News
September 16, 2011
Dear Members and Friends,
Coordinated central bank action across the globe was needed this week to inject (short-term) US$ liquidity into ‘the market’ as dollar shortages were widely reported in Europe and ‘cost of funds’ jumped from Taiwan to Mexico. Only time will tell if such market intervention restores calms to the interbank markets.
Meanwhile, ATFA has more ‘good news’ to share:
- The Bank of Tokyo-Mitsubishi UFJ, NY Branch has joined our association!! Following Mizuho’s accession last month, BTMU is the third of Japan’s ‘big 3’ to join ATFA. It is, in fact, the largest bank in Japan, rated ‘A+’ (by S&P), and boasts an impressive branch network around the world. In the Americas, BTMU is very active in supporting a variety of trade and capital markets projects from Canada to Chile. See http://www.bk.mufg.jp/english/index.html for more details.
- At the same time, National Bank of Pakistan, NY Branch has re-joined ATFA. This is wonderful as NBP adds great variety to our membership and excels in facilitating trade to and from the subcontinent. See http://www.nbp.com.pk for more details.
…as you can see, we are still welcoming old and new ‘faces’ to ATFA – membership has been lowered to US$400 for the remainder of 2011. If interested in joining, please submit a duly completed application form (attached) and secure ‘sponsorship’ from 2 existing members.
- Turning to next week’s “Summer Cocktail” at the Yale Club of New York on September 21st (6-9pm), featuring ‘receivables presentations’ from both Finacity Corp and The Receivables Exchange, we are expecting a record turnout!! Another 50 have registered since last week’s bulletin – bringing the total to around 115 registrants – and so, if you’ve not already done so, we ask that you click on the following weblink and register today: https://www.regonline.com/atfareceivablespresentationsandsummercocktail2011
…as a quick reminder, each ATFA Member Institution may send 3 attendees for free; additional persons (from the Member Institution) and non-Members are to pay US$100 per person. We will not be accepting ‘walk-ins’ for this event.
- Invitations to our inaugural Canadian reception in Toronto on October 17th will be sent on Monday.
- Please pencil October 24th and November 30th into your diaries – these are the probable dates for our networking seminar/reception in Sao Paulo and Annual General Meeting in New York.
- While May 2012 seems an eon from now, we would like to know where you’d like ATFA to stage its 2012 Annual Conference ??...
…this year’s event was in Miami and a great success; last year we visited Houston and San Diego the year before that. We’ll poll all suggestions and decide in coming weeks…
- Lastly, while the world watches and waits for Europe’s leaders to (re)solve their debt problems, several Middle East economies have shown remarkable resilience and actually ‘outperformed’ most EM sovereign benchmarks. In its latest ‘Middle East Focus’ (attached), Standard Chartered examines in some detail how the ‘Gulf Co-operation Council’ countries have been impacted by global turmoil and yet buoyed by oil prices above US$80 p/b.
As ever, we hope you are well and look forward to seeing many on Sept 21st!!
Cheers and warm regards,
ATFA Board
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