1、International Settlement,WHY ? WHAT ? WHEN ?,Chapter One Introduction,1.1 Concept 1.2 Evolution 1.3 Contents 1.4 International payment systems 1.5 Laws and customs 1.6 Currency banking network,the financial activities conducted among different countries in which payments are effected or funds are tr
2、ansferred from one country to another in order to settle accounts, claims and debts that have emerged in the course of political, economic or cultural contacts among them. 国际结算：为清偿国际间的债权债务关系而发生在不同国家 之间的货币收付活动,1.1 Definition,Trade settlement: payments for visible trades Non-trade settlement: 1、invisi
3、ble trade settlement： payments for services, technology transfer, patents and copyright contracts, etc 2、financial transaction settlement： buying and selling of financial assets, overseas money-raising and investing 3、payments between governments：aids and grants 4、others: overseas remittances, educa
4、tional expenses, inheritances, etc,Concept,From cash settlement to non-cash settlement From goods trading to documents trading From direct payment between traders to payment effected through a financial intermediary safety, high efficiency, low cost, standardization From payments under simple price
5、terms to payments under more complex price terms Settlement through the Internet 物权单据化，金融中介化，支付复杂化,1.2 Evolution,bills of exchange, promissory notes, checks,remittances, collections, letters of credit, standby letter of credit, bank guarantees, international factoring and forfaiting,Payment methods,
6、Instruments,Documents:,commercial invoice, packing list,bills of lading, insurance policies, certificates of origin, etc,1.3 contents,Instruments,Payment methods,Documents,bills of exchange, promissory notes, checks,remittances, collections, letters of credit, standby letter of credit, bank guarante
7、es, international factoring and forfaiting,commercial invoice, packing list, bills of lading, insurance policies, certificates of origin, etc,Traditional payment method case,1.The supplier agrees that the buyer will effect payments under the term of T/T against receipt of B/L by fax. 2.Hong Kong sup
8、pliers agree that the buyer will effect payments under the term of CAD 3.In case that the supplier still insist on L/C terms even after the first order, the supplier agree to take over all L/C charges on him as well as the buyers side.,Traditional payment method,1. Credit card 2. Cash in advance 3.
9、Letter of credit 4. Open account 5. Consignment 6. Documentary collection,D/P,D/A,Sight L/C,Time L/C,p4,Transfer of foreign exchange funds and conveyance of messages are very much facilitated due to international banking network connected with electronic telecommunication International lending and f
10、inancing is closely combined with international payments More diversified vehicle currencies Greater importance is attached to high efficiency on the part of the foreign exchange banks.,Characteristics of modern international settlements,1.4 International payment system,Brief introduction Some major
11、 payment system Related international customs and practice,A payment system is the means whereby cash value is transferred between a payers bank account and a payees account. It includes: 1) policies and procedures, including rules for crediting and debiting balance; 2) a medium for storing and tran
12、smitting payment information; 3) financial intermediaries for organizing information flow, carrying out value transfer instructions, and generally administering payment activities.,Definition of payment system,SWIFT(环球银行金融电信协会） CHIPS(纽约银行电子同业电子清算系统） CHAPS（伦敦银行同业自动清算系统） TARGET(欧元支付系统) FED WIRE(是联邦资金转
