NACT Telediscussions and Webinars

Telediscussions and webinars are held throughout the year on a wide variety of subjects specifically designed for the Corporate Treasurer.

NACT Webinar/Telediscussion: Leveraging SWIFT Alliance Lite2 to Create a Single Pipe for Global Banking Partner Integration
Wednesday, September 10, 2014, 2:00 PM Eastern

Presentation Material: Leveraging SWIFT Alliance Lite2 to create a single pip for global banking partner integration

Speakers:
Keith Gilroy, Senior Regional Manager, SWIFT
Michael Graham, Partner - Treasury Practice, Elire

Session Description:
Two important goals of any corporate treasury operation include the need for global visibility of liquidity and the need for flexibility in implementing changes to banking partners.

Cash is king and the need for better and faster bank balance reporting never stops. The ERP Cash Management reporting solution provides a centralized source for all cash positioning, allowing companies to improve cash forecasting and manage and move funds in a more efficient and timely manner.

Complexities brought on by global acquisitions and organic growth often lead to Treasury departments having to add or change banking counterparties. Leveraging delivered ERP processes with SWIFT integration allows companies to react faster. So, now when businesses win in a new country, Treasury and IT will be able to respond much faster in establishing automated payment files, reconciliation and bank reporting, resulting in a shorter implementation timeline.

Implementing SWIFT into your ERP environment will support, among others:

  • Consolidation of payments and file transmissions into single process,
  • Retiring of 3rd party FTP file transfer tools and streamlining of IT support,
  • Greater visibility into international accounts using SWIFT FIN MT94x messaging,
  • Added same day acknowledgements on bank and SWIFT transmission verifications, and
  • Stronger audit controls, reporting and security with automated production control alerts.

In this session, representatives from SWIFT and Elire will discuss the value proposition related to ERP implementations with connections to SWIFT. Key value points that will be addressed include:

  • How does SWIFT connectivity help enhance reliability, scalability, and security around my bank communications, while simultaneously reducing IT support costs?
  • How is receiving bank balance reporting statements via SWIFT integrated with ERP liquidity reporting?
  • What does connecting to SWIFT and integrating the bank data with my ERP system entail?

Immediately after the presentation, members will have a private session of "Treasurers Talking to Treasurers" to discuss this and other topics of interest.



NACT Telediscussion — Direct Lending – An Asset Class Used to Increase Returns on a Cash Management Account
Friday, April 4, 2014, 2:00 PM Eastern

Presentation Material: Emerald DLF Presentation

Speakers:
Howard Freeland, CFA Principal
Richard Keller, Principal
EMERALD DIRECT LENDING ADVISERS LLC

Session Description:
Creditworthy borrowers, in need of funds, have many options available – with home equity loans, personal loans and large lines of credit via credit cards being the most popular.  But people have found that money from sources used in the past have become more difficult to obtain and plans to pay down higher-interest debt, pay medical bills or even to start a new business have been put on hold due to tougher rules instituted by the banks.  Too many borrowers with good credit scores are trapped into paying minimum monthly payments in perpetuity. Instead, a new, convenient, way to borrow has been introduced, creating potential benefits for borrower and investor alike.   Welcome to the world of “direct lending”, a new way to originate and invest in traditional bank loans.

Institutional investors, on the other hand, face a different dilemma.   Returns received in fixed income vehicles are not only lower than in years past, but the possibility of decline certainly exists if interest rates rise (as many expect) or inflation sets in, and dividend-paying stocks have their own risk issues.  So the desire to receive a respectable and contractually sustainable stream of income, where the correlation to stocks and bonds movements has been low, is high among institutions.   Technology has made it cost effective to originate and invest in a highly diversified consumer bank loans.  Is this new investment vehicle fixed income or is it an alternative asset class?  Strangely, it might be both.

In this session, such key questions will be addressed, including:   What is the history of direct lending?   What is its potential?  How does it increase the income of cash managed portfolio?  What are the risks associated with direct lending?  Why does it does it generate conservative and predictable cash flows?  What can an organization do in order to lower this risk?  Is it right for my institution? Why have some labeled direct lending a new “socially responsible” asset class?

Immediately after the presentation, members will have a private session of "Treasurers Talking to Treasurers" to discuss this and other topics of interest.



NACT Telediscussion — The Evolution of Payments and Bank Connectivity
Thursday, November 14, 2013, 2:00 PM Eastern

Speaker:
Michael Bosacco, VP Treasury Solutions, SunGard's AvantGard

Session Description:
Forty percent of companies are operating with 11 or more payment initiation systems, and 25% have over 21. Additionally, 30% of companies state that they operate with 25 or more cash management banks.

