标签：CITF

CITF-学习笔记（11.5.2 基于库存的融资-Inventory‑based finance）

11.5.2 基于库存的融资-Inventory‑based finance

库存的定义:Inventory is created when goods are:
1.由零售经销商持有出售-held for sale by a retail dealer;
2.由分销商存储在仓库中-stored in a warehouse by a distributor;
3.由制造商在工厂中待转换为成品-being converted into finished goods in a factory by a manufacturer; or
4.在出售给买家之前的运输中-in transit prior to being sold to buyers

库存本身可能包括原材料，在制品和成品（如果客户是制造商），或者只是成品,如果他们是批发分销商或零售商。在实践中，基于库存的融资通常用于为处于准备作为成品或商品出售的状态的货物提供资金。
The inventory itself may comprise raw materials, work‑in‑progress and finished goods (if the client is a manufacturer) or just finished goods if they are a wholesale distributor or a retailer. In practice, inventory‑based finance will usually be used to finance goods that are in a condition whereby they are ready for sale as finished goods or commodities.

Inventory finance is offered in various forms and is thus quite bespoke in its nature. 如标准定义中所强调的，变体包括-As highlighted in the standard definitions, variations include:
1.基于资产的贷款 – “借款基础计算融资额是根据商品市场价值最高水平减去保证金，保证金将根据货物的性质和可销售性以及预售的程度而有所不同
asset‑based lending – “a borrowing base is [created] whereby a maximum level of finance is made available against a calculated market value of goods [. . .] being financed less a margin which will vary according to” the nature and saleability of the goods and the extent to which they are pre‑sold;
2.真正的销售——”如果库存品从（原始）库存品所有人的资产负债表上移开，[并且]融资提供人就所融资的货物订立了”保留所有权协议”
true sale – “where the inventory is removed from the (original) inventory owner’s balance sheet [and] the finance provider enters into a” retention of title agreement for the goods being financed; and
3.平面图融资 – 制造商将成品库存交给分销商或经销商，资金由融资提供商提供。floor plan finance – a manufacturer places finished stock in the hands of a distributor or dealer with funding provided by the finance provider.
(GSCFF, 2016)

In the sections that follow, you will learn about the following techniques:
1.loan or advance against inventory; 库存贷款或预付款
2.distributor finance.分销商融资。

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返回:供应链金融解决方案-Supply chain finance solutions

CITF-TOPIC 3- Sanctions 学习笔记

3.2.2 制裁-Sanctions

制裁-Sanctions 

英国为实现一系列目的而采取的措施。这些包括遵守履行联合国和其他国际义务，支持外交政策和国家安全目标，以及维护国际和平与安全，防止恐怖主义。
“[. . .] measures that the UK puts in place to fulfil a range of purposes. These include complying with UN and other international obligations, supporting foreign policy and national security objectives, as well as maintaining international peace and security, and preventing terrorism.” (GOV.UK, 2020).

任何违反制裁的行为，即使是无意的，也可能导致监禁，巨额罚款和对声誉的重大损害。运输船只可能违反此类制裁。通过受制裁国家/地区的运输必然导致违反这些制裁，即使有关货物从未被违反离开船只，直到他们到达最终目的地。例如，2018年8月，美国因违反联合国与朝鲜的贸易限制而对中国、俄罗斯和新加坡的船只实施制裁。
Any breach of sanctions, even if inadvertent, could result in a prison sentence, a heavy fine and major damage to reputation. Carrying vessels can be in breach of such sanctions. Shipping via countries that are subject to sanctions will invariably result in a breach of those sanctions, even if the goods concerned never leave the ship until they reach the ultimate destination. For example, in August 2018 the US implemented sanctions on ships from China, Russia and Singapore for violating UN trade restrictions with North Korea (Haynes, 2018).

