Budget Offers UK Breathing Room But Questions Persist

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world's largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 4th December 2025.

Real-time means different things to different treasurers, yet it consistently remains high on the agenda. Tom Alford (TMI) sits down with Steven Lenaerts (BNP Paribas) to explore why treasurers should view real-time as a catalyst for greater speed, insight and control. Steven identifies key real-time payment options, highlighting where they deliver meaningful value. He also examines how security, tokenisation and AI are shaping the next phase of payments innovation, and offers practical guidance for treasurers who recognise real-time's potential but need a clear path forward towards implementation.

Tom Alford (TMI) is joined by Jim Fuell and Mark Shemie (J.P. Morgan Asset Management), who explore what's currently top of mind for the investor community and how these priorities are being addressed across the industry. In this candid discussion, they examine the growing momentum behind corporate "step out" strategies, the market forces driving them, and the role technology now plays in execution, visibility and reporting. They also consider how digital innovations, including early-stage fund tokenisation, are beginning to shape investor behaviour and influence the future of short-term liquidity management.

Tom Alford (TMI) sits down with Veikko Koski (FinanceKey) to explore how the FinanceKey platform is helping treasurers build next-generation treasury infrastructure, automating workflows and improving control to make legacy systems shine. Veikko shares the story from the company's founding and the founders' skillsets to the research and evolution behind the platform, highlighting how FinanceKey is shaping treasury operations and expanding its product suite to deliver greater value to users.  

Tom Alford (TMI) sits down with Jukka Sallinen (Nomentia) to confront the reality of real-time treasury, where fragmented systems and legacy processes make achieving true cash visibility a persistent challenge. In this candid conversation, Jukka explains why complexity is here to stay as new tools and processes enter the treasury marketplace, and highlights how upgraded controls, together with the right technology partner, can help treasurers manage integration, reduce risk, and build truly connected, resilient cash management.

In September 2025, John Gilsenan retired from his full-time role as Head of Compliance at investment firm Quilter Cheviot Europe, having forged a great depth of experience in the international financial services industry over his long career. A qualified Chartered Certified Accountant, Chartered Tax Accountant, and Licentiate of the Compliance Officers of Ireland, he spoke with TMI about what shaped his approach to an industry that has captivated him for decades.

Robin Page (TMI) sits down with Adam Taplinger (PwC) to explore why cash efficiency has become a strategic imperative for treasurers and CFOs in today's volatile markets. In this episode Adam unpacks what cash efficiency truly means and why it is now a value-enabling imperative. He considers how leading treasury organisations are driving positive change through AI-driven forecasting and centralised payment models to unlock trapped cash, optimise liquidity, and build enterprise-wide resilience.

The opportunities and potential for tokenisation to support global liquidity management alongside traditional payments are there for the taking. Lewis Sun, Global Head of Domestic and Emerging Payments, Global Payments Solutions, HSBC, talks to TMI about the options for treasurers.

The existence of a treasury policy is not a given in every organisation, and neither is a regular update where one is in place. David Mathewson, Regional Director & Treasury Advisor, VUCA Treasury, makes the case for designing and optimising treasury policy in today's challenging environment.

By pooling cash across 12 Western European countries, Gedeon Richter has centralised half its liquidity. This has sharpened governance, lowered costs, and created a platform for regional and digital ambitions.