With 80 years of experience and more than 600 members in
over 100 countries, the commission is ICC’s largest commission and has gained a
reputation as the most authoritative voice in the field of trade finance.
The ICC Banking Commission rules and related services
include rules and guidelines on documentary credits, UCP 600 – the most
successful privately drafted rules for trade ever developed – and Bank Payment
Obligation rules on supply chain finance.
The award follows the commission’s recent launch of new
standards in the field of trade finance, including Uniform Rules for Forfaiting and Bank Payment Obligation and International Standard Banking Practice.
“This recognition marks the shifts taking place in the Banking
Commission as we strive to keep pace with the changes taking place in world
markets,” said Tan Kah Chye Commission Chair and Vice-Chairman, Corporate Banking at Barclays. “We
will continue to build on our wealth of experience while expanding areas such
as standards-writing, policy-making, market intelligence and education.”
Trade & Forfaiting Review is a leading trade and supply
chain finance information resource providing essential updates to professionals
all around the globe. Through an independent, third-party assessment based on
testimonial comments and marketplace feedback of 500 voters, the TFR award goes
a long way to help the Banking Commission benchmark the success of its dynamic
strategy and projects.
“The mandates and functions of the Banking Commission have
significantly evolved and expanded over the last 10 years of our 80-year history,”
said Thierry Senechal, ICC Banking Commission Executive Secretary. “The award
is a tribute to the leadership, members, staff and partners of the ICC Banking
Commission who engage in the important work of supporting the trade finance
industry every day. We are thrilled to be recognized for the work we undertake
– from working on regulatory issues and the production of market intelligence
to providing training or drafting international business standards.”
The ICC Banking Commission strives to be the most reputable
and reliable provider of market intelligence for the banking industry and in
recent years has been leading the drive to bridge the information gap on trade
finance. The commission’s most prominent publications Global Risks – Trade finance – presenting data and analysis from
the ICC Trade Register – and the annual global survey series entitled Rethinking Trade and Finance, both
providetimely, accurate and
comprehensive data that contributes to an accurate portrait of the trade and
export finance sector.
“The gradual expansion of the ICC Trade Register, born from the WTO Expert Group on Trade
Finance, has done much to provide hard evidence that standard trade finance is
one of the safest and soundest segments of the financial industry,” said Pascal
Lamy, Director General, World Trade Organization, who has also been awarded the
TFR 2013 Fellowship Award. “Regulators have recently used this information in
designing provisions favourable to trade finance. For example, the Basel
Committee on Banking Supervision decided to waive the one-year maturity floor
on short-term, self-liquidating trade instruments, after reviewing the maturity
structure of short-term trade finance in the registry.”
On Monday 24 June, the commission will launch findings from
the 2013 Rethinking Trade and Finance –
An ICC Private Sector Development Perspective.
For more information please visit the ICC Banking Commission