CHAIRMAN’S MESSAGE – Sean Edwards, ITFA Chairman / Head of Legal and Special Adviser to the Global Trade Finance Department at SMBC

Dear Members and Friends,

I write this message bursting with pride after returning from the ITFA conference in Budapest. The conference attracted record numbers with close to 300 delegates attending from nearly 40 countries, who experienced, for themselves, what ITFA really stands for: relevant content, education, networking, fun and last but not least building on great friendships.

On behalf of the ITFA Board, I would like to take the opportunity to thank all those who attended our 46th Trade and Forfaiting Conference. I would especially like to thank our sponsors; OTP Bank, Deutsche Bank, Afreximbank, AIG, Willis Towers Watson, SwissRe Corporate Solutions, Wilben, London Forfaiting Company Limited, Sullivan and Worcester, Sumitomo Mitsui Banking Corporation, Texel, ODDO BHF, HSBC and UniCredit.

Back to the markets – the Chinese Ministry of Finance retaliated by announcing a further 5-10% on $75 billion worth of goods from the U.S. as at the beginning of September. Trump evened the score by saying he would raise existing duties on the $250 billion in Chinese products to 30% from 25% from the beginning of October. These moves were the latest punches that spooked investors and raised fears that the global economy will dip into a recession.

EM experienced additional weakness on negative sentiment around Argentina, following Fernandez’s victory against Macri suggesting the former could win in the October elections. This could potentially put an end to free-market economic reforms and an IMF backed austerity plan. Due to this, Argentina was downgraded to CCC and caused a ripple effect in other EMs. Later in the month, Fernandez claimed that Argentina will find it hard to pay back the IMF loan and tried to renegotiate.

This September edition of the ITFA Newsletter includes an interesting article from Shannon Manders, ITFA Consultant, titled: ’’2019 ITFA Annual Conference: 5 things we learned.’’  Katharine Morton, TXF, also contributes an excellent article titled: ”Looking behind the mask on trade finance at ITFA.” GTR reports on ITFA’s ”New Standardised Documentation for Bank and Insurer Co-operation”. Deepesh Patel, Trade Finance Global (TFG), also contributes to this edition with an update on the YP Trade Financier Award winner. TFG prepared another article with their take on the ITFA conference. Michael Kilzi, Fineon Exchange provides an enlightening piece on: ‘’A new Global Marketplace for Exporters to trade their Export Receivable Assets.’’

ITFA is extremely proud to welcome seven new members to its growing family; Banco BPM, Coris Holding, COFCO International, The Hartford, CDC, Finastra and Societe Generale Factoring.

We are pleased to inform you that all conference presentations are up on the ITFA website (within the member area, so login details are required). However, as announced in Budapest, the ITFA website is currently down as we will shortly be launching the new ITFA website. So watch this space! In the meantime, should anyone urgently need any presentations, please send an email to

We look forward to hearing from you with any feedback you may want to share with us by sending an email to myself, any of the Board Members or to our general email,

Best wishes

Sean Edwards