The basic principle remains true when investing corporate cash: treasurers face a trade-off between security, liquidity and yield. This Guide focuses on how to establish an appropriate investment policy to manage that trade-off and on the effective implementation of that strategy. 

The Guide reviews the principle stages in developing an effective cash investment policy:

 1. Forecasting cash flows accurately.

 2. Managing cash flows effectively. 

3. Segmenting cash flows intelligently. 

4. Establishing an appropriate investment policy. 

5. Implementing effective investment management. 

This fifth edition has been updated to take account of the current global economic situation. In particular, the ongoing developments in the regulatory environment, faced by both treasurers and providers, continue to add complexity to the investment decision. This edition contains 44 country profiles, with detailed information on the products available and tax and settlement considerations when making investment decisions. HSBC Global Asset Management and the Association of Corporate Treasurers (ACT) are delighted to have collaborated in this new edition of the Guide and hope that it will be a useful and practical reference both for those new to investing short-term liquidity and for those who are already familiar with the subject through their work and ACT qualifications