François Masquelier

Articles

Always a Step Ahead

François Masquelier’s Treasury Vision CORPORATE RECOGNITION AWARDS Treasury Commentator of the Year François Masquelier, CEO, SimplyTREASURY, surpassed...

The Dangers of Negative Interest Rates

Are negative interest rates really good for treasurers, and for the world economy in general? There are admittedly some...

When Black Swans Turn Green

The coronavirus (Covid-19) is the latest black swan to blight the financial markets. But it’s not only black swans that treasurers need to recognise the importance of –...

Flags of the European Union.
EMIR REFIT: How to Benefit from the Intercompany Reporting Exemption

What does the EMIR REFIT mean for treasurers and how can they benefit – while...

Boosting the Bots: The Next Step Towards Treasury Digitisation

Where should the digital transformation of a treasury department begin? That’s the issue currently occupying many...

In Treasury We Care Too

The environment is still top of the global agenda as climate change continues to be a major cause for concern and the reason why numerous natural disasters and extreme...

The Added Value of Centralised Cash Management under BEPS

What would be the correct price (i.e., the arm’s length transaction) of a cash transaction under BEPS (Base Erosion Profit...

SWIFT’s Customer Security Programme A Good Initiative?

These days, IT security is a must, especially around payments, which are crucial for all companies. SWIFT, a key player in this...

Blockchain: A Libertarian Panacea?

 Blockchain, the technology underpinning bitcoin, has given partisans of the libertarian movement unlooked for backing. This technology and its offshoots will soon give...

Are Financial Crises Inevitable?

 Ten years already. In the summer of 2017, we marked the sorry tenth anniversary of the last great financial crisis. We may well ask ourselves what form the next...

ISO 31000 Risk Management - Principles and Guidance

ISO 31000 Risk Management - Principles and Guidance  By François Masquelier, Head of Corporate Finance and Treasury,...

The Paradox of Sophistication

The Paradox of Sophistication The more data you have, the less use you make of it  By François Masquelier, Head of Corporate Finance and Treasury, RTL Group and...

They Shoot Treasurers, Don't They?

They Shoot Treasurers, Don't They? By François Masquelier, Head of Corporate Finance and Treasury, RTL Group and...

Lost in Transformation...

Lost in Transformation... by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman of the European Association of Corporate...

Everything Has a Price – a Transfer Price

Everything Has a Price – a Transfer Price by François Masquelier, Head of Corporate Finance and Treasury, RTL...

KYC Forms: The Art of Doing Differently That Which Could Be Standardised

KYC Forms: The Art of Doing Differently That Which Could Be Standardised by...

Upsurge in Fraud

Upsurge in Fraud Just one of those things, a sign of our times or an extra risk for treasurers? by François Masquelier, Head of Corporate Finance and Treasury, RTL...

My Life in Treasury: François Masquelier, RTL Group

My Life in Treasury An Interview with François Masquelier, Head of Corporate Finance and Treasury, RTL Group Treasury...

Credit Rating Agencies in the Line of Fire?

Credit Rating Agencies in the Line of Fire? by François Masquelier, Head of Corporate Finance and Treasury, RTL Group,...

One Year On – EMIRage or an EMIRate?

One Year On – EMIRage or an EMIRate? by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and...

Treasurers, Do You Have Any BEPS?

Treasurers, Do You Have Any BEPS? by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman of the European Association of...

The Need for New e-Payment Methods

The Need for New e-Payment Methods by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman, European Association of Corporate...

A Single Integrated Report

A Single Integrated Report by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman, European Association of Corporate...

Risk Appetite: Fight or Flight?

Risk Appetite: Fight or Flight? by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman of the European Association of...

What Will Go into Future Corporate Reports?

What Will Go into Future Corporate Reports? by François Masquelier, Head of Corporate Finance and Treasury, RTL Group,...

Risk Culture: Cornerstone of Successful Risk Management

Risk Culture: Cornerstone of Successful Risk Management by François Masquelier, Head of Corporate Finance and Treasury,...

'Stressury': Genuine Risk or Fantasy?

‘Stressury’: Genuine Risk or Fantasy? by François Masquelier, Head of Corporate Finance and Treasury, RTL...

