú) llegará al 4 % este año,
mientras que los tres principales países del Mercosur
(Argentina, Brasil y Venezuela) llegarán a un exiguo 0,6
%. Esta división entre el Atlántico y el Pacífico refleja
un problema mayor. La abundancia de commodities
ha generado ineficiencia y ha impedido aprender las
lecciones del pasado. Las reformas del libre mercado
en otras partes prueban este argumento, y lo refuerzan
las inversiones extranjeras directas y las calificaciones
crediticias. Entonces, ¿cuáles son las perspectivas?
¿Podrá contrarrestarse el impacto negativo del alza de
las tasas estadounidenses mediante el fortalecimiento
correspondiente de su economia? ¿Qué pasa con China?
El brote de elecciones en la región complica las cosas,
pero ¿continuará la división actual?
José Juan Ruiz, Chief Economist, Inter-American
Development Bank, US
2:40pm Gestión del capital de trabajo en la región
El crecimiento latinoamericano se desaceleró mucho
en el 2013 y el rendimiento económico de la región en
el 2014 puede llegar a ser el peor desde el 2009. La
economía de Brasil está deprimida, y las estimaciones
para el 2015 en otros países también pueden incluir
previsiones negativas. Al mismo tiempo, la inflación crece
poco a poco. Sin embargo, la mayor preocupación es que
un fortalecimiento de la recuperación estadounidense
implique incrementos de las tasas en el 2015. Esta
combinación del empeoramiento del panorama crediticio
y el incremento de los costos de endeudamiento hace
que los tesoreros se enfoquen en la gestión activa del
capital de trabajo. En Latinoamérica, esto implica no
solo abordar los temas clásicos de la gestión del capital
de trabajo, como la mejora de los ciclos de conversión de
efectivo, el factoraje y la automatización, sino también el
financiamiento y la gestión del riesgo del gasto de capital.
También implica investigar fuentes de financiamiento
comunes en otros lugares pero que aún no han sido
adoptadas en la región, como el leasing.
Ana Lessa, Senior Treasury Director Latin America,
Pepsico, Mexico
3:20pm Pausa para refrigerio Speakers’ Corner
4:00pm Es hora de comenzar el viaje de la centralización: ¿de
verdad?
La mayoría de las empresas más grandes de la región
no tienen tesorerías verdaderamente centralizadas.
Reconocen que las condiciones locales exigen
conocimientos especializados locales y, en algunos
casos, evitan la verdadera centralización. Pero eso no
quiere decir que los tesoreros no puedan lograr muchos
de los mismos beneficios. Solo quiere decir que tienen
que ser más creativos y dividir la centralización en sus
componentes. La estandarización de procesos y la
consolidación de información son posibles en la región y
se han utilizado para mejorar la previsión de efectivo, la
gestión de cuentas por cobrar y la racionalización de las
cuentas bancarias. Las empresas pueden instalar centros
de tesorería regional en lugares como Panamá. Muchas
han instalado Centros de Servicios Compartidos en
Costa Rica y/o han tercerizado funciones a proveedores
independientes. Entonces, ¿cuáles son los beneficios de
este enfoque en etapas? ¿Funciona centralizar la toma
de decisiones, pero dejar la ejecución a gerentes locales?
¿Cuál es la mejor combinación de socios bancarios locales
e internacionales, considerando que no existen bancos
regionales? En esta sesión, se abordarán las mejores
maneras de gestionar la tesorería en la región.
Hernan Rivera, Head of Finance Region AAN, Siemens,
Colombia
4:40pm Liquidez latina: bailando al compás local
Las empresas de Latinoamérica, como todos, quieren
reducir la dependencia del crédito bancario y mejorar sus
procesos de gestión de la liquidez. Sin embargo, con una
mezcla de controles de capital, regulaciones impositivas
y limitaciones sobre redes y fondos comunes entre
empresas, puede parecer difícil lograr algo como mejores
prácticas globales. Pero esta afirmación no es totalmente
precisa. El efectivo de un gran porcentaje de los países de
la región puede concentrarse en un cash pooling regional
o global. Pueden diseñarse estructuras que funcionen en
regímenes liberales, semirrestringidos y restringidos para
permitir la concentración de efectivo y la optimización
de los intereses generando los mismos beneficios que
pueden lograrse en cualquier otro lugar. Los cash pools
locales generan sus propios problemas: aspectos
regulatorios e impositivos suelen guiar la política de
inversión y la elección de las contrapartes.
Yosymar Vasquez, Regional Treasury Manager – Latam,
AkzoNobel, Brazil
5:20pm Recepción de networking de tesorería sponsored by
2:00pm Macroeconomic perspectives: The briefing
At first glance, the economic story in Latin America
is dispiriting. The post-commodity boom slowdown
was no surprise, but the continual downgrades to
economic forecasts in 2014, with regional growth
now expected at around 2.2% was. But a closer
look reveals a startling division: GDP growth among
Paciﬁc Alliance members (Chile, Columbia, Mexico,
Peru) will top four per cent this year, Mercosur’s
big three (Argentina, Brazil, Venezuela) a meagre
0.6 per cent. This split between the Atlantic and
Pacific reflects a deeper problem. Commodity
wealth has bred inefficiency and left the lessons of
the past unlearnt. Free market reforms elsewhere
prove the point, with everything from FDI to credit
ratings reinforcing it. So what is the outlook? Will
the negative impact of rising US rates be countered
by the corresponding strengthening of the US
economy? What about China? A rash of elections in
the region complicates matters, but will the current
split continue?
José Juan Ruiz, Chief Economist, Inter-American
Development Bank, US
2:40pm Working capital management in the region
Latin American growth slowed to a crawl in 2013
and the region’s economic performance in 2014 may
be the worst since 2009. Brazil’s is downbeat, and
estimates for 2015 in other countries may also see
downgrades. At the same time, inflation is ticking up.
The biggest worry though is that a strengthening US
recovery means rate rises over 2015. This combination
of a worsening credit picture and rising borrowing
costs is focusing treasurers on active working capital
management. In Latin America this means not only
addressing classic WCM issues such as improving
cash conversion cycles, factoring and automation,
but also the funding and risk management of capital
expenditure. It also means investigating sources of
funding common elsewhere but which have not yet
taken off here, such as leasing.
Ana Lessa, Senior Treasury Director Latin America,
Pepsico, Mexico
4:00pm Time to start the centralization journey: Really?
Most of the largest companies in the region do not
have truly centralized treasuries. They recognize
that local conditions require local expertise and
in some case prevent true centralization. But that
doesn’t mean treasurers cannot achieve many
of the same benefits. It just means they have to
be more creative and break centralization down
into its components. Process standardization and
information consolidation are possible across the
region and has been used to improve cash forecasting,
receivables management and rationalize bank
accounts. Companies can set up regional treasury
centers in locations such as Panama. And many have
established SSCs in Costa Rica and/or outsourced
functions to third-party providers. So what are the
benefits of this phased approach? Does centralizing
decision-making but leaving execution to local
managers work? What is the best mix and match of
local and international banking partners, given that
there is no regional bank? In this session we hear the
best ways to manage treasury in the region.
Hernan Rivera, Head of Finance Region AAN,
Siemens, Colombia
4:40pm Latin liquidity – dancing to the local tunes
Companies in Latin America, like everyone else,
want to reduce reliance on bank credit and improve
their liquidity management processes. However,
with a mix of capital controls, tax regulations and
limitations on inter-company netting and pooling, it
may seem too difficult to achieve anything like global
best practice. But that is not wholly accurate. Cash
from a large percentage of the countries in the region
can be pooled to a global or regional pooling center.
Structures can be put in place that suit the liberal
regimes, the semi-restricted and the restricted to
allow cash concentration and interest optimization
that brings the same benefits as are achievable
elsewhere. Local cash pools create their own issues:
tax and regulatory issues often drive investment
policy and counterparty choice.
Yosymar Vasquez, Regional Treasury Manager –
Latam, AkzoNobel, Brazil
5:20pm Adjourn to Networking Reception sponsored by
Best operational practice in Latin America
Chair: Patrick Peters-Bühler, EuroFinance Tutor CFO, Mercon Coffee Corporation, US
Mejor práctica operativa en Latinoamérica

