NEW ATFA PRESIDENT - Brendan Herley, President ATFA / Wells Fargo Bank - Director, Risk Distribution & Loan Syndications, Americas

The Association of Trade & Forfaiting in the Americas (ATFA) recently staged its 18^th Annual Conference in Miami, attended by over 130 professionals from a dozen countries. The Conference followed a General Assembly Meeting whereat 3 new delegates were elected to the Board of Directors for 3-year terms along with a new President - see below. Joining ATFA’s Board were Don Harkey (Arthur J. Gallagher), Roberto Gatica (Banco Sabadell) and Victoria Gale (Arab Banking Corporation). Brendan Herley (Wells Fargo Bank) replaces John Weinshank (China Construction Bank), who stepped down after 3.5 years at the helm, and was elected to preside until May 2016.

President	Brendan Herley, Wells Fargo Bank
Treasurer	Don Harkey, Arthur J. Gallagher Risk Management
Secretary	Harpreet Mann, QBE
Executive Director, Events	Agnes Alderson, ACE
Executive Director, Marketing	Nasrin Nourizadeh, FCIA
Executive Director, Membership	Kristy Ward, Wells Fargo Bank
Board Director	Jane Belova-Barr, Standard Chartered Bank
Board Director	Andre Fernandes, Banco Bradesco
Board Director	Victoria Gale, Arab Banking Corp
Board Director	Roberto Gatica, Banco Sabadell, Miami
Board Director	Sam Moore, Fifth Third Bank

A dozen wide-ranging panel sessions ensued over a day and a half, plus a captivating keynote speech about Iran’s social, cultural and economic fabric. The attending economists soberly advised the audience that ‘deflation not inflation is the biggest problem facing the world economy’, that ‘the Federal Reserve is unlikely to raise rates soon’, and that ‘markets have become complacent about pricing risk’. They also challenged attendees to consider: ‘what happens if quantitative easing doesn’t work…?’

Less controversial but just as informative were the updates on supply-chain finance – which could be re-branded ‘cashflow solutions’ – the usefulness of multi-currency securitizations, the unintended consequences of Basel III, and the need to keep abreast of the ever-changing legal landscape of many Latin markets. Several corporate delegates challenged banks to be more consistently supportive, detecting fraud was examined, OFAC gave an overview of its current policies and initiatives, and an alternative investment fund outlined how it’s possible to earn high-yield in a global marketplace of abundant liquidity and compressed yield. This scenario captures much of Latin America where trade-related pricing continues to fall despite slowing economic growth and possible downgrades.

Following this spirited success, ATFA’s new Board plans to host a series of seminar-receptions in coming months - throughout the Americas - most immediately at Sullivan & Worcester’s New York office on June 16^th to discuss ‘Current Developments and Issues in the Trade and Commodities Finance World.’ We are also looking to collaborate more closely with partners such as ITFA, FIBA and ABANA – on subjects ranging from risk participations to credit insurance to online education – as  we strive to give great value to our (100) members while keeping them abreast of ‘best trade finance practices in the Americas’.

As ever, we welcome any & all interested parties to join us whether as panelist, host or attendee, we actively encourage the sharing of ‘market intel’, and we look forward to networking with you soon.