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School of Continuing Studies

XCPD-501 International Trade and Policy

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Description

Course Details

In this course, students examine the interrelationship between international trade theory, policy development, and policy enforcement. The course first focuses on economic theory to that students gain a thorough understanding of the causal factors that determine trade and economic transactions. The course then links theory to how policy is created, implemented, enforced, and revised so that students gain a practical understanding international trade issues. Policy includes the role of government in regulating, restricting, promoting, and/or influencing the conduct of international trade and investment.

Course Objectives

At the completion of the course, a successful student will be able to:

  • Discuss the interrelationship between international trade theory and policy.
  • Discuss causal factors that determine economic transactions.
  • Outline the role of government in regulating, restricting, promoting, and/or influencing the conduct of international trade and investment.
EuroFinance

International Trade Finance for Treasurers

Next dates

Nov 4—5, 2019
2 days
Amsterdam, Netherlands
EUR 2535 ≈USD 2813
EUR 1267 per day

Description

Today’s global business climate has introduced new complexities, triggered heightened risks associated with international trade and placed increasing pressure on credit availability. As a result, international trade now requires an enhanced focus on understanding and mitigating risks and an ability to quickly access cost effective financing when and where it’s needed. This challenge is driving many Corporate Treasurers to seek specialized expertise from trusted advisors, identify new and reliable sources of funding and automate processes to deliver additional efficiencies.

This intensive two-day program introduces the concepts, terminology and instruments associated with international trade and examines the roles of banks and other key players, including the emerging fintech providers. You will leave the program with a solid understanding of the key elements required for successful international trade as well as the opportunities available to unlock value from supply chains.

International Trade Finance for Treasurers Get familiar with the concepts, terminology and instruments associated with international trade 4 - 5 November 2019 | Amsterdam, Netherlands Today’s global business climate has introduced new complexities, triggered heightened risks associated with international trade and placed increasing pressure on credit availability. As a result, international trade now requires an enhanced focus on understanding and mitigating risks and an ability to quickly access cost effective financing when and where it’s needed. This challenge is driving many Corporate Treasurers to seek specialized expertise from trusted advisors, identify new and reliable sources of funding and automate processes to deliver additional efficiencies.

This intensive two-day program introduces the concepts, terminology and instruments associated with international trade and examines the roles of banks and other key players, including the emerging fintech providers. You will leave the program with a solid understanding of the key elements required for successful international trade as well as the opportunities available to unlock value from supply chains.

Course Agenda

Day 1

Introductions and Course Objectives

Principles of International Trade

  • Understanding International Trade
  • Why trade is important for Corporate Treasurers
  • Determining risk mitigation and financing opportunities in international trade
  • The role of banks in trade (risk mitigation, financing and transaction processing)
  • Understanding terms of trade
  • Concepts of ‘title’ and ‘recourse’
  • Understanding Incoterms 2010
  • Typical trade documentation
  • Overview of Trade Instruments

International trade instruments – Letters of Credit

  • Letter of Credit – Objectives
  • Role play to illustrate principles of an LC
  • How an LC can help mitigate risks
  • Roles of banks in an LC
  • Freely negotiable or restricted LCs
  • Discrepancies
  • Roles of Advising, Negotiating and Accepting banks
  • Confirmation of LCs
  • Importance of UCP600
  • Case study to illustrate key points

International trade instruments – Bills of Exchange

  • Uses of Bills of Exchange
  • Endorsement and assignment
  • Accepted drafts and bankers acceptances
  • Discounting Bills
  • Calculating discounts – Exercise

International trade instruments – Documentary Collections

  • Documentary Collections – Objectives and definition
  • Role play to illustrate principles of Doc Collection
  • Clean collections
  • Risks to parties involved
  • Advances under a documentary collection for financing
  • Comparison of LC and Doc Collection

International trade instruments – BPO

  • How BPOs work
  • Comparison with letter of credit
  • XML documents to support BPO
  • Relationship with physical documents
  • Risks, pricing and cost savings

Guarantees and Standby Letters of Credit

  • Using SBLCs and guarantees
  • Bid bonds, advance payment bonds, performance bonds
  • Claims under SBLCs
  • Legal jurisdiction
  • Credit or collateral
  • UCP 600, ISP98, URDG758
  • Balance sheet implications for banks under Basel
  • Specimen examples

Trends in Trade

  • Growth in International Trade
  • Overview of Basel III
  • Impact of Basel II/III on the Trade Services and Trade Finance
  • Automation and dematerialisation
  • Focus on cashflow and working capital

End of day 1 followed by a networking reception

Day 2

Recap on Day 1 key takeaways

Working Capital and Supply Chain

  • What drives the need for working capital
  • Cash conversion cycle – ‘Order to cash’ and ‘Purchase to pay’
  • Cost of capital – WACC, marginal cost of capital
  • Sources of short term funding
  • Understanding the physical vs financial supply chain
  • Process efficiency vs. financing
  • Financing and balance sheet management
  • Measures of working capital performance
  • P&L vs. balance sheet management

Class exercise – calculating key financial metrics

  • Worked examples of key financial metrics

Import and Export finance

  • Attributes of Trade Finance (short term, self-liquidating, selective)
  • Principles of Discounting and calculations
  • Practical examples and calculations
  • Pre and post shipment finance
  • Financing additional credit terms
  • Trust receipts
  • PO financing
  • Invoice financing
  • Example of financing solutions for exporters and importers

Receivables Finance

  • Supplier Centric solutions – Receivables Finance
  • With and without recourse – implications
  • Balance Sheet impact of Receivables Finance
  • Client case examples
  • Typical pricing for Receivables Finance deals

Class exercise –Receivables Finance

  • Worked example to illustrate P&L and Balance sheet implications for Receivables Finance

Supply Chain Finance

  • Buyer Centric solutions – Supply Chain Finance
  • Principle of credit rating differentials
  • Using SCF to extend Days Payable
  • Calculation of benefits (to anchor customer and their suppliers)
  • Accounting challenges of SCF solutions
  • Challenges of supplier onboarding
  • Banks and third-party electronic SCF platforms
  • Supplier financing case study

Commodity and Inventory Finance

  • Commodity Finance – an overview
  • Inventory Finance – an overview
  • Insurance and inspection

Export Agency Finance

  • Concept of EAF
  • Role of government ECAs
  • Using ECAs to guarantee and finance exports
  • Structuring EAF transactions
  • Tied and untied financing
  • Example transactions

Risk Distribution

  • Concepts of Risk distribution
  • Distribution to investors and hedge funds

Selecting banks for trade finance

  • Critical requirements for multinational corporates
  • Understanding ‘best practice’ (mandates, RFPs, relationships)
  • Bank geographic strategies and strengths/weaknesses
  • Specialist trade finance providers
  • Local or regional banks?
  • Approaches to pricing and service quality
  • Managing a RFP process
  • Decision process – Which bank, Which solution?

Course Wrap-up

  • Summary of key takeaways
  • Presentation of Certificates

Who should attend

Corporate treasurers, senior treasury practitioners, finance professionals and third party providers who would personally benefit or find relevance from a comprehensive exposure to international trade matters

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