DAY 1 | Stream 3 Wednesday 13 May 2015 DAY 1 | Stream 4 Wednesday 13 May 2015
2:00pm FX management in global markets:
Strategic responses
Foreign exchange volatility is an ongoing concern for
treasurers. But perhaps a bigger worry is the possibility
of sudden, sharp depreciations and devaluations –
once a regional specialty, lately much rarer. The two
risks require different approaches and different hedge
instruments and complicate an already complicated
picture. The structure of many corporates across their
global entities means that reducing cash flow at risk
and reducing earnings risk requires careful attention to
the exposures being hedged. The performance of static
hedges, rolling hedges and a more layered approach
must be evaluated. And structural issues in a number
of key markets mean that simple hedges are often
overly expensive – and that is without even considering
local tax rules. So what strategies and techniques
are treasurers using today? Which exposures most
concern them? And is it best to leave decisions to local
operations, or is centralization and global decision-
making better?
Jim Colby, Assistant Treasurer, Honeywell International,
US
2:40pm Making the most of the new regulatory environment
SEPA, MIFID II, Dodd-Frank, EMIR, Basel III, BEPS –
they’re basically bad news, right? They threaten corporate
access to key financial products, raise the price of others
and are causing untold damage to existing business and
financial structures. But there is another way of looking
at them. All these new rules force treasurers – and boards
– to look in extreme close-up at their existing operations
to ensure that they can adapt to the new world. This
scrutiny is an opportunity to identify inefficiencies, to
change processes to make use of positive regulatory
change like SEPA and to drive modernization throughout
organizations. This company has already benefited from
its response to SEPA in Europe and to Basel III and is
using the lessons learned globally.
Matt Jones, Head of US Financial Institutions Cash
Management Group, BlackRock, US
Jim Colby, Assistant Treasurer, Honeywell International,
US
Gregory Kavanaugh, Global Head of Liquidity
Investments GTS Revenue Management, Bank of
America Merrill Lynch, US
2:00pm Keeping treasury real and relevant
So, treasury is embedded in the strategic infrastructure
of the business. The treasury mindset is now accepted
as that required by senior management, struggling
with complexity, and needing process as well as
vision. Treasury supports all key corporate decisions
– acquisitions, funding, cross-border expansion. And
treasury is a central repository of data and intelligence
that can generate growth ideas as well as satisfy the
regulators. So is today’s treasurer a sort of operational
CFO? A deputy CFO? Tomorrow’s CFO? It is beyond
doubt that the role of the treasurer has changed
dramatically over the past decade. But has the way
treasury is measured and rewarded kept pace? If
companies continue to elevate process and efficiency
as the backbone of success, how will that change the
balance between the business and finance within firms?
Jill Walsh, Global Treasury Operations, Bose, US
Cristina Pintado, Director, Global Cash Management
Sales Americas, Deutsche Bank, US
2:40pm Better metrics, better treasury
It’s an old observation, but true all the same: if you can’t
measure it, you can’t manage it. Developing appropriate
treasury metrics has been a slow and difficult process,
and there are areas of treasury activity which may not
be susceptible to quantitative evaluation. However,
some KPIs are better than none. So how effective is
your cash forecast and what are the costs of getting
it wrong? How effective are your FX and interest rate
hedges? Do you know if the cost of the products you buy
from your banks is competitive? What is your potential
future counterparty risk? As well as KPIs, you need easy
access to them, good control of the variables that drive
them and, ideally, metrics that update themselves as
conditions change. A treasury dashboard can be the
answer. How did this company do it? Hear how they
set goals and identified meaningful and measurable
indicators that are in line with the organization’s
strategic goals. How has this improved treasury
performance?
Jean Furter, VP Treasurer, Brocade, US
4:00pm A cash management remodel
This company, with finance teams in Europe, Asia and
America embarked on a company-wide initiative to
standardize processes, increase efficiencies and gain
the ability to become more nimble across its regions.
It was struggling with a highly decentralized banking
approach that was causing headaches over funding
multiple accounts and complying with regulatory
issues. It was able to reduce to one global and a handful
of local banks for cash. The overhaul also included
enhancing payment processes and to standardize and
automate cash reconciliation and the company has other
projects planned for this year including new cash-flow
forecasting operations.
Priti Kartik, Senior Manager, Treasury, Logitech, US
4:40pm Treasury in transformation
Current operating models may no longer be relevant
for treasury. Economic pressures, new markets and
changing demographics as well as regulatory and
tax change bring disruption. Cost cutting, efficiency
demands and the need for greater and quicker access
to data to support senior management decision-
making are forcing treasurers to rethink these models.
What are some of the appropriate tools to help in this
transformation? How far can shared service centers be
leveraged? At what point do in-house banks and regional
or international treasury centers make sense and what
are the alternatives? Where can treasury technology
assist in the hunt for value? This session will look at the
uses and value of core treasury structures as well as how
to determine their feasibility for your company. If you
already employ some of these solutions, how can they
be made ever more efficient and relevant to a changing
environment?
Robert Baldoni, Global Treasury Advisory Services Leader,
Ernst Young, US
Mark Allen, Director Finance, Ernst Young, US
5:20pm Adjourn to Networking Reception
sponsored by Strategic Treasurer and Fides
4:00pm Big data, big decision
Is Big Data must-have or nice-to-have? Well, chances
are, you’ve got it anyway. Most of the ‘data’ on the
planet was created in the last two years, and it will
double every two years too. Your systems, and those
of everyone in your supply chain, are already filled
with structured and unstructured data that may
contain new and valuable patterns that can help
with treasury or the wider business. The trouble is,
you won’t know unless you invest in the systems
capable of telling you. The possible upsides are new
products and services, defense against disruptive
competitors and ways to better serve customers.
The downside is the expense and possible disruption
caused by implementing complex systems and
interpreting the results. So how can businesses find
a proof of concept? How does treasury fit in?
Rebecca Guffey, CTP, International Treasury Manager,
JAS Worldwide Management, US
Eliud Polanco, Global Head of Analytics Data
Operations, HSBC Global Banking Markets, US
4:40pm Strategic treasury: Turning the dial up
With increasing centralization not being met by
increasing resources, it’s no surprise that treasurers find
it a challenge to turn their minds to strategic planning.
One key is the right focus on what treasury does well.
Treasurers can still use their limited time to add value
by focusing on core areas of expertise - particularly in
funding. That means getting to the discussion table
early with working capital improvements, looking hard
at the right capital structure mix and at strategically
appropriate FX and interest rate hedging. All this and
communicating the strategy effectively to investors and
the board. Hear how this treasurer has achieved the
balance better.
James Kelly, Head of Treasury, Rentokil Initial, UK
5:20pm Adjourn to Networking Reception
sponsored by Strategic Treasurer and Fides
Harvest low hanging fruit for an international treasury
Chair: Dennis A. Tosh, Independent Treasury Executive former Director, Global Trading, Risk Management,
Banking Treasury Governance, Ford Motor Company (Retired)
And the answer is: The treasury wish list

