《国际结算笔记》PPT课件.ppt

国际结算理论与实务 （Theories and Practices of International Settlements ）,主讲人：李颖 山东大学经济学院金融系 联系方式：,Reference books 国际结算第四版，苏宗祥，2009，中国金融出版社； 国际结算，秦定，2010，清华大学出版社； 国际结算：理论实务案例，蒋琴，2007，清华大学出版社。,Examination,Exercises in class （20%）,Final tests In English（80%）,International Settlement,Overview,Chapter1: Introduction On Fundamentals In International Settlements,Chapter2: Banks Clearing System In international Settlements,International Settlement,Core part,Chapter3: Financial Instruments used in International Settlements,Chapter4: Mercantile documents used In International Settlements,Chapter5: International Settlement Methods,International Settlement,extension,Chapter6: L/G and Stand-by L/C,Chapter7: Financing methods In International Settlements.,Chapter8: Bank Letters in International Settlement,Chapter 1 Introduction on Fundamentals in International Settlements,Definition International payments or international settlements are financial activities conducted among different countries in which payments are effected or funds are transferred from one country to another in order to settle accounts, debts, etc., emerged in the course of political, economic or cultural contacts among them.,spot payment payment between different cities international payment.,International Settlement,contents,International trade： visible trade and invisible trade,Financial transactions,Payment between governments,International Settlement,Objectives Characteristics of evolution: cash settlement to transfer settlement and transaction of documents; Banks became the center in the international settlement at the end of 18th century; From payments under simple price terms to payments under more complex price terms;,safe,quick,convenient,Chapter 1 Introductions on Fundamentals in International Settlements,computerization SFNB,1996, USA; Entrium Direct Bankers,1990,1998,International Settlement,Communication means,Mail: Letter, registered letter, express delivery letter,Cable or Telex,Network: SWIFT,Chapter 1 Introductions on Fundamentals in International Settlements,SWIFT: society for worldwide interbank financial telecommunications, a computerized international telecommunications system that, through standardized formatted messages, rapidly processes and transmits financial transactions and information among its members around the world.,Chapter 1 Introductions on Fundamentals in International Settlements,Services provided by SWIFT: FIN (Financial Application) IFT (Interbank File Transfer) Procedures of message flow: An appropriate SWIFT message type is selected, prepared, addressed and released by the sender to the SWIFT network via the banks SWIFT interface; The message is then sent to the senders local SWIFT Regional Processor;,Chapter 1 Introductions on Fundamentals in International Settlements,The input Regional Processor forwards the SWIFT message to a Slice Processor; If the message is properly formatted, it is sent to the Receivers local SWIFT Regional Processor; The output Regional Processor then sends the message to the receiver.,Chapter 1 Introductions on Fundamentals in International Settlements,Types of messages: 10 types Characteristics of SWIFT: Quick and cheap; Secure and reliable; Standardized forms. Signatures,Credit instruments,Mercantile documents,Chapter 1 Introductions on Fundamentals in International Settlements,Classification of settlement methods 基于商业信用的结算（Settlement on commercial credit）汇款（Remittance），对应着预付货款（payment in advance）和赊销（open account，O/A） ；托收（Collection ） 基于银行信用的结算（Settlement on bank credit）信用证（letter of credit，L/C ） ；银行保函（ bank guarantee ）,Chapter 1 Introductions on Fundamentals in International Settlements,payment in advance: provides greatest security for the seller and greatest risk for the buyer; requires that the buyer have a high level of confidence in the ability and willingness of the seller to deliver the goods as ordered. open account, O/A，provides the least risk for the buyer and the greatest risk for the seller.,Chapter 2 Banks Clearing System In International Settlements,1. Reasons for the establishment of banks clearing system objective reasons subjective reasons 2. components (1) global business web system branches correspondent bank: a bank having direct connection or friendly service relations with another bank.,Chapter 2 Banks Clearing System In International Settlements,Bank letter： a sample Agency agreements: a sample control