其他运输工具，如空运或陆运，也可能受到制裁。如果货物由制裁名单上的运输公司发送，或由受制裁国家的政府或居民拥有，这也将导致违反规则。保险公司、货运代理和检测机构等中介机构也可能受到制裁。
Other means of transport, such as air or land transport, can also be subject to sanctions. If the goods are despatched by a transport company that is on a sanctions list or owned by a government or resident of a country subject to sanctions, this will also result in a breach of the rules. Intermediaries such as insurance companies, forwarders and surveyors can be subject to sanctions as well.

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返回 ：3.2 在与新交易对手进行交易之前（的准备）-Before entering into a transaction with a new counterparty

什么是CITF?

 

国际贸易金融专家(Certificate in Trade and Finance,简称CITF)

国际贸易金融专家（CITF）考试是由国际商会(ICC)授权，由伦敦银行与金融学院（LIBF）开发，由对外贸易银行业者协会（BAFT）支持，并在全球共同推出的资格认证项目。

CITF考试证书可以给CDCS/CSDG/CTFC/CSCF考试证书积分。在36学分体系下，通过考试可给CDCS/CSDG/CSCF获得25学分，给CTFC获得9学分

CITF考试涵盖的内容有哪些？

·贸易环境分析
·制定贸易合同的程序
·中间机构及其运作模式分析
·单据在国际贸易中的应用和国际贸易术语2020
·结算方式
·跟单托收业务
·跟单信用证业务
·短期、中期和长期贸易金融
·伊斯兰贸易融资
·保函和备用证
·出口信用风险
·外汇和汇率风险
·金融犯罪
·BPOs介绍
·数字经济,如：数字化转型与创新，分布式账本技术，如：区块链、智能合约，物联网（智能对象），人工智能，平台化，云计算，多银行贸易解决方案，如：MT798格式，贸易数字化交易统一规则（URDTT）

CITF-TOPIC 2-Price fluctuation risk 学习笔记

价格波动风险-Price fluctuation risk

国内国际贸易都有这个风险。This risk exists for both domestic and international trade.

Traders dealing in commodities with volatile market prices are sometimes required to take risky positions. Prices of oil, chemicals, soft commodities (such as sugar, cocoa, cotton and coffee) as well as certain metals (such as steel) are known for their volatility波动.
When concluding a contract, sellers may be confronted面临 with higher than expected prices for commodities that they are required to sell. As a result, the purchase prices of these commodities may be higher than the prices they will receive from their buyers. If prices move in the opposite direction, this will have a similar negative effect on buyers. The increase in prices of raw materials required to manufacture goods may also have a negative impact. This could cause the seller’s profit margin to decrease or even disappear altogether.

降低风险的方法-POSSIBLE MITIGATION METHODS
The following methods are possible:
•讨价还价地位 – 卖方或买方处于较强的讨价还价地位，可能能够谈判其合同中的价格波动条款。但是，这并不总是可能的。
Bargaining position – sellers or buyers in a strong bargaining position might be able to negotiate price fluctuation clauses in their contracts. However, this is not always possible.
•固定价格 – 如果付款是通过跟单信用证协商的，则卖方可以确定货物的固定价格，而不管市场价格的变动如何。由于跟单信用证是不可撤销的，买方必须按合同上规定的价格接受货物。
Fixed price – if payment is negotiated through a documentary credit, a seller can be certain of a fixed price for goods, irrespective of the movement of the market price. Since a documentary credit is irrevocable, the buyer will have to accept the goods at the price specified on the contract.
•对冲 – 商品公司或金融机构提供通过期货或其他衍生品对冲价格波动风险的可能性。
Hedging – commodity houses or financial institutions offer the possibility of hedging price fluctuation risk by means of futures or other derivatives.