DÍA 2 | Sesiones plenarias Jueves 14 Mayo 2015DAY 2 | Plenary sessions Thursday 14 May 2015
How the best survive and thrive
This morning looks at how companies can and are charting a course for the future based on change.
9:00am Difficult choices on the road to longevity
How do companies survive periods of intense
dislocation? Meet Alec Ross. He advises the political
elite about technology and innovation and geopolitics.
Hear his views on how companies should understand
our changing world. How can businesses seize
the opportunities that will come from large-scale
transformation in industries and markets? How will
robotics and machine learning impact employment?
What will the weaponization of cyberspace mean
for companies? This author was Senior Advisor
for Innovation to former Secretary of State Hillary
Clinton and to Barack Obama for two years of his first
presidential campaign. Ross will take you on a journey
to show where best to invest your business’ time and
how to survive and thrive.
Alec Ross, Author Senior Advisor for Innovation
to Hillary Clinton
9:40am Creating your own disruption: CFO in transition
This speaker made the transition from group treasurer
of a large well-established web-based company (that
was once itself a start-up business that significantly
disrupted an industry), to the CFO of a small, nimble
and fast-growing company. With the benefit of not
having the legacy systems and thought processes of
an older player he has had the chance to build from the
ground up. This company is considerably smaller, and
that means the finance team gets oversight over many
different corporate functions from HR, legal, supply
chain and more. With a dynamic attitude of ‘best idea
wins’, there’s scope for broadening the traditional role
and stepping out of traditional comfort zones. How has
a wide treasury background informed the choices he’s
made and what lessons can he share?
Jason Bristow, CFO, Code42, US
9:00am Elecciones difíciles en el camino a la longevidad
¿Cómo hacen las empresas para sobrevivir períodos de
disrupción intensos? Conozca a Alec Ross. Él aconseja
a la élite política sobre tecnología e innovación
y geopolítica. Escuche sus puntos de vista sobre
cómo las empresas deben entender nuestro mundo
cambiante. ¿Cómo pueden las empresas aprovechar
las oportunidades que vendrán de la transformación
a gran escala en las industrias y los mercados?
¿Qué impacto tendrán la robótica y el aprendizaje
de máquinas sobre el empleo? ¿Qué consecuencias
tendrá la armamentización del ciberespacio para
las empresas? Este autor fue Asesor Principal de
Innovación para la ex Secretaria de Estado Hillary
Clinton y para Barack Obama durante dos años de su
primera campaña presidencial. Ross le llevará en un
viaje para mostrarle dónde es mejor invertir el tiempo
de su negocio y cómo sobrevivir y prosperar.
Alec Ross, Author Senior Advisor for Innovation
to Hillary Clinton
9:40am Creando su propia disrupción: CFO en transición
Este orador hizo la transición de Tesorero de una
gran empresa basada en la web (que en su momento
también fue una empresa nueva que trastocó
significativamente una industria), a CFO de una
empresa pequeña, ágil y de rápido crecimiento. Con la
ventaja de no haber heredado sistemas o procesos de
pensamiento de una empresa anterior, ha tenido la
oportunidad de construir desde cero. Esta empresa es
considerablemente más pequeña, y eso significa que
el equipo de finanzas recibe supervisión sobre muchas
funciones corporativas diferentes de parte de recursos
humanos, legal, cadena de suministro y otros. Con una
actitud dinámica de ‘la mejor idea gana’, hay margen
para ampliar el rol tradicional y salir de las zonas de
confort tradicionales. ¿Cómo una amplia experiencia
en tesorería ha podido ilustrar las elecciones que ha
hecho y qué lecciones puede compartir?
11:00am And now in practice: When disruption is a fact of life
Sector-leading firms have faced existential threats
before and emerged stronger than ever. One reason
is that they are able to manage existing businesses
without becoming enslaved by them. They confront
cannibalization. They select the innovations that
are right for their sector and situation. They take
difficult decisions with today’s cash cows if they
cannot be integrated into new business models. But
they do not focus on the future at the expense of the
present. Businesses must adapt to new technological
developments, globalization, regulatory attacks and
changes in the financial system, but they must also
maintain stability and viability. This requires real
management, as threats can be seen as reasons to
suspend normal spending, ROI and business planning
KPIs and to lose sight of prudent risk management.
Mark Kirkland, Group Treasurer, Constellium, Switzerland
11:40am Treasury verdict: Taking treasury’s temperature

For this year’s event, we have advance polled you on
the key topics facing treasurers, with an emphasis on
your role as your company’s guide through the
current maelstrom of change. We have collated your
responses and our panel of treasurers will reveal your
answers on some of the key issues you have voted on.
Share your thoughts with your peers and colleagues
by voting in this session on key trends, risks and
opportunities in Asia. Join this up-to-the minute
discussion and help us delve deeper into your
thoughts and the issues faced by you and your peers.
Sponsored by:
Marcelo Habibe, Treasurer, Fibria, Brazil
Suresh Subramanian, Head of Global Transaction
Banking, BNP Paribas, US
12:20pm Lunch
2:00pm Conference breaks into streams

11:00am Y ahora en la práctica: Cuando la disrupción es un
hecho de la vida
Empresas líderes en sus sectores han enfrentado
amenazas existenciales antes y emergido más fuertes
que nunca. Una de las razones es que son capaces
de gestionar los negocios existentes sin dejarse
esclavizar por ellos. Se enfrentan a la canibalización.
Seleccionan las innovaciones que son adecuadas
para su sector y situación. Toman decisiones difíciles
con sus principales fuentes de dinero si no pueden
integrarse en los nuevos modelos de negocio. Pero
ellos no se centran en el futuro a expensas del
presente. Las empresas deben adaptarse a los nuevos
avances tecnológicos, la globalización, los ataques de
regulaciones y los cambios en el sistema financiero,
sino que también deben mantener la estabilidad y
viabilidad. Esto requiere una gestión real, ya que
las amenazas pueden ser vistas como razones para
suspender gastos normales, retornos sobre inversión,
y KPIs de planificación empresarial y para perder de
vista de la gestión prudente riesgos.
Mark Kirkland, Group Treasurer, Constellium,
Switzerland
11:40am Veredicto de la tesorería: tomar la temperatura de
la tesorería

Para el evento de este año, hemos realizado una
encuesta previa sobre los asuntos claves que
enfrentan los tesoreros, con el énfasis puesto en
su papel como guía de su empresa para atravesar
la actual vorágine de cambios. Hemos recopilado
sus respuestas y nuestro panel de tesoreros
revelará aquellas sobre algunos de los asuntos
claves sobre los que se ha votado. Súmese a este
debate de máxima actualidad y ayúdenos a
ahondar en su pensamiento y los temas que
enfrentan usted y sus pares.
Sponsored by:
Marcelo Habibe, Treasurer, Fibria, Brazil
Suresh Subramanian, Head of Global Transaction
Banking, BNP Paribas, US
12:20pm Almuerzo
2:00pm La conferencia se divide en secciones

Cómo sobreviven y prosperan los mejores: éxito en acción
Esta mañana examina cómo las empresas pueden y estan trazando un rumbo para el futuro basándose en el cambio.

