Sullivan Launches "A Practitioner's Guide to Trade and Commodity Finance," Second Edition
London, UK - Global law firm Sullivan is pleased to announce the publication of “A Practitioner's Guide to Trade and Commodity Finance,” Second Edition, published by Sweet & Maxwell, a division of Thomson Reuters (the Guide). This latest edition of the Guide extensively updates and expands the First Edition to cover developments in law and practice in this area.
The Guide covers all aspects of trade and commodity financing, from pre-export financing and structured trade finance to the rise of supply chain finance as part of the techniques involved in receivables finance. It provides an in-depth discussion of risk - including risk management, risk transfer issues, regulation and due diligence - as well as how the regulatory regime impacts on banks, insurers, producers, traders and buyers when financing trade and commodities. It also considers other topics relating to structuring transactions such as special purpose vehicle (SPV) ownership structures, Islamic financing, warehouse financing and documentary letters of credit as well as insurance and taking security in emerging markets.
The new edition reflects changes in law and practice, including the digitalisation of trade involving the use of fintech in trade and commodity finance, the ways to share risks in transactions, and includes new chapters on Export Credit Agency (ECA) financing and supply chain finance.
Geoffrey Wynne, who leads Sullivan's Trade & Export Finance Group and the firm's London office, comments: “The trade and commodity finance landscape has changed so much in the years since the first edition was published, in fact, it is almost beyond recognition. By updating and expanding the areas covered by the Guide, written by our experienced and award-winning team we are able to reflect the impact of changing practices due to regulation, digitalisation, Brexit and modern buyer-seller relationships in trade and commodity finance.”
Jacqueline Cook, Of Counsel and Senior Knowledge Development Lawyer in Sullivan’s Trade & Export Finance Group in London, added: “It has been a real team effort to pull this together. We anticipate that this Guide will be of immediate use to our clients and the wider trade and commodity finance market, as we have a wealth of experience from our expert team reflected, illustrating changes in law and practice, and signposting other changes coming up in the near future.”
The second edition of the Guide is edited by Geoffrey Wynne. Jacqueline Cook acted as in-house editor and contributed extensively to a number of chapters including bringing to bear her expertise on Brexit throughout the book. The Guide’s 18 chapters were authored and contributed to by our award-winning trade and export lawyers from Sullivan’s London office: -
Geoffrey Wynne authored the introduction and overview, as well as the chapters on Pre-export, prepayment and other forms of structured trade finance; Islamic trade finance; The use of fintech in trade finance; Waivers, standstills and workouts in trade finance; and Insolvency and related final insolvency procedures.
Simon Cook, partner, contributed chapters on Documentary letters of credit and documentary letter of credit facilities; Taking security in emerging markets; Receivables finance: forfaiting, factoring and invoice discounting; Receivables finance: supply chain finance; and on the Perfection and enforcement of security.
Sam Fowler-Holmes, partner, authored chapters on Standbys, demand guarantees and bonds, and the rules that can govern them; as well as on Commodity ownership and special purpose vehicle structures.
Marian Boyle, dispute resolution partner, and Hannah Fearn, managing associate, collaborated on the chapter on The use of insurance in trade finance, and partner Mark Norris contributed a new chapter on Export credit agency finance.
Hannah Fearn also wrote and contributed to the chapters on Pre-export, prepayment and other forms of structured trade finance; Warehouse financing; Participations and other forms of risk sharing techniques; The use of insurance in trade finance; as well as on Legal and regulatory issues in trade finance.
In addition, associate Dyna Yates contributed to the writing of the two chapters dedicated to Receivables Finance with Simon Cook, former associate Fiona Luong contributed to chapters on taking security, perfection and enforcement of security and participations, while Rajan Dhami, associate, contributed to chapters on Standbys, demand guarantees and bonds; warehouse financing; insurance and legal and regulatory issues.
Together with Geoffrey Wynne and Jacqueline Cook, former associate Alex Swayne contributed, in particular, to the chapter on the use of fintech in trade finance.
The publication of the Guide follows that of the 3rd Edition of “A Guide to Receivables Finance” published by Sullivan together with Deutsche Bank and the International Trade Finance Association (ITFA) in October 2021. Further details of that guide and access to it, can be found here.
About Sullivan’s Trade & Export Finance Group
Financial institutions and other players involved in trade and export finance worldwide rely on the highly respected counsel of Sullivan's Trade & Export Finance Group. Clients regard the team’s lawyers as responsive, well-networked and solution-oriented advisers with the depth, experience and attitude necessary to close sophisticated transactions under challenging deadlines.
The market-leading and award winning London and New York-based group advises clients on transactions in a wide range of jurisdictions, with a focus on emerging markets, including Africa, Asia, the Commonwealth of Independent States (CIS), the Middle East and Latin America.
Sullivan & Worcester (Sullivan) is a leading AmLaw 200 law firm with over 200 attorneys in Boston, London, New York, Tel Aviv and Washington, DC. Sullivan’s clients, including Fortune 500 companies and emerging businesses, rely on Sullivan’s strategic vision, comfort with complexity and intense focus on results. As a global law firm, Sullivan’s reach extends beyond the United States. Sullivan has represented clients around the world and has a deep bench for working on a variety of matters and issues affecting clients globally.
Sullivan’s London office is located at Tower 42 in the heart of the City of London. Details are as follows: 25 Old Broad Street, London EC2N 1HQ, Tel: +44 (0)20 7448 1000.
Partner, Head of the Trade & Export Finance Group, Sullivan & Worcester UK LLP
+44 (0)20 7448 1001
Of Counsel and Senior Knowledge Development Lawyer, Sullivan & Worcester UK LLP
+44 (0)20 7448 1011