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

2. EACT - Who are we?
An association of 21 associations in 18 EU countries (+CH and RU)
Representing around professionals in 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

3. 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?

4. 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 bio 2%
NFC+
424 counterparties
43 groups
EUR bio
Large NFC-
EUR bio
Small NFC-
EUR 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

5. 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…

6. Thank you!