1、国际结算理论与实务（Theories and Practices of International Settlements）主讲人：李颖李颖 山东大学经济学院金融系山东大学经济学院金融系联系方式：Reference booksl国际结算第四版，苏宗祥，2009，中国金融出版社；l国际结算，秦定，2010，清华大学出版社；l国际结算：理论实务案例，蒋琴，2007，清华大学出版社。ExaminationExercises in class（20%）Final tests In English（80%）International Settlement OverviewChapter1:Introdu
2、ction On Fundamentals In International SettlementsChapter2:Banks Clearing System In international SettlementsInternational Settlement CorepartChapter3:Financial Instruments used in International SettlementsChapter4:Mercantile documents used In International SettlementsChapter5:International Settleme
3、nt MethodsInternational Settlement extensionChapter6:L/G and Stand-by L/CChapter7:Financing methods In International Settlements.Chapter8:Bank Letters in International SettlementChapter 1 Introduction on Fundamentals in International Settlements DefinitionInternational payments or international sett
4、lements are financial activities conducted among different countries in which payments are effected or funds are transferred from one country to another in order to settle accounts,debts,etc.,emerged in the course of political,economic or cultural contacts among them.spot payment payment between dif
5、ferent cities international payment.International Settlement contentsInternational trade：visible trade and invisible tradeFinancial transactionsPayment between governmentsInternational Settlement ObjectivesCharacteristics of evolution:cash settlement to transfer settlement and transaction of documen
6、ts;Banks became the center in the international settlement at the end of 18th century;From payments under simple price terms to payments under more complex price terms;safequickconvenientChapter 1 Introductions on Fundamentals in International Settlements computerizationSFNB,1996,USA;Entrium Direct
7、Bankers,1990,1998International Settlement CommunicationmeansMail:Letter,registered letter,express delivery letterCable or TelexNetwork:SWIFTChapter 1 Introductions on Fundamentals in International Settlements SWIFT:society for worldwide interbank financial telecommunications,a computerized internati
8、onal telecommunications system that,through standardized formatted messages,rapidly processes and transmits financial transactions and information among its members around the world.Chapter 1 Introductions on Fundamentals in International Settlements Services provided by SWIFT:FIN(Financial Applicat
9、ion)IFT(Interbank File Transfer)Procedures of message flow:An appropriate SWIFT message type is selected,prepared,addressed and released by the sender to the SWIFT network via the banks SWIFT interface;The message is then sent to the senders local SWIFT Regional Processor;Chapter 1 Introductions on
10、Fundamentals in International Settlements The input Regional Processor forwards the SWIFT message to a Slice Processor;If the message is properly formatted,it is sent to the Receivers local SWIFT Regional Processor;The output Regional Processor then sends the message to the receiver.Chapter 1 Introd
11、uctions on Fundamentals in International Settlements uTypes of messages:10 typesuCharacteristics of SWIFT:Quick and cheap;Secure and reliable;Standardized forms.SignaturesCredit instrumentsMercantile documentsChapter 1 Introductions on Fundamentals in International SettlementsClassification of settl
12、ement methodsl基于商业信用的结算（Settlement on commercial credit）汇款（Remittance），对应着预付货款（payment in advance）和赊销（open account，O/A）；托收（Collection）l基于银行信用的结算（Settlement on bank credit）信用证（letter of credit，L/C）；银行保函（bank guarantee）Chapter 1 Introductions on Fundamentals in International Settlements payment in adv
13、ance:provides greatest security for the seller and greatest risk for the buyer;requires that the buyer have a high level of confidence in the ability and willingness of the seller to deliver the goods as ordered.open account,O/A，provides the least risk for the buyer and the greatest risk for the sel
14、ler.Chapter 2 Banks Clearing System In International Settlements1.Reasons for the establishment of banks clearing systemobjective reasonssubjective ponents(1)global business web systemlbrancheslcorrespondent bank:a bank having direct connection or friendly service relations with another bank.Chapter
15、 2 Banks Clearing System In International SettlementsBank letter：a sampleAgency agreements:a samplecontrol documents:lists of specimen of authorized signatures:for authentication of the messages,letters,remittances,letters of credit,etc.telegraphic test keys:code arrangements that enable the banks t
16、o receive cables from other banks to verify the authenticity of cables or telexes.SWIFT authentic key:for authenticating messages transmitted through SWIFT;terms and conditions.Chapter 2 Banks Clearing System In International SettlementsServices provided by correspondents:Collecting checks,drafts,an
17、d other credit instruments;Making loan or investments as agents for their customer banks;Making credit investigation of firms that borrow in the open market;Providing banks with foreign exchange facilities,including commercial and travelers checks;Providing banks with funds/loans in case of need.Cha
