We are pleased to bring you the TXF Chronicle Volume 4. You can access all Chronicle articles below , or download the full PDF, for free, here.

TRADE & SUPPLY CHAIN FINANCE

  • Trading more than insults: how would Brexit impact trade finance?
    Trading more than insults: how would Brexit impact trade finance?

    All the British EU referendum seems to have been good for so far is trading insults - as emotions run high in the last few days before the historic 23 June vote, and British politics reels from the murder of MP Jo Cox, it is worth tak...

  • Orbian: An introduction to distributed ledger technology
    Orbian: An introduction to distributed ledger technology

    Over recent years, the drumbeat of market and media interest in blockchain applications has increased, with ever more reports of the disruptive promises of the new distributed ledger technologies (DLTs). In this, the first of a series...

  • Building the blockchain: Q&A with R3CEV, the bank consortium and research lab exploring the future of trade finance
    Building the blockchain: Q&A with R3CEV, the bank consortium and research lab exploring the future of trade finance

    Blockchain research banking consortium R3CEV is a focal point for the exploration of distributed ledger technology and its potential applications to trade finance. Its experimental model and collaborative approach to solving trade fin...

  • Factoring reaches record high
    Factoring reaches record high

    Factoring volumes are growing as supply chain finance offers low-risk financing in highly risk-averse trade finance markets, new figures from a factoring consortium show, with combined global turnover reaching a record high in 2015....

  • The view from North America: TXF talks to HSBC’s Inwha Huh
    The view from North America: TXF talks to HSBC’s Inwha Huh

    Inwha Huh is EVP and Head of Global Trade and Receivables Finance, North America at HSBC. At the bank’s New York headquarters, Huh caught up with TXF’s co-founder Dominik Kloiber to discuss innovative supply chain solutions, the healt...

  • The view from Australia: TXF talks to Westpac’s Gerry Gannon
    The view from Australia: TXF talks to Westpac’s Gerry Gannon

    Gerry Gannon is the global head of trade finance at Westpac, the bank that he has been with for over three decades. TXF’s associate director, Hesham Zakai, spoke with Gerry to get his views on today’s market, from the levels of liquid...

  • Fraud on the rise in 'frothy' markets
    Fraud on the rise in 'frothy' markets

    A trade finance fraud expert says despite efforts to combat it, fraud is on the increase due to volatile commodity markets increasing the opportunities to skim profits. ...

  • Did Abengoa’s overly complex SCF programmes contribute to its downfall?
    Did Abengoa’s overly complex SCF programmes contribute to its downfall?

    Spanish renewable energy company Abengoa's fall from grace to near bankruptcy reveals concerns about the firm’s indulgence in overly complex supply chain finance programmes....

  • Mind the gap: WTO warns of trade finance deficit
    Mind the gap: WTO warns of trade finance deficit

    Demand for trade finance exceeds supply by around $1.4 trillion, a new report by the World Trade Organisation warns. The knock-on effects of this gap on global trade and development are huge, and a joint effort by commercial and devel...

  • Trade finance 'an easy business for banks to exit'
    Trade finance 'an easy business for banks to exit'

    Trade finance is being increasingly neglected as banks refocus on core markets and slash costs in the face of mounting risks and regulatory pressures. It’s an area of finance particularly prone to cuts; very relationship-based and dif...

  • Strength in numbers: collaborating for success in the increasingly digital world of trade
    Strength in numbers: collaborating for success in the increasingly digital world of trade

    In the heart of London – a city at the forefront of global fintech innovation – TXF’s Hesham Zakai sat down with a group of experts at a BNY Mellon-hosted roundtable to discuss how the landscape is unfolding, the impact of fintech on ...

  • CGI’s Trade Innovation Lab: bringing blockchain to trade finance
    CGI’s Trade Innovation Lab: bringing blockchain to trade finance

    Blockchain technology’s potential to transform trade finance is the focus of a new Trade Innovation Lab launched by IT and business process services leader CGI. Kitt Carswell, CGI’s vice president, senior offering manager, talks to He...

  • Why are banks withdrawing from correspondent banking?
    Why are banks withdrawing from correspondent banking?

    Banks are continuing to withdraw from many of their correspondent banking relationships - a process which threatens global trade, especially in poorer countries. TXF speaks to bankers to see whether anti-money laundering (AML) and kn...

  • How would Brexit affect UK trade?
    How would Brexit affect UK trade?

    As millions of UK citizens queued up at polling stations the length and breadth of the country, Ollie Gordon talked to trade economists, business associations, and exporters about the likely consequences of Brexit on UK trade. ...

EXPORT & AGENCY FINANCE

  • TXF Data Update: Export finance market plunges 22.5% in H1
    TXF Data Update: Export finance market plunges 22.5% in H1

    The total volume of ECA deals taking place in the first half of 2016 dropped by 22.5% compared to same period last year, while SMBC topped the lenders table with $2.19 billion in financing....

