The resilient treasury - eurofinance.com/copenhagen International Treasury Management
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
The 28th annual conference on International Treasury Management 16-18 October 2O19 | Bella Center, Copenhagen The resilient treasury eurofinance.com/copenhagen Official lead sponsors Official sponsors Official technology sponsors
Welcome to the world’s leading
international treasury event
The sophistication, level of expertise and networking
are unrivalled by any other event of its kind
• Network with an unparalleled senior audience of 2,1OO+ delegates from 5O+ countries
• Hear 8O+ highly practical case studies from international treasury teams – not sales pitches
• Discover not just the current, but also future trends in international treasury
• Fit 6 months’ worth of meetings with your banks, providers and clients into 2.5 days
• Delve into the world of new technologies to understand how treasury will change
• View the cutting-edge solutions that are available in the marketplace today
• Benchmark your operations with treasurers from all industries
• Gain fresh perspectives from our headline speakers
The resilient treasury
With the pace of change in technology running
at hyper speed; geopolitical uncertainty ever
more volatile and the ever growing need
to do more with less – coping with
volatility and stress is paramount. 21OO+ 1OO+ 185+ 85+
This year, we look at how to de-stress
treasury and build resilient practices that
attendees exhibitors speakers sessions
allow treasury to do three things: achieve from around showcasing the from leading on current and
operational excellence; answer the call for innovation; the world latest solutions organisations future trends
and help the business respond to disruption.
“An annual dose of motivation and inspiration for treasury professionals.”
eurofinance.com/copenhagen — Christian Valdivia, CFO, LafargeHolcim Trading
International Treasury Management | Copenhagen 2O19 2
Who will you meet?
Nowhere else in the world can you meet this many 76% of corporate attendees
senior-level treasury professionals in one place...
say this is the best treasury
• C orporate treasurers, CFOs and finance directors from a wide range of industries and countries
• Banks, financial institutions and system providers who want to meet with treasury decision makers event they attend
and better understand the challenges they face
• Financial technology companies that offer payment, working capital, supply chain, risk, FX, asset
management and funding solutions
• Relevant consultancy and legal professionals
44%
Group Treasurer
85O+ / VP Treasurer
/ CFO level
corporate
treasurers
“A great networking
opportunity. Everyone is here!”
— Ramon Tolk, Senior Director Treasury, Avery Dennison
Previous attendees include:
• Abercrombie & Fitch • Adecco • Adidas • Admiral • ADP • Ahold Delhaize • AIG • Air Liquide • Airbus • Alibaba Group • Allianz Global • Amadeus • Amazon • Amica Group • Amway • Apple • Arcelor Mittal • Arla Foods
• Arrow Electronics • Asahi Breweries • Asics • Astra Zeneca • AT&T • Avnet • BASF • Bayer • Beano Studios • Bombardier Transportation • Booking.com • Bose • British American Tobacco • Bunge • Cargill • Carlsberg •
Caterpillar • Chanel • Chevron • Christian Louboutin • Citrix Systems • Clariant International • Clarins • Coca Cola • Daimler • Danone • Deliveroo • Dell • Deutsche Post • DHL • Diageo • Dubai Aerospace • Dufry • E.ON •
Eaton • eBay • Electrolux • Ericsson • Estee Lauder • ExxonMobil • F. Hoffmann-La Roche • Facebook • Fedex TNT • Ferrero • Finnair • Fuji Gas Natural • GE Capital • General Mills • Gilead Sciences • Google • Groupon • Harley
Davidson • Heineken • Henkel • Hermes • Hilton • Hitachi Vantara • Honeywell • HP • Huawei • Hugo Boss • IATA • Iberdrola • IBM • IKEA • Intercontinental Hotels Group • International Airlines Group • Jacobs Douwe Egberts
• Jaguar Land Rover • Johnson & Johnson • JT International • Kimberley Clark • KLM Royal Dutch Airlines • L’Occitane International • LEGO Group • Lenovo • Liberty Global • Lukoil • Maersk Kanoo Emirates • Mars • Mattel •
Medtronic • Merck • Metalor • Metlife • Michael Kors • Microsoft • Mondelez International • Nestlé • NH Hotel Group • Nielsen • Nike • Nikon Holdings • Nokia • Novartis • OMV Petrom • Orange • Oriflame Cosmetics • Pandora
• Pearson • Pfizer • Philips Lighting • Porsche • Procter & Gamble • Proximus • Puma • Radissonblu • Reliance Industries • Revlon • RTL Group • Saab • Salesforce • Samsung • Schwarz Group • Sephora • Shell • Siemens •
Spotify • Statoil • Stripe • Symantec • Tchibo • Telefonica • Tesla • Tetra Laval International • TEVA • Total • Toyota • Uber • Unilever • UPS • Viacom • Vodafone • Volkswagen • Volvo Group • Whirlpool • Xerox • Zalando •
International Treasury Management | Copenhagen 2O19 3
Programme highlights
Key topics New! The regulation series Regional Perspectives Innovation Alley
• The critical issues for treasury in the next 12 Regulation has overtaken cybersecurity and It is outside of the developed Take a stroll past our innovation stands
months other operational risks as a risk management markets where tomorrow’s profits showcasing the latest solutions from payments
• What collaboration with your banks, fintechs priority for many boards. Take just 15 minutes to will be found – however the challenges and FX to supply chain finance, trade, compliance
and internal business units should look like update on the key developments. of organising your tax, finance and treasury and more. See what emerging fintechs, your
• Case studies of cutting-edge technology in are even greater. This series will look at how to bank partners, and treasury suppliers
• Unlearning Libor
action operate in the most important of the complex are developing in response to the
• Get your global tax update here
• How treasury can impact everything from countries and regions. issues that plague corporate
• Dealing with a new money market fund
sales to procurement to customer experience treasury the most.
landscape • The ins and outs of sanctions
• Digital and technological transformation of
• Living with / learning to love faster payments • Asia – the move away from China
treasury
• Getting ready for IFRS16 • Africa
• Operational building blocks for today and
• Treasury’s role in enterprise ESG • Brazil
tomorrow: core treasury excellence
• India
• Introducing and maintaining growth mode for
the business Discovery Labs
• As always – risk, risk and more risk
management Open to all, the four Discovery Labs provide an
• The regulation series – a look at everything in-depth look at trending topics. Explore new
technologies and opportunities for treasury and
from Libor to tax reforms
take part in peer-to-peer discussions on how to
“Still the most relevant
solve key treasury issues. cash and treasury conference to
Plus!