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http://examcn.net/2022/01/22/citf-topic-2-risks-involved-in-international-trade-%e5%ad%a6%e4%b9%a0%e7%ac%94%e8%ae%b0/

CITF-TOPIC 1- World Trade Organisation (WTO) 学习笔记

世界贸易组织-World Trade Organisation (WTO)

世贸组织成立于1995年，前身是关税及贸易总协定。目前（2021年3月），世贸组织有164个成员，并成功缔结了16项不同的多边协定（所有世贸组织成员都是其缔约方）（世贸组织，2021年）。（The WTO was formed in 1995 and arose from the General Agreement on Tariffs and Trade. At the time of writing (March 2021), the WTO had 164 members and had successfully concluded 16 different multilateral agreements (to which all WTO members are parties) (WTO, 2021).）

贸易便利化协定-Trade facilitation agreement

经世贸组织三分之二成员批准，多边贸易便利化协议于2017年生效。它涵盖了加快货物（包括过境货物）的流动、放行和清关的规定，以及海关与其他有关当局就贸易便利化和海关合规问题进行有效合作的措施。（A multilateral trade facilitation agreement ratified by two‑thirds of the WTO’s membership came into force in 2017. It contains provisions for expediting the movement, release and clearance of goods, including goods in transit as well as measures for effective co‑operation between customs and other appropriate authorities on trade facilitation and customs compliance issues (WTO, 2018).）

自由贸易壁垒的增加-Rise in barriers to free trade

中国和美国作为世界上最大的两个经济体卷入了这场场关于关税的斗争，提高了全球自由贸易壁垒。他们对彼此价值数十亿美元的商品征收关税。（China and the USA, the world’s two largest economies, have been involved in a battle about tariffs that has raised barriers to free trade worldwide. They have imposed tariffs on billions of dollars’ worth of one another’s goods. At the time of writing (March 2021), negotiations are still ongoing.）

世贸组织介入，帮助争端各方达成协议。

Trading nations often find that they have conflicting interests. The WTO steps in to help disputing parties reach agreement.
It provides: “a forum for negotiating agreements aimed at reducing obstacles（障碍） to international trade and ensuring a level playing field for all, thus contributing to economic growth and development [and] [. . .]
a legal and institutional framework for the implementation（实现）and monitoring（检测）of these agreements, as well as for settling disputes arising from their interpretation and application.” (WTO, 2021)

知识点：
Roles played by the World Trade Organization (WTO)
1.Negotiation of agreements
2.Constructing the legal framework of agreements
3.Dispute resolution

 

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CITF-TOPIC 1-Impact of global crises on world trade 学习笔记

全球危机对世界贸易的冲击-Impact of global crises on world trade

全球危机对世界贸易是双面的。新冠至2020年起严重地破坏了全球贸易，减缓了经济增长。但另一方面也使各方更为重视数字化的进程。（Global crises can have a positive or negative impact on world trade. The Covid-19 pandemic severely disrupted international trade and has caused negative economic growth since 2020.However, it has resulted in greater attention towards digitalisation.）

又如2007年至2008年的全球危机，其导致多国政府鼓励增加出口来解决内需锐减的问题。另一方面，这场危机也增加了合规和资本的要求。在某种程度上，这些新增的合规需求又对出口产生的抑制作用。（ On the other hand, the global financial crisis of 2007–08 led governments in many countries to address shrinking domestic demand by encouraging businesses to boost exports. Conversely, the 2007–08 financial crisis also led to an increase in compliance（合规） and capital requirements. In some instances, these additional regulatory requirements have acted as a disincentive to export.）

