《国际结算笔记》PPT课件

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:BanksClearingSystemIninternationalSettlements,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.,spotpaymentpaymentbetweendifferentcitiesinternationalpayment.,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,addressedandreleasedbythesendertotheSWIFTnetworkviathebanksSWIFTinterface;ThemessageisthensenttothesenderslocalSWIFTRegionalProcessor;,Chapter1IntroductionsonFundamentalsinInternationalSettlements,TheinputRegionalProcessorforwardstheSWIFTmessagetoaSliceProcessor;Ifthemessageisproperlyformatted,itissenttotheReceiverslocalSWIFTRegionalProcessor;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.,Chapter2BanksClearingSystemInInternationalSettlements,1.Reasonsfortheestablishmentofbanksponents(1)globalbusinesswebsystembranchescorrespondentbank:abankhavingdirectconnectionorfriendlyservicerelationswithanotherbank.,Chapter2BanksClearingSystemInInternationalSettlements,Bankletter：asampleAgencyagreements:asamplecontroldocuments:listsofspecimenofauthorizedsignatures:forauthenticationofthemessages,letters,remittances,lettersofcredit,etc.telegraphictestkeys:codearrangementsthatenablethebankstoreceivecablesfromotherbankstoverifytheauthenticityofcablesortelexes.SWIFTauthentickey:forauthenticatingmessagestransmittedthroughSWIFT;termsandconditions.,Chapter2BanksClearingSystemInInternationalSettlements,Servicesprovidedbycorrespondents:Collectingchecks,drafts,andothercreditinstruments;Makingloanorinvestmentsasagentsfortheircustomerbanks;Makingcreditinvestigationoffirmsthatborrowintheopenmarket;Providingbankswithforeignexchangefacilities,includingcommercialandtravelerschecks;Providingbankswithfunds/loansincaseofneed.,Chapter2BanksClearingSystemInInternationalSettlements,(2)globalforeignexchangetransferringsystemnostroaccount:duefromaccount,theforeigncurrencyaccountofamajorbankwiththeforeignbanksabroadtofacilitateinternationalpaymentsandsettlements.Vostroaccount:duetoaccount,theaccountheldbyabankonbehalfofacorrespondentbank.,Chapter2BanksClearingSystemInInternationalSettlements,FromthepointofviewofaChinesebank,anostroaccountisourbanksaccountinthebookofanoverseasbankdenominatedinforeigncurrency;andavostroaccountisanoverseasbanksaccountwithourbankdenominatedinRMB.,Chapter2BanksClearingSystemInInternationalSettlements,fundstransferringsysteminChinaIntra-citytransferbetweendifferentbanks;Intra-banktransferbetweendifferentcities;Inter-banktransfersbetweendifferentcities.USDforeignexchangesystem:FEDWIRE:afundtransfersystemoperatednationwideintheUSAbytheFederalReserveSystemtotransferfundsfromonefinancialinstitutiontoanotherwithanaccountbalanceheldwiththeFed.,Chapter2BanksClearingSystemInInternationalSettlements,Real-timegrosssettlementsystem:usuallyoperatedbycentralbanks,inwhicheachpaymentorderissettledimmediatelyuponitsentryintothesysteminitsentire(gross)amount.,Chapter2BanksClearingSystemInInternationalSettlements,ProceduresofFedWire:Apayergivesaninstructiontoabankinwhichthepayerhasanavailablebalance;ThepayingbankpassesinstructionsontotheFedtomovevaluefromthebanksreservebalanceaccounttothereservebalanceaccountofanotherbankinwhichthepayeehasanaccount;,Chapter2BanksClearingSystemInInternationalSettlements,TheFedcreditsthereserveaccountofthepayeesbankanddebitsthereserveaccountofthepayersbank.TheFedWireprovidesaconfirmationnumbertothepayersothatthetransactioncanbetraced;Whenabankreceivesanincomingwire,thereceivingfirmisgivennotificationthatvaluehasbeenreceived.,Chapter2BanksClearingSystemInInternationalSettlements,CHIPS(ClearingHouseInterbankPaymentSystem):anettingsystemoperatedbytheNewYorkClearingHouseAssociation.Anettingpaymentsystem:paymentordersdebitingtheaccountsofparticipantsarecollectedforacertaintimeperiod,andthenattheendofthattimethenetpositioniscalculatedandclearedforeachparticipantonthebasisofthepaymentorderssentandreceived.,Chapter2BanksClearingSystemInInternationalSettlements,Advantagesofnettingpaymentsystem:lowerliquidityrequirementthatbanksneedinordertosettlepaymentsofaspecificvalue(