blog  •  2022-01-19

Annual Review 2021

2021 was an another crazy, exciting and remarkably successful year for TreasurySpring.

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blog  •  2021-12-22

Christmas come early?

Anyone looking for a quiet finish to what has been another year with many firsts will have been disappointed…

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blog  •  2021-11-12

Volatility or Opportunity?

Dull it has not been. Rather a busy couple of weeks since our last delve into markets and the one constant has been change. With Western markets having entered and almost exited earnings season with what can only be described as fairly lofty valuations, companies appear to be more than dealing with current challenges and beating even the more optimistic of predictions. It is not just the incumbents of the S&P 500 and their global equivalents that have been delivering.

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blog  •  2021-10-19

Sterling Sentiment

Over the last few weeks concerns must be mounting at the venerable Bank of England. We have seen hawkish comments coming from several MPC members including the Governor himself. Last Saturday, speaking to the Yorkshire Post (which seems to get surprisingly good coverage of market moving snippets) he presented the idea that there was now a new and different difficult job to perform – that of preventing higher inflation expectations becoming embedded. “That’s why we, at the Bank of England, have signalled, and this is another such signal, that we will have to act”, Governor Bailey stated, speaking from home to the G30 group of central bankers. Currently investors expect inflation to peak at triple the target rate set with HM Treasury, at a whopping 6%.

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blog  •  2021-09-17

Everything is transitory

As we head towards the final quarter of 2021, it is shaping up to have been a year of divergence. US indices continued to break records with earnings often beating expectations that were already set high, whilst on the other side of the coin the Hang Seng (Hong Kong) and CSI 300 (Shanghai) are sitting 9.5% and 7.75% cheaper (lower) than at the start of the year. At this point it might be prudent to take heed from the biggest and best regarded financial players including Goldman Sachs, Morgan Stanley, Citi, Bank of America and Deutsche Bank whose research teams are all calling the top and advising those managing money to reduce exposure to the Dow, S&P and NASDAQ as the quickest recovery in history may be about to unwind.

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blog  •  2021-07-30

No Summer Lull

Whilst we may be entering summer markets and many are finally able to take the opportunity for a well-deserved rest, there have been a plethora of interesting developments that should not go unnoticed. This time around we also update on when we might expect to see benchmark interest rates rising across the major markets. Apparently, inflation is expected to remain “transitory” and thus supportive of lower rates for longer?!

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press release  •  2021-06-15

TreasurySpring secures £7 million Series A investment co-led by MMC Ventures and Anthemis Group

I am more than delighted to announce that we have closed our dream Series A in a round that was co-led by the brilliant teams at MMC Ventures and Anthemis Group, with support from long-term partners ETFS Capital.

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blog  •  2021-05-07

On the up

Yesterday the Bank of England announced the results of its latest policy meeting. As expected, the Bank has unanimously decided to hold the base rate at a record-low 0.10% and voted to maintain its existing programme of UK government bond purchases at £875Bn as well as continue financing investment grade corporate debt at £20Bn.

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commentary  •  2021-04-22

Earnings and Impairments

This week among other things we take a look at the first round of bank earnings from the “Big 6” US financial institutions, stock market valuations, and movements in fixed income markets in core currencies as well as touching upon upcoming regulation in the money market fund sector.

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blog  •  2021-03-23

A tale of two curves

In our latest commentary we discuss the recent actions from major Central Banks, the sharp rise in inflation expectations since the turn of the year, the current pressure on short-term interest rates and consequent challenges to Government MMFs and, of course, the fall-out from the Greensill Capital debacle.

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commentary  •  2021-03-04

The 2020s

Digitisation, balance sheet resilience and ESG were among the key themes when Kevin discussed the future of corporate treasury with the CEO of the ACT, leading corporate treasurers and the Head of Transaction Banking at Barclays at last week's ACT Cash Management Conference.

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press release  •  2021-02-11

TreasurySpring and Global Reach Group Launch Partnership

TreasurySpring, the London-based financial technology company that enables firms to minimise risk and maximise returns on excess cash balances, and Global Reach, a leading provider of foreign exchange and international payments, today announced that they have entered into a partnership to deliver seamless access to each other’s services for their clients.

