DCW Monthly: June 2026
A letter of credit is built on a simple promise: the bank pays on a complying demand, and the underlying
Buddy Baker
10 articles
DCW Updates
SWIFT Message Reference Guide Cited in NY Case
A recent decision issued by a New York court demonstrates the importance of proper understanding and use of the SWIFT
DCW Articles
US UCC Article 5’s Non-Variable Provisions
How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
DCW Updates
Dave Meynell Reacts to June 2024 DCW Articles
Various articles from the June 2024 edition of DCW caught the attention of ICC Banking Commission Senior Technical Advisor Dave Meynell who offers the following comments.
DCW Articles
When the Beneficiary Bypasses the Nominated Bank
ICC TAB 9 points out that there is a risk of documents being presented to more than one bank at the same time, especially under an LC that is freely negotiable, but it stops short of making any recommendations for avoiding this risk. Here’s my suggestion.
DCW Updates
Investigations Expand into Vesttoo LC Fraud Allegations
The US Federal Bureau of Investigation’s (FBI) has reportedly begun its own probe into allegedly fraudulent letters of credit
DCW Updates
In Memoriam: Rita Ricci (1959-2023)
The Trade Finance community was deeply saddened at the passing of Rita Ricci on 14 January 2023 after her courageous
DCW Updates
A Thanks to Jim Barnes for His Contributions to the LC Community
Let's hear from some of the LC community as they share memories and stories of their time working
DCW Readers Speak
Issuing Standbys Allowing for Presentation of Documents by Email
At the IIBLP’s 2022 Annual LC Survey – West conference (18-19 May), delegates were asked about the general frequency in which their bank issues standbys allowing for documents to be presented electronically. Here, Buddy Baker of Goldman Sachs Bank comments on the poll results.
DCW Articles
It is Good to be Reminded of What You Already Know
How banks unnecessarily complicate the LC process and why a simple standby LC often is the optimal trade risk solution for trade partners.
DCW Updates
Making the Case for Simplified LCs
Speaking at the March 2021 meeting of the BAFT West Coast LC Committee, guest speaker Buddy Baker renewed his advocacy