International Treasurer – May 2011

Brazil Battles BRL-Boosting Inflows

Brazil is trying to combat a flood of capital that is boosting the real as well as inflation.

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• The Inevitability of Cash Distributions 

  There’s been no escaping the statistic that US and European corporates have amassed $2 trillion in excess cash as part of their response to the financial crisis.

• The Basel III Credit Crunch Myth 

  Credit availability and price improvements will most likely continue.

• Peer Insight: LATMPG Winter 2011 Meeting 

  The LATMPG met in January to discuss such topics as: 1) FX Risk Management and Hedging; 2) M&A Integration Lessons and Best Practices; 3) Treasury Centralization; and 4) Local and Cross-Border Cash Management Best Practices.

• The Real Rulers of Margin Rules 

  Regulators propose sweeping margin rules for all OTC derivative users.

• Treasury Management: US Bank Liquidity Not in Such Bad Shape 

  Fitch says Basel III measures of US bank liquidity not counting all assets that it could.

• Accounting and Regulation: Derivatives Regulation Delay Could Cut Both Ways 

  Dealers are breathing sighs of relief. Should corporates be equally pleased?

• Treasury & Taxation: Don’t Get Tripped Up on FBAR 

  Form to comply with the US Treasury’s FBAR rule on foreign bank accounts is due soon.

• Treasury Management: Hedging for the Right Reasons 

  If the focus is on whether a hedge will make or lose money, then risk management can too easily be put aside.