Back to the Future: a New Generation of TMS

Back to the Future: a New Generation of TMS by François Masquelier, Head of Corporate Finance and Treasury, RTL Group,...

Interference on the G20 Line?

Interference on the G20 Line? by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman of the European Association of Corporate...

Shifting Shades of Grey

Shifting Shades of Grey by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman of the European Association of Corporate...

Everything You Always Wanted to Know About EMIR Reporting

Everything You Always Wanted to Know about EMIR Reporting (but were afraid to ask) by François Masquelier, Head of...

IFRS 13: When Counterparty Risk Hits Your Bottom Line

IFRS 13: When Counterparty Risk Hits Your Bottom Line by François Masquelier, Head of Corporate Finance and Treasury, RTL...

IAS 39 and Hedge Accounting - For Better or For Worse?

IAS 39 and Hedge Accounting - For Better or For Worse? by François Masquelier, Head of Corporate Finance and Treasury,...

The Cost of Security Today

The Cost of Security Today by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman of the European Association of Corporate...

e-BAM: a Banking Connectivity Fantasy?

by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman of the European...

Will the Cavalry Arrive in Time?

Will the Cavalry Arrive in Time? by François Masquelier, President of the Association of Corporate Treasurers in Luxembourg (ATEL) and Honorary Chairman of the...

Tri-party Repo - How to Finance Yourself and Invest Your Funds

Tri-party Repo - How to Finance Yourself and Invest Your Funds by...

RFPs and How to Ensure They Succeed

RFPs and How to Ensure They Succeed by François Masquelier, Head of Corporate Finance and Treasury, RTL Group and Chairman, ATEL How best to select your suppliers...

IFRS 9, the Long-Awaited Accounting Standard

IFRS 9, the Long-Awaited Accounting Standard by François Masquelier, President of the Association of Corporate Treasurers...

Whether or Not to Collaterlise the Hedging Process: That is the Question

Whether or Not to Collateralise the Hedging Process: That is the Question by...

A Treasury Wish List

A Treasury Wish List by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman, EACT In this article we describe the concerns of...

Give it or Steal it Back…

Give it or Steal it Back… by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman, EACT The European Union (EU) has a...

OTC Derivatives: a Victory or a Battle Lost?

OTC Derivatives: a Victory or a Battle Lost? by François Masquelier, Head of Corporate Finance and Treasury, RTL Group,...

Modernising the Finance Department’s Role

Modernising the Finance Department's Role by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and...

Be Ready! Internal Controls in Treasury Departments

Be Ready! Internal Controls in Treasury Departments by François Masquelier, Head of Corporate Finance and Treasury, RTL...

The Third Act of IFRS 9: Revolution or Simple Reform of Hedge Accounting

by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman, ATEL This article describes the main key proposals made by the IASB...

Ten Years of IAS 39: What Next?

Ten Years of IAS 39: What Next? by François Masquelier, Chairman of ATEL The ten years of IAS 39 have changed our lives as treasury managers. We have been involved with and using ‘hedge accounting’ for so many years that we have almost...

Deciding to Hedge

Deciding to Hedge by François Masquelier, Chairman, ATEL This article discusses key strategic thoughts behind deciding when and how to hedge. It addresses the main...

Son of IAS 39

Son of IAS 39 by François Masquelier, Chairman, ATEL Many treasurers have forgotten that in January 2011 we will celebrate the 10th anniversary of IAS 39. Celebration or funeral? In the last quarter of 2010, the IAS Board is due to publish its new hedge...

Are Your Internal Controls Effective and Efficient?

This article examines the new reporting requirements for internal controls following the transcription of the 8th Directive into...

风险偏好:你渴望风险吗? (Risk Appetite: Are You Hungry for Risk?)