DAY 2 | Stream 1 Thursday 14 May 2015
The game plan: Lessons from companies innovative in business, innovative in finance
Chair: Andrew Hay, Global Treasury Risk Management Executive, Former Assistant Treasurer, Operations, Goodyear, US
2:00pm Banking rationalization: The roadmap
How many banks does one company need? The
problem with bank rationalization is that the
optimum number depends on so many variables.
So it makes more sense to express banking needs in
terms of more quantifiable objectives. Cash visibility,
cash centralization, payments automation and
standardization, receivables management are all
treasury priorities and all of them result in a natural
reduction in the number of local banks and bank
accounts. Regional initiatives such as SEPA present
additional opportunities to aim for one currency, one
bank. So the route to bank efficiency is a sensible
follow on from automation and centralization. That
said, a key metric of treasury’s success is reduced
banking expenses. One way to address the issue
of bank rationalization is to analyze fees against
services and implement electronic bank account
management to enable a quicker response to
changing circumstances.
Elena Kong, Treasury Manager, Bechtel, US
2:40pm In-house banking: An obvious step?
In-house banking is a big step. It’s the ultimate,
high-level liquidity management solution and
plenty of companies are looking at this structure.
The creation of a captive bank reduces unnecessary
transaction locations, bank accounts, cash pools
and finance companies to a minimum. It can
encompass payments, receivables, funding and
liquidity, replacing multiple subsidiary accounts and
maintaining granularity of reporting through the use
of virtual accounts. The benefits in terms of visibility,
standardization, bank fees, interest paid and overall
efficiency are significant. However, in-house banks
are complex to set up and create tax and regulatory
issues. So which kinds of company benefit most?
How can treasurers evaluate the ROI upfront? And
what are the alternatives?
Fernando Rosales Saldaña, Corporate Finance
Manager, Gruma, Mexico
Maria Loria, Corporate Treasurer, José Cuervo, Mexico
Margarita Carrillo, Director, Treasury Practitioner,
Global Business Solutions, Bank of America Merrill
Lynch, US
4:00pm Open Spaces | Ditching legacy systems:
A time bomb in treasury

There’s never a good time to migrate from a
legacy system, but there is a bad time, and
that’s after it fails. How long has it been since
your core ERP or TMS systems were updated,
let alone installed? What changes have occurred
in the business since the initial RFPs went out
and the systems were chosen? How much time
is now being spent on workarounds for things
the system can’t do? System-related operational
frictions are a major impediment to best practice
treasury. The commonest reason for poor cash
visibility, inaccurate forecasts and poor liquidity
management is the inability to aggregate
information and analyze it. Old systems struggle
with globalization, with the addition of newer
technologies, with sophisticated cyber-criminals
and with new regulations. In these case studies
plus input from additional treasurers, our experts
look at different scenarios in which a legacy
system poses a significant threat to treasury
efficiency and/or security in each case, they point
out the problems and suggest both a short-term
fix and a longer-term solution. Join vendors and
companies to discuss the latest trends including
the role of your system in complying with global
regulation. Put solutions through their paces.
Moderated by: Paul DeCrane, Principal – EY Global
Treasury Services Leader, EY, US
Elaine Lou, Director International Treasury, ATT, US
Scott Lambert, Assistant Treasurer,
Cigna Corporation, US
Priti Kartik, Senior Manager, Treasury, Logitech, US
This Open Spaces is a new EuroFinance format with
expert contributors including companies, banks and
solutions providers, in a relaxed setting discussing
the opportunities for technology solutions. Sit
back and listen or raise questions and add to the
conversation: the choice is yours.
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DÍA 2 | Sección 2 Jueves 14 Mayo 2015DAY 2 | Stream 2 Thursday 14 May 2015
2:00pm Mantenerse fuera de problemas con una mejor
previsión
La previsión del flujo de efectivo en Latinoamérica
es complicada debido a la diversidad de métodos de
pago y cuentas por cobrar en la región. Desde el boleto
con código de barras de Brasil hasta el Sistema de
Pagos Electrónicos Interbancarios de México (SPEI)
y el uso en la Argentina de cheques descontados y de
pago diferido, los métodos de transmisión de efectivo
difieren drásticamente en velocidad y eficiencia. En
general, la infraestructura de pagos es buena, y la parte
de cuentas por cobrar es primitiva: no es la clase de
desequilibrio que buscan la mayoría de las empresas.
Esta falta de automatización y estandarización, junto
con el predominio de las transacciones en efectivo,
generan un entorno riesgoso, riesgo que podría
gestionarse mejor con mejores previsiones. Esto es
cada vez más una cuestión de datos. ¿Cuánto demora
en promedio el cobro desde que se emite la factura
hasta que se recibe el efectivo? ¿Quién paga y quién
no? ¿Cómo varía esto según el país?
Felipe do Lago Rugani, Business Controller, Heineken,
Brazil
2:40pm El foco puesto en el momento de México
A pesar de que también se han reducido las
estimaciones de crecimiento [para el 2014], México
tiene un rendimiento destacado en Latinoamérica,
con un crecimiento con el doble de rapidez respecto de
Brasil. Su calificación crediticia aumenta al tiempo que
cae la de Brasil. Mientras Brasil coloca más obstáculos
a los negocios y el comercio, México está eliminando
barreras anteriormente intocables sobre el sector
privado, particularmente en el sector energético. Las
mayores inversiones extranjeras directas que se prevén
como consecuencia de estas reformas y los beneficios
de una revisión integral de las leyes laborales e
impositivas podrían llevar el crecimiento del PBI del
2016 al 5,5 %. Dicho esto, los cambios en las reglas
de la consolidación impositiva y el tratamiento fiscal
de los beneficios de los empleados costarán dinero a
las empresas. Y los tesoreros se enfrentarán a nuevas
reglas para limitar la deducibilidad de los pagos
de intereses en los préstamos internacionales que
pudieran afectar las estructuras de fondos comunes
de efectivo y de pago a cuenta de un tercero. En esta
sesión escucharán perspectivas sobre un México que
se está moviendo en la dirección adecuada.
Luis Alvarado, Deputy Treasurer of Operations, Federal
Treasury, Mexico
Alejandro Cuadrado, FX Strategist for Latin America,
BBVA, US
3:20pm Pausa para refrigerio Speakers’ Corner
4:00pm Por favor diríjase a la sección 1, 3 o 4