• From pilot to problem solved meet with banks and network with peers.”
• Big picture thinkers who are dissecting your • The payments revolution
world • Working capital and supply — Evgeny Chaynikov, Senior Financial Manager, PJSC Lukoil
• Afternoon streams on the core topics that chain rebooted
preoccupy treasury day-to-day • Finance 36O: a holistic view
• Innovation alley, showcasing the tech
companies who are solving treasury pain
points
• Legal and regulatory briefing stage
• Thought leadership roundtables
• Fireside chats with treasury movers and
shakers
• 4 Discovery Labs that take you beyond
treasury, to the future of financial services
and how it will impact your business
International Treasury Management | Copenhagen 2O19 4
Your banking partners, providers and fintechs, all under one roof
If you have products or services to offer corporate treasurers and
finance directors, then this is the ideal opportunity. Please contact
Paul Shapiro: paulshapiro@eurofinance.com | +44 (O)7547 1174O5.
5
At a glance... Stream 1
How to improve your
Stream 2
Should treasury…?
Stream 3
Technology
Stream 4
Collaboration is key
Stream 5
How to be a business
treasury core strength transformations to resilience growth story
Day Resilience in the face of stress 2:OO An easier path to digital 2:OO Should treasury revisit 2:OO efining digital the
D 2:OO Treasury: the backbone 2:OO Tailoring treasury to
1
treasury transformation? the limits of treasury way of enterprise data growth mode
8:OO Registration and exhibition opens centralisation?
2:4O Optimising your cash 2:4O efining the digital
D 2:4O Re-designing treasury 2:4O Glocalising treasury:
9:OO Welcome address forecasting 2:4O Should treasury revisit treasury another way together how to be both global
9:1O Chairs’ introduction 3:2O Refreshment break its liquidity set up? 3:2O Refreshment break 3:2O Refreshment break but local
9:2O Re-thinking globalisation 4:OO Choosing the right cash 3:2O Refreshment break 4:OO Building the business 4:OO The transformation 3:2O Refreshment break
1O:OO Technology stressors: over the concentration structure 4:OO Should treasury case for better treasury continues: GE’s journey 4:OO To hedge or not to hedge
technology tipping point 5:2O Adjourn to the Treasury transform or change its technology 4:4O What collaboration on 4:4O Managing FX risk in
Networking Reception current treasury 4:4O Accelerating the financing looks like emerging markets
1O:4O Refreshment break
structures? payments processes:
1 1:2O Treasury priorities: must-do 5:2O Adjourn to the Treasury 5:2O Adjourn to the Treasury
4:4O Should treasury change shifting to a higher gear Networking Reception Networking Reception
versus nice-to-do
its FX strategy? 5:2O Adjourn to the Treasury
12:OO Staying positive: smart growth
5:2O Adjourn to the Treasury Networking Reception
strategies for tough times
Networking Reception
12:4O Lunch
Day Resilience through collaboration 2:OO Achieving the cash 2:OO Should treasury 2:OO Achieving a digital 2:OO e BAM: how E.ON realised 2:OO Strategic M&A:
2
management 36O investigate virtual baseline a digital bank account the treasury challenge
8:OO Registration and exhibition opens accounts? management solution
2:4O Taking banking in-house 2:4O Reducing complexity 2:4O Treasury’s M&A
9:OO Chairs’ introduction with new technology 2:4O Should treasury take the to increase capability 2:4O How to be an effective tightrope
9:2O Brexit: uncertainty reigns 3:2O Refreshment break lead delivering an at Google treasury organisation 3:2O Refreshment break
in-house solution for 3:2O Refreshment break and team
1O:OO Collaboration beats competition, 4:OO A balanced approach 4:OO Transforming treasury to
RPA? 3:2O Refreshment break
or does it? Winners and losers in to bank rationalisation: 4:OO Making treasury better support the business
the banking world the treasury deep clean 3:2O Refreshment break – with robots 4:OO Every treasury angle has 4:4O The right tax structure
1O:3O Refreshment break 4:4O Money market funds: 4:OO Should treasury revisit 4:4O Evolution in the TMS a tax twist: a discussion for your growth strategy
changing use for cross-border payments? ecosystem on the latest tax
11:1O What’s the deal on Libra? 5:2O Adjourn to day 3
treasurers? 4:4O Should treasury let developments around a
11:4O The collaboration culture in action: 5:2O Adjourn to day 3 real life treasury set-up
5:2O Adjourn to day 3 robots collect cash?
the future of financial services
5:2O Adjourn to day 3 5:2O Adjourn to day 3
12:4O Lunch
Continued on next page...
Day Resilience helps to identify the right opportunities
3
8:OO Registration and exhibition opens
9:OO Chairs’ introduction
9:2O Political stressors: acute, chronic and global “Still the most relevant cash
1O:OO Developing resilience
1O:3O Refreshment break
and treasury conference to meet
11:1O The EuroFinance Awards for Treasury Excellence with banks and network with peers.”