documents: lists of specimen of authorized signatures: for authentication of the messages, letters, remittances, letters of credit, etc. telegraphic test keys: code arrangements that enable the banks to receive cables from other banks to verify the authenticity of cables or telexes. SWIFT authentic key: for authenticating messages transmitted through SWIFT; terms and conditions.,Chapter 2 Banks Clearing System In International Settlements,Services provided by correspondents: Collecting checks, drafts, and other credit instruments; Making loan or investments as agents for their customer banks; Making credit investigation of firms that borrow in the open market; Providing banks with foreign exchange facilities, including commercial and travelers checks; Providing banks with funds/loans in case of need.,Chapter 2 Banks Clearing System In International Settlements,(2) global foreign exchange transferring system nostro account: due from account, the foreign currency account of a major bank with the foreign banks abroad to facilitate international payments and settlements. Vostro account: due to account, the account held by a bank on behalf of a correspondent bank.,Chapter 2 Banks Clearing System In International Settlements,From the point of view of a Chinese bank, a nostro account is our banks account in the book of an overseas bank denominated in foreign currency; and a vostro account is an overseas banks account with our bank denominated in RMB.,Chapter 2 Banks Clearing System In International Settlements, funds transferring system in China Intra-city transfer between different banks; Intra-bank transfer between different cities; Inter-bank transfers between different cities. USD foreign exchange system: FEDWIRE: a fund transfer system operated nationwide in the USA by the Federal Reserve System to transfer funds from one financial institution to another with an account balance held with the Fed.,Chapter 2 Banks Clearing System In International Settlements,Real-time gross settlement system: usually operated by central banks, in which each payment order is settled immediately upon its entry into the system in its entire (gross) amount.,Chapter 2 Banks Clearing System In International Settlements,Procedures of Fed Wire: A payer gives an instruction to a bank in which the payer has an available balance; The paying bank passes instructions on to the Fed to move value from the banks reserve balance account to the reserve balance account of another bank in which the payee has an account;,Chapter 2 Banks Clearing System In International Settlements,The Fed credits the reserve account of the payees bank and debits the reserve account of the payers bank. The Fed Wire provides a confirmation number to the payer so that the transaction can be traced; When a bank receives an incoming wire, the receiving firm is given notification that value has been received.,Chapter 2 Banks Clearing System In International Settlements,CHIPS( Clearing House Interbank Payment System): a netting system operated by the New York Clearing House Association. A netting payment system: payment orders debiting the accounts of participants are collected for a certain time period, and then at the end of that time the net position is calculated and cleared for each participant on the basis of the payment orders sent and received.,Chapter 2 Banks Clearing System In International Settlements,Advantages of netting payment system: lower liquidity requirement that banks need in order to settle payments of a specific value (only the difference between the value of an individual banks incoming and outgoing payments is settled by transferring funds) ; netting systems are more efficient from the point of view of the communications and processing capacity employed.,Chapter 2 Banks Clearing System In International Settlements,Disadvantages of netting payment system: These systems expose participants to a settlement risk, as they are implicitly giving each other unsecured credit on the basis of payments that are not immediately settled in final terms. Components of CHIPS: Chips participation (CP) and chips universal identifier (CH),Chapter 2 Banks Clearing System In International Settlements,Procedures of CHIPS (P299): member banks send instructions to CHIPS regarding transfers that they wish to make to other banks in New York City; At the end of the business day CHIPS reports to the Federal Reserve Bank of New