Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 40

Whilst harmonisation may
bring benefits to certain market
participants, EACT members
are against any developments
that would make bond issuance
disconnected from issuers'
underlying funding requirements,
which are not susceptible to

LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE

-

N°98

- JULY /

AUG / SEP 2017

harmonisation.

40

EACT wanted also to raise the impact of clearing and
margining requirements for OTC derivative transactions
on non-financial counterparties (NFCs). Currently NFCs
that do not exceed defined thresholds for their non-hedging transaction benefit from an exemption for such
requirements.
It likes to reiterate that it is vital to maintain this exemption with the forthcoming EMIR review, as otherwise EU
corporates would have to post hundreds of billions of
EUR as collateral, therefore considerably reducing funds
available for investment and growth. Furthermore, the
current EMIR framework should be amended with regard
to non-financial counterparties above the defined clearing thresholds that are subject to clearing and margining
requirements (NFC+s). EMIR puts an obligation on nonfinancial counterparties exceeding the clearing threshold
in one asset class to centrally clear or exchange bilateral
margin for all transactions in all asset classes, including
hedging transactions. In EACT's view the current design is
illogical and counterproductive from a broader economic

perspective as it effectively withdraws liquidity from
companies for transactions that are not risky to the financial system. The balance sheets of NFC+s are likely to be
significantly impacted by EMIR margining requirements.
Imposing variation margin on hedging transactions below
the clearing thresholds will expose NFC+s to daily volatility up to the settlement date of the underlying commercial
transaction and will entail higher levels of working capital.
This will divert financial resources that could otherwise
be invested in the real economy. Therefore NFC+s should
have an obligation to centrally clear or exchange margin
only their non-hedging transactions for the asset class
above the clearing threshold but should benefit from the
same exceptions as NFC-s for their hedging transactions.
François Masquelier,
Honorary Chairman of EACT



Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017

Table of Contents for the Digital Edition of Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017

COUVERTURE
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW with Sue Dean - Manager Director, Head of EMEA Treasury Services, J.P Morgan
FOCUS
How to attract and then retain talented young people to careers as treasurers?
Selecting your bank could be a challenge
Planning corporate reorganisations in credit agreements
FORUM
Repo markets and corporate practice
Cyber attaques en chaîne
Investir dans un contexte de remontée des taux d'intérêt?
Results and analysis of the EY Survey
THE FINANCIAL RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - COUVERTURE
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 2
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - SOMMAIRE
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 4
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - EDITORIAL
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - FINANCIAL HIGHLIGHTS Luxembourg Tax News
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 7
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - INTERVIEW with Sue Dean - Manager Director, Head of EMEA Treasury Services, J.P Morgan
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 9
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 10
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 11
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - How to attract and then retain talented young people to careers as treasurers?
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 13
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 14
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 15
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Selecting your bank could be a challenge
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 17
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Planning corporate reorganisations in credit agreements
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 19
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 20
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 21
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 22
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Repo markets and corporate practice
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 24
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 25
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Cyber attaques en chaîne
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 27
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Investir dans un contexte de remontée des taux d'intérêt?
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 29
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - Results and analysis of the EY Survey
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 31
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 32
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 33
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 34
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - THE FINANCIAL RISK OBSERVATORY
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 36
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 37
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 38
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - NEWS
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 40
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 41
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 42
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 43
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 44
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 45
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 46
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 47
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 48
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 50
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 51
Trésorier/Treasurer magazine - N°98 - July/Aug/Sep 2017 - 52
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