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Uniform rules for documentary credits, collections, bank-to-bank reimbursements and demand guarantees.

Archives 2009 :

ICC announces new rules for demand guarantees

New Delhi, 4 December 2009

ICC today announced a revised version of the Uniform Rules for Demand Guarantees (URDG) destined to apply to hundreds of billions of dollars of demand guarantees securing monetary and performance obligations in a wide array of international and domestic contracts.

Global economy will remain on shaky ground, says new ICC trade finance survey
Paris, 7 September 2009 The global economy is still on shaky ground, and despite budding signs of recovery, evidence is not strong enough to conclude that the current recession is waning, according to an ICC report on trade finance released today.

UN endorses ICC Documentary Credit Rules
Vienna, 20 July 2009 ICC’s most recent revision of the Uniform Customs and Practice for Documentary Credits (UCP 600) was officially endorsed by the UN Commission on International Trade Law (UNCITRAL) at its 42nd annual session in Vienna.

ICC-IFA to draft trade finance forfaiting rules
Paris, 24 June 2009 ICC and the International Forfaiting Association (IFA) have created a joint drafting group to prepare new global forfaiting rules, the ICC Banking Commission announced today.

ICC Banking seminar to focus on the future of world financial markets
Paris, 8 June 2009 The challenges of rebuilding the world’s financial markets in the aftermath of the global recession will be the theme of a seminar hosted by ICC later this month in Monaco.

ICC to hold workshop on issuing documentary credits in current downturn
Paris, 23 April 2009 ICC will hold a one-and-a-half day workshop in Paris on 18-19 June to show how a better structure of the letter of credit itself and the correct application of the UCP 600 rules can help all parties better manage the documentary credit process and alleviate many of the problems being experienced at this critical time.

G20 must take action to fight protectionism and support trade finance to keep trade flowing
Paris, 31 March 2009 Leaders of the G20 countries must coordinate their national policies to end the global recession support a monitoring system to honour previous promises to reject protectionism, and restore trade financing to more normal levels, ICC said today.

ICC calls on G20 to address impact of Basel II on trade finance
Paris, 27 March 2009 With global trade expected to register its biggest decline this year since World War II, ICC called today on the upcoming G20 summit in London to coordinate measures to allow private banks to ramp-up their provision of trade finance.

Trade volume and value decline sharply as a result of crisis
Paris, 23 March 2009 Trade has significantly decreased in both volume and value as a result of the worldwide recession and may be reduced further due to tight credit conditions, ICC said in a report presented at a meeting of banking experts organized by The World Trade Organization.

Financial crisis to be addressed at first ICC banking meeting in Gulf
Paris, 6 March 2009 ICC, in association with ICC United Arab Emirates and the Dubai Chamber of Commerce and Industry is set to host a major ICC Banking Commission meeting in Dubai from 10-12 March at the Dubai Chamber Auditorium.

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