12:1O KAL’s closing
1:OO Lunch — Evgeny Chaynikov, Senior Financial Manager, PJSC Lukoil
International Treasury Management | Copenhagen 2O19 6
Stream 6 Discovery Lab 1 Discovery Lab 2 Discovery Lab 3 Discovery Lab 4 Complex
A focus on global risk From pilot to problem The payments Working capital and Finance 36O: Markets
management solved revolution supply chain rebooted a holistic view
Day 2:OO L iquidity priorities in a 2:OO A real-time interaction 2:OO Understanding the 2:OO Still a trillion euros on the 2:OO Tearing up the treasury 2:OO The ins and outs of
1
changing world with AI: a treasury case payments ecosystem table: why? roadmap sanctions
2:4O Dealing with data: the study 2:4O Changing payments 2:4O Dynamic discounting: the 2:4O From smart silos to 2:4O Brazil
treasury perspective 2:4O sing APIs and real-time
U changes the business challenges and benefits smarter networks 3:2O Refreshment break
3:2O Refreshment break banking to drive new 3:2O Refreshment break 3:2O Refreshment break 3:2O Refreshment break
business solutions 4:OO India
4:OO Stakeholder 4:OO SWIFT gpi for corporates a 4:OO Choosing the right SCF 4:OO ick’n’mix treasury: why
P 4:4O Stream ends
management when 3:2O Refreshment break reality solution platforms will be king
financing joint ventures 4:OO Treasury re-designed 5:2O Adjourn to the Treasury
4:4O We want real time 4:4O
T ECHNOLOGY 4:4O
T ECHNOLOGY Networking Reception
4:4O T he end of the KYC 4:4O How ABB centralised cash payments, don’t we? SHOWCASE: SHOWCASE:
nightmare? on a global level 5:2O Adjourn to the Treasury The SCF bake-off Insights in innovation
5:2O Adjourn to the Treasury 5:2O Adjourn to the Treasury Networking Reception 5:2O Adjourn to the Treasury 5:2O Adjourn to the Treasury
Networking Reception Networking Reception Networking Reception Networking Reception
Day 2:OO Developing a data driven 2:OO utting the robots to work
P 2:OO
T ECHNOLOGY 2:OO igitising trade finance:
D 2:OO The future of funding 2:OO Africa
2
currency hedging for FX risk management SHOWCASE: blockchain up and 2:4O Automatic for the 3:2O Refreshment break
strategy and liquidity Meeting the payments running? treasurer
disruptors 4:OO Asia: the move away
2:4O Managing treasury 2:4O ow APIs resolve key
H 2:4O
T ECHNOLOGY 3:2O Refreshment break from China
technology risk treasury pain points 3:2O Refreshment break SHOWCASE:
The brave new world of 4:OO
T ECHNOLOGY 5:2O Adjourn to day 3
3:2O Refreshment break 3:2O Refreshment break 4:OO etting efficient and
G SHOWCASE:
transparent digital trade finance
4:OO Dicing with debt 4:OO Remodelling the future of The EuroFinance beauty
cash forecasting payments and collections 3:2O Refreshment break parade
5:2O Adjourn to day 3
4:4O
T ECHNOLOGY 4:4O A PIs: the future is now 4:OO Upgraded: building a 5:2O Adjourn to day 3
SHOWCASE: 5:2O Adjourn to day 3 technology-led SCF
Piloting new technologies programme
5:2O Adjourn to day 3 4:4O Intelligent SCF
5:2O Adjourn to day 3
New! The Regulation Series Day 1 Day 2
Regulation has overtaken cybersecurity and other 2:OO Unlearning Libor 2:OO L iving with / learning to “Once again EuroFinance
operational risks as a risk management priority for many
boards. In this series, held on the exhibition floor, drop in
2:2O Getting ready for IFRS16 love faster payments
2:2O Get your global tax
has proven to be the event
4:OO Dealing with a new money
and catch up with concentrated 15-minute summaries of
the key developments.
market fund landscape update here for treasury.”
4:OO Treasury’s role in
enterprise ESG
— Nikita Romanovich Orlov, Head of Treasury,
Norilsk Nickel Mining & Metallurgical
International Treasury Management | Copenhagen 2O19 7
Pre-conference
training
Treasury Management for CFOs
Tutor Tuesday 15 October 2O19, 8:3Oam - 5:3Opm Agenda Supply chain management and working capital
Christopher Robinson, Overview Best practice in international treasury and current trends • Principles of supplier and receivables financing
TransactionBanking.com • Creating win, win, win in the chain
In the radically changing economic environment, treasury is • Treasury as a strategic tool and performance driver for the • F inancing: POs; invoices; acceptances; promissory notes
Chris has over 3O years’ experience in the both central and critical to many of the key tasks facing a CFO • Off-balance treatment: SEC issues; without recourse
payments business, working in treasury, CFO - managing FX risks, ensuring availability of credit, • Maximising liquidity and availability of credit facilities • Leveraging credit differentials
cash management, transaction services, driving working capital efficiency and restructuring banking • Managing for economic value rather than accounting • Distributor and inventory financing
trade, e-commerce and card acquiring. He relations to work in a shared services environment. This value
has worked in senior roles for Citibank and workshop provides practical examples of the best practice • Importance of: cash; liquidity; working capital Shared service centres and payment factories
Bank of America and founded the treasury used by multinationals to meet these challenges. It is ideal management
• Critical role of treasury to deliver banking interfaces to
workstation company, IT/2. In 2OO3 he set for a CFO new to treasury management or as a refresher to • Role of ERP systems to create supply chain efficiency
SSCs
up TransactionBanking.com, a treasury update your current knowledge and set the agenda for the • New products and responses of the banking players
• Integration of ERP accounting with payments systems
and payments best practice training and coming year and beyond. • Impact of the credit crunch on bank relationships
• E xamples from Oracle and SAP
consulting business, working with large • Coping with FX: interest rate; commodity; counterparty
Topics include: • Achieving economies of scale: benchmarking the
multinational corporations and financial risk
processes
institutions around the world. He has a • Best practice in international treasury and current trends Treasury organisation and treasury techniques • Challenges to eliminate domestic instruments and paper
broad depth of experience in the trends • Treasury organisation and treasury techniques • New business models for commercial flows:
and development of payments and • L iquidity management and investment • Organisation of treasury and the role of the CFO commissionaire; limited buy/sell
treasury across many regions and • Supply chain management and working capital • Setting treasury policy and governance
countries. • Shared service centres and payment factories • Treasury as a tool to actively manage risks Global payment infrastructure and technology
• Global payment infrastructure and technology • Levels of treasury responsibility: centralised; distributed;
• Multi banking and corporate access to: Swift; FileAct;
• What to expect in the future decentralised
MA-CUGs; SCORE
• Inter-company lending: re-invoicing; factoring
• What is happening in SEPA?