Many corporations are challenged by a lack of infrastructure to support routing and approval of payments, leaving them to operate off of spreadsheets in a highly manual environment. This causes poor visibility into cash out-flows, high operational costs and risk of fraud. Compounding these challenges, many companies also rely on a fragmented array of systems for connectivity to SWIFT and their banks.

Attend this webinar to hear how centralizing payments and streamlining bank connectivity can help corporate treasurers increase visibility into cash, reduce transactional costs, support SEPA readiness, and improve operational efficiencies. You will also get a sneak peek into the early findings of a SunGard market study on The Evolution of Payments and Bank Connectivity.

Immediately after the presentation, members will have a private session of "Treasurers Talking to Treasurers" to discuss this and other topics of interest.



NACT Telediscussion — Direct Lending — Is there a new asset class in town?
Tuesday, October 29, 2013, 2:00 PM Eastern

Speakers
Howard Freedland, CFA, Chief Strategist
Richard Keller, Portfolio Manager
EMERALD DIRECT LENDING ADVISERS LLC

Session Description
Creditworthy borrowers, in need of funds, have many options available — with home equity loans, personal loans and large lines of credit via credit cards being the most popular. But people have found that money from sources used in the past have become more difficult to obtain and plans to pay down higher-interest debt, pay medical bills or even to start a new business have been put on hold due to tougher rules instituted by the banks. Too many borrowers — even those with good credit scores — are trapped into paying minimum monthly payments in perpetuity. Instead, a new, convenient, way to borrow has been introduced, creating benefits for borrower and investor alike. Welcome to the world of “direct lending.”

Institutional investors, on the other hand, face a different dilemma. Returns received in fixed income vehicles are not only lower than in years past, but the possibility of decline certainly exists if interest rates rise (as many expect) or inflation sets in, and dividend-paying stocks have their own risk issues. So the desire to receive a respectable and contractually sustainable stream of income, where the correlation to stocks and bonds has been low, is high among institutions. Is this new investment vehicle fixed income or is it an alternative asset class? Strangely, it might be both.

In this session, such key questions will be addressed, including: What is the history of direct lending? What is its potential? Where does an institutional investor position this alternative income product in a portfolio? What are the risks associated with direct lending? What can an organization do in order to lower this risk? Is it right for my institution? Why have some labeled direct lending a new “socially responsible” asset class?

Immediately after the presentation, members will have a private session of “Treasurers Talking to Treasurers” to discuss this and other topics of interest.



NACT Telediscussion — Developing a Strong Debt Compliance Process
Wednesday, June 26, 2013, 2:30 PM (EDT)

Speakers
Jeff Wallace, Managing Director, and Jim Simpson, Managing Director
DEBT COMPLIANCE SERVICES LLC

Session Description
Treasury's most misunderstood — and often significantly underestimated — financial risk is its debt default risk. S&P's latest annual 30-year default study shows that the 5-year risks for hard defaults and rating downgrades ranges between 40-65% for those rated in the As to Bs. These risks are symptoms of poor operating results that will likely lead to technical defaults long before a hard default such as a missed payment.

While Treasury is not responsible for poor operating results, Treasurers are responsible for proactively managing senior management and lenders about these potential covenant issues. This requires a strong debt compliance process that comprehensively manages the current quarter, identifying potential issues so that they can be monitored, managed, and mitigated.

In this session, we will present the results of a survey of 401 companies conducted last fall, analyzed by ten best practices on how these companies structure and execute their debt compliance process. With this analysis, Treasurers will be able to easily identify any weaknesses in their own compliance process and know which effective practices they should adopt.

Immediately after the presentation, members will have a private session of "Treasurers Talking to Treasurers" to discuss this and other topics of interest.



NACT Webinar and Telediscussion — Gaining a Holistic View of Risk Tuesday
March 19, 2013, 2:00 PM (EDT)

Speakers
Michael Bosacco, VP Treasury Solutions, AvantGard, SunGard

Session Description
Successful corporate treasurers are expected to have a firm grasp of financial and operational risks facing their organization, including counterparty, FX and other market risks. Achieving that is anything but simple, as they must identify and quantify aspects of the business that might open an organization to unplanned events and help mitigate any potential adverse results.

According to a recent study of over 222 treasury professionals (62% from companies with revenues of $1 billion and above), 60.4 percent of respondents felt their organizations were above average at identifying financial risk exposure, identifying their companies as somewhat to very effective. By centralizing data into a single treasury management system (“TMS”) solution, treasurers have better visibility into financial risk. Almost 24 percent use a TMS in cash management forecasting, while 34.2 percent use a TMS to monitor counterparty/trading limits.

Many treasurers use applications or services in order to manage financial risk. Some are realizing that outsourcing critical applications like a TMS or even services related to managing those solutions can help alleviate that risk. What about operational risk? In the event of a natural disaster occurring, a country's economy failing, or IT budgets being cut, having a plan in place to ensure that critical applications and the people that run them are fully operational is a necessity.

