CHAIRMAN'S MESSAGE - Paolo Provera, Chairman ITFA / General Manager ABC International Bank Plc.- Milan Branch

Dear Members and Friends,

Another month bites the dust and here I am finding myself writing yet another introductory statement for our monthly newsletter. Yes, that’s right, a third of the year has gone by and many of you could be wondering where all this time has gone. Much has been done this month and, among others, I am pleased to announce the signing of a Memorandum of Understanding with Afreximbank. The ITFA, through this MoU, is now ready to open its doors to Africa, a Continent with tremendous opportunities waiting for all of us.

On the other hand, it is with great pride and enthusiasm that I  assure you all is on track for our much awaited Annual Conference. Many subscriptions have already been registered and you can rest assure that we will leave no stone unturned to ensure a successful and fruitful event.

We are also encouraged by the fact that emerging markets and emerging market assets are showing signs of a recovery. In view that dollar rally gained momentum in the second half of 2014, emerging market assets were out of favour by foreign investors. Following a rather lacklustre end to 2014 and beginning to 2015, foreign purchases of global emerging market (GEM) assets are now showing signs of improvement. Emerging market currencies have recovered slightly in the past month but are still weaker compared to the start of the year.

Having said that, we must be aware that any incremental foreign demand might not be beneficial unless sentiment shifts significantly. If foreign portfolio inflows dry up, the tailwinds to global emerging market currencies could be devastating. Until US monetary policy uncertainty is removed and by this we mean clearer indications on the timing of a US Federal Reserve rate hike, we could continue to witness a series of range-trading in the leading GEM currencies, with volatility in such currencies expected to persist in the short term.

We are well aware that Emerging Markets could be faced with challenging times, but we will not be discouraged. On the contrary, it gives us the determination and energy needed to position ourselves accordingly. We truly believe that the ITFA Annual Conference is an important opportunity for members and non-members alike, to strengthen their ties, create new relations and achieve operational synergies within the trade and forfaiting industry. I would like to take this opportunity to remind all our readers that this year’s Conference will be held in Dubai between the 28th and the 30th of September.

With over 250 delegates expected representing worldwide institutions and companies willing to establish new business relations, the ITFA Annual Conference remains, without any doubt, the perfect meeting place to be, and more importantly to be noticed. Please be sure to register for the Conference as soon as possible by clicking here. A gentle reminder that the Early Registration Fee which gives a reduction of 10% to ITFA members has been extended and now ends on Monday 25^th May. We all look forward to welcoming you there.

As always, we look forward to hearing from you with any feedback you may want to share with us by sending an email to myself, any of the Board Members or to our general email, info@itfa.org.  

Best wishes,

Paolo Provera