《国际结算笔记》PPT课件.ppt

国际结算理论与实务 TheoriesandPracticesofInternationalSettlements 主讲人 李颖山东大学经济学院金融系联系方式 grace liying Referencebooks 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 Exercisesinclass 20 FinaltestsInEnglish 80 InternationalSettlement Overview Chapter1 IntroductionOnFundamentalsInInternationalSettlements Chapter2 Banks ClearingSystemIninternationalSettlements InternationalSettlement Corepart Chapter3 FinancialInstrumentsusedinInternationalSettlements Chapter4 MercantiledocumentsusedInInternationalSettlements Chapter5 InternationalSettlementMethods InternationalSettlement extension Chapter6 L GandStand byL C Chapter7 FinancingmethodsInInternationalSettlements Chapter8 BankLettersinInternationalSettlement Chapter1IntroductiononFundamentalsinInternationalSettlements DefinitionInternationalpaymentsorinternationalsettlementsarefinancialactivitiesconductedamongdifferentcountriesinwhichpaymentsareeffectedorfundsaretransferredfromonecountrytoanotherinordertosettleaccounts debts etc emergedinthecourseofpolitical economicorculturalcontactsamongthem spotpayment paymentbetweendifferentcities internationalpayment InternationalSettlement contents Internationaltrade visibletradeandinvisibletrade Financialtransactions Paymentbetweengovernments InternationalSettlement ObjectivesCharacteristicsofevolution cashsettlementtotransfersettlementandtransactionofdocuments Banksbecamethecenterintheinternationalsettlementattheendof18thcentury Frompaymentsundersimplepricetermstopaymentsundermorecomplexpriceterms safe quick convenient Chapter1IntroductionsonFundamentalsinInternationalSettlements computerizationSFNB 1996 USA EntriumDirectBankers 1990 1998 InternationalSettlement Communicationmeans Mail Letter registeredletter expressdeliveryletter CableorTelex Network SWIFT Chapter1IntroductionsonFundamentalsinInternationalSettlements SWIFT societyforworldwideinterbankfinancialtelecommunications acomputerizedinternationaltelecommunicationssystemthat throughstandardizedformattedmessages rapidlyprocessesandtransmitsfinancialtransactionsandinformationamongitsmembersaroundtheworld Chapter1IntroductionsonFundamentalsinInternationalSettlements ServicesprovidedbySWIFT FIN FinancialApplication IFT InterbankFileTransfer Proceduresofmessageflow AnappropriateSWIFTmessagetypeisselected prepared addressedandreleasedbythesendertotheSWIFTnetworkviathebank sSWIFTinterface Themessageisthensenttothesender slocalSWIFTRegionalProcessor Chapter1IntroductionsonFundamentalsinInternationalSettlements TheinputRegionalProcessorforwardstheSWIFTmessagetoaSliceProcessor Ifthemessageisproperlyformatted itissenttotheReceiver slocalSWIFTRegionalProcessor TheoutputRegionalProcessorthensendsthemessagetothereceiver Chapter1IntroductionsonFundamentalsinInternationalSettlements Typesofmessages 10typesCharacteristicsofSWIFT Quickandcheap Secureandreliable Standardizedforms Signatures Creditinstruments Mercantiledocuments Chapter1IntroductionsonFundamentalsinInternationalSettlements Classificationofsettlementmethods基于商业信用的结算 Settlementoncommercialcredit 汇款 Remittance 对应着预付货款 paymentinadvance 和赊销 openaccount O A 托收 Collection 基于银行信用的结算 Settlementonbankcredit 信用证 letterofcredit L C 银行保函 bankguarantee Chapter1IntroductionsonFundamentalsinInternationalSettlements paymentinadvance providesgreatestsecurityforthesellerandgreatestriskforthebuyer requiresthatthebuyerhaveahighlevelofconfidenceintheabilityandwillingnessofthesellertodeliverthegoodsasordered openaccount O A providestheleastriskforthebuyerandthegreatestriskfortheseller