2:00pm Keeping out of trouble with better forecasting
Cash flow forecasting in Latin America is
complicated by the diversity of payment and
receivables mechanisms across the region. From
Brazil’s bar-coded Boleto to Mexico’s multi-payment
type SPEI to Argentina’s use of discounted, post-
dated checks, cash transmission methods differ
dramatically in speed and efficiency. In general the
payments infrastructure is good, the receivables
side is primitive – not the bias most corporates
are looking for. This lack of automation and
standardization, along with the predominance of
cash transactions, makes for a risky environment
– risks that could be managed better with better
forecasting. This is increasingly a matter of data.
How long is the average collection from invoice to
cash? Who pays and who doesn’t? And how does this
differ from country to country?
Felipe do Lago Rugani, Business Controller, Heineken,
Brazil
2:40pm Spotlight on Mexico’s moment
Although it too has lowered growth estimates [for
2014], Mexico is a standout performer in Latin
America, growing twice as fast as Brazil. Its credit
rating is rising as Brazil falls. And as Brazil puts more
obstacles in the way of business and trade, Mexico
is dismantling previously untouchable barriers to
the private sector, notably in the energy sector.
The additional FDI anticipated as a result of these
reforms, and the benefits from an overhaul of labor
and tax laws could push 2016 GDP growth to 5.5%.
That said, changes to the rules on tax consolidation
and the tax treatment of employee benefits will cost
companies money. And treasurers will notice new
rules to limit the deductibility of interest payments
on cross-border loans that could affect cash pooling
structures and POBO structures. In this session
hear perspectives on a Mexico moving in the right
direction.
Luis Alvarado, Deputy Treasurer of Operations,
Federal Treasury, Mexico
Alejandro Cuadrado, FX Strategist for Latin America,
BBVA, US
4:00pm Please make your way to stream 1, 3 or 4

Best operational practice in Latin America
Mejor práctica operativa en Latinoamérica
Follow the conversation:
@EuroFinance | #EuroFinance

DAY 2 | Stream 3 Thursday 14 May 2015 DAY 2 | Stream 4 Thursday 14 May 2015
2:00pm Finding the game changer for funding
Convincing banks and the capital markets that a
formerly troubled company is re-financeable is no
simple task. This treasurer faced the challenges of
banks that were themselves under pressure and the
complications of covenants. What role did credit
insurance companies play in the structure of the
finance solution? Effective business and cash flow
planning and accurate asset valuations were all part
of the plan. Hear how consistent (and persistent)
communications, clarity and consensus won the day.
Marco Schuchmann, Group Treasurer, Vion, The
Netherlands
2:40pm Another funding avenue: Trade finance and the
BPO
The global move to open account trading has
fundamentally altered the risks in international trade
and sellers need risk mitigation products. Brazilian
soybean exporters burnt by Chinese defaulters in
2014 know that. Chinese buyers put in orders they
could not pay for because they were unable to open
letters of credit (LCs). But because of the delays
inherent in the paper-based LC process, cargoes
were dispatched long before the sellers knew of any
problems. Electronic versions would have exposed
the buyers’ problems immediately. And there is one
and has been largely ignored until now. The Bank
Payment Obligation (BPO) in combination with
SWIFT’s Trade Services Utility (TSU). BPOs can also
be used in non-recourse discounting export finance
and have been used by companies to reduce DSOs
and free up working capital.
Jayna Bundy, Group Treasury Director, Microsoft
Corporation, US
James Wills, Senior Business Manager, SWIFT, US
2:00pm Key challenges in spin-offs and mergers
Early engagement of treasury is critical when dealing
with a major company event, such as a spin-off or
a merger. Here companies discuss the challenges
and the key considerations that need to be taken
into account whether integrating or splitting out
a treasury. How should banking relationships be
managed? How are expenses to be allocated? What
staffing levels are required? How are assets and
liabilities to be attributed? This discussion centers
around how to approach integrating or creating a
stand-alone business. In either case the appropriate
corporate governance structures, regulatory
compliance and investor relations expertise must
be in place. Treasury is clearly a crucial element in
the planning and execution in these major company
events, as not only does it run many of the key
functions that will need to be replicated, it is also the
repository of the intelligence required to make many
of the underlying business decisions.
Jennifer Winkle, Assistant Treasurer, Albemarle, US
Lars Neverdal, VP Assistant Treasurer, Tyco, US
Scott Hunter, Assistant Treasurer, Zoetis, US
Dorene Martinez, Director, International Cash
Management, BNP Paribas, US
2:40pm Who really needs a mobile treasury?
It’s clear that the big cash management banks have a
comprehensive digital strategy in their treasury and
trade divisions. They are beginning to offer private cloud
platforms, data analysis tools and mobile applications.
It is now possible to access cash positions, authorize
payments, move cash around in your liquidity portfolios
and execute trade finance and eBam on mobile devices.
But what do you need? What kind of treasury requires
its executives to be able to do these things on the move?
Or is this part of a more profound shift in execution
platform, away from desktop PCs towards tablet
devices? This mobile world, in which ‘bring-your-own-
device’ is gaining ground, brings benefits, costs and
risks. Big risks.
Mark Stapleton, CTP, Executive Solution Engineer –
Treasury Risk Management, North America, SAP
America, US
4:00pm Open Spaces | Working capital and the supply
chain avenues of funding

As shareholders put increasing value on strong
working capital ratios, corporates need to
be ever more inventive and sophisticated in
financing every stage of the supply chain and
managing working capital end to end. This Open
Spaces will feature three case studies from
companies talking about the gains they have
made with strong working capital management
programs. How does treasury take control
of the working capital agenda? What are the
techniques and tips to help you drive through
a meaningful program that shows results? The
financial supply chain can be a cornerstone of
good working capital management and this
open spaces format will also have multiple
companies contributing to the agenda. Topics
will include what they are doing to manage their
financial supply chain: how do you negotiate
the fundamental conflict at the heart of SCF
– suppliers want early payment, buyers late?
What are the latest practical, easy to implement
techniques? How do you change supplier
behavior, negotiate terms, etc? How do you roll
out global programs?
Moderated by: Dennis A. Tosh, Independent Treasury
Executive former Director, Global Trading, Risk
Management, Banking Treasury Governance, Ford
Motor Company (Retired)
Mark Kirkland, Group Treasurer, Constellium, Switzerland
James Kelly, Head of Treasury, Rentokil Initial, UK
Yannick Croiger, Director International Treasury,
Stanley Black Decker, US
Marco Schuchmann, Group Treasurer, Vion,
The Netherlands
This Open Spaces is a new EuroFinance format with
expert contributors including companies, banks and
solutions providers, in a relaxed informal setting
discussing the opportunities for improving working
capital and managing better the financial supply
chain. Sit back and listen or raise questions and add
to the conversation: the choice is yours.
4:00pm How treasury can transform the business
Treasury becoming a strategic partner to the
business can help the organization in a number
of important ways. Whether it is implementing
strong controls including fraud issues, managing
a technology project to increase cash visibility and
accuracy, or even helping to guide the right choices
on bank connectivity, the treasurer can provide
powerful information and core value to the entire
business. However there is no one-size-fits-all
approach. A treasurer needs to determine the right
projects and objectives that can help transform
how treasury operates and the business itself. This
presentation will look at how treasury has initiated,
and been part of, change across the board.
David Franks, Global Treasury Systems,
Delphi Automotive, US
Steve Bullock, Vice President – North America,
Kyriba, US
4:40pm Asset management for treasurers?
Corporate cash piles are a headache but they’re
hardly a surprise. In Europe they are mostly the
result of a desire to move away from reliance on
bank credit and a fear that another crisis is a real
possibility. In the US, they are the natural result of
tax mitigation. If you create essentially ‘stateless’
income that you can book in the low-tax jurisdiction
of your choice, then you forfeit the right to be able
to use it as easily as cash taxed in the US. That’s the
deal. The wrath of governments and shareholders
can be deflected by debt-financed share-buy-backs
and by the truth. There isn’t much cash-generative
companies can do without incurring the tax charges
that led them to keep cash offshore in the first place.
But this fundamentally alters the nature of the
liquidity management part of treasury. Long-term
asset management of truly material amounts of cash
is not liquidity management. It’s asset management.
Do companies have the expertise and systems
required to generate returns that make sense for
shareholders without running excessive risk? What
level of returns is that – given that the benchmark is
losing a third of it in tax?
Candace Hsu, Director of Treasury, VMware, US
Harvest low hanging fruit for an international treasury
Chair: Dennis A. Tosh, Independent Treasury Executive former Director, Global Trading, Risk Management,
Banking Treasury Governance, Ford Motor Company (Retired)
And the answer is: The treasury wish list