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blog  •  2021-02-05

Sterling new product launch

For our first commentary of the year, rather than discuss global events, we shall focus our attention on developments in the UK. I am sure that you have all read quite enough about GameStop and Elon Musk and his band of merry men (and women) at this point…

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timeline  •  2020-12-21

2020 in review - an extraordinary year in money markets

2020 has been an extraordinary year by any measure, both in our personal lives and in markets.

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blog  •  2020-11-06

More moves lower

It has been quite a week, with significant event risk. We have heard from the FOMC, Bank of England and Reserve Bank of Australia.

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blog  •  2020-10-22

Less Negative the New Positive?

We already seem to find ourselves following results from the third quarter. Of particular interest is always how the financial sector is performing.

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blog  •  2020-10-16

Adjusting to new dynamics in counterparty credit risk

At the recent Association of Corporate Treasurers Annual Conference, our CEO, Kevin Cook and Chief Product Officer, Henry Adams hosted a fascinating discussion with Katherine Horrell (Group Treasurer, the AA) and Marion Barre (Senior Treasury Officer, UN Migration Agency) around how counterparty credit risk affects corporate treasury and how that might change in a post-COVID world.

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blog  •  2020-10-01

Records broken, broken records

With so much going on at home and across developed economies it is challenging to keep up with other important events unfolding that are both meaningful and worth keeping abreast of.

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blog  •  2020-09-09

COVID, Credit and Corporate Treasury

I recently moderated the latest instalment in our TreasurySpring webinar series on Managing Cash in a Crisis –

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blog  •  2020-08-12


Risk-on sentiment continues to be the theme in markets, with stocks flashing “green” across the board for most of yesterday.

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blog  •  2020-07-17

The disconnect continues

A sense of optimism with potential vaccines and easing of lockdowns in most jurisdictions is helping keep the buy button in stocks busy.

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blog  •  2020-06-25

How steep is your swoosh?

Never a dull market, despite these geographically constrained times.

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blog  •  2020-06-12

A dose of reality

There has been much by way of talk from the top over the last 48 hours where we have seen releases from the OECD as well as FOMC on the current state of affairs.

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commentary  •  2020-05-27

27th May Market Commentary - At least the sun is shining!

There is plenty to be cheerful about since the lockdown began on 23 March (in the UK at least).

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blog  •  2020-05-07

Managing cash in a crisis - lessons from 2008

In 2008, my partners and I were managing fixed income portfolios in a hedge fund. It was a fascinating time to have a front row seat to financial markets and, to a large extent, that period shaped the way that we have thought about the world and built our businesses ever since.

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blog  •  2020-04-23

23th April Market Commentary - "The eye of the storm"

It feels to us that we might currently be in the “eye of the storm”.

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blog  •  2020-03-27

Liquidity... what liquidity

The recent turmoil has reverberated across many pockets of financial markets and we have already witnessed and engaged in a great deal of discussion around the scale of discounts being offered across the mutual fund space.

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blog  •  2020-03-18

18th March Market Commentary - unprecedented times

This is a tough time for the world. Like most of you, our entire team moved to working from home as of yesterday, without any idea of when we will return to the office.

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blog  •  2020-03-11

A Safe Haven through the Storm

We are living in unprecedented times. The last weeks have seen the most significant moves in financial markets in more than a decade, driven by fears as to the potential effects of the coronavirus outbreak. Are you looking for a safe place to store cash holdings through this extraordinary and unpredictable period? If so, you are in the right place...

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commentary  •  2020-03-09

A Safe Haven through the Storm

Monday Meltdown. This week we are looking to keep our message brief. The primary concern in the market is no longer return on capital, rather the return OF capital. TreasurySpring FTFs offer direct access to the lowest-risk store of value in the market through its sovereign and bank secured FTFs.

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commentary  •  2020-03-05

5th March Market Commentary

"Extraordinary measures" this week including the release of prisoners...

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commentary  •  2020-02-25

25th February Market Commentary

The week has started in risk off mode. Equity markets across the world have sold off heavily on the greater geographical dispersion and scale of those infected by Covid-19.