合规和资本的要求对全球贸易的冲击-Impact of compliance and capital requirements on world trade
  • 巴塞尔银行监管委员会-Basel Committee on Banking Supervision
    巴塞尔银行监管委员会制定了在全球范围内主要的银行资本和风险监管标准。（The Basel Committee on Banking Supervision (BCBS) has created a framework that provides national regulators with resilient and credible regulatory guidelines that specify capital requirements. These are known as the Basel accords（巴塞尔协议）. These guidelines are then translated by local regulators into national regulations. For example, banks in the EU are subject to the Capital Requirements Regulation and Directive. In Singapore, banks are subject to regulatory instruments issued by the Monetary Authority of Singapore based on the Basel accords. These instruments include Acts of Parliament, directions (directives and notices), guidelines and codes. The US Federal Reserve has issued directives on how the Basel rules apply in the USA.）
  • 风险加权资产-Risk-weighted assets
    用于评估银行对抗风险损失所需保持的最低资本充足率。An estimate of risk that determines the minimum level of regulatory capital a bank must maintain to deal with unexpected losses.
  • 巴塞尔协议二和三-Basel II and III
    巴塞尔协议的逐次修订，对银行的监管越来越严格，风险加权资产（资本充足率）进一步增加。（Since the publication of Basel II in 2004, banks have faced stricter rules for payments and all activities that involve risk. The financing of international trade is no exception. These rules were strengthened following the financial crisis with the publication of Basel III. As a result, banks have had to set aside a greater amount of risk‑weighted assets. In 2017, the BCBS set out further reforms to Basel III. See the Factfind panel at the end of this section.）
  • 其他法规及制裁-Other regulations and sanctions
    对于反洗钱的法规逐年增加。部分银行因违反制裁规则而受到处罚。对于军民两用货物的管控也进一步影响了货物流转（Regulations against money laundering are also increasing. In addition, banks are required to comply with sanctions that have been imposed on various countries. Some banks have faced severe penalties for breaching sanctions. Regulations governing the trade in dual‑use goods（双重用途货物，军用和民用） have also increasingly affected the smooth processing of transactions.）
    所有的法规都致力于减少风险敞口。许多银行通过对贸易金融的自查终止了部分客户关系。这反过来阻碍了全球贸易融资，对全球贸易产生了消极的影响。（All these regulations have led to a reduction in risk appetite. Many banks have reviewed their international trade finance activities resulting in the cessation（终止） of many client relationships. This has, in turn, impeded access to trade finance for companies of all sizes worldwide and threatened to have a negative impact on the evolution of world trade.）
新冠疫情对经济的破坏-Covid-19 pandemic devastates economic growth
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CITF-TOPIC 1- Risk mitigants 学习笔记

降低风险- Risk mitigants

Various measures are available to parties doing international business wishing to mitigate risks.

1.与当地国际商会建立关系-Connect with the local chamber of commerce
Most chambers of commerce provide services that facilitate trade（推动贸易）. They also act as conduits（渠道） to other service providers that can help with communication, translation, training and education, documentation and legal advice. Sometimes a chamber of commerce may help disseminate（传达） information about standards, protocols（协议） and interpretations（解释） of legal issues. This information could cover areas such as payment for transportation or other services.

2.银行或其他融资机构-Banks and other finance providers
All finance providers aim to reduce the effect of unexpected changes in foreign exchange rates through methods such as forward exchange contracts.
Banks also provide specific undertakings or guarantees to cover counterparty risk. These include documentary credits（信用证）, and indemnities（担保） for release of goods without bills of lading.

3.专业货物代理-Specialist freight forwarders
These exist to facilitate the safe transport of goods.

4.保险-Insurance
There are various versions of marine and cargo insurance available to reduce exposures incurred while goods are in transit.

5.政府部门或准政府部门-Government or quasi-government agencies
These can provide insurance against buyer default and can provide guarantees to help sellers to obtain finance that may not be commercially available.

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CITF-TOPIC 1-comparative advantage 学习笔记

比较优势-comparative advantage
简单的例子-Simplified example

英国更擅长生产衣物、葡萄牙更擅长生产土豆。经过分工贸易，英国和葡萄牙使用同样的生产资料各自获得了更多的衣物。（If the UK devoted four units of production to cloth and Portugal devoted its two units of production to tomatoes, the UK would produce four rolls of cloth and Portugal would produce 200kg of tomatoes. Thus the total output of the two countries is now greater than before for the same total number of units of production。）

