What New Year’s resolutions should the treasurer make for the year 2000? Top of the list must surely be a deeper understanding of the fundamental and profound effects of the so-called Digital Age on our businesses. Because the pace of change is now so rapid, we must determine for ourselves how best to serve our organisations in a world where consumers are able to access the global marketplace from anywhere at any time using internet and mobile phone links. We need to assess the impact of e-business on our treasury organisation to determine what functions should be centralised, decentralised or outsourced. We need to ensure that our banking arrangements are global, that our working capital management processes are directly linked to the supply chain and that our systems are secure. We need to review and manage the risks associated with rapid global transactions. We will also need to keep pace with legislation that inevitably will be developed to control our cyber world. Throughout the year, The Treasurer will cover e-business topics in depth. We will also continue to focus on fundamental subjects of interest to our readers. This month’s Spotlight deals with short-term liquidity management, and considers a wide range of issues from both a borrowing and investing perspective. Canada has been experiencing significant changes to its economy and we are fortunate to have received some interesting contributions on this subject in the international section of the magazine this month. Aron Gampel from Scotiabank provides an economic overview; our multiple contributors from CIBC Wood Gundy discuss the changes taking place in the Canadian capital markets; and Mike Redferne and Paul Churchill from Toronto-Dominion take a look at cash management in Canada, comparing and contrasting the UK and US systems. Finally, we publish an excerpt from a speech given by Catherine Johnston, president and CEO of the Advanced Card Technology Association of Canada, to the Treasury Management Association of Canada on the move away from cash to electronic payments. I hope that you enjoy reading this issue and we welcome your views on the published articles. We are also keen to receive your contributions throughout the year, especially your experiences related to e-business. CAROLINE SHUFFREY