York the net amounts to debit and credit at each of CP.,Chapter 2 Banks Clearing System In International Settlements, Euro foreign exchange system TARGET: Trans-Europe Automated Real-time Gross Settlement Express Transfer System, a real-time gross settlement system for the Euro, which is composed of 15 national RTGS systems, the ECB payment mechanism and interlinking. National Real-time Gross Settlement, RTGS: Belgium (ELLIPS), Germany (ELS), Greece (HERMES), Spain (SLBE), France (TBF), Ireland (IRIS), Italy (BIREL), Luxembourg (LIPS), Netherlands (TOP), Austria (ARTIS), Portugal (SPGT), Finland (BOF); UK (CHAPS), Denmark (DEBES), Sweden (RIX).,Chapter 2 Banks Clearing System In International Settlements,EPM ( European Central Bank Payment Mechanism) Purposes of TARGET: to provide the payment procedures necessary for implementing the ECBs single monetary policy; to promote sound and efficient payment mechanisms in euro。,Chapter 2 Banks Clearing System In International Settlements,Foreign exchange accounts with domestic institutions Foreign exchange accounts for current account transactions (1) foreign exchange working capital of domestic entities in executing overseas construction and other services contracts; (2) foreign exchange overseas receipts and payments to be made by domestic entities on behalf of clients involved in overseas business;,Chapter 2 Banks Clearing System In International Settlements,(3) project funds of enterprises with export-import license in business of export of jumbo electronic equipment with total project funds reaching a specified sum and duration, or advanced and progress payments for projects under international bid; (4) foreign exchange within an amount verified by SAFE that is received by international travel agencies and prepared by foreign travel agencies;,Chapter 2 Banks Clearing System In International Settlements,(5) foreign exchange of foreign-funded enterprises within a balance ceiling verified by SAFE; (6) foreign exchange expenses of foreign establishments remitted from abroad.,Chapter 2 Banks Clearing System In International Settlements,foreign exchange account for capital account transactions (1) external borrowing by domestic entities and foreign exchange loans of domestic Chinese-funded financial institutions; (2) foreign exchange of domestic entities for repayment of principal of domestic and external foreign exchange liabilities;,Chapter 2 Banks Clearing System In International Settlements,(3) foreign exchange of domestic entities from stock issuance; (4) capital paid in foreign exchange by Chinese investors of foreign-funded enterprises; (5) foreign exchange remitted by overseas entities or individuals for establishing a foreign-funded enterprise.,Chapter 2 Banks Clearing System In International Settlements,The transactions on foreign exchange owned by individuals: (1) Foreign exchange owned by individuals can be held, deposited in banks or sold to the designated foreign exchange banks. (2) Foreign exchange for private trip abroad may be purchased up to an limit. Individuals must apply to SAFE for the purchase of foreign exchange exceeding the limit and present to the customs office valid documents for carrying foreign exchange exceeding a limit.,Chapter3: Credit Instruments International Settlements,Definition of credit instruments A credit (financial) instrument is a written or printed paper by means of which funds are transferred from one person to another. 1. Traditional credit instruments: notes Definitions in the general sense, documents of title in the narrow sense, notes, negotiable securities with the purpose of payment in money, signed by the issuer, unconditionally paid by the issuer or another person.,Chapter3: Credit Instruments International Settlements,Notes in China Bill of exchange/draft Promissory note Check/cheque Legal Framework Anglo-American framework，focusing on rights and liabilities of parties concerned 1882, Bills of Exchange Act,Chapter3: Credit Instruments International Settlements,Mainland Framework，focusing on statutory forms of behaviors related to bills. Uniform Law for Bills of Exchange and Promissory Notes Signed at Geneva, 1930; Uniform Law for cheques Signed at Geneva, 1931. The difference between the above two frameworks:,Chapter3: Credit Instruments International Settlements,United Nations Framework Convention on International Bills of Exchange and International Promissory Notes, 1987; Convention on International Cheques. China Law of the Peoples Republic of China on Negotiable Instruments, 1st, Junanry,1996,Chapter3: Credit Instruments International Settlements,我国票据法的特别规定： 1、不得采用不记名背书； 2、承兑不得附条件，否则视为拒绝承兑； 3、不允许部分付款； 4、本票仅指银行本票； 5、允许持票人在到期日前进行追索； 6、凡签发持票人或来人抬头的汇票无效。