In order to communicate with each other, banks use a messaging system called SWIFT (Society for Worldwide Interbank Financial Telecommunication), which provides a standardized and secure way to exchange information. There are several different types of SWIFT messages that banks use for various purposes.

Trade and export finance expert Domenico Del Sorbo’s take on how to prepare the “draft” in accordance with the letter of credit conditions and provisions.

UCP 600 article 2 states that a “Complying Presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard banking practice.”

Though an important instrument in international trade, letters of credit are complex, and their definition can cause confusion….

At the IIBLP’s Dubai Trade Law & Compliance Conference held in Dubai on 15 March 2022, one of the panellists referred to the Solo Industries fraud in a panel discussion addressing the recent Singapore case, Credit Agricole Corporate & Investment Bank (CACIB), Singapore branch v. PPT Energy Trading Co.

To learn more about this latest surprise under the tree, Trade Finance Global’s Deepesh Patel spoke with Geoff Wynne, partner and head of the Trade & Export Finance Group at Sullivan and Worcester.

Since the UCP 600’s adoption in 2007, concern has persisted over what the Article 35 rule actually requires of an LC issuer if documents get lost in transit between banks. 

The world of trade is changing. Increasingly, the topic of environmental responsibility is taking centre stage, with discourse specifically circling around how the finance industry can implement sustainability measures more effectively. 

The ITFA Middle East Regional Committee hosted its fourth Trade Finance Forum (TFF) in collaboration with the DIFC Academy on 29 September 2022.

If you mention the International Chamber of Commerce (ICC) to any practitioner––from a bank or a corporate––involved in trade finance most, if not all, would associate the organisation with issuance of rules.