timthumb-1.phpDear FTA members and friends,

For professional networking, and technical content, FTA’s annual Congress is Australia’s premier annual event for Treasurers and corporate finance professionals. … But I know some of you attend simply to be inspired by your peers about what you can achieve with your career.

FTA’s 28th Annual FTA Congress will feature a corporate case study in every session reinforcing our theme, “Progressive Treasury – Adding Value in the Business”.

In 2015, leading economists will set the scene on each day before we hear from treasurers about how they are actively meeting the challenge to transform their practices, processes and teams.

All delegates to Congress will have the (difficult) choice of three-streams across two days. ….And buy-side delegates will be privy to even more with two closed treasurer sessionsbook-ending the Congress.

Speakers confirmed since my last Comment include:

    • Keynote speaker – John Brogden AMCEO, Australian Institute of Company Directors (AICD) & former NSW Liberal Leader and who will draw on his deep experience to “Restoring confidence in the Australian political process”
    • Michael Larkin CFTP (Snr), Group Treasurer, Lend Lease Corporation in the Treasury Transformation session
    • Richard Richards, CFO, Seven Group Holdings in the Corporate Finance, Hurdle Rates and Capital Structure: CFO spotlight session

The current Congress program is here!  

Key Congress theme update – Financial Regulation update 

Come to Congress and get right up to date with key developments in financial regulation – and their intended, and unintended impacts on non-financial corporations.

Is the system actually safer? What is the balance of risks and where should treasurers focus energies? How are overseas treasurers and their treasury associations addressing these issues? What kind of global advocacy could FTA be supporting?

Get up to date on:

    • Basel 3, IOSCO & G20 rules
    • Understanding how bank capital requirements affect corporates
    • System liquidity risk issues
    • Corporate / Bank Counterparty risk
    • OTC Derivative trade confirmation and clearing
    • Safe-guarding financial benchmarks

Prof Kevin Davis FFTP, Professor of Finance, University of Melbourne & Research Director, Australian Centre for Financial Studies (ACFS)

David Love, General Counsel & International Adviser, Australian Financial Markets Association (AFMA)

Michael Go, Head of Markets, Australian Financial Markets Association (AFMA)

James Lockyer, Development Director, The Association of Corporate Treasurers (UK)

CHAIR: Lindsay Brine FFTP, Head of Business Risk & Regulatory Change, NAB

Complimentary Financial Benchmarks: Views sought on a proposed near risk-free benchmark 

Questions have been raised about the fidelity of certain financial benchmarks in the wake of the LIBOR-rigging scandals.

With speakers from Australian Financial Markets Association (AFMA), delegates will be able to hear about how AFMA is working with the Australian regulatory authorities to develop a near-risk free benchmark interest rate.  The new benchmark would complement the Bank Bill Swap (BBSW) Reference Rate that AFMA administers which continues as the principal domestic benchmark rate.

AFMA has issued a market notice providing insights into the design attributes of the potential complementary benchmark, together with releasing a survey designed to assist it determine the form that the benchmark will take; i.e. potentially one of:

    • A compounded total return index, which quantifies the compounded return of the overnight cash rate, or
    • A benchmark calculated by an ex post compounding of the overnight cash rate.

AFMA has asked for feedback from FTA members as to how treasurers see industry application of these potential benchmarks.

    • To facilitate collection of industry-specific feedback AFMA requests that participating parties use this survey collector
    • The survey will take around 15 minutes to complete, and ask that responses be submitted not later than Friday 18 September 2015.  All respondent details and individual responses will be treated in confidence. (For further information, please contact AFMA’s Director Markets and Rates, Murray Regan, on mregan@afma.com.au or 02 9776 7992.)
Local FTA Chapters & Events 

FTA Queensland Chapter has just confirmed it will host networking drinks with a presentation on the Queensland Budget to be provided by QTC at 5.30pm on Tuesday 15th September.

Save the date! More details to be sent directly.

FTA WA Chapter is planning a Debt Markets Update with King and Wood Mallesons – date TBC.

FTA Vic Chapter has scheduled its next Women’s Networking dinner for Tuesday November 11th with a Christmas drinks to follow.

(These too are planned for FTA NSW Chapter.)

Finally, with vacancies for state chapter representatives on the FTA Board, interested members in those States are encouraged to contact me for a nomination form ASAP. 

All the best, David

David Michell CFTP (Snr)
CEO, The Finance and Treasury Association