Chapter2Banks ClearingSystemInInternationalSettlements 1 Reasonsfortheestablishmentofbanks ponents 1 globalbusinesswebsystembranchescorrespondentbank abankhavingdirectconnectionorfriendlyservicerelationswithanotherbank Chapter2Banks ClearingSystemInInternationalSettlements Bankletter asampleAgencyagreements asamplecontroldocuments listsofspecimenofauthorizedsignatures forauthenticationofthemessages letters remittances lettersofcredit etc telegraphictestkeys codearrangementsthatenablethebankstoreceivecablesfromotherbankstoverifytheauthenticityofcablesortelexes SWIFTauthentickey forauthenticatingmessagestransmittedthroughSWIFT termsandconditions Chapter2Banks ClearingSystemInInternationalSettlements Servicesprovidedbycorrespondents Collectingchecks drafts andothercreditinstruments Makingloanorinvestmentsasagentsfortheircustomerbanks Makingcreditinvestigationoffirmsthatborrowintheopenmarket Providingbankswithforeignexchangefacilities includingcommercialandtraveler schecks Providingbankswithfunds loansincaseofneed Chapter2Banks ClearingSystemInInternationalSettlements 2 globalforeignexchangetransferringsystemnostroaccount duefromaccount theforeigncurrencyaccountofamajorbankwiththeforeignbanksabroadtofacilitateinternationalpaymentsandsettlements Vostroaccount duetoaccount theaccountheldbyabankonbehalfofacorrespondentbank Chapter2Banks ClearingSystemInInternationalSettlements FromthepointofviewofaChinesebank anostroaccountisourbank saccountinthebookofanoverseasbankdenominatedinforeigncurrency andavostroaccountisanoverseasbank saccountwithourbankdenominatedinRMB Chapter2Banks ClearingSystemInInternationalSettlements fundstransferringsysteminChinaIntra citytransferbetweendifferentbanks Intra banktransferbetweendifferentcities Inter banktransfersbetweendifferentcities USDforeignexchangesystem FEDWIRE afundtransfersystemoperatednationwideintheUSAbytheFederalReserveSystemtotransferfundsfromonefinancialinstitutiontoanotherwithanaccountbalanceheldwiththeFed Chapter2Banks ClearingSystemInInternationalSettlements Real timegrosssettlementsystem usuallyoperatedbycentralbanks inwhicheachpaymentorderissettledimmediatelyuponitsentryintothesysteminitsentire gross amount Chapter2Banks ClearingSystemInInternationalSettlements ProceduresofFedWire Apayergivesaninstructiontoabankinwhichthepayerhasanavailablebalance ThepayingbankpassesinstructionsontotheFedtomovevaluefromthebank sreservebalanceaccounttothereservebalanceaccountofanotherbankinwhichthepayeehasanaccount Chapter2Banks ClearingSystemInInternationalSettlements TheFedcreditsthereserveaccountofthepayee sbankanddebitsthereserveaccountofthepayer sbank TheFedWireprovidesaconfirmationnumbertothepayersothatthetransactioncanbetraced Whenabankreceivesanincomingwire thereceivingfirmisgivennotificationthatvaluehasbeenreceived Chapter2Banks ClearingSystemInInternationalSettlements CHIPS ClearingHouseInterbankPaymentSystem anettingsystemoperatedbytheNewYorkClearingHouseAssociation Anettingpaymentsystem paymentordersdebitingtheaccountsofparticipantsarecollectedforacertaintimeperiod andthenattheendofthattimethenetpositioniscalculatedandclearedforeachparticipantonthebasisofthepaymentorderssentandreceived Chapter2Banks ClearingSystemInInternationalSettlements Advantagesofnettingpaymentsystem lowerliquidityrequirementthatbanksneedinordertosettlepaymentsofaspecificvalue onlythedifferencebetweenthevalueofanindividualbank sincomingandoutgoingpaymentsissettledbytransferringfunds