CHAIRMAN’S MESSAGE – Sean Edwards, ITFA Chairman / Head of Legal at SMBC

Dear Members and Friends,

As we come to the end of yet another interesting year, emerging Markets continue to bear the brunt of the sell-off mode witnessed across all credit markets, and all risky assets, including equities. As a matter of fact, all risky assets sold off during the month of October, and EM was not spared any of this negative sentiment and volatility in asset prices.

EM economies remain in good shape, but with the dollar hovering below the 1.14 level, financing costs now appear to be pinching their pockets. On the positive side of things, after Brazil’s presidential election towards the end of the month, the focus will turn to the composition of the government team and members’ speeches. Newly president elect Jair Bolsonaro has been recently forming his cabinet of ministers, and prospects to turn around the Brazilian economy seem to be shaping up pretty well, as sentiment around Brazilian names has ticked up notably over recent trading sessions.

Turning to this month’s packed Newsletter, we have a thought-provoking read from André Casterman, Chair of the ITFA Fintech Committee: ‘’The ‘Augmented Reality’ Opportunities in Trade Finance’’. Casterman also provides us with a post SIBOS update – ‘’ITFA Fintechs on Stage at ANZ in Sydney’’ the inaugural, and very well attended event of our latest regional committee covering Australia and New Zealand. Duarte Pedreira, Head of the ITFA African Regional Committee, shares his experience of ITFA at AfreximBank’s Annual Structured Trade Finance Seminar which was held in Casablanca. Last but not least, ITFA proudly announces that two new institutions are joining us; Demica and Africa Financial Corporation.

May I remind you that all ITFA members are invited to attend our annual ITFA Christmas Cocktail Party. We would greatly appreciate if all Main Delegates could RSVP on by latest Friday 30th November 2018. As always, we encourage you all to attend this invaluable networking opportunity! This event is strictly for ITFA members only and access to the event is restricted to confirmed guests only. We also look forward to welcoming our members to the Educational Seminar which is being organised directly prior to the Christmas Party. For more information please read further on in the Newsletter…SAVE THE DATE!

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