DÍA 3 | Sesiones plenarias Viernes 15 May 2015DAY 3 | Plenary sessions Friday 15 May 2015
9:00am What is innovation and does it matter?
What is innovation? Can companies really be cutting edge?
Entire corporations face a constant pressure to innovate.
How can leading-edge thinking be applied to the corporate
structure so that it can be the difference between thriving,
surviving or failing? This speaker shares informative and
entertaining insights into the importance of innovation and
its impact on individuals, society and companies and how
leading edge really matters.
Salim Ismail, Author – Exponential Organizations,
Technology Strategist, Founding Executive Director of
Singularity University Former Vice President of Yahoo!, US
9:50am The real treasury technology debate
Is the treasury systems battle coming to a head? At one
end of the market, the lower cost plug-and-play SaaS
solutions are gaining traction. At the other, global software
giants compete to offer one-stop solutions covering
accounting, banking, TMS and ERP functionality with
advanced reporting and analytics. In the middle a range
of high-level providers offer suites of tools that cover
core treasury functionality, forecasting risk management
and analytics, with some designed for high volume
environments, others for standard treasury installations.
As the quest for global treasury centralization continues,
and new technologies continue to encroach on the treasury
space, how can treasurers be sure they are choosing the
right systems for their businesses? In this debate, the key
systems suppliers give their views on key developments in
treasury and systems evolution and answer your questions
about the future of treasury IT.
Matt O’Hara, CEO, Americas, 360T, US
Steve Bullock, Vice President – North America, Kyriba, US
Mark Stapleton, CTP, Executive Solution Engineer – Treasury
Risk Management, North America, SAP America, US
Paul Bramwell, SVP Treasury Solutions, SunGard, US
11:00am Banking on a brighter future
We all know the negatives. Regulation is making banking a
smaller, less international and more expensive proposition.
Corporates, long the poor relative to more profitable clients
such as hedge funds, will lose out further as the credit they
need becomes unattractive to provide and the deposits
they can supply burn holes in bank balance sheets. But
is this really happening? And is all the news that bad?
In this panel, the core cash management banks explain
how regulations are affecting their relationship with their
customers. They answer your questions on the product and
services they want to retain and the client types they will
value most highly. And they will discuss the alternatives:
the technology-driven innovations that may create
payment networks outside banking, currencies outside
central banks and the new networks they themselves are
creating to ensure they retain global reach.
Dub Newman, Head of North America, Global Transaction
Services, Bank of America Merrill Lynch, US
Ignacio Escudero, Managing Director, Global Sales, BBVA,
Spain
Jared Smith, Head of US PCM Global Banking Sales
Organisation, HSBC, US
Daniel Scanlan, Regional Head, Transaction Banking
Americas, Standard Chartered Bank, US
11:40am Digital money edges closer to the mainstream
Alternative currencies may still seem like the wishful
thinking of the anti-establishment. The initial motivation
– the desire for secrecy in financial transacting – is seen
as illegitimate by governments. But the underlying
practicalities are beginning to be recognized both by
the high-profile companies who now accept it and the
politicians in the US who have endorsed the use of digital
currencies. But how and why would ‘normal’ corporates
and individuals use and trust them rather than existing
currencies? How can they manage the risks inherent in
such novel instruments and what is the point? Hear about
the various different crypto-currencies and their models.
While wait-and-see may be the best policy, the new
payments systems that may emerge from this wave of
innovation are worth watching.
Jon Matonis, Founding Board Director, Bitcoin Foundation,
US
12:20pm Conference ends – Please join us for lunch
9:00am ¿Qué es la innovación y por qué es importante?
¿Qué es la innovación? ¿Pueden las empresas realmente
estar a la vanguardia? Todo el mundo enfrenta el reto de
ser innovador ya sea en la tesorería, impuestos, finanzas o
desarrollo de productos. Corporaciones enteras enfrentan
una presión constante de innovar. ¿Cómo se puede aplicar
el pensamiento de vanguardia a la estructura corporativa de
modo que pueda ser la diferencia entre prosperar, sobrevivir o
fallar? Este orador comparte sus informativos y entretenidos
conocimientos sobre la importancia de la innovación y su
impacto en las personas, la sociedad y las empresas y la
verdadera importancia que tiene la vanguardia.
Salim Ismail, Author – Exponential Organizations, Technology
Strategist, Founding Executive Director of Singularity University
Former Vice President of Yahoo!, US
9:50am El verdadero debate de la tecnología de tesorería
¿Está llegando a un punto crítico la batalla de sistemas de
tesorería? En un extremo del mercado, las soluciones de
software como servicio de bajo costo y listas para usar están
ganando terreno. En el otro, los gigantes globales del software
compiten para ofrecer soluciones integrales que abarquen
la contabilidad, la banca, funcionalidades de sistemas de
tesorería y ERPs con capacidades de análisis y reporting
avanzados. En el medio, una variedad de proveedores de alto
nivel ofrecen herramientas que cubren las funcionalidades de
tesorería, y la gestión y las analíticas de previsión de riesgos,
algunas de las cuales están diseñadas para entornos de alto
volumen, y otras, para instalaciones de tesorería estándares.
Mientras continúe la demanda por la centralización global
de la tesorería y las nuevas tecnologías sigan invadiendo el
espacio de la tesorería, ¿de qué manera pueden los tesoreros
asegurarse de eligir los sistemas correctos para sus empresas?
En este debate, los principales proveedores de sistemas darán
su opinión sobre los desarrollos más importantes en tesorería
y la evolución de los sistemas, y responderán sus preguntas
sobre el futuro de la informática para tesorería.
Matt O’Hara, CEO, Americas, 360T, US
Steve Bullock, Vice President – North America, Kyriba, US
Mark Stapleton, CTP, Executive Solution Engineer – Treasury
Risk Management, North America, SAP America, US
Paul Bramwell, SVP Treasury Solutions, SunGard, US
11:00am Operar con la banca en un futuro más promisorio
Todos conocemos los aspectos negativos. La regulación hace
de la banca una propuesta más pequeña, menos internacional
y más costosa. Las empresas, por lejos los parientes pobres
comparadas con clientes como los fondos de cobertura,
perderán más mientras el crédito que necesitan sea poco
atractivo de ofrecer y los depósitos que puedan suministrar
quemen agujeros en los balances bancarios. Pero ¿realmente
está sucediendo esto? ¿Son tan malas todas las noticias? En
este panel, los principales bancos de gestión de caja explican
de qué manera las regulaciones afectan su relación con los
clientes. Responderán sus preguntas sobre los productos
y servicios que quieren retener y los tipos de clientes que
más valoran. Y también hablarán sobre las alternativas: las
innovaciones guiadas por la tecnología que pueden generar
redes de pago fuera del sistema bancario, las monedas fuera
de los bancos centrales y las nuevas redes que están creando
ellos mismos para asegurarse de retener el alcance global.
Dub Newman, Head of North America, Global Transaction
Services, Bank of America Merrill Lynch, US
Ignacio Escudero, Managing Director, Global Sales, BBVA,
Spain
Jared Smith, Head of US PCM Global Banking Sales
Organisation, HSBC, US
Daniel Scanlan, Regional Head, Transaction Banking Americas,
Standard Chartered Bank, US
11:40am El dinero digital se acerca a la corriente dominante
Las monedas alternativas aún pueden parecer una expresión
de deseo de quienes están en contra del sistema. La motivación
inicial —el anhelo de confidencialidad en las transacciones
financieras— es percibida como ilegítima por los gobiernos.
Pero los aspectos prácticos subyacentes están comenzando
a ser reconocidos por las empresas de alto perfil que ahora
aceptan esta novedad y los políticos estadounidenses que han
aprobado el uso de las monedas digitales. ¿Pero por qué y cómo
habrían de usarla y confiar en ella los individuos y las empresas
“normales”, en lugar de las monedas existentes? ¿Cómo pueden
manejar los riesgos propios de esos instrumentos novedosos
y cuál es el propósito de hacerlo? Escuche hablar sobre los
diferentes tipos de criptomonedas y sus modelos. Si bien lo
mejor podría ser esperar y ver qué pasa, los nuevos sistemas
de pago que pueden surgir a partir de esta ola de innovación
merecen atención.
Jon Matonis, Founding Board Director, Bitcoin Foundation, US
12:20pm Cierre de la conferencia – Almuerzo
Opportunities in the storm
What opportunities has disruption brought to the global treasury?
Oportunidades en la tormenta
¿Qué oportunidades ha traido la disrupción a la tesorería global?