nettingsystemsaremoreefficientfromthepointofviewofthecommunicationsandprocessingcapacityemployed Chapter2Banks ClearingSystemInInternationalSettlements Disadvantagesofnettingpaymentsystem Thesesystemsexposeparticipantstoasettlementrisk astheyareimplicitlygivingeachotherunsecuredcreditonthebasisofpaymentsthatarenotimmediatelysettledinfinalterms ComponentsofCHIPS Chipsparticipation CP andchipsuniversalidentifier CH Chapter2Banks ClearingSystemInInternationalSettlements ProceduresofCHIPS P299 memberbankssendinstructionstoCHIPSregardingtransfersthattheywishtomaketootherbanksinNewYorkCity AttheendofthebusinessdayCHIPSreportstotheFederalReserveBankofNewYorkthenetamountstodebitandcreditateachofCP Chapter2Banks ClearingSystemInInternationalSettlements EuroforeignexchangesystemTARGET Trans EuropeAutomatedReal timeGrossSettlementExpressTransferSystem areal timegrosssettlementsystemfortheEuro whichiscomposedof15nationalRTGSsystems theECBpaymentmechanismandinterlinking NationalReal timeGrossSettlement 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 Chapter2Banks ClearingSystemInInternationalSettlements EPM EuropeanCentralBankPaymentMechanism PurposesofTARGET toprovidethepaymentproceduresnecessaryforimplementingtheECB ssinglemonetarypolicy topromotesoundandefficientpaymentmechanismsineuro Chapter2Banks ClearingSystemInInternationalSettlements ForeignexchangeaccountswithdomesticinstitutionsForeignexchangeaccountsforcurrentaccounttransactions 1 foreignexchangeworkingcapitalofdomesticentitiesinexecutingoverseasconstructionandotherservicescontracts 2 foreignexchangeoverseasreceiptsandpaymentstobemadebydomesticentitiesonbehalfofclientsinvolvedinoverseasbusiness Chapter2Banks ClearingSystemInInternationalSettlements 3 projectfundsofenterpriseswithexport importlicenseinbusinessofexportofjumboelectronicequipmentwithtotalprojectfundsreachingaspecifiedsumandduration oradvancedandprogresspaymentsforprojectsunderinternationalbid 4 foreignexchangewithinanamountverifiedbySAFEthatisreceivedbyinternationaltravelagenciesandpreparedbyforeigntravelagencies Chapter2Banks ClearingSystemInInternationalSettlements 5 foreignexchangeofforeign fundedenterpriseswithinabalanceceilingverifiedbySAFE 6 foreignexchangeexpensesofforeignestablishmentsremittedfromabroad Chapter2Banks ClearingSystemInInternationalSettlements foreignexchangeaccountforcapitalaccounttransactions 1 externalborrowingbydomesticentitiesandforeignexchangeloansofdomesticChinese fundedfinancialinstitutions 2 foreignexchangeofdomesticentitiesforrepaymentofprincipalofdomesticandexternalforeignexchangeliabilities Chapter2Banks ClearingSystemInInternationalSettlements 3 foreignexchangeofdomesticentitiesfromstockissuance 4 capitalpaidinforeignexchangebyChineseinvestorsofforeign fundedenterprises 5 foreignexchangeremittedbyoverseasentitiesorindividualsforestablishingaforeign fundedenterprise Chapter2Banks ClearingSystemInInternationalSettlements Thetransactionsonforeignexchangeownedbyindividuals 1 Foreignexchangeownedbyindividualscanbeheld depositedinbanksorsoldtothedesignatedforeignexchangebanks 2 Foreignexchangeforprivatetripabroadmaybepurchaseduptoanlimit IndividualsmustapplytoSAFEforthepurchaseofforeignexchangeexceedingthelimitandpresenttothecustomsofficevaliddocumentsforcarryingforeignexchangeexceedingalimit Chapter3 CreditInstrumentsInternationalSettlements DefinitionofcreditinstrumentsAcredit financial instrumentisawrittenorprintedpaperbymeansofwhichfundsaretransferredfromonepersontoanother 1 Traditionalcreditinstruments