This webinar will touch on the results from a recent study on financial risk challenges and the solutions that practitioners are undertaking to overcome them. Learn how treasurers can manage financial and operational risks more effectively, and gain a holistic view of risk.

Immediately after the presentation, members will have a private session of "Treasurers Talking to Treasurers" to discuss this and other topics of interest.



NACT Telediscussion — ECB Rate Cuts
Tuesday, August 21, 2012, 11:00 AM (EDT)

Speakers
Jason C. Straker, CFA, Executive Director
Emily Mulliner, Executive Director
J.P. Morgan Asset Management

Session Description:
European Central Bank (ECB) President Mario Draghi is prepared to do "whatever it takes" to save the euro. As part of that effort, on July 5, 2012, the ECB took rates to historically low levels, cutting the main refinance rate to 75 bps, the main lending rate to 150 bps and, most unexpectedly, the deposit rate to zero. What has been the impact of this unprecedented move, particularly on the short end of the curve and on the euro itself? Are further rate cuts and more non-conventional policy measures coming? In this call, we will review the ramifications of the ECB's recent rate moves, the reactions of investment providers, and the alternative investments corporate treasurers are considering in this zero — and possibly negative — yield environment.

Immediately after the presentation, members will have a private session of "Treasurers Talking to Treasurers" to discuss responses to the ECB's rate cuts and other topics of interest.



NACT Telediscussion — Standard & Poor's Update on CRA 3
Wednesday, July 25, 2012, 2:00 PM (EDT)

Speaker
Christopher Lake, Senior European Regulatory Counsel, Standard & Poor's Ratings Services

Session Description:
There have been a number of significant concerns raised by market participants since the European Commission first published proposals on 16 November 2011 to further regulate credit rating agencies in the European Union. In particular those concerns have centered on proposals for mandatory rating agency rotation and also regulatory involvement in ratings.

More recently both the member states of the European Union and the European Parliament have made their own suggestions to modify the Commission's proposals. The speaker will discuss the current position as regards the proposals and their possible impact — if enacted in the current form — on the development of efficient and transparent capital markets in the European Union and the international comparability and hence usefulness of European ratings to global investors.

Immediate after the presentation, members will have a private session of "Treasurers Talking to Treasurers" to discuss responses to rating agency regulation and other topics of interest.



NACT Telediscussion — Share Repurchases
Thursday, June 28, 2012, 3:00 PM (EDT)

Speaker
John Adam, Director of Equity Capital Markets, Liquidnet, Inc.

Session Description:
Public companies have experienced unprecedented volatility and a fundamental change in how and when their stock is traded in the U.S. markets. Liquidnet's John Adam will discuss the implications of the real-time capital markets for Treasurers:

  • Where and how does my stock trade, and what are the implications for my repurchase strategy?
  • Why has the volume of my stock become disconnected from the liquidity?
  • Who are the different trading participants trading, supporting, or working against my stock buyback?
  • Who uses dark pools and why?
  • What is High-Frequency Trading (HFT) and why does it matter for my company?

The dialogue will be focused around the needs of Treasury professional and how the evolution of the public markets affects their role when dealing with a corporation's public equity.



Offering Retirees Lump Sums — A New Option for Plan Sponsors
Thursday, June 14, 2012, 3:00 PM (EDT)

Speakers
Michael Economos, Senior Actuary, Pacific Global Advisors
Bruce Jurin, Chief Science Officer, Pacific Global Advisors

Session Description:
Ford and General Motors have reportedly received Private Letter Rulings from the IRS regarding a defined benefit plan sponsor's ability to offer lump sums to retirees. Furthermore, General Motors plans to terminate one of its pension plans through the purchase of insurance contracts to cover pensioners, including pensioners which decline the lump sum offer. This is a big change and adds a new dimension to pension risk management. Pacific Global Advisors expects other companies to follow in these automakers' footsteps, but believes there are issues and considerations which need to be taken into account before embarking in this endeavor.



What FX Hedging Can Achieve: Certainty vs. Reduced FX Rate Volatility
Tuesday, May 1, 2012, 2:30 PM (EDT)

Speaker
Jeff Wallace, Managing Partner, GREENWICH TREASURY ADVISORS LLC
and Co-Founder, DEBT COMPLIANCE SERVICES LLC

Session Description:
What are the main objectives and benefits of P&L FX Hedging? Is it to provide more certainty on FX risks over a given time horizon, so that other business factors can be managed to produce satisfactory P&L results? Or is it to reduce P&L FX rate volatility? And how is the FX rate volatility defined? Quarter to quarter, previous year quarter to current quarter, year-to-year or on a multi-year basis?

The discussion will include an historic FX rate volatility analysis showing which passive hedging strategies work best given certain volatility metrics. The presentation concludes with recommendations on how to best manage the trade-offs between the two hedging objectives.

