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In the article, which quotes a number of industry leaders on the implications of the passing of this new law, and which describes it as "an important step forward in digitalisation of trade processes and facilitation of efficiency and transparency in trade operations," Geoff is quoted extensively.

"The passing of the ETDA is good news for the UK and for English law documents," Geoff comments. "The UK has adopted a practical way for the implementation of MLETR (Model Law on Transferable Electronic Records) by applying English law to key trade documents. English law is the major law used in trade around the world. The UK is leading the way for others to follow."

He discusses the impact of the adoption of an MLETR solution as well as examining what really is new.

If, he says, "the world of receivables [and payables] embraces the digital solution and issues promissory notes or accepts bills of exchange in digital format, this could revolutionise the market by having the creation and transfer of eNIs (electronic negotiable instruments, both promissory notes and bills of exchange) using the combination of ETDA and The Bills of Exchange Act 1882 to bring better quality payment obligations to more parties looking to fund trade finance assets."

Geoff also discussed how this will increase the amount of trade that can be financed, help reduce the unfunded trade finance gap and lead to "significant reduction in the amount of paper documents required, speeding up trade and also helping the environment."

To read the article in full please click here (registration required).