notesDefinitionsinthegeneralsense documentsoftitleinthenarrowsense notes negotiablesecuritieswiththepurposeofpaymentinmoney signedbytheissuer unconditionallypaidbytheissueroranotherperson Chapter3 CreditInstrumentsInternationalSettlements NotesinChinaBillofexchange draftPromissorynoteCheck chequeLegalFrameworkAnglo Americanframework focusingonrightsandliabilitiesofpartiesconcerned1882 BillsofExchangeAct Chapter3 CreditInstrumentsInternationalSettlements MainlandFramework focusingonstatutoryformsofbehaviorsrelatedtobills UniformLawforBillsofExchangeandPromissoryNotesSignedatGeneva 1930 UniformLawforchequesSignedatGeneva 1931 Thedifferencebetweentheabovetwoframeworks Chapter3 CreditInstrumentsInternationalSettlements UnitedNationsFrameworkConventiononInternationalBillsofExchangeandInternationalPromissoryNotes 1987 ConventiononInternationalCheques ChinaLawofthePeople sRepublicofChinaonNegotiableInstruments 1st Junanry 1996 Chapter3 CreditInstrumentsInternationalSettlements 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 CreditInstrumentsInternationalSettlements 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 InternationalSettlementInstruments CharacteristicsNegotiabilityAssignment sharecertificate lifepolicies certificateofgovernmentstock debenture Transfer B L warehousereceipt dockwarrants quasi negotiableinstrument Negotiation billsofexchange promissorynotes checks CDs bearersecurities negotiableinstrument Chapter3 InternationalSettlementInstruments Negotiableinstrumentisachoseinaction thefullandlegaltitletowhichistransferablebydeliveryoftheinstrumentwiththeresultthatcompleteownershipoftheinstrumentandallpropertyitrepresentspassesfreelyfromequitiestothetransferee providingthelattertakestheinstrumentingoodfaithandforvalue Chapter3 InternationalSettlementInstruments Non CausativeNature theefficacyoftheinstrumentisindependentonthecausesforissuing RequisiteinForm tobeeffective abillmustembodytherequireditems Presentation theholdermustpresentthebilltothepayerinordertobepaid Restitution Part4 国际结算中的业务风险及防范 RisksinbillsForgeryofbills 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 Falsificationofbills 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 Droitflaws 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 InternationalSettlementInstruments 1 BillofExchangeDefinitionAbillofexchangeisanunconditionalorderinwriting addressedbyonepersontoanother signedbythepersongivingit requiringthepersontowhomitisaddressedtopayondemandorataspecifiedordeterminablefuturetimeasumcertaininmoneytoortotheorderofaspecifiedpersonortobearer 必要项目 汇票字样 billofexchange 出票日期和地点 dateandplace 付款期限 tenor 无条件付款命令 paytosb 收款人 payee 受票人或付款人 drawee payer 出票人 drawer 汇票金额 amount Chapter3 InternationalSettlementInstruments thedateandplaceofissuanceFunctions todeterminewhetherthepresentationofthedrafthasexpired 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 todeterminethepaymentdate todecidewhetherthedrawerhastheissuingability Chapter3 InternationalSettlementInstruments tenorsightbill payondemand example3 9 timebill example3 10 payonafixedfuturedate payatxxdaysafterdate payatxxdaysaftersight Chapter3 InternationalSettlementInstruments unconditionalordertopayPaytoABCco OrorderthesumofonethousandUSD PaytoABCco ProvidingthegoodstheysupplyarecompliedwithcontractthesumoftenthousandUSD PaytoABCco TheproceedsinourNo 1accountthesumofonethousandUSD PaytoABCco ororderthesumoftenthousandUSD andcharge debitthesumtoapplicant saccountmaintainedwithyou PaytoABCco