• Centralising exposure management: inter-company FX
• Applying the right security and controls
• Tax neutral or tax advantaged treasury vehicles
• Automated bank reconciliation and receivables matching
• Matching duration of credit facilities to cash flows
• Cash forecasting process
Liquidity management and investment • The great formats debate: ISO2OO22; EDIFACT; ANSI;
BANSTA; BAI; MT94O
• Accessing balances and capital locked in the organisation • Creating a treasury dashboard
• Types of notional pooling, zero balancing and
concentration What to expect in the future
• The tax, legal, documentation and regulatory issues
• Treasury policy agenda
• Mobilising core balances and money market investment
issues for CFOs
• Impact of IAS 39 and Basel II/III on the corporate balance
sheet
International Treasury Management | Copenhagen 2O19 8
Pre-conference
training
FX Risk Management
Tutor Tuesday 15 October 2O19, 8:3Oam - 5:OOpm
Christof Nelischer, EuroFinance Tutor Overview Agenda
Christof was the Global Group Treasurer at An intensive 1-day workshop on how to build an efficient Key benefits Dealing with illiquid currencies (3O minutes)
Willis Towers Watson plc based in London FX strategy
from 2O1O – December 2O18. In his role, •
Deepen your understanding of an area of treasury risk • The challenge of international sanctions, currency
Christof led treasury as well as the Challenge your existing way of managing FX, get ideas on management which is growing in relevance controls and lack of efficient markets
insurance function. Earlier positions how to improve your current FX risk management strategy •
Develop a strategy to deal with illiquid currencies in a • Operating effectively in emerging markets
include Head of Treasury at Fiberweb plc, and programme, and learn how to turn ideas into reality with corporate environment • Defining a corporate policy
leading corporate treasury as well as risk this highly practical workshop. •
Challenge and review your balance sheet hedging
strategy, understand possible scenarios and be better Balance sheet hedging (1 ½ hours)
management, Group Treasury Manager at By the end of the course, you will be able to:
Novar plc, where he re-engineered the equipped to guide and advise your organisation • When to hedge on business unit and on corporate level
treasury function, and European Treasurer •
develop a FX risk management programme for accordingly • How to put a case together
at Kellogg’s, having set up the European • different cash flow hedging scenarios •
F ind a practical, efficient, ready-to-use operating model • What to hedge and what not to hedge
Treasury Centre. Christof is also a • managing cash on a global basis for dealing with intercompany lending around the world • Balance sheet vs debt and earnings correlations
EuroFinance Tutor. Christof holds a dual • an in-house bank - including a holistic operating •
Optimise the use of your treasury management system • Impact on debt covenants
degree in European Finance and model •
Improve your FX cash flow hedging strategy - learn what • Real-life case studies
Accounting, and an MBA from Manchester •
critically assess and review your organisation’s FX risk really matters and what to hedge, what not, and why
management approach •
Understand the benefits of an intercompany netting Intercompany lending and multi-currency cash
Business School. He qualified with the
•
maximise the use of your treasury management system program, how to build a business case and how to set a management / In-house Bank (2 hours)
Association of Corporate Treasurers.
Willis Towers Watson plc was the to manage FX risk and streamline work flows program up • How to run a treasury centre or in-house bank
winner of TMI’s 2O17 Corporate Who should attend? • Maximise the use of your treasury management system
Real life case studies are used to illustrate how FX risk
Finance and Funding Award under • Defining an efficient operating model
management is applied in practice in a corporate •
Treasury professionals wishing to deepen their
Christof’s leadership, and have • Managing cash across currencies
organisation. understanding of FX risk management, or looking for
been shortlisted in the 2O18 • T he benefits of micro approach vs macro approach
Treasurer’s Deals of the Year practical solutions to commonplace issues.
Awards in the category of •
F inance business partners in multinational organisations, Cash flow hedging (2 hours)
Large EMEA Treasury looking to understand how to best support their • Establishing a good governance
Team of the Year. respective business in managing its FX risk • How to define the right hedging approach
•
F inancial controllers who want to appreciate the • Importance of cash flow forecasting by currency
rationale and considerations behind FX risk • Risk vs exposure – how to distinguish them
management, the way it works and why • Real-life case studies
Intercompany netting program (1 hour)
• echanics and benefits of intercompany multilateral
M
netting programme
• How to structure netting
• Systems used
• How to make a case for a programme and other
considerations
International Treasury Management | Copenhagen 2O19 9Pre-conference
training
Designing a Digital Treasury
Tutor Tuesday 15 October 2O19, 8:3Oam - 5:OOpm Agenda
Aniket Kulkarni, PwC Overview Business need for modernising treasury systems Treasury analytics – the strategic role of a treasurer and
how technology can help
Aniket Kulkarni leads PwC’s treasury and With the current market conditions and growing role of • Current market factors affecting treasury processes
trading technology practice in Switzerland. treasury in business operations, corporate treasuries are • Impact of currency volatility • Reporting and decision support in treasury
Prior to joining PwC, he worked as a global constantly looking for increasing efficiency. With the • Future of banks and its impact on treasury • Expectation from the management – typical topics
product manager for treasury and evolution of new technologies like blockchain and the rise of • Evolving role of treasury and tighter integration of • Overview of reporting and decision making tools
commodity risk management in SAP. fintech applications, corporate treasuries have many choices treasury with the business • How can technology help?
Aniket has a team of experts, helping to simplify and automate processes. • Design considerations
corporates and trading companies in Technological Innovation and its impact on treasury • Case study – treasury analytics
implementing treasury, fintech and This workshop provides examples and best practices used systems
commodity trading systems and by organisations to set-up robust treasury system Supply chain financing and dynamic discounting
• Evolution of treasury management systems
processes. He holds an engineering degree architecture to deal with these issues.
• Rise of blockchain and related technologies • The concept of SCF and dynamic discounting
and a post graduate diploma in finance, By the end of the course, you will be able to: • Evolution of fintech – platform as a service model • Benefits to treasury
and is a certified treasury manager CTM. • Robotics and predictive analytics • Design of a supply chain finance solution and dynamic
•
Discover the best approach for your digital treasury • Treasury analytics – reporting and decision making discounting solution
transformation project • Apps in the market and common features
•
Make the business case for change Concept of digital treasury • C ase study: Implementation of supply chain financing app
•
E xamine new technologies and their applications in with a bank
• How to design a robust treasury system foundation for
treasury (eg. Blockchain, RPA) • C ase study: Implementation of supply chain financing app
corporate treasury
•
Hear real-life case studies of corporate treasuries who with a dynamic discounting fintech app
• Integration points with key business processes
have benefited from digital transformation
• Payments and collections on behalf ( POBO and COBO) Robotics and predictive analytics
•
F ind out how treasury analytics can be applied to
• Foreign exchange risk management – integrated process
management reporting
with the business • What are robotics?
