DCW Updates

November 2024 ICC Banking Commission Meeting Preview

In addition to treatment of two ICC Draft Opinions, highlighting the first day of the next ICC Banking Commission Meeting

Enigio, TradeGo Collaborate on Landmark Digital LC Deal

Canadian Province Proposes Surety Bonds as Option for Securing Municipal Obligations

In a development related to past reporting of standby and bond usage at the municipal level in Canada, the Canadian

China Construction Bank Sued Over LC Fraud Connected to Vesttoo

White Rock, an insurance solutions provider owned by Aon, filed a lawsuit on 27 August 2024 against China Construction Bank

Two Draft Opinions to be Discussed at November 2024 ICC Banking Commission Session

Two Draft Opinions will be addressed at the next session of ICC Banking Commission’s quarterly discussion of Opinions on

ICC Defines Trade Finance

Expressing concern that a poorly constructed definition of trade finance could cause unintended negative consequences for the business, the ICC

LC & Guarantee Issuance: Under or Out of Control?

Debate persists on when an independent undertaking is issued: upon leaving the issuer’s control or only when advised to the beneficiary. Various rules clarify issuance timing.

100% Electronic B/Ls by 2030: The Numbers Behind the Number

On 15 Feb 2023, DCSA members pledged to issue 50% of bills of lading (B/Ls) electronically by 2028 and 100% by 2030, aiming to cut costs and boost global trade.

Bank of England Breaks with Basel, keeps 20% CCF for Trade Instruments

The Bank of England reversed its plan to raise trade finance capital requirements from 20% to 50%, aligning with the EU approach but raising insurance-related requirements.

Righting an Irregular Presentation … with a Twist

Beneficiary presented late shipment documents under an LC. The issuing bank deducted penalties without a refusal notice, raising debate on clause 47A-7, UCP 600, and consent.