18、pter 2 Banks Clearing System In International Settlements(2)global foreign exchange transferring systemnostro account:due from account,the foreign currency account of a major bank with the foreign banks abroad to facilitate international payments and settlements.Vostro account:due to account,the acc
19、ount held by a bank on behalf of a correspondent bank.Chapter 2 Banks Clearing System In International Settlements From the point of view of a Chinese bank,a nostro account is our banks account in the book of an overseas bank denominated in foreign currency;and a vostro account is an overseas banks
20、account with our bank denominated in RMB.Chapter 2 Banks Clearing System In International Settlements funds transferring system in ChinaIntra-city transfer between different banks;Intra-bank transfer between different cities;Inter-bank transfers between different cities.USD foreign exchange system:F
21、EDWIRE:a fund transfer system operated nationwide in the USA by the Federal Reserve System to transfer funds from one financial institution to another with an account balance held with the Fed.Chapter 2 Banks Clearing System In International Settlements Real-time gross settlement system:usually oper
22、ated by central banks,in which each payment order is settled immediately upon its entry into the system in its entire(gross)amount.Chapter 2 Banks Clearing System In International SettlementsProcedures of Fed Wire:A payer gives an instruction to a bank in which the payer has an available balance;The
23、 paying bank passes instructions on to the Fed to move value from the banks reserve balance account to the reserve balance account of another bank in which the payee has an account;Chapter 2 Banks Clearing System In International Settlements The Fed credits the reserve account of the payees bank and
24、 debits the reserve account of the payers bank.The Fed Wire provides a confirmation number to the payer so that the transaction can be traced;When a bank receives an incoming wire,the receiving firm is given notification that value has been received.Chapter 2 Banks Clearing System In International S
25、ettlements CHIPS(Clearing House Interbank Payment System):a netting system operated by the New York Clearing House Association.A netting payment system:payment orders debiting the accounts of participants are collected for a certain time period,and then at the end of that time the net position is ca
26、lculated and cleared for each participant on the basis of the payment orders sent and received.Chapter 2 Banks Clearing System In International SettlementsAdvantages of netting payment system:lower liquidity requirement that banks need in order to settle payments of a specific value(only the differe
27、nce between the value of an individual banks incoming and outgoing payments is settled by transferring funds);netting systems are more efficient from the point of view of the communications and processing capacity employed.Chapter 2 Banks Clearing System In International SettlementsDisadvantages of
28、netting payment system:These systems expose participants to a settlement risk,as they are implicitly giving each other unsecured credit on the basis of payments that are not immediately settled in final terms.Components of CHIPS:Chips participation(CP)and chips universal identifier(CH)Chapter 2 Bank
29、s Clearing System In International SettlementsProcedures of CHIPS(P299):member banks send instructions to CHIPS regarding transfers that they wish to make to other banks in New York City;At the end of the business day CHIPS reports to the Federal Reserve Bank of New York the net amounts to debit and
30、 credit at each of CP.Chapter 2 Banks Clearing System In International Settlements Euro foreign exchange systemuTARGET:Trans-Europe Automated Real-time Gross Settlement Express Transfer System,a real-time gross settlement system for the Euro,which is composed of 15 national RTGS systems,the ECB paym
31、ent mechanism and interlinking.National Real-time Gross Settlement,RTGS:Belgium(ELLIPS),Germany(ELS),Greece(HERMES),Spain(SLBE),France(TBF),Ireland(IRIS),Italy(BIREL),Luxembourg(LIPS),Netherlands(TOP),Austria(ARTIS),Portugal(SPGT),Finland(BOF);UK(CHAPS),Denmark(DEBES),Sweden(RIX).Chapter 2 Banks Cle
32、aring System In International SettlementsEPM(European Central Bank Payment Mechanism)Purposes of TARGET:to provide the payment procedures necessary for implementing the ECBs single monetary policy;to promote sound and efficient payment mechanisms in euro。Chapter 2 Banks Clearing System In Internatio
33、nal SettlementsnForeign exchange accounts with domestic institutionsForeign exchange accounts for current account transactions(1)foreign exchange working capital of domestic entities in executing overseas construction and other services contracts;(2)foreign exchange overseas receipts and payments to