Topics include: • Application in treasury
Digital treasury – system architecture (foundation) • Robotics tools for treasury automation
•
Business need for modernising treasury systems • Introduction to predictive analytics
• What are the factors affecting the treasury system
•
Digital foundation - treasury management system • Use of predictive analytics in treasury
design?
architecture • Analytics tools
• Key system functionalities to be considered in the
•
O verview of fintech applications • Case study: Robotics in FX risk management
foundation
•
Blockchain and its application in corporate treasury • C ase study: Predictive analytics in cash flow forecasting
• Target architecture with key features
•
Supply chain financing and dynamic discounting
• How does the fintech apps fit in the architecture? Cyber security - how can fintech help?
•
Robotics process automation (RPA)
• Design considerations and common pitfalls
•
Cyber security and the use of predictive analytics
• Current cyber threats to treasury
Blockchain and fintech market – typical applications and • SWIFT cyber security reviews for corporates
use cases • How to use predictive analytics to prevent fraud and
• Blockchain technology mitigate risk
• What are fintech apps and how are they consumed? • Predictive analytics applications
• Market overview of fintech – classification of fintech • How to safeguard the treasury system against cyber
• Key innovations and application security
• User cases – payment apps, blockchain and intercompany Digital treasury – a case study
netting
• Case study – how can treasury contribute to better • How a corporate modernised and transformed its
customer experience using new payment technologies? treasury
• Realised benefits
• Future improvements and roadmap
International Treasury Management | Copenhagen 2O19 10Plenary Day 1 | Wednesday 16 October, 2O19
Chairs: Robert J. Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group, US 11:2Oam Treasury priorities: must-do versus nice-to-do
Resilience in the David Blair, Senior EuroFinance Tutor & MD, Acarate, Singapore
hile proactivity is the ideal, in reality most firms change because they have to.
W
face of stress 8:OOam Registration and exhibition opens
9:OOam Welcome address
They react to external drivers – customers, regulators, politicians, technology –
solving problems as they arise. Treasury in turn responds to changes in demands
from the business. This new environment threatens core infrastructure treasurers
It is clear that the current political, Asif Chaudhury, MD, EuroFinance, UK have long taken for granted. They face the sudden disruption of availability of
credit; sudden disruptions of supply chains; the bankruptcies of key suppliers and
economic and technological turmoil 9:1Oam Chairs’ introduction customers; the sudden introduction and cancellation of trade tariffs; increased
is here to stay. Demographics and political interference in tax affairs; more fraud and more cyber and financial crime.
9:2Oam Re-thinking globalisation
environmental damage look set to So in this session our panel of treasurers will give their tips on how to get in front of
intensify the fundamental problems lobalisation has driven corporate profit growth for the past 25 years but is the
G these issues:
which underlie these changes. If it’s party over? Is globalisation slowing down, is it in reverse or is it just changing?
And what elements of globalisation, if reversed, would cause business the most • Securing access to credit globally and locally
not just a blip, then companies and difficulty? These are not simply questions of trade wars, anti-capitalist populism • Hedging price risks ahead of supply chain contingencies
their key functions must respond, or capital flows; globalisation as a corporate strategy assumes that the benefits of • Business continuity planning for key relationship bankruptcy/unavailability
and respond differently. multi-national sprawl outweigh the costs. But is that true when local markets catch • Upgrade controls for fraud and financial crime
up or become self-reliant, or when high-margin services rather than high-volume • Improving cybersecurity and data privacy as digital transformation increases
goods are the growth sectors to be in? Globalisation has been the centrepiece of digital risks
corporate growth strategy for longer than most executives have been employed. • Enhanced processes for volatile regulation
What are the key assumptions they may have to revise? What does de-globalisation Moderated by: Sebastian di Paola, Partner, PwC, Switzerland
mean for different regions and industrial sectors, for the availability of finance
Cuan Duncan, Head of Treasury & Corporate Finance, Al-Futtaim, UAE
and access to supply chains? And is there a wider issue – are the easy gains from
globalising gone and if so, what next? Naomi Holland, International Treasurer, Intel Corporation, Ireland
Regina Ochev, VP, Assistant Treasurer, Prologis, US
Karthik Ramanna, Professor of Business & Public Policy,
University of Oxford’s Blavatnik School of Government 12:OOpm Staying positive: smart growth strategies for tough times
1O:OOam Technology stressors: over the technology tipping point When the going gets tough it’s easy to fall back into survival mode, cutting costs,
increasing risk aversion and finding reasons not to invest or innovate. But comfort
For all the talk of transformation, for most businesses, digitalisation has meant
zones can be dangerous places at times of rapid change so, while business and
Rackspace, Salesforce and a third-party e-Commerce and payments platform, if
treasury must prepare for the worst, they must also keep looking at new customers
that. Larger, and also purely digital companies, have gone much further but for
and channels, new sales models, new acquisitions and other new opportunities. In
even the largest SMEs, the costs and complexities of true digital transformation
this session companies describe how they are combining a renewed focus on risk
have been unsupportable and the benefits hard to quantify. That has changed.
mitigation with strategies for growth and how treasury can be a part of both. What
The methodologies of surveillance capitalism – the monetisation of customer
are the key growth hacks? Can treasurers drive new data-based growth? Where
data – is upending businesses from energy utilities to auto manufacturers.
has treasury had most impact in the business – creating growth or helping maintain
Traditional communications channels between businesses and customers are
and de-risk it?
failing, disrupting everything from marketing to payments. Digital transformation
is finally happening but mostly externally, to companies and not by them. So how Douglas Tropp, Corporate Treasurer, Booking Holdings Inc., US
do companies recapture the agenda in this process? How can ‘normal’ companies Philip Maton, VP Treasury, Head of Risk, Liberty Global, UK
survive the transition?
12:4Opm Lunch
Kristina Libby, EVP of Future Science & Research, Hypergiant Industries, US
Sponsored by
1O:4Oam Refreshment break
Sponsored by
International Treasury Management | Copenhagen 2O19 11Plenary Day 2 | Thursday 17 October, 2O19
Chairs: Robert J. Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group, US 11:1Oam What’s the deal on Libra?
