国际支付与结算1

1、 第一讲 1、What is International settlements?International settlements: are financial （金融的）activities, in which funds（资金、现金） are transferred from （从···调动）one country to another in order to settle accounts账户, debts债权, claims债务, etc.Types of型态 international settlements：（1）trade settlements贸

2、易结算: visible trade有形贸易（2）Non-trade settlements:Invisible trade（无形贸易）: transportation运输, insurance保险, etc. Financial transaction金融业务：foreign exchange market transactions外汇市场交易, international lending国际贷款, etc.others：overseas remittances侨汇1. Evolution of International Settlements(1) cash settlement non

3、-cash settlement(2) settlements against goods settlements against documents(3) direct payment made between international traders payment effected through banks(4)international settlements are combined with trade financingExchange settlement(2) From settlements against goods to settlements against do

4、cumentssettlements against goods settlements against documentsindustry specialization：shipping industry, insurance industry documents：bill of lading, insurance policy(3) From direct payment made between international traders to payment effected through banksSettlements by banks: safe, speedy(4) inte

5、rnational settlements are combined联合 with trade financing贸易融资 Backgrounds背景：Development of Science & TechnologyO/A (open account)and methods of payment on commercial credit 商业信用are used more and more widely The seller needs more money in international tradeNew types of international payment meth

6、ods：International FactoringForfaiting 3. Research Objects of International Settlements(1) instruments: bill of exchange, promissory, check (2) methods of International Settlements：Remittance, collection, letter of credit(3) documents under international settlements：Invoice, transport documents, insu

7、rance documents, certificate of origin, etc.(4) Methods associated with banks guarantee:factoring, bank guarantee, forfaiting, etc.4. Characteristics of International SettlementsSettlements are subject to international uniform rules统一规则, customs and practicesVehicle currencies are more diversified F

8、unds are transferred by payment systerm. International rules （1）国际贸易术语解释通则，2010年(international rules for the interpretation of trade terms, 简称INCOTERMS，2010）托收统一规则（uniform rules for collections，简称URC522）跟单信用证统一惯例（uniform customs and practice for documentary credits, ICC Publication No.600, 简称UCP600）

9、跟单信用证项下银行偿付统一规则（uniform rules for bank-to-bank reimbursements under documentary credits，简称URR725）International rules （2）见索即付保函统一规则（uniform rules for demand guarantees, ICC Publication No.758, 简称URDG758）国际备用证惯例（international standby practices，简称ISP98）国际保理通则（General rules for international factoring)

10、Payment systermSWIFT（society for worldwide interbank financial telecommunication）：环球同业银行金融电讯协会 CHIPS（clearing house interbank payments system） ：纽约“清算所银行同业支付系统” CHAPS （clearing house automated payments system ）：伦敦“清算所自动支付系统 ”TARGET（Trans-European Automated Real-time Gross settlements Express Transfer

11、 System）：欧洲间实时全额自动清算系统What are SWIFT CODE, ABA ROUTINE NO., UID NO.An American client sent an email：“I just got a call from my bank. The bank needs the routing number to complete the transaction. They state that USA bank does not use swift code. Please inquire about this to complete this transaction

12、.”Bank of china answered：THRU BANK OF CHINA NEW YORK BRANCH VIA CHIPS (ABA NO.0326) FOR CREDIT OUR A/C (UID NO.138679)。SWIFT CODE：各银行在SWIFT系统中的代码ABA ROUTING NUMBER 和UID NUMBER 参加CHIPS的银行必须向纽约清算所申请，经该所批准后接收为CHIPS会员银行，每个会员银行均有一个美国银行公会号码（American Bankers Association Number），即ABA号码，作为参加CHIPS清算时的代号。每个CHI

13、PS会员银行所属客户在该行开立的账户，由清算所发给通用认证号码（Universal Identification Number），即UID号码，作为收款人（或收款行）的代号。5. Basis and Conditions of International SettlementscurrenciesTrade terms General knowledge of banksCurrencies 国家和地区名称货币名称ISO国际标准货币代码中国人民币元CNY美国美元USD香港港币HKD英国英磅GBP瑞士瑞士法郎CHF瑞典瑞典克朗SEK丹麦丹麦克朗DDK挪威挪威克朗NDK欧元区欧元EUR澳大利亚澳大

14、利亚元AUD加拿大加拿大元CAD新加坡新加坡元SGD日本日元JPYGeneral knowledge of banks overseas sister bank/branch, sub-branch：联行correspondent bank: 代理行Correspondent bank: a bank having direct connection or friendly service relations with another bank. Control documents ： specimen signature:印鉴样本 test key:密押 terms and conditio

