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In this issue:
1. Trust and the distributed ledgers creations
2. Payments: what's new?
3. 2017 AFTE Days, “Banks are neither asleep nor overweight”
4. Regulatory update
5. Joint EACT-IGTA annual meeting
6. Upcoming events and training of European treasury associations
Trust and the distributed ledgers creations
On the last day of 2017, there would be 1 372 “cryptocurrencies” with a theoretical value in circulation (incorrectly called “market cap”) of USD 574 bio.
For the remaining of this article, I might write using the indicative tense rather than the conditional for convenience, but the reader should not be fooled, we are dealing with a fluid world, promising with innovation but full of uncertainty. The technologies are evolving, using partially tested structures and the specialised mathematics of cryptography. It might not be so different from the derivatives world decades ago before the subject was taught in universities and knowledge spread.
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Payments: What's new?
PSD 2 enters into force

The revised Payment Services Directive took effect on 13 January. Member States had until this date to transpose the Directive into their national legislation. However, many Member States have not yet introduced legislation to transpose the new rules, making their application incomplete. 
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2017 AFTE Days

“Banks are neither asleep nor overweight”

2017 was indeed a record year for the AFTE Days, which took place on November 14 and 15: 1,400 participants, 69 sponsors, more than 80 speakers. One of the most noteworthy speeches was that of Jean-Pierre Mustier, Chief Executive Officer of UniCredit Group.

His remarkable career made him the perfect voice to explore “Prospects for the Banking Sector.” A leading player in the field before the subprime crisis, particularly as head of the Corporate & Investment Banking Division of Société Générale as of 2003, today he holds the reins of UniCredit, an establishment that has shed its old skin and is now experiencing a Rinascimento.

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Regulatory update
Recent EACT publications

Webinar – MiFID 2 impact on corporate treasurers
Ongoing consultations
Capital Markets Union – corporate bonds
The European Commission Expert Group on corporate bond markets has delivered 
its final report and 22 recommendations to foster the development of corporate bond markets in the EU. The recommendations aim amongst others at making issuance easier for companies, increasing access and options for investors, ensuring the efficiency of intermediation and trading activities and fostering the development of new forms of trading. Importantly, the push for standardisation of issuance terms (such as maturities, coupons etc.), that the EACT has objected to, is not part of the recommendations made by the group. As the Expert Group is an independent group, the Commission is not bound by their recommendations and will conduct a further public consultation on the topic early next year, which is expected to lead to a Commission communication on corporate bond markets later in 2018.
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Joint EACT-IGTA annual meeting

On September 15 and 16, EACT and IGTA (International Group of Treasury Associations) came together in Berlin for three meetings: the European association's semiannual Board of Directors' meeting, a joint EACT – IGTA meeting and the Annual General Meeting of IGTA.

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Upcoming events and training of the
European treasury associations

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