13、账系统 ),世界五大货币清算系统,境外美元支付,境内美元支付系统,SWIFT（环球银行金融电信协会） Society for worldwide inter-bank financial telecommunication established in 1973 advantages: faster, more reliable communication; reduced transaction errors; lower transmission costs; greater efficiency; better statistics; increased security （自动储存信息
14、，自动加押，自动核对密押）,CASE: 电报，电传和SWIFT的费用比较 发往美国300字符，约50个单词 CABLE: 50字XCNY3.60=CNY180.00 TELEX:1分钟XCNY25.00=CNY25.00 SWIFT: 325字符=一个收费单位= EUR0.315=CNY2.27,As to negotiable instruments, there are three laws used worldwide today: Uniform Law for Bills of Exchange and Promissory Notes of Geneva of 1930; 日内瓦统
15、一票据法 UK Bills of Exchange Act of 1882; 英国票据法 US Uniform Commercial Code of 1962; 美国统一商法,1.5 Related international customs and practice,For documentary collections, documentary credits, standby credits, or guarantees, the applicable international customs and practices are: Uniform Rules for Collectio
16、n, ICC Publication No.522;托收统一规则（国际商会出版物522号） Uniform Customs and Practice for Documentary Credit, ICC Publication No.600;跟单信用证统一惯例600号） UCP Supplement for Electronic Presentation; （跟单信用证统一惯例关于电子交单的附则） International Standard Banking Practice for examination of documents under documentary credits, IC
17、C Publication No.645 （跟单信用证项下审核单据的国际标准实务）,International Standby Practice 98 (ISP98);（国际备用信用证惯例） Uniform Rules for Demand Guarantees, ICC Publication No.458; （见索即付保函统一规则） General Rules for International Factoring.（国际保理业务惯例规则）,In addition, there are international conventions for bills of lading, such
18、as: Hague Rules;（海牙规则） Visby Rules; and（维斯比规则） Hamburg Rules.（汉堡规则）,1. Currency 2. Banking network,1.6 Currency and banking network,常用国家ISO国际标准三字符货币代码,Banking network,set up its own overseas branches,build up correspondent banking networks around the world,What should an exporter consider when he ch
19、oose the payment method?,Factors for decision: -the country -the amount -the stage of the relationship -the the exporters financial condition -payment risks to consider,Exchange risk,Transfer risks,Political risks,To exporters: protection against non-payment risks by the importers, such as: commerci
20、al risks, financial risks; political risks; risks in control of title to the goods, etc. convenience; cost; commercial competitiveness,Chapter 2 Negotiable instrument,1. What are negotiable instruments? 2. What are characteristics of negotiable instruments? 3.What are functions of negotiable instrum
21、ents? 4.What are parties to a negotiable instrument?,Learning target:,Section one,Suppose A corporation in New York purchase cargo from B corporation in Paris, P/O No.：95E03LC001, USD10000.00，C corporation in Paris purchase cargo from D corporation , amounted USD10000.00，Corporation supply service t
22、o B corporation. Can you use bill of exchange, promissory note and check to effect the payment between four corporation in two countries?,美国A公司,法国B公司,美国D公司,法国C公司,美国A公司,美国A公司,进口货物,进口货物,提供劳务,Chapter 2 General Introduction,2.1 Definition of Negotiable Instruments 2.2 Characteristics of Negotiable Instr
23、uments 2.3 Functions of Negotiable Instruments 2.4 Parties to Negotiable Instruments,2.1 Definition of Negotiable Instruments,A negotiable instrument is an unconditional order or promise to pay an amount of money that is easily transferable from one person to another.,2.2 Characteristics,1、The right
24、 to be paid 设权性 2、 The requisite in form 要式性 3、The literal features 文义性 4、Non-causative nature 无因性,5、 Negotiability 流通转让性 6、 The presentation 提示性 7、 The return-ability 返还性,2.3 Functions,1、 Settlement 结算功能 2、 Credit 信用功能 3、 Payment and transaction 支付和流通功能,2.4 Parties,1 Drawer 出票人 2 Drawee 受票人 3 Payee
