Euromoney asked survey respondents questions about their cash management operations and how their use of ICMs has changed since the financial crisis.

Euromoney polls cash managers, treasurers and financial officers worldwide. The survey is split into a non-financial institutions questionnaire and a financial institutions questionnaire. Respondents are asked to indicate: Non-financial institutions

The structures that companies choose to help them achieve their cash management goals are often determined by how long they have operated in emerging markets, according to Indrajeet Maitra, head of cash management, Asia, at BNP Paribas. "Companies such as Unilever, Procter & Gamble or IBM have operated in emerging markets for decades," says Maitra. "Over that time, they have effectively become local companies. The cash management arrangements for such companies reflect the level of their domestic integration: for example countries such as India and China are considered separate to other Asian markets." A second group of multinational corporates, which typically have less experience in emerging markets, tend to see Asia as a bloc. "It’s easy to see why a developed-country-market treasurer would choose to take this approach," says Maitra. "It often reflects their stage of development – they know they have to consolidate their position in emerging markets but are unsure in what way – but it can be problematic to paint Asia with one brush, for example."

Local banks’ networks are crucial to global cash managers’ penetration of emerging markets. But the skills some of these local banks are developing put them on track to become regional leaders. Laurence Neville reports.

Emerging markets have become a driving force of economic growth and the development of international trade, putting pressure on cash management banks to improve their global coverage. Laurence Neville reports.

With some fanfare, Thomson Reuters launched yuan trading on its FX matching platform on Monday after the relaxation of Chinese currency rules in July.

The great and the good congregated at the Wren suite of St. Paul’s (just off the crypt which was quite fitting considering the vintage of some of the invitees) on Thursday to celebrate the 50th birthday of one of the few true gentlemen of the market, David ‘Mustard’ Caplin, CEO of Martins Brokers. I say ‘the great and the good’ but perhaps more precise would be to say ‘a lot of my old mates from the forward FX market’.

The dollar index plummeted to an eight-month low at the end of the month. While yet more quantitative easing in the US may not be the only reason for dollar weakness – Simon Derrick at BNY Mellon makes the case that reserve diversification has been a major driver – it was the one getting the most press. The strange thing was that commentators were neither certain that QE2 was imminent nor that it would make much difference.

I wasn’t around for Thursday’s ECB fix (I had better things to do – see Mustard’s 50th), so thanks to those who were at their desks and briefed me after the event. It looks as though, for the second year running, it was an order that one would have preferred not to win (FX news: Single farm payments – A €/£ harvest at the end of September).

At lunch the other day with two senior FX faces, it was impressed upon me how much management time is taken up with education. Not the education of juniors but of politicians and representatives of regulatory bodies.

Regular readers of theweeklyFiX will remember that the previous writer of this column, Lee Oliver, left the good ship Euromoney to set up a news service at Citi.

Roy Young, a former FX broker and director at Tullet and Tokyo, is in the docks at Southwark Crown Court on seven counts of money laundering.

HSBC can confirm that Abdul Munim has just left the Goldman Sachs e-commerce desk to join the eRisk team within FX at HSBC London.

Steen Dybdahl Frandsen has joined Citi Singapore as a senior trader on the G10 spot desk. Frandsen, a Dane, is a veteran of the Asian FX market having previously been in a similar role at RBS Singapore. Before that, he was at ABN and HSBC in Asia and Europe. He will report to Per Norr, Citi’s G10 FX spot trading head in Singapore. It looks like Citi’s FX expansion in Asia isn’t completely Tokyo-based after all (FX people moves: Citi continues to hire in Tokyo) .

Word has reached theweeklyFiX that Mark Clark, a 23-year Citi veteran and all-round spot Aussie dollar legend recently left the bank. Sources say Clark is not retiring but moving to an as-yet-unnamed smaller bank.

CME today announced that it has appointed Alice Hackett as managing director, global client development and sales.

We hear that Marcus Browning has left JPMorgan Chase for the second time. Browning started his career at JPM but left to join Merrill Lynch before eventually moving on to Citi. He left Citi in 2008 to try his hand on the buy-side at London Diversified Fund Management. He left the imploding fund about a year ago to return to JPMorgan (People moves: Browning heads home), where he joined the proprietary desk. But prop desks at US banks can’t be the most stable of places to work when Dodd-Frank hangs over everything. Talk is that Browning is destined to re-emerge on the buy-side at hedge fund BlueCrest. Neither JPMorgan nor BlueCrest would comment.

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This week we note the contrast between the multi-lateral intervention of 25 years ago and the unilateral approach and competitive currency weakening of today. Also, in the spotlight this week, are EUR/USD, USD/JPY, the India foreign investment cap increase and predictable EUR/GBP rumours.

Citi has hired Joost Calje to cover Dutch and Nordic corporate sales. Calje spent the last five years in a similar role at Societe Generale in London. At Citi Calje will report to Magnus Andersson, director responsible for Nordic and Dutch FX sales

Citi’s appointment of Jodi Schenck as global head of corporate FX e-solutions looks an interesting initiative. Citi has noted the need for a new team that “will respond to the growing need to deliver customized e-solutions into the corporate space. They will work in coordination with the global sales force to gain a deeper knowledge of our client flows and activities, and help to assess their e-needs in an effort to deliver tailor made solutions.”

It isn’t exactly an FX move but it was big enough to catch my eye: Market News International (MNI) has hired Dr. William Poole, former president of the St. Louis Federal Reserve as a special adviser.

Saxo Bank say it expects to invest upwards of DKr209 million (€28 million) in capital into failing Danish savings bank Brørup Sparekasse in attempt to break into the retail banking sector.

Lloyds TSB is continuing to build up its team of strategists and economists. The latest appointment is Charlie Diebel as head of market strategy. New boys Adrian Schmidt and Tim McCullough join as FX strategist and technical strategist respectively. Both report to Diebel.

Clive Banks has been appointed to the new role of global head of FX and local markets sales at BNP Paribas. For FX, this will include all currency spot, forwards and options to institutional and corporate accounts. The bank says it wants to establish itself “as a premier local markets house”, so that’s why Banks has been charged with developing a specialist local markets sales group for LM-focused institutional accounts.

It’s that time of year again: the European Union will make its annual single farm payment to the UK’s Rural Payments Agency for distribution to farmers. The payment under the Common Agricultural Policy is made in euros; while farmers can elect to be paid in the common currency, we hear the vast majority have decided to be paid in GBP. The amount for conversion on September 30 is said to be upwards of €3 billion. That seems to have been the market estimate in previous years but data from the Rural Payments agency shows that payments made by it amounted to about £1.9 billion last year, equivalent to €2.1 billion at last year’s fixing. Still, two-and-a-bit yards is enough to make a splash in the EUR/GBP pond.

Corporate responses to the financial crisis are forcing banks with liquidity management services to come up with new tools and techniques. Clients are demanding more visibility, control and optimization.