Resilience through David Blair, Senior EuroFinance Tutor & MD, Acarate, Singapore
T his session was originally entitled “What if Libra works”? But in recent weeks
collaboration 8:OOam Registration and exhibition opens
9:OOam Chairs’ introduction
everything is looking decidedly unsettled. Scandals involving crypto-currency
exchanges, ICOs and individual tokens, as well as the volatility of even the more
established ‘currencies’ rendered them sub-optimal for performing the function
Many of the problems companies 9:2Oam Brexit: uncertainty reigns of a true medium of exchange. Libra looked different. It is hard-currency-backed
and has been supported by a growing band of serious players in payments. It has a
face are shared and are too hard or Oct 19 is deal deadline for Brexit, after which date if no agreement with the EU can well-defined governance structure. And it has almost 3 billion potential users from
expensive to be solved by everyone be reached, the UK prime minister is required by UK law, to seek an extension to the get-go. But the project suffered a serious blow after MasterCard, Visa, eBay
individually. It makes sense for the current 31 Oct withdrawal date, until 31 Jan 2O2O earliest. Such an extension and others withdrew. Facebook’s deteriorating relationships with Libra partners,
sectors or industry as a whole to requires approval of the EU 27 member states; which may or may not be granted. combined with scrutiny from regulators puts the whole project up in the air. Is it
With new EU Commission head Ursula von der Leyen in situ on 1 Nov, will there be a dead or will it go ahead, and what are the implications for treasury? The BIS has
come up with solutions for problems new approach to a Brexit solution? Or will the current withdrawal agreement apply? said its launch may force central banks to issue their own digital currencies. What
that do not involve competitive And what does all the uncertainty mean from a corporate treasury perspective? would this mean? In this session we look at the possibilities and the problems.
advantage, like cybersecurity. So
Joan Hoey, Regional Director, Europe Editor, The Democracy Index, Simon Taylor, Head of Ventures, 11:FS, UK
where can collaboration work and Economist Intelligence Unit, UK
what can it achieve? 11:4Oam The collaboration culture in action: the future of financial services
1O:OOam Collaboration beats competition, or does it?
Winners and losers in the banking world SD2, APIs, the shift to mobile, the payment revolution, fintechs – the list of
P
banking sector disruptors is not a short one. It is easy to dismiss many of the
ne sector in which collaboration has been hailed as the way forward is financial
O key developments as retail, not corporate, but that is an increasingly outdated
services. Where fintechs were once seen as the agile disrupters and cherry-pickers approach. Treasurers’ commercial bank partners are digitalising their relationship
threatening banks’ profitable businesses, now they are viewed as partners who management function: with better data and automation does the RM function
can help banks accelerate innovation and incorporate cutting-edge technologies, improve the client/bank relationship or is it an opportunity for banks to winnow
such as blockchain and AI. But collaboration is proving hard: large, slow-moving their least profitable relationships? If more banking functions are automated, or
organisations struggle to interact effectively with nimble, unconstrained start-ups. intermediated via APIs, what changes must treasurers make to be able to work
Approval processes and regulatory issues get in the way. But often so does a lack of with those functions? In investment banking, digital is transforming IPOs, M&A and
clear strategic goals or even a tactical roadmap. In some cases it seems fintechs see the sales and trading function across assets. All of these changes have implications
even one large bank client as their route to cashing out. So who is really winning for key treasury tasks. The revolution in payment channels and platforms is
and who is losing here? Is collaboration working and if so for whom? And how does increasingly a B2B issue. How should treasury be responding? And treasurers need
this complex ecosystem affect how treasury interacts with its suppliers of financial a fintech strategy too: do they work with new service providers directly, or with
products and services? This tell-all session will show you which banks are winning banks collaborating with those new arrivals? What are the risks and rewards of
the innovation war. early engagement? In this session, experts from the worlds of banking, payment
Alberto Corvo, CEO, Motive Labs, US and fintech answer your questions.
1O:3Oam Refreshment break Moderator: Simon Taylor, Head of Ventures, 11:FS, UK
Pierre Fersztand, Global Head of Cash Management, Trade & Payments,
Sponsored by BNP Paribas, France
Ann Cairns, Executive Vice Chairman, Mastercard, UK
Ebru Pakcan, EMEA Head Treasury & Trade Solutions, Citi, UK
12:4Opm Lunch
International Treasury Management | Copenhagen 2O19 12Plenary Day 3 | Friday 18 October, 2O19
Chairs: Robert J. Novaria, EuroFinance Tutor & Partner, 11:1Oam The EuroFinance Awards for Treasury Excellence
Resilience helps to Treasury Alliance Group, US
Every year EuroFinance presents its Award for Treasury Excellence to a
David Blair, Senior EuroFinance Tutor & MD, Acarate, Singapore
identify the right 8:OOam Registration and exhibition opens
treasury that has demonstrated outstanding best practice across key areas of
treasury in the previous 12 months. This year, from the many first-rate entries
opportunities 9:OOam Chairs’ introduction
received, we selected a treasury that has demonstrated resilience in the face
of volatility, shown an ability to adapt quickly to changes in their company’s
9:2Oam Political stressors: acute, chronic and global business model and illustrated quick thinking when dealing with a series of
No matter how challenging the difficult external issues. All this was achieved whilst dealing with day-to-day
T he biggest problem right now is politics. In the US, political decision-making is risk management measures, funding challenges, cash management demands,
business environment, there are aberrant and unpredictable. For business, uncertainty of tax, foreign policy and
always opportunities for those set tax issues, compliance imperatives and staff development. Together, this
trade policy matters. In Europe, Brexit creates a similar conundrum for Britain treasury team enabled sustainable innovation across its core functions while
up to look for them. Whether it’s a and the continent and the rise of extremist populism in Spain and Italy is a managing the stresses and strains of rapid change.
new country, sector or technology, further complication. In Latin America, Venezuela, Brazil and Mexico leaders
successful companies don’t just of very different persuasions are causing disruptions of their own. In China, Jim Scurlock, Head of Cash Management, Microsoft
focus on risk, they look for new the relationship between state and enterprise is under scrutiny and the use
12:1Opm KAL’s closing
rewards too. of both to steal industrial and tech dominance will cause further trade friction
and worse. In the rest of Asia the politics of extremism are a threat to growth. AL, the Economist’s resident cartoonist, has published over 8OOO cartoons,
K
Businesses have had thirty years of relative stability; that world has gone. many of them gracing the cover of the Economist year after year as well as
What do they need to do survive tomorrow? Can treasury help or is it just a appearing in well-known news organisations globally. He has drawn every
bystander? major political figure in the last few decades and won awards around the
world for his editorial and satirical coverage of political events. He is passionate
Charles Hecker, Senior Partner, Control Risks, UK
about his work and the use of humour as an important tool in the defense of
1O:OOam Developing resilience freedom of speech. He will take us on a current events trip using his art and
show us that everyone has a cartoonist lurking in him or her. He will close out
All those books about change and innovation, about the opportunities thrown the event with a short drawing lesson where you will be able to draw and take
up by disruption, they all leave out a key piece of information. Most people home a ‘realistic’ caricature of a major political figure!