风险偏好:你渴望风险吗? François Masquelier——RTL集团企业融资及财务部主管暨EACT名誉主席 风险偏好在危机时期是一种似是而非的概念。一般来说,没有人喜欢风险,我们都努力尽量限制它。然而,这一概念背后所隐藏的是确定一家公司状况的观念。没有对公司状况的准确说明,我们如何能采取会获得公司股东批准的适当策略?说明公司状况是企业风险管理的前提。本文将揭开这个有点混淆的概念的面纱。 “风险偏好”,还是“风险状况”? “风险偏好”这个敏感话题总是引起激烈争论。这个词本身起源于英语世界,但其处理方式并未被普遍接受。许多首席财务官偏好“风险状况”的观念,听起来不太刺耳,在企业内部也较容易“推销”。“风险偏好”是一个奇怪的概念,不是吗?一般来说,没有人渴望风险。然而每个人都同意,虽然这一概念有点复杂,甚至有点神秘,却是实际企业风险管理(企业全面风险管理)流程的基石。 企业风险管理政策必须或应该在其确定的一套规则中包含“风险偏好”的基本原理。在此概念中,有衡量公司愿意保留的风险类型和那些准备出售,通过各种手段以消除或减轻的风险类型的观念,并将此观念纳入本集团的风险管理策略(见2008年10月出版的英国标准协会《BS 31100风险管理实务守则》,www.bsigroup.com)。 不同公司有不同的“风险偏好”概念 这个概念因公司的不同而不同,这取决于公司本身的风险文化和所属行业、集中化程度和企业风险管理流程的成熟度。正如没有单一的企业风险管理解决方案可以适用于每一家公司,也没有奇迹般的风险偏好解决方案可以适用于每一个机构。虽然标准往往可以量化(例如,最低信用评级, 最大杠杆率,设限的在险现金流,每位客户最大风险集中度等等),但“风险偏好”却不总是如此。因此,它不纯粹是基于数字,也受与社会或环境考虑和名誉有关的原则及测量的影响。因此,这个概念也通过更多的定性标准来定义,例如,对经营风险的最大承受度,对现行规定的最低遵守等等。 这种风险偏好章程必须明确什么是可以接受的,以及哪些是不可接受的。可接受的风险程度必须根据高级管理层采用的策略来确定,并符合公司持分者的预期。下一步是确定需要涉及什么内容,以及不需要涉及的内容,哪些风险可以继续面对,哪些不可以。这里的黄金法则是问一问,对因谈及的风险导致的损失的公布,股东或雇员会否感到吃惊。不可接受的风险是不能有助于达成公司策略愿景,或不能为公司提供策略或竞争优势的风险。为了精确地确定适当的风险偏好水平,首先要测试最坏情况事件的可能性及其在财务方面的后果。然后,我们才可以说,所有企业风险管理措施可以提出了。我们可以将这个概念比喻为汽车,刹车越好,可跑得越快。简言之,为了学习如何开得更快,你必须了解汽车的潜能、技术限制和制动性能。这是会为商业公司产生附加值的方法。英国BS 31100文件可成为确定风险状况的基准。[[[PAGE]]] 当审查企业风险管理流程来决定其评级时,评级机构希望找到风险偏好的章节,因为这对确定公司完整的运作方式是必不可少的 (见www.standardandpoors.com)。评...

Red 7... the Winning Number for Money Market Funds?

Red 7 … the Winning Number for Money Market Funds?  by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman, EACT This article describes the accounting issues...

Risk Appetite: Are You Hungry for Risk?

Risk Appetite: Are You Hungry for Risk? by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman, EACT Risk appetite… this notion is something of a paradox in...

Internal Controls for the Treasury: The missing piece...

Internal Controls for the Treasury: The missing piece... by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman, EACT Many companies, because they are listed on the...

Overhaul of IAS 39: Revolution or simplification?

Overhaul of IAS 39: Revolution or simplification? by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman, EACT The butt of frequent criticism in recent months, fair value...

The Ox and the Frog - German Conglomerates in the Current Crisis

The Ox and the Frog  - German Conglomerates in the Current Crisis by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary...

The Better the Brakes, the Faster the Car - adding value through improved ERM

The Better the Brakes, the Faster the Car - adding value through improved ERM by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary...

A New Dimension to FX Dealing

A New Dimension to FX Dealing by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman EACT Banks are seriously contemplating credit-adjusting the prices they quote on FX derivative transactions. The credit parameter...

Satisfied or Your Money Back — are you satisfied with your treasurer?

Satisfied or Your Money Back — are you satisfied with your treasurer? by François Masquelier, RTL Group Head of Treasury, Corporate Finance & ERM, and...