Presentation Material: FX Hedging PowerPoint



NACT Telediscussion — Next Steps for Europe

Global Implications
Monday, April 9, 2012, 2:00 PM (EDT)

Speaker
Rebecca Patterson, Managing Director & Chief Market Strategist
J.P. MORGAN ASSET MANAGEMENT

Session Description:
Europe's crisis has gone from acute and immediate to more chronic. At the margin, that's been good news for investor sentiment and cyclical assets globally. In this call, we will provide an update from our last call in January on key drivers so far this year for Europe. More importantly, let's look forward: What risks remain that could derail Europe? What are our key scenarios? What are the implications for the rest of the world from Europe's crisis? Finally, how are we positioning portfolios with Europe in mind?

Presentation Material: Next steps for Europe and Global Implications



NACT Telediscussion: — The Eurozone in Crisis
Friday, January 20, 2012 2:00 pm EDT

Speaker: Rebecca Patterson, Managing Director & Chief Market Strategist, J.P. Morgan Asset Management

Session Description:

The Euro area is entering its third year of crisis, with countries around the region grappling with extreme fiscal austerity, a looming recession and billions of euros of maturing private and public-sector debt. What is the end-game? Will the euro and monetary union still exist a year from now? During this presentation, we will explore Europe's challenges, including:

  • Most likely scenarios for EMU over the coming years – Is there any hope of a “white swan”?
  • Implications for the global economy (GDP growth, inflation, liquidity, FX rates, etc.) should the euro crisis worsen
  • How are we positioning to mitigate risks and protect investments against such a scenario?

Presentation Materials: Where Next for Europe?



NACT Telediscussion:: — Sovereign Creditworthiness Trends
Wednesday, December 14, 2011 3:00 pm EDT

Speaker: Nikola Swan, Director, Standard & Poor's Sovereign Ratings Team

Session Description:

In light of the failure of the supercommittee to agree on a debt reduction plan and the long-term economic imbalances between euro nations, many folks are concerned about possible ratings implications for the U.S. and Eurozone. The speaker will discuss the current sovereign credit rating landscape and will walk through the framework for Standard & Poor's Ratings Services' sovereign ratings, focusing on the U.S., Canada, Germany, France and U.K. He will also touch on how political issues and the general economic outlook may impact sovereign ratings performance and downgrades.



NACT Telediscussion:: — Corporate Cash Management
Thursday, October 27, 2011 3:00 pm EDT

Speaker: Tony Carfang, Partner, and Cathy Gregg, Partner, from Treasury Strategies, Inc.

Session Description:

With indications that companies expect high cash levels to remain for a long time, there continues to be substantial investment in treasury technology and infrastructure. Current market dynamics are encouraging corporate treasurers to move more quickly to a Treasury 3.0SM environment that is information-based, rather than transaction-based. The speakers will touch on regulatory impacts, counterparty risk, investment considerations in volatile markets and other implications for treasurers, who must to a greater degree incorporate information from both internal and external sources in their decision-making.



NACT Telediscussion: — Implications of the US Debt Ceiling Debate
Thursday, August 4, 2011 12:30 pm EDT

Speaker: Russ Koesterich, CFA, Global Chief Investment Strategist for BlackRock iShares

Session Description:

The immediate crisis appears to be averted as Congress voted on a framework to raise the debt ceiling and reduce spending over the next decade. These developments are clearly positive in terms of reducing the risk of a US debt default, however, significant policy uncertainties remain and the risk of a future ratings downgrade is still not at zero. The speaker will highlight possible strategies that treasurers and fixed income investors may use to respond to these rapidly changing market conditions.



NACT Telediscussion — Rating Agency Regulation Update
Wednesday, February 10, 2010 11:00 am EDT



NACT Teleconference — Derivatives Regulation
What corporate treasurers need to know about the proposals to regulate OTC derivatives
October 13, 2009



NACT Teleconference — Regulation of the Financial Markets - How it will Impact Corporate Treasury?
September 9, 2009 11:00 am

Presentation Slides

Session Description
Governments and central banks around the world are debating proposals for massive restructuring of financial regulations and authorities granted to regulatory entities.

From interest rate swaps to loan pricing, the outcome of these debates is certain to affect how corporate treasury organizations do business. In this session, Treasury Strategies will discuss the implications of proposed regulatory changes and what your treasury organization can do now to prepare.

Learn more about Tony Carfang, Speaker at the September 9th Teleconference and Money Market Funds.

Review the Treasury Strategies SEC comments. Click here to review all comments made on the U.S. Securities and Exchange Commission website regarding the Proposed Rule: Money Market Fund Reform.

View the video of Tony Carfang on CNBC Kudlow and Bloomberg TV.