Le magazine du trésorier - n°75 - 3ème trimestre 2011 - (Page 22)

Liquidity management in the eurozone FORUM For many of our clients, diversification is more important than ever. In Europe, stresses are starting to appear in the interbank lending market; recently, the Euribor-OIS spread started to widen. The ongoing sovereign debt crisis in the eurozone periphery appears to be the cause; there are serious concerns that European banks are heavily exposed to distressed sovereign debt. lthough at this stage it is unlikely that Europe’s interbank lending market will completely freeze over as it did in 2008, we can understand why many money market investors are worried. That is why we believe it is important that each of our institutional clients has access to a dedicated client relationship manager. Additionally, our ‘specialist cash management’ client services team is always on hand to provide support. It is now generally accepted that diversifying in cash management is just as important as it is when managing a wider investment portfolio. We believe that diversification goes hand-in-hand with maintaining a highly liquid cash portfolio. The Fidelity Institutional Liquidity Fund is spread across a large number of institutions and instrument types. It holds only the most liquid assets, including certificates of deposit, commercial paper, floating rate notes, repurchase agreements, A short-term government securities and time deposits.This range of instruments offers the fund a powerful array of options that can help to protect the fund’s overall liquidity. It is the prime focus on diversification and liquidity that has allowed our fund to attain triple-A status from Moody’s and Standard & Poor’s. This triple-A rating is a reflection of the fund’s many favourable characteristics: it is focused on security selection, the diversification of risk and aims to deliver a return in line with money market rates. Additionally, by enjoying triple-A status, it is rated higher than most banks, and even higher than the US government (referring to the 22

Table des matières de la publication Le magazine du trésorier - n°75 - 3ème trimestre 2011

Sommaire
EDITORIAL - Rating agencies: In the spotlight once again!
FINANCIAL HIGHLIGHTS
INTERVIEW - Gaëtan Dumont, UCB Lux SA
FOCUS
FORUM OF ADVERTISERS
CORPORATE FINANCE - 15 minutes with QlikTech
TREASURERS' ASSOCIATIONS
NEWS

Le magazine du trésorier - n°75 - 3ème trimestre 2011

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