UCP 600

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.

Your weekly coffee briefing from TFG: E-rules for trade explained – URDTT, eURC, and eUCP

Your Monday morning coffee briefing from TFG: China hits record trade surplus in July

In the latest of its ongoing series of technical advisory briefings released on 27 June 2022, the International Chamber of Commerce (ICC) Banking Commission addressed the subject of ‘Reducing Discrepancy Rates under Documentary Credits’ (TAB-3).

Further to the decision made in the Court of Appeal Malaysia (appellate jurisdiction) between Punjab National Bank (PNB) and Malayan Banking Berhad (Maybank), Maybank has successfully obtained leave from the Federal Court of Malaysia Putrajaya to file an appeal against the decision made in the Court of Appeal Malaysia

Your Monday coffee briefing from TFG: China ramps up trade restrictions against Taiwan

TFG spoke to UCP 600 expert David Meynell, senior technical advisor for the ICC Banking Commission and digital rules advisor to the Centre for Digital Trade and Innovation, to discuss the evolution of the UCP 600 and supplementing rules for documentary credits.

For decades, trade document checkers at banks have mastered the crucial, time-consuming, and somewhat niche skill of manually reviewing complex documents to ensure they meet international standards. 

This article looks at the URDTT as it is applied to the first known commercial application: the eDTT Workspace.

When searching for a definition of documentary credit, the Uniform Customs and Practice for Documentary Credits (UCP 600) is the best place to start.