Regulations and Trends impacting Treasurers

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Presentation transcript:

Regulations and Trends impacting Treasurers CEE Annual Conference June 3, 2016 – Siófok

EACT - Who are we? An association of 21 associations in 18 EU countries (+CH and RU) Representing around 13 000 professionals in 6 500 companies Created in 2002 Our mission and 3 pillars Do what we can do better, united Voice of Treasurers in front of European authorities, regulators, MEPs Thought leadership Professional development

Regulations G20 wishes after the financial crisis: systemic risk and taxpayers Impact on Treasurers: capital requirements, derivatives pricing, infrastructure costs for reporting Commission changed late 2014, Phase 2“Better regulations” Current topics: EMIR – reporting, clearing & margining CRD IV – CVA Shadow banking FTT, MMF, Benchmarks, Bank structural separation Do CEE Treasurers share these concerns?

Derivatives trading in Europe ESMA data from Trade Repositories Non Financial Counterparties Number of counterparties 65 325 72% Number of trades 19 mio 7% Notional amounts EUR 9 649 bio 2% NFC+ 424 counterparties 43 groups EUR 1 568 bio Large NFC- EUR 3 395 bio Small NFC- EUR 4 686 bio Initial margins (Std model) 6% FX 1 to 4% for IR Let’s do the maths… And compare… (EUR) Juncker plan: 320 bio Europe Corp. Bonds: 1.1 tio Loans to Corp.: 5.5 tio

Trends impacting Treasurers Risk aversion Changing role of banks, capital requirements disintermediation, CMU Opportunities with Fintech: market place lending, crowdfunding, robo advice, new payment infrastructures, pre / post trade, insurance, blockchain,? Corporate Tax, BEPS: relocation ? New risks: Cyber risks, CCP risk ? Be the company’s financial radar…

Thank you! jean-marc.servat@eact.eu