Another step has been taken towards achieving legal equivalence for electronic versions of trade documents, with the publication of draft legislation by the Law Commission of England and Wales. The draft bill is intended to enable trade documents in electronic form – such as electronic bills of lading or bills of exchange – to be .
The International Chamber of Commerce (ICC) and the World Trade Organization (WTO) have published a comprehensive map of digital trade standards, frameworks and initiatives, in an attempt to equip participants in global supply chains with the tools they need to go digital. The Standards Toolkit for Cross-border Paperless Trade, published today and seen by GTR, .
Proposed changes to the treatment of trade finance in the EU’s capital requirements regulations could push up financing costs for businesses and allow insurers a bigger slice of the guarantees market, banks and borrowers claim. The European Commission published the final text of its proposed changes to the Capital Requirements Regulation (CRR) in October last .
MonetaGo’s hiring spree continues apace with the appointment of Mark Borton to the newly created role of managing director, Australia and New Zealand, effective immediately. Based in Sydney, Borton joins the financial technology solutions provider following 11 years at National Australia Bank, where he held the dual roles of head of transactional and trade sales .
Greensill
collapsed into insolvency in March after a group of investment funds it was relying on were abruptly suspended, as serious concerns emerged over weaknesses in the underlying programmes.
Four of those funds, managed by Credit Suisse, had provided around US$10bn in support to the London-headquartered lender, while another from GAM Investments was worth around US$700mn.
Fitch Ratings says the suspension and liquidation of those funds – along with industry concerns over
controversial future receivables programmes – could result in spillover effects to the wider market. Credit Suisse has partially repaid investors but admits it expects to incur a charge as a result of Greensill’s collapse.