Sponsorship and exhibition opportunities
There are a limited number of sponsorship and exhibition opportunities
available. If you have products or services to offer corporate treasurers and
finance directors, then this is the ideal opportunity.
Please email Dale Coskery at dalecoskery@eurofinance.com
or give her a call on +44 (0)1372 841 947.
Sponsors, exhibitors and partners
Official lead global sponsor
Exhibitors
Official sponsors
Bank of America Merrill Lynch is one of
the world’s largest financial institutions,
providing a full range of banking, investing,
asset management and other financial
products and services. It is a leading global
bank and wealth management franchise
and a premier corporate and investment
banking and capital market business,
providing innovative services in MA,
equity and debt capital raising, lending,
trading, risk management, research, and
liquidity and payments management.
Clients and customers can expect access
to a comprehensive suite of world class
products, services, and expertise from an
organization that serves clients through
operations in more than 40 countries and
has relationships with 98 percent of the
U.S. Fortune 1,000 companies and 83
percent of the Fortune Global 500.
For additional information, please visit
www.baml.com
HSBC is one of the world’s largest banking
and financial services organisations. The
Group’s network is comprised of 6,600
offices in 80 countries and territories in the
Americas, Europe, Asia-Pacific, the Middle
East and North Africa. HSBC combines
extensive global reach, notable financial
strength, and a long term commitment
to our Commercial Banking and Global
Banking and Markets clients. We offer a
wide array of global solutions including
Cash Management, Asset Management
and Trade and Receivables Finance
services, from traditional to innovative
e-enabled solutions, designed to address
the needs of our clients today, as well as in
the future.
www.us.hsbc.com/1/2/home/business
Jared Smith
EVP, Head of US Payments
Cash Management Sales,
HSBC Global Banking Markets
jared.smith@us.hsbc.com
Dorothy Musho
SVP, Head of US Payments
Cash Management Sales,
HSBC Commercial Banking
dorothy.r.musho@us.hsbc.com
Jorge Gonzalez
Head of Sales Latin America,
Payments Cash Management,
HSBC Bank
jorge.gonzalez@hsbc.com.mx
Banco Santander is a retail and commercial
bank, based in Spain, with a presence
in 10 main markets. Santander is the
largest bank in the euro zone by market
capitalization.
Founded in 1857, Santander had EUR 1.24
trillion in managed funds, 103 million
customers, 13,927 branches – more than
any other international bank – and 182,958
employees at the close of 2013. It is the
largest financial group in Spain and Latin
America. It also has significant positions in
the United Kingdom, Portugal, Germany,
Poland and the northeast United States.
Santander registered EUR 4.37 billion in
attributable profit in 2013, an increase of
90% from the previous year.
Santander Global Banking Markets
is the global business unit responsible
for satisfying customers’ needs which,
because of their size, complexity and
sophistication, require tailored wholesale
services or products of higher value-added.
As close as you need, as far as you go
BBVA is a global financial services group
with approximately €638 billion in total
assets, 51 million clients, 7.362 branches
and 108,920 employees in 31 countries.
The BBVA Group maintains a leadership
position in Spain, Mexico and Latin
America as well as the Sunbelt region
of the United States. BBVA has also a
relevant franchise in Asia and is present in
the Turkish market.
BBVA’s suite of Cash Management services
offers a broad range of world-class
solutions for Corporates and Institutions.
In the Americas, our extensive branch
network covering 9 countries and our
state of the art technology enables us to
offer the best local services together with
global integrated solutions. Thanks to our
deep market knowledge and our growing
position in the US, BBVA has become a
leading partner is Cash Management
between US and LatAm markets.
www.bbva.com
Ignacio Escudero
Global Sales
Global Transaction Services
ignacio.escudero@bbva.com
Annette Vivoni
Global Sales America
Global Transaction Services
annette.vivoni@bbva.com
Deutsche Bank’s Global Transaction Banking
division is a leading provider of products
and services for corporations and financial
institutions. Business units include Trade
Finance, Cash Management Corporates and
Institutional Cash Securities Services. GTB
offers integrated solutions covering domestic
and cross-border payments, risk mitigation for
international trade, and the provision of trust,
agency, depositary and custody services.
Deutsche Asset Wealth Management is
home to the full range of active, passive,
alternative and private wealth management
functions of Deutsche Bank. Few organizations
can offer the depth of intellectual capital,
expertise and experience that Deutsche
Asset Wealth Management provides to
financial professionals and investors. In a
rapidly changing environment, we deliver a
comprehensive set of investment strategies
and services, deep access to world markets,
prudent risk management and a culture of
unwavering integrity and excellence.
Amanda Stewart
Head of GTB Marketing
Deutsche Bank, 60 Wall Street,
Floor 26, New York, NY 10005, US
amanda.stewart@db.com
T: +1 (212) 250 9823
Joe Sarbinowski
Managing Director
Global Head - Liquidity Management
Global Client Group, Deutsche Asset
Wealth Management, 345 Park Avenue,
10154-0004 New York, NY, US
joe.sarbinowski@db.com
T: +1 (212) 454 3291
BNP Paribas has a presence in nearly
80 countries with 190,000 employees,
including 145,000 in Europe. In Europe,
the Group has four domestic markets
(Belgium, France, Italy and Luxembourg)
and BNP Paribas Personal Finance is the
leader in consumer lending. BNP Paribas
is rolling out its integrated retail banking
model across Mediterranean basin
countries, in Turkey, in Eastern Europe
and a large network in the western part
of the United States. In its Corporate
Investment Banking and Investment
Solutions activities, BNP Paribas also
enjoys top positions in Europe, a strong
presence in the Americas and solid and
fast-growing businesses in Asia-Pacific.
Cash Management is a key strategic
business for the Bank. BNP Paribas’
extensive network, strong capabilities
and local expertise provide clients
with innovative solutions to optimize
efficiencies and manage their cash flows
wherever they operate worldwide.
Walid Shuman
walid.shuman@us.bnpparibas.com
T: +1 312 237 3338
Lise Gjertsen
lise.gjertsen@us.bnpparibas.com
T:+1 212 841 2296