15、ns:费率表 SWIFT authentic key: SWIFT密押Accounting bank: 账户行 Accounting banks: when a bank opens an account in its correspondent bank, they are accounting banks.银行往来账户Nostro account：往账 (our a/c with you)Vostro account：来账 (your a/c with us)Nostro account andVostro account Nostro account: current a/cCiti b

16、ank Standard Chartered Bank currency: GBPVostro account ： current a/cStandard Chartered Bank Citi bank currency: GBP第二讲Negotiable instruments（票 据）. Definition . Legal systems . Main Characteristics. Functions. Parties to an instrumentSpecimen of a negotiable instrument Specimen of a negotiable instr

17、ument Specimen of a negotiable instrument1、Definition of negotiable instrumentNegotiable instrument: means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it:(1) is payable to bearer or to order at the

18、time it is issued or first comes into possession of a holder;(2) is payable on demand or at a definite time; and(3) does not state any other undertaking or instruction by the person promising or ordering payment to do any act in addition to the payment of money.-THE UNITED STATES UNIFORM COMMERCIAL

19、CODE (美国统一商法典）2. The legal systems of the worldThe uniform laws for negotiable instrumentsGeneva Conventions of 1930 and 1931:<Geneva Uniform Laws for Bills of Exchange, PromissoryNotes and Cheques> were signed by twenty five countries : France, Italy, Japan, Germany, etc. The UK and The U.S d

20、idnt sign the conventions. The two basic legal systems, i.e. the civil law and the common law, had been shaped.The United Nations Convention on International Bills of Exchange and International Promissory Notes (the UN, 1988)Negotiable Instruments Law of the PeopleRepublic of China (2004 Revision）.

21、Main Characteristics of negotiable instruments Transferability（流通性） A negotiable instrument may be transferred by delivery if it is a bearer instrument or by endorsement and delivery if it is an instrument payable to order. Non-causative nature（无因性）Non-causative nature of negotiable instruments mean

22、s the separation of the basic relationship of instruments from their legal relationship. Requisite in form（要式性）A effective negotiable instrument must bear all statutory items. Functions of negotiable instruments As a means of payment(支付工具) As a credit device(信用工具) As a transferable instrument(流通工具）.

23、 Parties to an instrument immediate parties (基本当事人）：Drawer(maker),Drawee and Payee. remote parties（附属当事人）：Endorser, Endorsee, Holder, Acceptor, etc.drawer（出票人）drawee（付款人）payee（收款人）endorser（背书人）,endorsee（被背书人） Endorses Endorses Endorses EndorsesA to B to C to D to EThe prior parties of C：A、B The subs

24、equent parties of C：D、Eholder（持票人） holder for value（付对价持票人） One who has given a legal consideration for a negotiable instrument is a holder for value. His subsequent parties are holders for value as well. Li issue Zhang endorse Wang endorse Wangs son （ holders for value ）“Value” means valuable consi

25、deration(对价）. holder in due course（正当持票人） The holder took the instrument： for value in good faith without notice that the instrument is overdue(过期） or has been dishonored（拒付） or that there is an uncured default（拖欠） with respect to payment of another instrument issued as part of the same series witho

26、ut notice that the instrument contains an unauthorized signature or has been alteredwithout notice of any claim（索赔） to the instrument without notice that any party has a defense（抗辩） or claim in recoupmentHolder in due course is a definition at common law. bonafide holder（善意持票人） Bona fide holder is a

27、 definition at civil law. Bona fide holder is similar to holder in due course. Except that he neednt give value. acceptor（承兑人） Issues endorses toLI zhang wang presents accepts Bank of china"Acceptor" means a drawee who has accepted a draft.第三讲Bill of exchange（汇票）. Definition. Essential ite

28、ms . Non-essential items. Types of bill of exchange.Lost bill of exchangesSpecimen of a bill of exchangeSpecimen of a bill of exchange1. Definition of a bill of exchange A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requi

29、ring the person to whom it is addressed to pay, on demand or at a fixed or determinable future time, a sum certain in money to or to the order of a specified person or to bearer.Specimen of a bill of exchange. Essential items of a bill of exchange . Chinese characters denoting "draft" . Co

30、mmission on unconditional payment; . The amount of money fixed; . Name of the payer . Name of the payee . Date of draft . Signature of the drawer Negotiable instrument law of China. The word “Exchange”. Signature of the drawerThe word “Bill of Exchange” or “Draft” is the same.（1）restrictive order （限

31、制性抬头） Pay to C Co. only（仅付公司） Pay to C Co. not transferablenegotiable （付公司不得转让流通） Pay to C Co., 并在汇票正面另有 not transferablenegotiable（不可转让流通）的字样。 A restrictive name of the payee prohibits the further negotiation of the bill.（2）instructive order（指示性抬头） Pay to C Co. or order(付公司或其指定人) Pay to the order o

