During the recent BAFT Europe Bank to Bank Forum, an esteemed panel of experts led by Lee Braine, Head of Advanced Technology, Barclays; Xiaonan Zou, Head of Innovation and Digital Assets, UBS AG, Group Treasury; and Jürgen Schaaf, Advisor to the Senior Management Market Infrastructure and Payments, European Central Bank (ECB) discussed retail vs wholesale CBDCs, synthetic digital currencies, possible digital euro circulation date and more. Read the full article here.
BAFT (Website) has posted updated Legal Opinions (2022) covering BAFT Master Participation Agreements (MPA) issued in accordance with English Law (2008, amended in 2022) & (2018, amended in 2022) and New York Law (2019, amended in 2021). The Legal Opinions covering the MPA (New York Law Version) have been issued by Sullivan & Worcester, UK LLP London, and Sullivan & Worcester, LLP New York. The Legal Opinions for the MPA (English Law Versions) has been issued by Sullivan & Worcester, UK LLP London.
The BAFT MPAs were updated to accommodate LIBOR-related updates, and these newly issued Legal Opinions complete the documentation for utilization.
These documents are available for free to BAFT members and for a fee to non-members through the BAFT website “Members Tools” section.”
At the BAFT Europe Bank to Bank Forum, experts from across the industry discussed the future of banking and trade finance during the “Accelerating the Use of Electronic Trade Documents” session. The panel discussed the role of UNCITRAL’s Model Law on Electronic Transferable Records (MLETR) in supporting the regulatory environment for digital trade. Hear more from Luca Castellani, one of the panelists from UNCITRAL on advancing MLETR in 2023.
This guide examines the state of trade finance, focusing on the two core trade products — letters of credit and documentary collections. It highlights some innovations that have been adopted and explains the hurdles that still prevent wholesale digitalization of global trade finance.
Underwritten by MUFG, a long-standing BAFT member, the guide includes input from our very own Scott Stevenson, SVP for Trade, and Deepa Sinha, VP for Payments and Financial Crime.
WASHINGTON — BAFT, the leading global financial services association for international transaction banking, today announced the launch of its new Certificate in Foreign Exchange (CFX), which includes a series of eight courses that offer an overview of a financial institution’s foreign exchange department and services. The certificate is tailored for junior to intermediate level transaction banking professionals, as well as those who have already completed the Certificate in Introductory Transaction Banking.
This course will provide an understanding of the foreign exchange market, what foreign exchange products are most commonly used by financial institutions, and a working knowledge of foreign exchange as it pertains to a client’s business, including global differences and risk and compliance concerns. Participants will also review the importance of complying with local country regulations that restrict payments to certain parties in a transaction.
“As a finance professional with more than 20 years of progressive responsibilities in both banking and corporate treasuries, I know that foreign exchange is a complex business,” said Deepa Sinha, vice president of payments and financial crime, BAFT. “This comprehensive new certification will provide other transaction banking professionals with the skills and expertise necessary to master this important area of industry focus.”
The courses will be led by Matt Porio, a recognized foreign exchange expert who has worked with top international financial institutions within the risk management, investment management and financial products areas. Porio is an adjunct professor of finance at the University of Connecticut and Sacred Heart University in Fairfield, Conn.
The certificate courses will be available through BAFT’s Learning Management System and take about 15 hours of study to complete.
Click here for more information on the Certificate in Foreign Exchange.
About BAFT
BAFT, the leading global financial services association for international transaction banking, helps bridge solutions across financial institutions, service providers and the regulatory community that promote sound financial practices enabling innovation, efficiency, and commercial growth. BAFT engages in a wide range of topics affecting transaction banking, including trade finance, payments, and compliance.
WASHINGTON — BAFT, the leading global financial services association for international transaction banking, today announced its Future Leaders Program Class of 2023. Now in its eighth year, the program recognizes upcoming talent in the global transaction banking industry.
Nominated by their respective institutions, the class of 2023 includes 38 individuals from 20 countries spanning six continents. Those recognized represent a wide range of disciplines within transaction banking.
This year’s group will be divided into five project teams to address current industry issues and priorities including developing a hub banking concept, banking in the metaverse, sustainability, fraud in trade finance, and a future of transaction banking business model.
The class of 2023 will start their program in January at the BAFT Europe Bank to Bank Forum and will conclude at BAFT’s Global Annual Meeting in May. Several Future Leader council members will support the current class as mentors, joining BAFT board members who will continue to serve as project sponsors.
“We are excited to welcome another diverse class of transaction banking professionals to the Future Leaders program,” said Tod Burwell, president and CEO, BAFT. “It has been wonderful to see the program grow and to watch as its 220 alumni find ways to give back to the industry by serving as the next generation of transaction banking leaders.”
BAFT congratulates the following individuals who were selected to this year’s program:
Learn more about BAFTs Future Leader Program here.
About BAFT
BAFT is the leading global forum for bringing the financial community, its solution providers and stakeholders together to collaborate on defining best market practices that facilitate efficient delivery of trade and cash management products and service offerings for their clients. The association website is www.baft.org.