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