This year’s issue gives the opportunity to reflect on the events following the epochal collapse of Lehman Brothers and how treasurers have reacted to arguably the greatest surprise to have hit the world economy. The sudden disappearance of liquidity and the explosion of counterparty risk highlighted this. As a result treasurers have become both more visible and more important than ever, as our leader article shows. But our focus is not on the past, rather on the lessons to be drawn for the future. How treasurers create a treasury that can anticipate events and react to them without being overwhelmed will be vital in any coming recovery. Cash visibility is, and will stay, vital.

Our cover story looks at those issues and highlights the main trends through EuroFinance’s survey of global treasury professionals. Our Treasury Award for Excellence this year goes to Microsoft. It has had the sangfroid and nerves of steel to anticipate the crisis, review its risks throughout the company and extend its balance sheet to its suppliers – without putting the balance sheet at risk. We look at how it has managed to achieve all this. We also profile Wolseley, commending its cash flow forecasting system and financing, particularly designed to get through the chill of a massive fall off in business. Profiles of Ford and Amazon also show how these treasuries are not simply reactive to events.

Feature articles provide overviews of trends and best practice in funding, liquidity (where money funds come under scrutiny as cash retains its crown) and risk management (where pending changes in over-the-counter derivatives regulation are spotlighted). In an era of going back to precautionary principles, we have a special review of trade finance and how treasury cash can be mined from timeless trade techniques. Doing more with less is the focus of our technology article, where prudent treasurers balance the benefits of automation with the costs of investment.

Our geographical focus is on Asia where China’s treasury of an enormous US$2 trillion in reserves is a vital future balance in world trade dynamics. We look at those Chinese companies engaging in global mergers and acquisitions and at the cautious steps being taken to make the Chinese currency a world one. Finally, we look at the career and training challenges of being a treasury professional, and on a lighter note, what exactly treasurers are up to when we manage to track them down.

For 18 years, EuroFinance has been the leading provider of treasury conferences and training in venues around the world. You make us what we are. We want you to enjoy this magazine and give us your feedback on our website (www.eurofinance.com) or join our LinkedIn treasury community where you can network with each other.

We hope you enjoy this issue
Katharine Morton
Managing editor