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commentary  •  2020-02-11

11th February Market Commentary

Since our last commentary rather a lot has changed, our concerns from then have all but blown away (for now!). A lot can happen in just two weeks.

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commentary  •  2020-01-24

24th January Market Commentary

2020 has kicked off with a record binge amount of debt issuance across governments, banks and corporates in Europe, whilst the rest of the world has also been sure not to miss the party.

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press release  •  2020-01-16

TreasurySpring makes senior Sales hire on the back of strong appetite for FTFs

TreasurySpring, the London-based financial technology company that enables firms to minimise risk and maximise returns on excess cash balances, today announced that John Bentley has joined as Head of Sales to lead the firm’s expansion strategy.

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commentary  •  2020-01-08

8th January Market Commentary

Financial markets ended the year in relative calm, with the Fed carefully managing the volatility often associated with the season. The consequent stable prices and good liquidity allowed markets to hold on to the significant upside of the prior twelve months. This made for a far happier Christmas...

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blog  •  2019-12-17

Merry Christmas! 2019 in Review

As the year draws to a close, it is naturally a period for reflection. 2019 has, for a plethora of reasons, been nothing short of stellar. Many global equity indices have broken through ceilings, posting record highs. Investors also appear to be more concerned than ever with ethical asset allocation, hardly a day has gone by this year that one does not hear or see the letters ESG...

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commentary  •  2019-11-28

28th November Market Commentary

Happy Thursday, and for our American friends, Happy Thanksgiving!

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press  •  2019-11-27

Treasury Today: A new alternative to bank deposits and MMFs

The short-term space for corporate treasurers is quite limited; the effort required to move beyond bank deposits and MMFs sees to that. But a new platform aims to bring a few more colours to the palette.

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blog  •  2019-11-15

Bank Secured FTFs are now live!

The ability to place secured funds for a week to a year with a highly-rated global bank at rates that beat most unsecured deposit levels is something worth celebrating, or even better, investing in! For a brief commentary on why this is an important development, not just for our business but for wholesale funding markets in general, read Kevin's short blog post.

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blog  •  2019-11-14

Repo Man

I remember the first time that I ever came across the term “repo” in the context of finance. It was 2006 and I was structuring a lending transaction for the hedge fund I was working for, when one of our lawyers suggested that we “do it as a repo”. I had no idea what he was talking about and my mind drifted to thoughts of property repossession and Emilio Estevez.

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commentary  •  2019-10-29

29th October Market Commentary

Plenty to talk about since our last piece, although for the UK readership sadly still no sign of a solution one way or the other to the referendum held a staggering three years and four months ago - hot off the press is that Labour is now backing an early election which may finally at least start us on a (long and winding) path towards closure...

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blog  •  2019-10-04

The ECB gives birth to a new benchmark...

Central banks and their respective regulators have been working hard to replace the Libor reference rates of old, following the discovery of widespread manipulation leading to fines running into many billions of dollars internationally.

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blog  •  2019-09-20

"What are all these repo headlines about?"

Repo (short for a repurchase agreement) is the grease in the wheels of financial markets, where banks lend to one another, but on a secured basis. This week has seen us enter a period of severe dislocation in these markets.

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press release  •  2019-09-16

TreasurySpring raises £2m to fuel growth

TreasurySpring, the London-based financial technology company today announced the closing of its latest capital raise, securing £2m of investment in a round that was led by ETFS Capital, with participation from MMC Ventures and existing investors.

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press release  •  2019-07-10

TreasurySpring Public Launch

TreasurySpring launches Fixed-Term Fund (FTF) platform following a rigorous and successful Beta testing phase during which more than $400M of FTFs were issued.

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commentary  •  2019-07-09

9th July Market Commentary

Since our last distribution Central Bank independence has been a hot topic (potato). In the US, the President has for some time now been pressing the Federal Reserve to change the tone, cut rates and by doing so further stimulate what has been one of the longest bull runs in history.

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awards  •  2019-06-05

TreasurySpring voted top B2B fintech at Money20/20 Europe

We were delighted to be the only B2B fintech to make it into the final three of Money20/20 Europe's competition to find Europe’s most exciting financial technology startup.

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