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