onlythedifferencebetweenthevalueofanindividualbanksincomingandoutgoingpaymentsissettledbytransferringfunds);nettingsystemsaremoreefficientfromthepointofviewofthecommunicationsandprocessingcapacityemployed.,Chapter2BanksClearingSystemInInternationalSettlements,Disadvantagesofnettingpaymentsystem:Thesesystemsexposeparticipantstoasettlementrisk,astheyareimplicitlygivingeachotherunsecuredcreditonthebasisofpaymentsthatarenotimmediatelysettledinfinalterms.ComponentsofCHIPS:Chipsparticipation(CP)andchipsuniversalidentifier(CH),Chapter2BanksClearingSystemInInternationalSettlements,ProceduresofCHIPS(P299):memberbankssendinstructionstoCHIPSregardingtransfersthattheywishtomaketootherbanksinNewYorkCity;AttheendofthebusinessdayCHIPSreportstotheFederalReserveBankofNewYorkthenetamountstodebitandcreditateachofCP.,Chapter2BanksClearingSystemInInternationalSettlements,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).,Chapter2BanksClearingSystemInInternationalSettlements,EPM(EuropeanCentralBankPaymentMechanism)PurposesofTARGET:toprovidethepaymentproceduresnecessaryforimplementingtheECBssinglemonetarypolicy;topromotesoundandefficientpaymentmechanismsineuro。,Chapter2BanksClearingSystemInInternationalSettlements,ForeignexchangeaccountswithdomesticinstitutionsForeignexchangeaccountsforcurrentaccounttransactions(1)foreignexchangeworkingcapitalofdomesticentitiesinexecutingoverseasconstructionandotherservicescontracts;(2)foreignexchangeoverseasreceiptsandpaymentstobemadebydomesticentitiesonbehalfofclientsinvolvedinoverseasbusiness;,Chapter2BanksClearingSystemInInternationalSettlements,(3)projectfundsofenterpriseswithexport-importlicenseinbusinessofexportofjumboelectronicequipmentwithtotalprojectfundsreachingaspecifiedsumandduration,oradvancedandprogresspaymentsforprojectsunderinternationalbid;(4)foreignexchangewithinanamountverifiedbySAFEthatisreceivedbyinternationaltravelagenciesandpreparedbyforeigntravelagencies;,Chapter2BanksClearingSystemInInternationalSettlements,(5)foreignexchangeofforeign-fundedenterpriseswithinabalanceceilingverifiedbySAFE;(6)foreignexchangeexpensesofforeignestablishmentsremittedfromabroad.,Chapter2BanksClearingSystemInInternationalSettlements,foreignexchangeaccountforcapitalaccounttransactions(1)externalborrowingbydomesticentitiesandforeignexchangeloansofdomesticChinese-fundedfinancialinstitutions;(2)foreignexchangeofdomesticentitiesforrepaymentofprincipalofdomesticandexternalforeignexchangeliabilities;,Chapter2BanksClearingSystemInInternationalSettlements,(3)foreignexchangeofdomesticentitiesfromstockissuance;(4)capitalpaidinforeignexchangebyChineseinvestorsofforeign-fundedenterprises;(5)foreignexchangeremittedbyoverseasentitiesorindividualsforestablishingaforeign-fundedenterprise.,Chapter2BanksClearingSystemInInternationalSettlements,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.ChinaLawofthePeoplesRepublicofChinaonNegotiableInstruments,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/debitthesumtoapplicantsaccountmaintainedwithyou.PaytoABCco.ororderthesumoftenthousandUSD$drawnunderL/CNo.12345issuedbyXYZbank,N.Y.datedon15th.Aug.2004.,Chapter3:InternationalSettlementInstruments,payeebearertitle:PaytobearerorPaytoABCco.orbearer.Restrictivetitle:PaytoJohnDavidsonlyorPaytoJohnDavidsnottransferable.Indicativetitle:PaytotheorderofABCco.orPaytoABCco.ororder.,Chapter3:InternationalSettlementInstruments,thenameandaddressofthedraweeorpayersequenceofdebtorspaymenttobillsofexchange: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,Abonafideholderisthepersonwhoisinpossessionofaninstrumentthatiscompleteandregularonitsface;takenbeforematuritywithoutnoticeofitspreviousdishonor;takeningoodfaithandforvalue;takenwithoutnoticeofanyinfirmityintheinstrumentordefectinthetitleofthepersonnegotiatingit.typesofbillsofexchangecommercialdraftsandbankersdrafts,Chapter3:InternationalSettlementInstruments,Commercialdraft:abillofexchangeissuedbyafirmonanotherfirmoronabank.Bankersdraft:adraftdrawnbyabankonanotherbank.,Chapter3:InternationalSettlementInstruments,