News

News Categories
Recent News

News by Month

ICC issues its latest survey 'Rethinking Trade and Finance 2017"

13/07/2017

The latest ICC Global Trade Finance Survey can be downloaded from the following link Here

Highlights from the SWIFT 2016 statistics, that can be found on pages 88 - 99 are:

Volume of MT700 messages was down 2.81% in 2016

Total number of letters of credit sent by MT700 in 2016 was 4,364,457 (of which 73% were issued by banks located in Asia)

The average value of a letter of credit was USD463,000

The percentage of letters of credit by type of availability were: 

Negotiation 73.2%, Payment 11%, Deferred Payment 8.7%, Acceptance 6.8% and Mixed Payment 0.3%

Confirmation instructions:

Without 88.8%, Confirm 7.4% and May Add 3.8% 

 


Back to recent news

Recent News

Lloyds, SocGen turn to eUCP for digital letters of credit 18/09/2026

Société Générale and Lloyds have completed a fully digital trade transaction between the UK and France, using Enigio’s technology, in what the French lender describes as a first-of-its-kind deal...more

UK Court endorsement of the letter of credit autonomy principle 18/09/2026

Although the central issue in the case of Trafigura v SONARA [2026] EWHC 1914 (Comm) concerned an anti-suit injunction to enforce the exclusive English jurisdiction clause in a sale contract, the Commercial Court's decision serves to reaffirm the principle and purpose underpinning letters of credit: that the obligation to pay under a letter of credit is autonomous and independent of the underlying trade transaction, the objective being to shift the risk of non-payment under the underlying contract from the seller to the buyer...more

Latest Question

We, as issuing bank, issued a credit available with any bank by negotiation at sight with the following clauses in field 78: +T/T reimbursement allowed +Our bank will pay the amount within 4 working days following the day of our receipt of reimbursement claim by SWIFT and email copies of documents from the negotiating bank certifying that the documents presented are fully complied with the terms and conditions of our credit. The claiming SWIFT has also to give the following details : shipment date, B/L NO., shipment quantity, description of goods, the courier service name and the relative courier service number. The negotiating bank must send the full set of documents by courier service to us the same day of your sending us the reimbursement claim. The negotiating bank must email the full set of documents with the covering schedule to the issuing bank email address :xxx@sina.com the same day of reimbursement claim. Question: According to the A/M clauses, which view is correct and why? View 1: when the issuing bank receives the copy of documents sent by email, the issuing bank should check the copy of documents. If they find them discrepant, the issuing bank should send advice of refusal to the negotiating bank. (In other words, the credit allows the presentation of documents by email and by T/T reimbursement claim?) View 2: ONLY when the issuing bank receives the full set of ORIGINAL set of documents by courier, the issuing bank will begin to check the documents. If they find them discrepant, the issuing bank should send advice of refusal to the negotiating bank.