do not like change. Most organisations have evolved to execute a particular
set of functions and are ill-designed for anything else. Rapid change, sudden Kevin Kallaugher, Editorial Cartoonist, The Economist
obsolescence, unexpected and virulent competition are all unwelcome and
1:OOpm Lunch
cause human and organisational stress. Many firms fail and many employees
fall by the wayside. But if companies are to survive and thrive in this new
environment, they need their employees and managers to survive and
thrive with them. Building resilience is not an abstract idea. It means building
systems and processes that can cope with the abnormal. And that means
building teams that can do the same. Focusing only on process or technology
risks failure. In this session we will look at the business costs of forgetting the
human angle and give real examples of best practice in which an investment
in staff resilience paid dividends in terms of business results.
Randy Ou, VP Group Treasury, Alibaba
Ravi Jacob, Corporate VP & Treasurer, Intel Corporation
1O:3Oam Refreshment break
International Treasury Management | Copenhagen 2O19 13Stream 1 Day 1 | Wednesday 16 October, 2O19
Chair: David Blair, Senior EuroFinance Tutor & MD, Acarate, Singapore 4:OOpm Choosing the right cash concentration structure
How to improve 2:OOpm An easier path to digital treasury transformation? etting cash concentration right is not simply a matter of efficiency.
G
your treasury core The need for real-time cash visibility demands centralised payments
Sweeping and pooling structures are critical to ensuring that the
right amount of liquidity is available in the right accounts, locations
strength hubs, real-time payment execution with tracking and new payment
platforms. Real-time working capital efficiency demands all of this plus
and currencies, at the right times. In difficult markets this can be an
important strategic tool in reducing risk. But picking the right structure
more efficient multi-bank management. For treasury this means a crash
is not straightforward. Each version of ZBA sweeping, physical cash
Resilience is a function of its course in digital disruption, new connectivity options across banking,
pooling or notional pooling has its own subtleties and interacts with
foundations. If the business payments and supply chains, security best practices, fraud prevention and
regulations differently. New rules, such as BEPs, alter these interactions
is to thrive in a chaotic global data analytics.
and so treasurers must constantly monitor the status of their particular
environment, core treasury strategy Patrick Verspecht, Group Treasurer, Member of the board of the ATEB arrangements. And again technology has given treasury a range of
and operations must be solid. & Secretary, Trillium Flow Technologies, Belgium choices that, while welcome, complicates the process. In this session
Today this also means that treasury Marcus Hughes, Head of Strategic Business Development, three treasurers discuss different choices, taking you though simple ZBA
has adopted the key digital tools Bottomline Technologies, UK structure, a more complex multicurrency notional pooling arrangement
necessary to provide the business and other structures available.
with the intelligence it needs to 2:4Opm Optimising your cash forecasting
Allen Davis, Treasury Manager, EME, AGCO Limited, UK
compete. At the heart of all this is Coca-Cola’s ‘Treasury team broke new ground in one of
Janko Hahn, Head Treasury Operations, Autoneum Management,
cash: collecting it, distributing it, the key treasury disciplines– cash forecasting. Saving
Switzerland
managing it and understanding both time and money, the multinational achieved USD
its every move. 1Om in benefits from its cash flow analytics, and shaved Sofiane Himer, Head of Treasury, Safran, France
4O hours of treasury team time each month. The cash flow tool is unique, 5:2Opm Adjourn to the Treasury Networking Reception
providing granular perspectives encompassing cash flow forecasts, cash
balances by investment type, inter-company cash flows, and working
capital analytics. Reports for group transactions, local level activity, or
specific operations, can be viewed in local currencies with forecasts for
FX-adjusted cash flows. The team accelerated the provision of cash flow
data reporting to from 14 days to just 3, greatly enhancing the senior
management’s teams visibility of the companies cash position. This
impressive approach saw Coca-Cola’s team win the EuroFinance treasury
management and process transformation award this year.
Kelly Angelo, CPA, Manager, International Treasury Services, Corporate
Treasury, The Coca-Cola Company, US
David Wattenmaker, CTP, International Treasury Services,
Corporate Treasury, The Coca-Cola Company, US
3:2Opm Refreshment break
Sponsored by
International Treasury Management | Copenhagen 2O19 14Stream 1 Day 2 | Thursday 17 October, 2O19
Chair: David Blair, Senior EuroFinance Tutor & MD, Acarate, Singapore 3:2Opm Refreshment break
How to improve 2:OOpm Achieving the cash management 36O 4:OOpm A balanced approach to bank rationalisation: the treasury deep clean
your treasury core ost companies will admit to deficiencies in their group level cash
M In uncertain times you never know when you may need a friend.
strength visibility and reporting, particularly those who have grown by expanding
abroad. Cash can hide in manual processes, sub-optimal bank account
Managing internal and external relationships is a strategic task, not a
mundane cost-cutting exercise. So while optimising bank relationships
management and fragmented technology. And without visibility, and bank accounts, and achieving bank-independent connectivity
Resilience is a function of its treasurers cannot control, mobilise or forecast group cash, with knock-on via third-party platforms increases visibility, and reduces risk and
foundations. If the business effects in managing foreign exchange risk, making investment decisions, costs, treasury must be careful to remain a valued customer of its key
is to thrive in a chaotic global and ensuring efficient funding. The ‘easy’ answer is technology, but stakeholders. Hear how to manage your internal stakeholders from
environment, core treasury strategy many treasurers find that allegedly off-the-shelf solutions can require local subsidiaries, regional SSC’s, IT, tax and legal teams, as well as your
and operations must be solid. so much customisation that they risk buying the complexity and expense external stakeholders such as banks whilst implementing an ambitious
they are trying to avoid. This treasury reached that point and stopped. cash management framework to replace banking, transition payment
Today this also means that treasury
Using widely available online tools, in two months, the team built a new processing, implement cash pooling and liquidity structures in 36
has adopted the key digital tools
dashboard from scratch without coding a single line. This gave the firm countries all within a year. In this session hear where the quick wins were,
necessary to provide the business almost complete daily cash balance visibility. Another few months of how they overcame the challenges and find out if the project increased
with the intelligence it needs to development created a suite of additional tools. The treasurer explains productivity.