  • Export credits: Private insurers step out of the shadows
    Export credits: Private insurers step out of the shadows

    With their huge capacity and state backing, ECAs for many years dominated the market for absorbing risk on longer-dated export credits. That’s changed, say private insurers, who argue the ECA mantra of only providing coverage that the...

  • Kexim and KDB undercapitalised as Korean shipyards head for the rocks
    Kexim and KDB undercapitalised as Korean shipyards head for the rocks

    Facing a liquidity drought, the state-owned lenders to Korea’s embattled shipyards are in need of recapitalisation if they are to support restructuring in the industry. But bailout plans have worried the IMF and may put Korea on the w...

  • Back in business: Argentina's trade revival
    Back in business: Argentina's trade revival

    Despite foreign investors’ and ECAs’ concerns over the risk of doing business in Argentina, the export community remains excited by the country’s trade prospects , TXF's Max Thompson discovers. The country's newly -elected president h...

  • Is BAML retreating from trade and export finance?
    Is BAML retreating from trade and export finance?

    A spate of high profile ECA and trade finance departures from Bank of America Merrill Lynch (BAML) has fuelled speculation that the bank is withdrawing from the business lines. ...

  • One Belt, One Road, many projects
    One Belt, One Road, many projects

    China’s One Belt, One Road initiative spans continents and oceans, and is set to become the largest regional trade network in the world. Financial institutions in China and abroad are cooperating in new ways to make it happen....

  • Year of risk takes its toll on export finance, survey reveals
    Year of risk takes its toll on export finance, survey reveals

    At the beginning of 2016, the TXF-ICC Global Survey on Export Finance was carried out among more than 100 export financiers, ECAs, exporters and borrowers. TXF digest the data and analyse how challenges posed in 2015 have affected the...

  • 10 key export finance trends in 2016
    10 key export finance trends in 2016

    As presented at TXF Rome last week, here are the 10 trends we are seeing in export finance in 2016. These were derived from three separate, bespoke research initiatives undertaken by TXF over the past 6 months. ...

  • VTB steps up trade support despite sanctions burden
    VTB steps up trade support despite sanctions burden

    Ollie Gordon catches up with VTB Bank’s head of global commodities and the managing director of its Trade and Export Finance division to find out how the bank is supporting its exporting clients in a post-sanctions environment....

COMMODITY FINANCE

  • TXF Data Update: Commodity financing down 30% as banks tighten lending procedures
    TXF Data Update: Commodity financing down 30% as banks tighten lending procedures

    TXF’s commodity finance report for H1 shows that overall commodity financing is down 30% on the same period last year while structured commodity financing has increased in 2016. Regulation, commodity prices and banking requirements ha...

  • Sanjeev Gupta – UK steel’s knight in shining armour?
    Sanjeev Gupta – UK steel’s knight in shining armour?

    Ollie Gordon talks to Sanjeev Gupta, the founder and executive chairman of Liberty House Group, about the commodity firm’s much-publicised takeover bid for Tata’s UK steel assets, how he intends to turn around those loss-making busine...

  • OW Bunker ruling: a boon for commodity trade finance
    OW Bunker ruling: a boon for commodity trade finance

    In an example of the legal difficulties thrown up by large-scale insolvencies in the trade and shipping sector, the OW Bunker case has yielded a difficult but necessary ruling which clears up a blurry legal landscape around trade rece...

  • Banks' regulatory burden "never been heavier" - Deutsche's John MacNamara
    Banks' regulatory burden "never been heavier" - Deutsche's John MacNamara

    On the sidelines of our Natural Resources and Commodities Finance conference in Amsterdam, we caught up with Deutsche Bank's global head of structured commodity trade finance, John MacNamara, who shared his thoughts on the impossibili...

  • Banks caught in “vicious circle” – BB Energy CFO
    Banks caught in “vicious circle” – BB Energy CFO

    In a wide-ranging interview, Riccardo Greco, chief financial officer of commodity trader BB Energy, talks to TXF’s Ollie Gordon about commodity prices, target markets, the traders’ varying business models, market consolidation, and th...

  • Cargill and Bunge go against the tide on sustainable palm oil
    Cargill and Bunge go against the tide on sustainable palm oil

    Cargill and Bunge stood out as the only traders not to cut ties with Malaysian palm oil producer IOI after its sustainability certificate was suspended, throwing up questions over the best way to deal with producers infringing sustain...

  • The global push to finance renewable energy sources
    The global push to finance renewable energy sources

    Export credit agencies, development banks, and multilaterals are becoming crucial sources of financing behind the growth of renewable energy projects in both developed and emerging countries. Georges Ramano, Latin America regional hea...

TXF Madrid 2017

TXF Madrid 2017

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