34、 be made by domestic entities on behalf of clients involved in overseas business;Chapter 2 Banks Clearing System In International Settlements(3)project funds of enterprises with export-import license in business of export of jumbo electronic equipment with total project funds reaching a specified su
35、m and duration,or advanced and progress payments for projects under international bid;(4)foreign exchange within an amount verified by SAFE that is received by international travel agencies and prepared by foreign travel agencies;Chapter 2 Banks Clearing System In International Settlements(5)foreign
36、 exchange of foreign-funded enterprises within a balance ceiling verified by SAFE;(6)foreign exchange expenses of foreign establishments remitted from abroad.Chapter 2 Banks Clearing System In International Settlementsforeign exchange account for capital account transactions(1)external borrowing by
37、domestic entities and foreign exchange loans of domestic Chinese-funded financial institutions;(2)foreign exchange of domestic entities for repayment of principal of domestic and external foreign exchange liabilities;Chapter 2 Banks Clearing System In International Settlements(3)foreign exchange of
38、domestic entities from stock issuance;(4)capital paid in foreign exchange by Chinese investors of foreign-funded enterprises;(5)foreign exchange remitted by overseas entities or individuals for establishing a foreign-funded enterprise.Chapter 2 Banks Clearing System In International SettlementsnThe
39、transactions on foreign exchange owned by individuals:(1)Foreign exchange owned by individuals can be held,deposited in banks or sold to the designated foreign exchange banks.(2)Foreign exchange for private trip abroad may be purchased up to an limit.Individuals must apply to SAFE for the purchase o
40、f foreign exchange exceeding the limit and present to the customs office valid documents for carrying foreign exchange exceeding a limit.Chapter3:Credit Instruments International SettlementsnDefinition of credit instruments A credit(financial)instrument is a written or printed paper by means of whic
41、h funds are transferred from one person to another.n1.Traditional credit instruments:notesDefinitionsin the general sense,documents of titlein the narrow sense,notes,negotiable securities with the purpose of payment in money,signed by the issuer,unconditionally paid by the issuer or another person.C
42、hapter3:Credit Instruments International SettlementsNotes in ChinaBill of exchange/draftPromissory noteCheck/chequeLegal FrameworkAnglo-American framework，focusing on rights and liabilities of parties concerned1882,Bills of Exchange ActChapter3:Credit Instruments International SettlementsMainland Fr
43、amework，focusing on statutory forms of behaviors related to bills.Uniform Law for Bills of Exchange and Promissory Notes Signed at Geneva,1930;Uniform Law for cheques Signed at Geneva,1931.The difference between the above two frameworks:Chapter3:Credit Instruments International SettlementsUnited Nat
44、ions FrameworkConvention on International Bills of Exchange and International Promissory Notes,1987;Convention on International Cheques.China Law of the Peoples Republic of China on Negotiable Instruments,1st,Junanry,1996Chapter3:Credit Instruments International Settlements我国票据法的特别规定：1、不得采用不记名背书；2、承
45、兑不得附条件，否则视为拒绝承兑；3、不允许部分付款；4、本票仅指银行本票；5、允许持票人在到期日前进行追索；6、凡签发持票人或来人抬头的汇票无效。Chapter3:Credit Instruments International Settlements我国票据权利时效的规定：1、持票人对票据的出票人和承兑人的权利，自票据到期日起两年；2、持票人对支票出票人的权利，自出票日起六个月；3、持票人对前手的追索权，自被拒绝承兑或者被拒绝付款之日起六个月；4、持票人对前手的再追索权，自清偿日或被提起诉讼之日起三个月；5、持票人因超过票据权利时效或者因票据记载事项欠缺而丧失票据权利的，仍享有民事权利，可请
46、求承兑人返还其与未支付的票据金额相当的利益。Chapter3:International Settlement InstrumentsCharacteristicsNegotiabilityAssignment:share certificate,life policies,certificate of government stock,debenture;Transfer:B/L,warehouse receipt,dock warrants,quasi-negotiable instrument;Negotiation:bills of exchange,promissory notes,
47、checks,CDs,bearer securities,negotiable instrument.Chapter3:International Settlement Instruments Negotiable instrument is a chose in action,the full and legal title to which is transferable by delivery of the instrument with the result that complete ownership of the instrument and all property it re
48、presents passes freely from equities to the transferee,providing the latter takes the instrument in good faith and for value.Chapter3:International Settlement InstrumentsNon-Causative Nature:the efficacy of the instrument is independent on the causes for issuing.Requisite in Form:to be effective,a b
49、ill must embody the required items.Presentation:the holder must present the bill to the payer in order to be paid.RestitutionPart4：国际结算中的业务风险及防范Risks in billsuForgery of bills（票据的伪造）狭义的票据伪造，指假冒他人名义为出票行为；广义的票据伪造，指假冒他人名义而为的各种票据行为，包括出票、背书、承兑、保证等票据行为的伪造。Part4：国际结算中的业务风险及防范uFalsification of bills（票据的变造）所
50、谓票据的变造，是指无权变更票据记载事项的人，擅自变更票据上的（除签章外）的记载事项的行为。例如：变造票据的记载金额、票据的到期日等等。Part4：国际结算中的业务风险及防范uDroit flaws（票据的所有权缺陷）持票人对票据享有的所有权有缺陷。票据的持有人以欺诈、胁迫、暴力或恐吓等手段，或以不合法的支付对价，或在票据的流通转让过程中违反诚信原则，或在相当于欺诈的情况下取得票据。Chapter3:International Settlement Instrumentsn1.Bill of Exchange DefinitionA bill of exchange is an uncondit
