Monday, 14 March 2016

CHAIRMAN'S MESSAGE - Sean Edwards, ITFA Chairman / Head of Legal at SMBC

Dear Members and Friends,

The first quarter of 2016 has been characterised by a sharp correction in commodities and Emerging Markets, only to witness some sort of timid recovery towards the latter stages. Despite this, markets are a far cry from their 2015 highs, and this has resulted in subdued investor sentiment in the markets, industries and sectors in which we operate and carry out our trade.

One of the greatest talking points in emerging markets in recent months has been Brazil, which has been clearly one of the underperformers, both in terms of economic performance as well as in terms of corporate governance. Once one of the largest emerging market economies, Brazil has moved from being the envy of other neighbouring emerging countries to being a country embroiled in corruption claims and a sharp deterioration in the country’s credit metrics. Ever since the ‘lava jato’ scandal linked to state owned Petrobras broke out, the Brazilian economy deteriorated significantly.

Brazil is one country, however, where significant attempts have been made to introduce Supply Chain Financing partly through the mandatory use of electronic invoicing platforms in certain circumstances.

The recent publication of Standard Definitions for Supply Chain Finance, a collaborative effort between a number of organisations led by the ICC and with valuable input from ITFA, is an important step in cementing the use of SCF globally.  Copies of the Definitions are available through our ITFA website.
Turning to the March issue of the ITFA Newsletter, Philipp Moulas talks about the ITFA Young Professional Network and its importance amongst juniors in the profession. We will also introduce you to one of the newly elected ITFA Board members; Anurag Chaudhary (Citi) whose role within the Board primarily entails introducing new banks to ITFA, whilst also expanding ITFA membership.

We hope you have found the ITFA Calendar of Events to be useful in planning your yearly events in advance. The page, found on the ITFA website, is being updated on a regular basis.

We look forward to hearing from you with any feedback you may want to share with us by sending an email to myself, any of the Board Members or to our general email,

Best wishes,
Sean Edwards

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