,Chapter3: Credit Instruments International Settlements,我国票据权利时效的规定： 1、持票人对票据的出票人和承兑人的权利，自票据到期日起两年； 2、持票人对支票出票人的权利，自出票日起六个月； 3、持票人对前手的追索权，自被拒绝承兑或者被拒绝付款之日起六个月； 4、持票人对前手的再追索权，自清偿日或被提起诉讼之日起三个月； 5、持票人因超过票据权利时效或者因票据记载事项欠缺而丧失票据权利的，仍享有民事权利，可请求承兑人返还其与未支付的票据金额相当的利益。,Chapter3: International Settlement Instruments,Characteristics Negotiability Assignment: share certificate, life policies, certificate of government stock, debenture; Transfer: B/L, warehouse receipt, dock warrants, quasi-negotiable instrument; Negotiation: bills of exchange, promissory notes, checks, CDs, bearer securities, negotiable instrument.,Chapter3: International Settlement Instruments,Negotiable instrument is a chose in action, the full and legal title to which is transferable by delivery of the instrument with the result that complete ownership of the instrument and all property it represents passes freely from equities to the transferee, providing the latter takes the instrument in good faith and for value.,Chapter3: International Settlement Instruments,Non-Causative Nature: the efficacy of the instrument is independent on the causes for issuing. Requisite in Form: to be effective, a bill must embody the required items. Presentation: the holder must present the bill to the payer in order to be paid. Restitution,Part4： 国际结算中的业务风险及防范,Risks in bills Forgery of bills（票据的伪造） 狭义的票据伪造，指假冒他人名义为出票行为； 广义的票据伪造，指假冒他人名义而为的各种票据行为，包括出票、背书、承兑、保证等票据行为的伪造。,Part4： 国际结算中的业务风险及防范,Falsification of bills（票据的变造） 所谓票据的变造，是指无权变更票据记载事项的人，擅自变更票据上的（除签章外）的记载事项的行为。例如：变造票据的记载金额、票据的到期日等等。,Part4： 国际结算中的业务风险及防范,Droit flaws（票据的所有权缺陷） 持票人对票据享有的所有权有缺陷。 票据的持有人以欺诈、胁迫、暴力或恐吓等手段，或以不合法的支付对价，或在票据的流通转让过程中违反诚信原则，或在相当于欺诈的情况下取得票据。,Chapter3: International Settlement Instruments,1. Bill of Exchange Definition A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a specified or determinable future time a sum certain in money to or to the order of a specified person or to bearer.,必要项目,汇票字样，bill of exchange,出票日期和地点（date and place）,付款期限（tenor）,无条件付款命令，pay to sb.,收款人（payee）,受票人或付款人（drawee/payer）,出票人（drawer）,汇票金额（amount）,Chapter3: International Settlement Instruments,the date and place of issuance Functions: to determine whether the presentation of the draft has expired; 见票后定期付款的汇票，持票人应当自出票日起1个月内向付款人提示承兑； 见票即付的汇票提示付款期限自出票日起1个月。 to determine the payment date; to decide whether the drawer has the issuing ability.,Chapter3: International Settlement Instruments,tenor sight bill: pay on demand (example3-9) time bill (example3-10): pay on a fixed future date; pay at xx days after date; pay at xx days after sight.,Chapter3: International Settlement Instruments,unconditional order to pay Pay to ABC co. Or order the sum of one thousand USD$. Pay to ABC co. Providing the goods they supply are complied with contract the sum of ten thousand USD$. Pay to ABC co. The proceeds in our No.1 account the sum of one thousand USD$. Pay to ABC co. or order the sum of ten thousand USD$ and charge/debit the sum to applicants account maintained with you. Pay to ABC co. or order the sum of ten thousand USD$ drawn under L/C No.12345 issued by XYZ bank, N.Y. dated on 15th. Aug. 2004.,Chapter3: International Settlement Instruments,payee bearer title: Pay to bearer or Pay to ABC co. or bearer. Restrictive title: Pay to John Davids only or Pay to John Davids not transferable. Indicative title: Pay to the order of ABC co. or Pay to ABC co. or order.,Chapter3: International Settlement Instruments,the name and address of the drawee or payer sequence of debtors payment to bills of exchange: before acceptance: the issuer, the first endorser, the second endorser,; after acceptance: the drawee, the drawer, the first endorser, the second endorser,Chapter3: International Settlement Instruments,signature of the issuer “for” “on behalf of ” “for and on behalf of” “per pro” e.g. for ABC co. Ltd. London John Smith,Chapter3: International Settlement Instruments,behaviors related to bills of exchange issuance ; endorsement Endorser: when a payee or a holder signs his name on the back of the instrument for the purpose of transferring it to another person, he is called an endorser. He is liable to any of his