SOMMAIRE
3 EDITORIAL
10ème anniversaire de l’EACT
4 FINANCIAL HIGHLIGHTS 7 INTERVIEW
Oleg Williamson, Treasury Manager EMEA of Parker Hannifin
10 FOCUS - Banks and states: breaking the deadlock - La guerre des taxes aura t-elle lieu ? - To collateralise or not to collateralise the hedging process,
Le Magazine du Trésorier (ATEL)
N°77 / 1er trimestre 2012
Président : François Masquelier Directeur de la publication Luc Paindavoine Rédacteur en chef François Masquelier Comité de rédaction L. Paindavoine F. Masquelier K. Filo C. Zago J. Joseph F. Lambert-Joslain
Commission paritaire Impression : NOAO Group Régie publicitaire : FFE Jacques Olivier : 01 43 57 94 12 jac.olivier@ffe.fr Maquette : La Compo Crédit photo couverture : Barbara Brixhe
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that is the question J.P. Morgan’s Global Liquidity Investment Survey points to continued recovery in risk appetite among treasurers
26 FORUM OF ADVERTISERS - Taking Liquidity Risk Management to the Next Level - Low risk and stable returns: mission (im)possible? - Investing in Money Market Funds in 2012 - Hedge accounting under IFRS – a closer look at the changes
and challenges
36 CORPORATE FINANCE - CVA: Do you know you’re paying a credit charge on your trades? - Change in banking regulations: Impact on Treasury activities - 15 minutes avec… Computer Resources International 43 TREASURERS’ ASSOCIATIONS - PriceWaterhouseCoopers et l’ATEL soutiennent l’ONG «Pour un Sourire d’Enfant Luxembourg» The European Commission’s Proposals for Further Regulation of Credit Rating Agencies
ATEL 45, Boulevard Pierre Frieden L-1543 Luxembourg-Kirchberg Tél : (352) 42142-2121 Fax : (352) 42142-2129 atel_secretariat@clt-ufa.com
50 NEWS
Table des matières de la publication Trésorier magazine - n°77 - 1er trimestre 2012