Media partners
Transformation technology sponsors
About EuroFinance
Kyriba is the global leader in cloud-
based Proactive Treasury Management.
CFOs, treasurers and finance leaders
from companies including Qualcomm,
EA and Pulte Homes rely on Kyriba to
optimize their cash, manage their risk, and
work their capital. Our award-winning,
secure, and scalable SaaS treasury, bank
connectivity, risk management and
supply chain finance solutions enable
some of the world’s largest and most
respected organizations to drive corporate
growth, obtain critical financial insights,
minimize fraud, and ensure compliance.
To learn how to be more proactive in your
treasury management and drive business
value across your organization, contact
treasury@kyriba.com.
kyriba.com
Tim Wheatcroft
Director of Corporate Communications
T: +1 858 263 2214
twheatcroft@kyriba.com
EuroFinance is the leading global provider of conferences,
training and research on cash management, treasury
and risk. Through our 50+ events worldwide and the
EuroFinance Corporate Treasury Network (ECTN), we
enable treasurers and CFOs to exchange innovative
strategies, best practice and expert opinion.
Our in-depth research with over 2,000 corporate
treasurers every year, gives us a unique insight into the
trends and developments in cash management and
treasury and an unrivalled global viewpoint.
EuroFinance is part of The Economist Group.
www.eurofinance.com
Now in partnership with CPI
EuroFinance has formed a new partnership with
Commercial Payments International (CPI), delivering
thought leadership and events for the commercial cards
and payments industry.
www.commercialpaymentsinternational.com
Our global footprintTo help treasurers and their organizations
achieve sustainable success, EY Global
Treasury Services addresses their current
issues and challenges by building teams
that combine organizational knowledge
with relevant technical and practical
experience.Our clients benefit from our
ability to advise across a full spectrum
of treasury topics, including financial
risk management, global cash and
liquidity management, bank relationship
management, treasury organizational
structure, technology selection and
implementation, treasury integration and
carve-out support, debt and investment
management, and regulatory matters.
ey.com/treasury
Robert J. Baldoni
Global Treasury Services Leader
5 Times Square, New York, NY 10036, US
T: +1 212 773 5420
robert.baldoni@ey.com
Tiffany Y. Lim
Senior Manager, Global Treasury Services
5 Times Square , New York , NY 10036, US
T: +1 212 773 3541
tiffany.lim@ey.com
Official publication
Treasury Networking
Reception sponsor

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way. If you have any queries about this, please email marketing@eurofinance.com | Floor 5, 20 Cabot Square, London, E14 4QW, UK | © EuroFinance Conferences Ltd.
1) GO TO WWW.EUROFINANCE.COM/MIAMI OR 2) FAX THIS FORM TO +44 (0)20 7576 8531
FOR ALL ENQUIRIES, CALL +44 (0)20 7576 8555 OR EMAIL REGISTRATIONS@EUROFINANCE.COM
528
TO QUALIFY FOR THE EARLY REGISTRATION DISCOUNT, REGISTER AND PAY BY FRIDAY 20 MARCH 2015
Method of payment
Please debit US $ from my credit card and send me an
invoice/receipt.
AMEX Eurocard Mastercard Visa Delta
Card number:

Expiry date: (MM/YY)
Cardholder’s signature:
Date:
Cardholder’s name:
Billing address if different from adjacent:
Please invoice me/my company
Bank transfer to: Barclays Bank PLC
Account name: EuroFinance Conferences Ltd
Sort code: 206759
Account no: 87799655
SWIFT: BARCGB22
IBAN: GB30BARC20675987799655
Please include the delegate name and code 528 in the transmission details.
Please complete in capitals and black ink
Person making the booking:
Tel:
Email:
Delegate details (please complete this section in full)
Dr/Mr/Mrs/Ms/Miss: First name(s):
Family name:
Position:
Department:
Company:
Address:
Country: Zip/Postcode:
Tel:
Email:
Signature: Date:
EuroFinance is part of The Economist Group. Occasionally, we would like to
contact you about new features, events, special offers and for market research
purposes.
Check this box if you’d like to hear from EuroFinance by e-mail
Check this box if you’d like to hear from the other companies in
The Economist Group by e-mail
We’ll assume that we may contact you unless you check these boxes:
No contact from EuroFinance by post
No contact from EuroFinance by telephone
The Economist Group is a global organisation and operates a strict privacy policy
around the world. To find out more about our privacy policy, please go to: www.
economistgroup.com/privacy.
Are you interested in in-house training? Yes No
Were you invited by a sponsor/exhibitor, if so which one?
Do you have any special requirements? (E.g. diet, hearing loop, etc.)
What is the annual turnover of your company?
under US $25m US $26m–US $100m
US $101m–US $500m US $501m–US $999m
US $1bn–US $9.9bn over US $10bn
Delegate prices
Register and pay by Friday 20 March 2015 to qualify for the early registration
discount. If payment is not received by this date, you will be charged the full
registration fee.
Members of the corporate treasury or finance functions in corporations
Early reg Full reg
3-day conference US $2,545 US $3,220
3-day conference + 1-day training course US $3,665 US $4,575
1-day training course US $1,255 US $1,555
Financial institutions/system suppliers/consultants/lawyers/accountants
Early reg Full reg
3-day conference US $3,155 US $3,830
3-day conference + 1-day training course US $4,275 US $5,185
1-day training course US $1,255 US $1,555
Please register me for the following streams:
Day 1: Stream 1 Stream 2 Stream 3 Stream 4
Day 2: Stream 1 Stream 2 Stream 3 Stream 4
How to register International Cash Treasury Management | Wednesday 13 – Friday 15 May 2015 | Miami, US
Terms and conditions
You must quote this
code when booking:
WEB

EuroFinance Miami 2015

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