25、 收款人 4 Acceptor 承兑人 5 Endorser 背书人 6 Endorsee 背背书人,7 Acceptor for honor 参加承兑人 8 Guarantor 保证人 9 Holder 持票人 10 Holder for value 支付过对价的持票人 11 Holder in due course 正当持票人,Can you use the instruments characteristics to analyses the following case?,案例分析,2007年8月，某市A公司与新加坡B商签订了一份进口胶合板的合同。合同总金额为700万美元，支付方式为付
26、款交单，允许分批装运。第一批价值为60万美元的胶合板准时到货，质量良好，对双方合作很满意。就在第二批交货期来临之际，B商向A公司提出：鉴于贵公司资金周转困难，为了帮助贵方，我方允许贵公司采取远期付款。 贵公司作为买方，可以给我方开出一张见票后一年付款700万美元的汇票，请中国人民建设银行某市分行承兑。承兑后，我方保证将700万美元的胶合板在一年内交货。贵方全部收货后，再付给我方700万美元的货款。A公司以为现在不付款，只开张远期票据就可得到货物在国内市场销售，于是欣然接受了B商的建议，给B商签发了一张见票后一年付款700万美元的汇票。但A公司始料不及的是，B商将这张承兑了的远期票据在新加坡的美
27、国银行贴现600万美元。从此却一张胶合板都不交给A公司。事实上，B商将这笔巨款骗到手后便无影无踪了。 一年后，新加坡的美国银行持这张承兑了的远期票据请建行某市分行付款。尽管B商没有交货，某市分行却不得以此为理由拒绝向善意持票人美国银行支付票据金额。最后，由于本案金额巨大，报请国务院批准，由建行某市分行付给美国银行600万美元而结案。,对于这张远期票据，A公司为出票人，B商为收款人，建行某市分行为付款人。A公司与B商之间的胶合板买卖合同是该票据的原因关系，使得A公司愿意向B商开立这张汇票。A公司曾经向建行某市分行提供了资金，它们之间的这种资金关系使得建行某市分行愿意向A公司提供信用，承兑了这张远
28、期汇票。美国银行与B商之间有对价关系，美国银行善意地付了600万美元的对价而受让，从而成为这张汇票的善意持票人。但票据的最大特点就是，票据法律关系一经形成，即与基础关系相分离。票据基础关系的存在和有效与否并不对善意持票人的票据权利而产生影响。所以，B商实际上没有交货，或者A公司并没有足够的美元存在建行，都不影响美国银行对承兑人的付款请求权。对美国银行来说，这张票据上并没有写胶合板，只有一句话：“见票后一年付700万美元”。票据法律关系应依票据法的规定加以解决，票据基础关系则应以民法规定加以解决。B商正是利用了票据的特性才行骗得逞的。,如果这张票据没有在市场流通，那么情况就不一样了。因为各国票据
29、法都认为，票据在未投入流通前，票据的基础关系与由此而产生的法律关系便没有分离，两者是有联系的。也就是说，当票据的原因关系与票据法律关系存在于同一当事人之间时，债务人可以利用原因关系对抗法律关系。在本案中，如果是B商来建行某市分行要求付款，某分行就可提出：既然卖方不交货，买方也拒绝付款。这就是买方可以向卖方提出同时履约的抗辩理由。,Chapter 2 Bill of exchange,Classification of bills of exchange,Contents of a bill of exchange,Parties to a bill of exchange,Definition
30、 of a bill of exchange,Acts of bills of exchange,A Bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money
31、 to or the order of a specified person or to bearer.,Definition,汇票是由一个人（drawer） 向另一个人签发的(drawee)/受票人 无条件的 unconditonal 书面命令order in writing 要求其在见票时或在未来某一规定的或可以确定的时间(tenor) 将一定金额的款项支付给某一特定的人或指定的人，或持票人(payee),ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,Parti
32、es,ThemeGallery is a Design Digital Content & Contents mall developed by Guild Design Inc.,基本当事人 （汇票进入流通领域前） The drawer 出票人 The drawee 受票人 The payee 收款人,一般当事人 （汇票进入流通领域后） Acceptor 承兑人 Endorser 背书人 Endorsee背背书人 Holder 持票人 Discounter贴现人 Guarantor 保证人,1、The word “Draft or Exchange or even “Bill of Exch
33、ange“ 。 2、Unconditional payable order 3、Place and date of issue 4、Time of payment 5. Amount 6. Name of the drawee and place of payment. 7. Name of the payee. 8. Drawers name and signature,2.3 Contents of a bill of exchange,汇票金额必须用文字大写（amount in words）和 数字小写（amount in figures）同时记载， 在汇票上“Exchange for”
34、后填写小写金额， 在“the sum of ”后填写大写金额。,CASE UNDER DRAFT,1.Pay to the order of c company the sum of USD ten thousand only on delivery of B/L No.123 2.Pay to C company or order provided the goods are complied with contract the sum of USD ten thousand only. 以上不构成无条件支付委托，on delivery of B/L No.123和provided the
35、goods are complied with contract构成了付款条件，不可接受。,CASE UNDER DRAFT,3.Pay to C company or order the sum of USD ten thousand only and charge/debit same to applicants account maintained with you. 4.Pay to C company or order the sum of USD ten thousand only drawn under L/C No.1234 issued by XYZ Bank,Tokyo d
36、ated on Jun.27,2009 5.Pay to C company or order the sum of USD ten thousand only. 以上都正确，可以接受。,Bill of exchange(汇票),Restrictive payee 限制性抬头 a bill payable to a specified person only or to a specified person not negotiable/transferable Such as “pay ABC Co. Ltd. only” or “pay ABC Co. Ltd., not negotiab
37、le” (不准流通) Can not be negotiated or transferred to another party. (不能流通转让),Bill of exchange(汇票),To order 指示性抬头 a bill payable to a specified person or some other person designated by him Such as “pay ABC Co. Ltd. or Order” or “pay to the order of ABC Co. Ltd.” Can be negotiated or transferred to ano
