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The fate of Libor, the rate that underpins $350 trillion worth of financial contracts, has been hanging in the wind for years. Now its future is clear: The U.K.’s Financial Conduct Authority (FCA) says Libor will cease to exist by the end of 2021. And that means a lot of work for corporate treasurers, who
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Bipartisan support is growing for a bill that would roll back money-market fund reform. Eight representatives signed on as co-sponsors of the Consumer Financial Choice and Capital Markets Protection Act last week, according to the Library of Congress’ website, Congress.gov. Although similarly named, the bill is different from the Financial Choice Act, which aims to
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Anthony Carfang, Managing Director of Treasury Strategies, a division of Novantas, Inc. testified today at the U.S. House of Representatives on “The Impact of Regulations on Short-Term Financing.” Treasury Strategies supports well-thought-out efforts to improve economic efficiency and to reduce the likelihood of another systemic failure. Citing experiences of Treasury Strategies’ corporate clients, Carfang raised
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The U.S. Treasury Department’s final version of rules aimed at curbing corporate inversions eliminates the threat to cash management tools used by corporate treasuries, such as cash pooling, that was posed by the former version of the rules. “In response to thoughtful feedback, Treasury is providing a broad exemption for cash pools and other loans
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Signals point to prime fund inflows but nothing yet and extent unknown. October 14 has come and gone and there are a couple money market fund trends that may bode well for prime money market funds. One is that spreads between institutional prime and government MMFs have widened since the October 14 implementation of new
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The last big post-Lehman regulatory change is reverberating across the financial system, potentially squeezing short-term lending for businesses and local governments.
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Consider what a great time it is to be a corporate treasurer on this side of the Atlantic.
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Multinationals are moving to protect against foreign exchange risk and other repercussions of Britain’s decision to leave the European Union, said Anthony Carfang, managing director of consulting firm Novantas Inc.’s Treasury Strategies Inc. division. Specifically, finance chiefs and treasurers are increasing their currency hedges, raising cash holdings and more closely scrutinizing the credit quality of
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Exciting news! Today, Treasury Strategies is merging with Novantas, Inc. to create a 200-person consulting powerhouse to support senior executives in financial services and corporate financial management. Novantas is the leading bank analytics solutions and advisory company, serving 75% of the largest banks around the world. As we’ve said many times, CFOs need increasingly sophisticated
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The Fed isn’t likely to push U.S. rates below zero, but treasurers of multinationals still have to cope with negative rates overseas. While treasurers have been dealing with low interest rates for years, they’re now facing negative rates on bank deposits in some parts of the world. The prospect of paying a bank to hold