ororderthesumoftenthousandUSD drawnunderL CNo 12345issuedbyXYZbank N Y datedon15th Aug 2004 Chapter3 InternationalSettlementInstruments payeebearertitle PaytobearerorPaytoABCco orbearer Restrictivetitle PaytoJohnDavidsonlyorPaytoJohnDavidsnottransferable Indicativetitle PaytotheorderofABCco orPaytoABCco ororder Chapter3 InternationalSettlementInstruments thenameandaddressofthedraweeorpayersequenceofdebtors paymenttobillsofexchange beforeacceptance theissuer thefirstendorser thesecondendorser afteracceptance thedrawee thedrawer thefirstendorser thesecondendorser Chapter3 InternationalSettlementInstruments signatureoftheissuer for onbehalfof forandonbehalfof perpro e g forABCco Ltd LondonJohnSmith Chapter3 InternationalSettlementInstruments behaviorsrelatedtobillsofexchangeissuance endorsementEndorser whenapayeeoraholdersignshisnameonthebackoftheinstrumentforthepurposeoftransferringittoanotherperson heiscalledanendorser Heisliabletoanyofhissubsequentendorser Chapter3 InternationalSettlementInstruments Endorsee thepersontowhomaninstrumentisendorsed Heistheholderofaninstrument blankendorsement ForJohnSmithsignatureindicativeendorsement Paytotheorderof nameoftheendorsee for nameofendorser Chapter3 InternationalSettlementInstruments restrictiveendorsement Payto nameofendorsee onlyPayto nameofendorsee nottransferablePayto nameofendorsee nottoorderfor nameofendorser presentationorpresentment Chapter3 InternationalSettlementInstruments Acceptance Ifthedraweeagreesandassentstotheorderinwritingaddressedtohimonabillofexchange hewillsignhisnameonitsface indicatingthathewillpayonduedate Thenthedraweebecomesanacceptor ordinaryacceptance AcceptedDATEFor nameofdrawee signature Chapter3 InternationalSettlementInstruments restrictiveacceptance conditionalacceptance AcceptedDatePayableondeliveryofB LFor nameofdrawee signature Chapter3 InternationalSettlementInstruments 2 partialacceptance AcceptedDatePayableforamountofGBP20 000onlyFor nameofdrawee signature Chapter3 InternationalSettlementInstruments 3 acceptanceatadesignatedplace AcceptedDatePayableattheHambrosBankandthereonlyFor nameofdrawee Signature Chapter3 InternationalSettlementInstruments 4 Deferredacceptance AcceptedDatePayableat6monthsafterdateFor nameofdrawee signature Chapter3 InternationalSettlementInstruments paymentdishonorandprotestDishonor afailureorrefusaltomakeacceptanceonorpaymentofadraftwhenpresented Protest AwrittenstatementundersealdrawnupandsignedbyaNotaryPublicorotherauthorizedpersonforthepurposeofgivingevidencethatabillofexchangehasbeenpresentedbyhimforacceptanceorforpaymentbutdishonored Adviceofdishonor China3days Englandtwodays Geneva4days Chapter3 InternationalSettlementInstruments RecourseAbonafideholdercanclaimpaymentfromallpartiesliableontheinstrumentwhendishonoredbytheacceptor Chapter3 InternationalSettlementInstruments Abonafideholderisthepersonwhoisinpossessionofaninstrumentthatis completeandregularonitsface takenbeforematuritywithoutnoticeofitspreviousdishonor takeningoodfaithandforvalue takenwithoutnoticeofanyinfirmityintheinstrumentordefectinthetitleofthepersonnegotiatingit typesofbillsofexchangecommercialdraftsandbankers drafts Chapter3 InternationalSettlementInstruments Commercialdraft abillofexchangeissuedbyafirmonanotherfirmoronabank Bankers draft adraftdrawnbyabankonanotherbank Chapter3 InternationalSettlementInstruments Commercialacceptancebillandbanker sacceptancebillcleanbillanddocumentarybillCleanbill abillwithoutshippingdocumentsattachedthereto Documentarybill ab