compete. At the heart of all this is how here.
cash: collecting it, distributing it, Joanna Bonnett, Group Treasurer, Page Group, UK
managing it and understanding Bruce Edlund, Senior Director, Assistant Treasurer, Citrix, US
4:4Opm Money market funds: changing use for treasurers?
its every move. Robert Zavertnik, Senior Treasury Analyst, Citrix, US
By the end of 2O18 corporate treasurers had upwards of €2OO billion
2:4Opm Taking banking in-house with new technology invested in European short-term money market funds. The long process
Once described as the ultimate achievement in treasury centralisation, of legislative reform is finally over. Investment in money market funds
in-house banks have, like so much else, been simplified by technology. continues to grow. For many treasurers, money market funds offer a
Better TMS and ERP modules allow easier creation of workable internal secure and flexible home for their short term cash. Why are money
current account structures that can provide the core intercompany market funds an increasingly important tool to employ alongside bank
banking services that generate most of the efficiencies. External providers deposits and other short term instruments? How has the legislative
now also provide in-house banking and netting solutions that can link process changed treasurers’ use of money market funds and what are the
with existing cash pooling and intra-group receivables and payables post-reform risks that you should consider discussing with your treasury
clearing set-ups, in-house or in the cloud. And these solutions put the committee? This session covers these issues, presenting also data that
IHB within reach of a far wider range of companies. That said, the big sets the European reforms in a global context.
obstacles as ever are regulatory. Replacing bank accounts with inter- Veronica Iommi, Secretary General, IMMFA
company current accounts and executing payments and collections on
William Nossier, Deputy Treasurer, Global Investments, Booking.com,
behalf of operating companies can rub up against exchange controls and
Netherlands
restrictions on payment netting and inter-company lending.
5:2Opm Adjourn to day 3
Simon Karregat, Group Treasurer, Fugro, Netherlands
International Treasury Management | Copenhagen 2O19 15Stream 2 Day 1 | Wednesday 16 October, 2O19
Chair: Chris Robinson, Director, TransactionBanking.com, UK 4:OOpm Should treasury transform or change its current treasury structures?
Should treasury…? 2:OOpm Should treasury revisit the limits of centralisation? Given political and economic uncertainty, plus increased regulatory oversight
and technology disruption, perhaps now is not the right time for change. That
Many of the core questions in T he generic benefits of treasury centralisation are clear and well-known. The
said, if the business must respond, and if treasury is truly a core business
practical problem has always been how to implement centralisation when
treasury remain open because the function, then it too must change. If so, which treasury structures are suited
local differences in business practices, financial markets and regulation remain
answers depend so much on context to the current environment and which may need to change? Is now the time
so critical to frontline operations. So how should treasury pursue centralisation
and the individual company. But to adopt an agile model incorporating an in-house bank, or does that conflict
strategies in a world that appears to be decentralising in terms of politics
all companies face a core set of with de-globalisation? Should treasurers be ensuring they plug into the new
and trade? Do ostensibly global initiatives like BEPS actually force treasurers
digital liquidity and cash pooling solutions that banks (and their software
commonalities, from the economy to to re-regionalise treasury centres? Or can technology knit-together local
suppliers) are now making available? And if cost-cutting is a likely response
new regulations and technology. This and regional requirements and provide an overlay that creates the effects
to profit fears then can treasury contribute with better management of bank
stream uses case studies from your of centralisation while allowing the business to benefit from local expertise
fees, with cloud adoption, payment factories and other efficiencies? These
peers to illustrate some best practice and specific local practices? This session will show how companies approach
three companies look at what structures give treasury the agility for the
approaches to near universal centralisation in today’s world.
current world.
problems. Markus Kede, Director, Group Treasury & Insurance,
Ziwei Wang, Regional Treasury Manager, Kone, Finland
H.Lundbeck A/S, Denmark
Vishal Verma, Executive, Cash & Treasury Operations (MENAT/SSA),
Carl Burman, Head of Financial Markets & Cash, Maersk Group, Denmark
GE Corporate Treasury, UAE
Alwin Harkema, Head of Northern European Sales, GTS EMEA,
Catherine Hill, Director, Treasury, Salesforce, Switzerland
Bank of America, Germany
4:4Opm Should treasury change its FX strategy?
2:4Opm Should treasury revisit its liquidity set up?
T he recent uptick in trade tensions has been reflected in FX market volatility
For treasurers the most immediate concerns in a world of increased
and many corporates seem to have been caught out – given the profit
uncertainty and potential cash stress are: access to funding and ensuring
warnings in the US and Europe. These were accompanied by a renewed
tight control of overall liquidity management. This means doubling-down on
commitment to allocate more resources to mitigating FX risk but suggested
cash concentration and working capital management, reporting and visibility,
a fundamental failing: in times of low volatility, companies allow hedge ratios
and sophisticated cash segmentation. It also means keeping an eye on how
to decline and when it returns they suddenly increase them. This reactive
their banks are affected by global conditions too. With rates rising and the
approach causes spikes in effectiveness and means that firms buy protection
slope of the yield curve shifting, banks, and not just those holding billions in
when it is most expensive. So is it time to raise those ratios again on an ad
corporate deposits, will respond in ways that will directly affect treasurers.
hoc basis? Or is it time for a better more holistic approach that goes beyond
While these core challenges tend to be similar from cycle to cycle, this time
volatility? Treasurers still struggle to build the full picture of exposures needed
round treasurers have a much wider range of technologies and third-party,
to create and execute an appropriate hedging strategy. So how can they
non-bank solutions to choose from. In this case study, this treasurer discusses
analyse all their currency exposures – not just individual currency pairs – and
how they are preparing for the future and how they are approaching the new
create a complete view of risk? And how can technology and automation be
solutions providers.
used to build more systematic and less discretionary hedging programmes
Theis Jensen, Head of Group Cash Management, based on that picture?
DSV Panalpina A/S, Denmark
Ramon Tolk, Senior Director Treasury, Avery Dennison, Netherlands
Timothy Bartlett, Director Liquidity & Investment Products,
Global Liquidity & Cash Management, HSBC, UK 5:2Opm Adjourn to the Treasury Networking Reception
3:2Opm Refreshment break
Sponsored by Santander Corporate & Investment Banking
International Treasury Management | Copenhagen 2O19 16You can also read
