EDITOR'S COMMENTARY |
AFP board member Jim Gilligan of Great Plains Energy recently testified before Congress on money market funds, and this week, we bring you his full statement. Gilligan voiced AFP's concerns about the proposed changes to the rules governing MMFs, warning that additional regulation could have severe unintended consequences for MMFs as a whole. Also this week, we bring to you exclusive reports from the recent CTC Global Corporate Treasurers Forum, including discussions with IMF and ECB representatives on the eurozone crisis, as well as a push for corporates to lobby for standards internationally. In other news, the markets continue to be skittish due to worries over Greece, SWIFT CEO Lazaro Campos leaves the company after 25 years, and more. -- Andrew Deichler, Editor
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AFP in the news:
"Criminals can get hold of information on an actual check and create a counterfeit check," said AFP director of payments David Bellinger to the Banker's Bank of Kentucky last month. He delves into the AFP Payments Fraud & Control Survey in the bank's latest newsletter. As a speaker at the recent NACHA conference, Bellinger is also mentioned in the Minneapolis Fed's latest remittance coalition summary report.
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FEATURES |
Jim Gilligan, CTP, assistant treasurer for Great Plains Energy Inc. and a member of the AFP Board of Directors, testified on May 17 before the U.S. House of Representatives Committee on Financial Services regarding money-market funds.
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The CTC Global Corporate Treasurers Forum in Phoenix opened Thursday morning with a panel discussion on key issues facing the European, U.S. and global economies. Not surprisingly, the focus quickly turned to the eurozone crisis and what its fragility could mean for the global financial system.
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During the session Global Cash Management & Treasury Structures at last week's CTC Global Corporate Treasurers Forum, panelist Dennis Sweeney, deputy treasurer at GE Corporate Financial Services, posed the question of whether corporate treasurers and banks should lobby regulators internationally for essential standards.
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Fear about Greece was the driving motivation this week as money fled in search of safety. Concerns about a possible Greek default or a messy departure from the Euro led to gains in U.S. Treasuries and German Bunds at the expense of equities.
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Lazaro Campos informed SWIFT that he intends to leave the organization after a five-year stint as chief executive.
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The rapid adoption of QDIA's by plan sponsors and lessons learned from the 2008 financial crisis have prompted many changes to these ever-evolving investment vehicles and strategies. Many investment managers have sought to add asset classes to their allocations in an effort to reduce correlation between assets and combat volatility.
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AFP has partnered with GF Data to give members access to proprietary information on middle-market acquisitions by private equity firms.
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AFP ECONWATCH MID-WEEK |
May 23, 2012
Economic activity picked up during April, according to the Chicago Fed National Activity Index, but the gains were largely the result of the 1.1 percent gain in industrial production reported last week.
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Read Monday's edition.
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YOUR DAILY RESOURCE |
401(k) Plan Bundled Service Provider RFP
Spend less time developing RFPs and focus on selecting the provider that is best for your organization with AFP's 401(k) Plan Bundled Service Provider Request for Proposal. Download this new tool at www.AFPonline.org/pensions.
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