38、ther party after endorsement by the payee or the amount may be collected by the payee himself.,Bill of exchange(汇票),To bearer 持票人或来人抬头 any person holding a bearer order can request payment Such as “pay to bearer” or “pay to ABC Co. Ltd. or bearer” Does not need the endorsement by another party and c
39、an be negotiated or transferred merely by delivery. 无须由持票人背书，仅凭交付汇票即可转让。,我国票据法不允许做成“来人抬头”的汇票,汇票的其他记载项目,1. 担当付款人（Person Designated Payer） 2. 预备人（Referee in Case of Need） 3. 出票地点 4. 付款地点 5. 付款货币、利息、利率及汇率 6. 必须提示承兑及提示期限、不得提示承兑 7. 免作拒绝证书和拒付通知 8. 免于追索（Without Recourse） 9. 付一不付二,托收项下汇票,跟单信用证项下的汇票,( 4)Clas
40、sification of Bill of Exchange,1According to the drawer：,商业汇票 （Commercial Bill）,银行汇票 （Bankers Bill）,According to whether or not the shipping documents are attached:：,光票（Clean Bill）,跟单汇票 (Documentary Bill),3According to the Tenor：,即期汇票（Sight Bill）,远期汇票（Time Bill）,4 According to the acceptor,商业承兑汇票（Co
41、mmercial Acceptance Bill ）,银行承兑汇票(Bankers Acceptance Bill),出票（Issue） 背书（Endorsement） 提示（Presentation） 承兑（Acceptance） 付款（Payment） 保证（Guarantee or Aval） 拒付（Dishonor） 追索（Recourse） 贴现（Discounting),Acts relating to a bill of exchange,1、Issue,Draw a draft and sign on it Deliver a draft to the payee,2、Endo
42、rsement Special endorsement (特别背书、记名背书） Blank Endorsement (空白背书、不记名背书) 我国票据法不允许空白背书，但国际上很盛行 Restrictive endorsement(限制性背书）,我国票据法第三十条 汇票以背书转让或者以背书将一定的汇票权利授予他人行使时，必须记载被背书人名称。,Conditional Endorsement（附有条件的背书） Endorsement for Collection （委托收款背书） 3、Presentment（提示） There are two types of presentation :pre
43、sentation for acceptance and presentation for payment 即期汇票一经提示，付款人就要付款。 已经承兑的远期汇票一经提示，付款人就要付款。 远期汇票一经提示，付款人就要承兑。 提示必须在规定的时限或规定的地点办理，若逾期未作提示，则出票人和全体背书人解除对持票人的责任。 P170,4、Acceptance（承兑） The acceptor takes primary liability for payment after acceptance General Acceptance（普通承兑） ACCEPTED (date) to mature
44、(date) For name of drawee signature P17,Qualified Acceptance（限制性承兑） A. Conditional Acceptance（有条件的承兑） ACCEPTED 1 June，2004 Payable on delivery of Bills of Lading For ABC Bank Ltd，London signature B. Partial Acceptance （部分承兑） ACCEPTED 3 June，1999 Payable for amount of GBP 800.00 only For ABC Bank Ltd
45、，London signature,C. Local Acceptance ACCEPTED 1 June，2004 Payable at HSBC Shanghai Branch and there only For ABC Bank Ltd，London signature D. Qualified Acceptance As To Time ACCEPTED 1 June，2004 Payable at 6 month after date For ABC Bank Ltd，London signature,出票后3个月付款的汇票，承兑时写明6个月付款,我国票据法规定：付款人承兑汇票，不
46、得附有条件，承兑附有条件的，视为拒绝承兑。,我国票据法规定：承兑期为3日。法国、瑞典、意大利等国为24小时。西班牙为提示承兑当日。日内瓦统一票据法和美国商法典规定第一次提示时，付款人可以不作承兑而要求他于翌日作第二次提示，但面对第二次提示就必须做出是否承兑的决定。,5、Payment （付款） 6、Dishonor （拒付） The reasons of dishonor Notice of dishonor 1.持票人应在退票后的一个营业日内， 将退票事实通知其前手背书人。依次通知， 直至通知到出票人。 2.持票人将退票事实通知全体前手。 如未及时通知，则丧失追索权。,日内瓦统一票据法规定持
47、票人未作通知或未及时通知，不丧失追索权，但因未及时通知，造成前手损失的，应负赔偿责任，其赔偿金额以汇票金额为限。,持票人必须在退票后3日内依法做成书面退票通知,英国票据法规定退票通知应在退票后的一个营业日内发出，持票人未作通知或未及时通知，则丧失追索权。,7.Protest (拒绝证书) Definition: 拒绝证书是由公证机关或其他有公证权的机构或当事人出具的证明退票事实的法律文件。 The Notary Public will present the draft again for acceptance or for payment ,as it is dishonored again
48、, the Notary Public then draws up a protest. Its an official certificate evidencing the act of dishonor.,8.Right of recourse (追索权） Definition: 追索权是指汇票遭到拒付，持票人对其前手或出票人有请求其偿还汇票金额及费用的权利。 The amount of recourse: The amount of bill; Interest ;charges for notice of dishonor and protest.汇票金额，利息，做退票通知，拒绝证书和
49、其他必要费用。 行使追索权的三个条件： A.必须在法定期限内提示汇票 B.必须在法定期限内发出退票通知 C.外国汇票遭退票，必须在法定期限内作成拒绝证书,行使追索权的时限： Limited period: (According to ULB) The holder may recourse from his prior endorser or drawer within 1 year, and the prior endorser shall do so within 6 months. 日内瓦票据法规定，持票人对前一背书人或出票人行使追索权的期限为1年，背书人对其前手背书人则为6个月。 According to the British Bills of Exchange Act, the recourse time is six years.英国票据法规定，保留追索权的期限为6年。,9. Acceptance for honor supra protest(参加承兑） d