比较优势的假设-Assumptions 
  1. 相比葡萄牙，英国将付出更大的成本或努力和代价生产土豆。这些成本可能是温室、燃料还有灌溉。（Greater effort and higher costs will be required in the UK to produce the same quantity of tomatoes when compared with Portugal. For example, greenhouses, as well as additional fuel and irrigation, may be required.）
  2. 一单位生产要素在两国间是相同的，没有交易费用和运输费用。（A unit of production is identical in both countries for the production of both goods.There are no transaction costs in connection with the trade.）
  3. 两国都能从贸易中得到相当的利益。（The gains from comparative advantage are split evenly, as each country gains the same, ie one roll of cloth.）
  4. 没有汇兑纠纷。（There are no foreign exchange rate complications.）
  5. 两国的生产者不会停产。（The tomato growers in England and the cloth producers in Portugal will not object to being ‘closed down’.）
比较优势的反思，反全球化-Comparative advantage revisited: reverse globalisation
      1. 劳动成本的增加（Increasing cost of labour）
        全球化有助于寻找更低廉的劳动成本，但同时增加了产品运输成本。One of the great attractions of globalisation was the ability to gain access to economies with lower labour costs to produce manufactured goods. The logic was that the resulting saving in production costs more than outweighed （超过）the costs associated with moving goods around the world. This cost advantage is decreasing, reducing the advantage of producing goods some distance from the markets for such goods.
      2. 数字化的颠覆（Digital disruption ）
        技术进步也减少了劳动力在生产成本中的占比。自动化生产可大幅减少人力劳动，一个经济体的底劳动力成本效应也会因此削弱，最极端的例子就是3D打印了。Advances in technology have also had the effect of reducing the labour component in the costs of goods. Automated production requires much less manual labour so the cost advantage of an economy with relatively low labour costs has been eroded（侵蚀）still further. An extreme example of such automation would be 3D printing.
      3. 可持续性（Sustainability ）
        为减少碳足迹，应注意减少生产到最终消费的物理供应链条长度。We have also seen much greater awareness of the need for sustainability. In order to reduce the ‘carbon footprint’ （碳足迹：是指企业机构、活动、产品或个人通过交通运输、食品生产和消费以及各类生产过程等引起的温室气体排放的集合。）of manufactured goods, it makes sense to reduce the distance covered as the physical supply chain progresses and the finished goods are available to the end consumer.
      4. 依赖性（Dependencies）
        离岸外包导致经济体对外部供应的依赖不断增加。As a result of offshoring（离岸外包）, many economies became increasingly dependent on supplies coming from remote areas. However, recent events have resulted in a reduction in these dependencies.
        进口国家应意识到依赖性的风险，例如对于个人防护装备.（Personal protective equipment）importing countries understand the risks related to these dependencies. These risks,combined with the poor quality of the imported PPE (in some instances), has led to a reduction in these dependencies.
      5. 贸易保护主义（Protectionism）
        贸易保护主义减少自由贸易。Finally, political developments have led to an increase in protectionism through the imposition of various barriers to free trade.
      6. 企业回流和近岸外包的增加（Increase in reshoring and nearshoring）
        劳动成本的增加、数字化颠覆、可持续性、依赖性因素使得许多企业选择回流或近岸外包。这些行为是的他们能更灵敏地应对不可预见的情形以及增加质量的把控。Increases in labour costs, digital disruption, sustainability and dependency issues are the major factors that have led many corporates to nearshore or reshore certain production activities. This allows them to respond faster to unforeseen situations and to exercise quality control.
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相关词条：

Offshoring 离岸外包
This occurs  when a company moves all or some of its activities to another country to save costs .
Nearshoring 近岸外包
The transfer of business processes to companies in a nearby country, where both parties expect to benefit from one or more of the following dimensions of proximity: geographic, temporal (time zone), cultural, linguistic, economic, political, or historical linkages.”
Reshoring 企业回流
The practice of moving a business or part of a business that was based in a different country back to its original country.

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