Treasury management (or treasury operations) includes management of an

enterprise's holdings. It includes activities like trading in bonds, currencies,

financial derivatives and also encompasses the associated financial risk
management.

All banks have departments devoted to treasury management, as do larger

corporations. For non-banking entities, Treasury Management and Cash
Management are sometimes used interchangeably. The treasury operations come
under the control of CFO of the concern or the Vice-President / Director of
Finance.

Bank Treasuries may have the following departments:

• A Fixed Income or Money Market desk that is devoted to buying and selling
interest bearing securities
• A Foreign exchange or "FX" desk that buys and sells currencies
• A Capital Markets or Equities desk that deals in shares listed on the stock
market.

In addition the Treasury function may also have a Proprietary Trading desk that
conducts trading activities for the bank's own account and capital, an Asset liability
management or ALM desk that manages the risk of interest rate mismatch and
liquidity; and a Transfer Pricing or Pooling function that prices liquidity for
business lines (the liability and asset sales teams) within the bank.

Banks may or may not disclose the prices they charge for Treasury Management
products

Treasury Management

The responsibility of a treasury department is the management and control of

future cash flows in accordance with an organization’s treasury policy guidelines,
and the management of the risks related to those cash flows. The attention to
treasury management has increased rapidly. This is triggered by the increasing
complexity of the financial markets, and the fact that an increasing number of
corporates realize that cash flow management is one of their organization’s crucial
processes.

Zanders provides expertise in all areas of treasury, from drawing up the treasury
policy, to designing and setting up the department and all transaction accounting.
The treasury's strategic policy, as well as its responsibilities and scope, should be
set out in a treasury statute, or policy document. Zanders provides experienced
advice in formulating such documents.

We also provide support on practical, day-to-day matters. For example, Zanders is

experienced in implementing treasury management systems. Using our extensive
knowledge of financial products and related legislation, we can help develop and
extend the accounting processes.

Accounting

Correct transaction accounting is very important for the treasury department

because of the potential effect on your organization’s financial results. How
various transactions affect financial reporting depends on the selected accounting
treatment. When implementing new accounting standards it is important to
consider the possible effects before making a definitive choice. As from 2009,
publicly-listed companies are required to publish their financial accounts in
accordance with IAS regulations. All products included in the treasury
department’s books must be correctly reflected in the accounts in accordance with
the new regulations.
Risk Management

Cash Management

Corporate Finance

Competences

Strategy & Organization

The operations of a business are closely related to the company's strategy and
organizational structure.

Zanders provide an excellent service in this field for the three areas of expertise:
treasury management, risk management, and corporate finance.

Processes & Systems

Many processes in an organization are supported by systems for collecting,

processing, and reporting relevant financial data.

Zanders combines in-depth knowledge on treasury, risk, and asset management

with expertise in the selection and implementation of the various systems.

Modelling & Valuation

The need for (quantitative) models in the financial world has greatly increased,
stimulated by new regulations, such as Basel II and Solvency II.

Zanders has broad experience with developing and validating risk models and the
valuation of financial instruments.

Structuring & Arranging

Zanders performs structuring and arranging activities for corporates, financial

institutions, and public sector organizations.

We support in the area of corporate finance; the optimization of the financial

structure and arranging different debt and equity instruments .

What Does Price Level Mean?

The average of current prices across the entire spectrum of goods and
services produced in the economy. In a more general sense, price level
refers to any static picture of the price of a given good, service or tradable
security. Price levels may be given in small ranges, such as with securities
prices or presented as a discrete value.

The most common price level index is the Consumer Price Index (CPI).

Investopedia explains Price Level

The price level is usually examined through a "basket of goods"
approach, in which a collection of consumer-based goods and services are
examined in aggregate; changes in the aggregate price over time will push
the index measuring the basket of goods higher. Weighted averages are
typically used rather than geometric means.

Price levels provide a snapshot of prices at a given time, making it

possible to review changes in the broad price level over time. As prices rise
(inflation), or fall (deflation), consumer demand for goods is also affected,
which leads broad production measures like gross domestic product (GDP)
higher or lower.

Price levels are one of the most watched economic indicators in the world;
it is widely believed that prices should stay relatively stable from year to
year so as not to cause undue inflation (rising prices). If price levels begin
to rise too quickly, central bankers or governments will look to decrease the
money supply or otherwise decrease the aggregate demand for goods and
services.