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Acknowledgements »

Daniel Carr, Andrew Dickinson, Anne Fairpo, Benjamin Geva, Dorit Geva, Christopher Hare, Kelvin FK Low, Charles Proctor, Wu Ying-Chieh, Corinne Zellweger-Gutknecht
Edited By: David Fox, Sarah Green
From: Cryptocurrencies in Public and Private Law
Edited By: David Fox, Sarah Green

Contents »

Daniel Carr, Andrew Dickinson, Anne Fairpo, Benjamin Geva, Dorit Geva, Christopher Hare, Kelvin FK Low, Charles Proctor, Wu Ying-Chieh, Corinne Zellweger-Gutknecht
Edited By: David Fox, Sarah Green
From: Cryptocurrencies in Public and Private Law
Edited By: David Fox, Sarah Green

Part III Innovation and Trade-Finance Challengers, 16 Countertrade as Finance »

Christopher Hare
From: Trade Finance: Technology, Innovation and Documentary Credits
Edited By: Christopher Hare, Dora Neo
Whilst the letter of credit has been the dominant force in the trade-finance area, its utility has increasingly been challenged by technology, regulation, and competition from other financial products. Additionally, there are some circumstances where economic, political, or financial instability makes the letter of credit inapt. This is because the letter of credit requires a certain level of financial stability and an appropriate institutional framework to function properly. In such circumstances, the parties may resort to trade finance mechanisms that can withstand such instability. The prime example is countertrade, whereby goods or services are used to ‘pay’ for goods or services. Whilst this form of transacting is not without its legal difficulties, countertrade may provide a useful trade-finance device in times of crisis, such as the global coronavirus pandemic.

9 Cryptocurrencies and Banking Law: Are There Lessons to Learn? »

Christopher Hare
From: Cryptocurrencies in Public and Private Law
Edited By: David Fox, Sarah Green
This chapter considers whether the principles and practices employed by traditional banks may be reconciled with the trading and holding of Bitcoin and other cryptocurrencies. It examines three basic functions of traditional banking — storing value, making payments and lending — and the extent to which they can be performed through cryptocurrency transactions. In analysing the extent to which cryptocurrencies operate as stores of value, the chapter asks whether a cryptocurrency itself stores monetary value and how the economic value in cryptocurrencies is stored in digital wallets. It also discusses four duties that arise from drawing an analogy between digital wallets and bank accounts in the context of bank-customer relationships: the duty to act in accordance with one's mandate; the duty to keep information confidential; the duty to act with reasonable skill and care; and the fiduciary duties (or disabilities) relating to unauthorised conflicts of interest and profit-making.

Index »

Edited By: Christopher Hare, Dora Neo
From: Trade Finance: Technology, Innovation and Documentary Credits
Edited By: Christopher Hare, Dora Neo

List of Abbreviations »

Edited By: Christopher Hare, Dora Neo
From: Trade Finance: Technology, Innovation and Documentary Credits
Edited By: Christopher Hare, Dora Neo

List of Contributors »

Edited By: Christopher Hare, Dora Neo
From: Trade Finance: Technology, Innovation and Documentary Credits
Edited By: Christopher Hare, Dora Neo

Notes on Contributors »

Daniel Carr, Andrew Dickinson, Anne Fairpo, Benjamin Geva, Dorit Geva, Christopher Hare, Kelvin FK Low, Charles Proctor, Wu Ying-Chieh, Corinne Zellweger-Gutknecht
Edited By: David Fox, Sarah Green
From: Cryptocurrencies in Public and Private Law
Edited By: David Fox, Sarah Green

Preface »

Edited By: Christopher Hare, Dora Neo
From: Trade Finance: Technology, Innovation and Documentary Credits
Edited By: Christopher Hare, Dora Neo

Part I Legal and Practical Challenges to Traditional Trade Finance, Preliminary Material »

Edited By: Christopher Hare, Dora Neo
From: Trade Finance: Technology, Innovation and Documentary Credits
Edited By: Christopher Hare, Dora Neo

Part II Trade Finance Technology, Preliminary Material »

Edited By: Christopher Hare, Dora Neo
From: Trade Finance: Technology, Innovation and Documentary Credits
Edited By: Christopher Hare, Dora Neo

Part III Innovation and Trade-Finance Challengers, Preliminary Material »

Edited By: Christopher Hare, Dora Neo
From: Trade Finance: Technology, Innovation and Documentary Credits
Edited By: Christopher Hare, Dora Neo

Part III Innovation and Trade-Finance Challengers, 14 Something Old, Something New: Open Account, Prepayment, and Supply Chain Finance »

Christopher Hare
From: Trade Finance: Technology, Innovation and Documentary Credits
Edited By: Christopher Hare, Dora Neo
Letters of credit have increasingly come under strain as a payment mechanism in international trade as a result of increased technology, competition, and regulation. At the same time, the letter of credit’s efficiency has reduced over time as a result of its processing costs and speed. The space created by the decline of the letter of credit has been filled by trade parties turning to open account and prepayment terms, whilst using Supply Chain Financing (‘SCF’) techniques to provide the requisite liquidity. The advantages of such payment terms are principally their speed, convenience and cost, all of which the letter of credit increasingly lacks. Accordingly, it is unlikely that this trend towards SCF techniques will abate any time soon. Nevertheless, there are still legal difficulties associated with such payment and liquidity-enhancing techniques, as well as uncertainty associated with the regulatory and accounting treatment of these devices. If open-account trading and SCF techniques are going to eclipse the letter of credit as a payment mechanism, these challenges will have to be addressed.

Table of Cases »

Daniel Carr, Andrew Dickinson, Anne Fairpo, Benjamin Geva, Dorit Geva, Christopher Hare, Kelvin FK Low, Charles Proctor, Wu Ying-Chieh, Corinne Zellweger-Gutknecht
Edited By: David Fox, Sarah Green
From: Cryptocurrencies in Public and Private Law
Edited By: David Fox, Sarah Green

Table of Contents »

Edited By: Christopher Hare, Dora Neo
From: Trade Finance: Technology, Innovation and Documentary Credits
Edited By: Christopher Hare, Dora Neo

Table of Legislation »

Daniel Carr, Andrew Dickinson, Anne Fairpo, Benjamin Geva, Dorit Geva, Christopher Hare, Kelvin FK Low, Charles Proctor, Wu Ying-Chieh, Corinne Zellweger-Gutknecht
Edited By: David Fox, Sarah Green
From: Cryptocurrencies in Public and Private Law
Edited By: David Fox, Sarah Green

Trade Finance: Technology, Innovation and Documentary Credits »

Edited By: Christopher Hare, Dora Neo

Part I Legal and Practical Challenges to Traditional Trade Finance, 1 The UCP Regime: Past, Present, and Future »

James E Byrne, Soh Chee Seng, Christopher Hare
From: Trade Finance: Technology, Innovation and Documentary Credits
Edited By: Christopher Hare, Dora Neo
This chapter considers the history of the letter of credit and the Uniform Customs & Practice for Documentary Credits (‘UCP’) regime leading up to the adoption of the UCP 600. After examining the respective advantages and disadvantages of the UCP regime, the chapter examines the likelihood of a new UCP revision in terms of its likely costs and benefits. Concluding that there may be more proportionate ways of updating the legal framework other than a full-blown UCP revision, the chapter makes suggestions for change to the UCP 600 to strengthen the role played by international standard banking practice and to make it more accessible to non-bankers, with a focus on letter of credit practice, rather than letter of credit law.