32、f C Co.（付公司的指定人) Pay to C Co.（付公司）An instructive name of the payee doesnt prohibit the further negotiation of a bill. The bill can be negotiated by endorsement.（3） payable to bearer（来人抬头） pay to bearer(付持票来人)pay to C Co. or bearer（付公司或持票来人）When the name of the payee is bearer, the bill of exchange c

33、an be negotiated by delivery. However , the negotiable instruments law of China doesnt allow this kind of bill. an unconditional order in writing to pay （无条件书面支付命令）。Signature of the drawer means that the drawer acknowledges his liability. (Signature essential to liability)“To:” The name after “to” i

34、s the name of the payer with or without the address.Pay to: The name after “pay to” is the name of the payee. There are three types of the payee: 1.restrictive order（限制性抬头） 2.instructive order（指示性抬头） 3.payable to bearer（来人抬头）“writing” includes printing, hand writing or typing.“unconditional” means a

35、 bill of exchange shouldnt bear any condition.The amount is following the words “the sum of” . 1. “fixed” means when a bill of exchange amount is calculated by different person, the same result shall be arrived at. 2. The amount shall be written both in words and in figures.“Pay to C. Co. or order t

36、he sum of one thousand US dollars only.” valid“ay to C Co. or order the sum of one thousand US dollars out of the proceeds in applicants account maintained with you.”(从申请人在你行的存款账户支付公司或其指定人金额美元整)invalid“Pay to C Co. or order the sum of one thousand US dollars and charge/debit the same to No.111 accou

37、nt of D Co. with you.” valid“Pay to C Co. providing the goods they supply are complied with contract the sum of ten thousand US dollars.”invalidExcise 1：please find the essential items on the draft. Case study汇海商场为富士绅公司签发了一张收款人为富士坤公司的远期商业承兑汇票，汇票金额80万元，承兑人是汇海商场。签发及承兑当日，富士绅公司持票向工行上海市长宁支行申请贴现，该行审核后予以贴现

38、。到期日工行长宁支行向汇海商场的开户银行提示付款，被退票，理由是收款人“坤”错。工行层层上诉至上海市中级人民法院，主张自己的票据权利，要求汇海商场的开户行付款。请问法院会如何判决？Judgment ()一审判决：票据的记载事项必须符合票据法的规定，涉讼票据的“坤”字与“绅”字之误，致票据成废票。工行对废票进行了贴现，负有过错责任，对工行主张票据权利不予支持。Judgment （）二审判决：上诉人主张票据权利的票据应符合票据法的规定所出具。票据法第条规定：在票据上的签名，应当为该当事人的本名。票据管理实施办法第条规定：票据法所称“本名”，是指符合法律、行政法规及国家有关规定的身份证件上的姓名。涉

39、讼票据收款人名称不符合票据法有关“本名”的规定，作为贴现行的上诉人对票据未尽审查之职，责任应由其自行承担，上诉人不享有票据权利。Essential items under Bill of Exchange Act, 1882 . An unconditional order in writing . A sum certain in money . Name of the drawee . Name of the payee . Signature of the drawerConvention providing a Uniform Law for Bills of Exchange and

40、 Promissory Notes A bill of exchange contains : 1. The term " bill of exchange " inserted in the body of the instrument and expressed in the language employed in drawing up the instrument ; 2. An unconditional order to pay a determinate sum of money; 3. The name of the person who is to pay

41、 (drawee); 4. A statement of the time of payment ; 5. A statement of the place where payment is to be made ; 6. The name of the person to whom or to whose order payment is to be made; 7. A statement of the date and of the place where the bill is issued; 8. The signature of the person who issues the

42、bill (drawer).The differences between the law of china, the UK, and continental countries3. Non-essential items(1) . Place of issue . date of payment . place of paymentplace of issue （出票地点） Whether a draft is valid or not is determined by the law of the place where such draft was issued. If a draft

43、does not bear the place of draft, the place of draft shall be taken as the business site or residence of the drawer or the place where the drawer often lives.date of payment/tenor/maturity（付款日期）The date of payment may be recorded in one of the following forms:1. Payable at sight; 2. Dated payment; 3

44、. Payable on a fixed date after date; 4. Payable on a fixed date after sight. - Negotiable instruments Law of China1、Payable at sight/on demand/on presentation (见票即付）. If a draft is payable at sight, the payment shall be made against presentation of the draft.If a draft does not bear the date of pay

45、ment, it is a draft payable at sight. 那就date of payment/tenor/maturity（付款日期）2、Payable on a fixed date after sight (见票后定期). This type of draft is a time/usance/term draft. The holder shall make presentation for acceptance to the payer before the due date of draft.3、Payable on a fixed date after date(

46、出票后定期). This type of draft is a time/usance/term draft as well. The holder shall make presentation for acceptance to the payer before the due date of draftdate of payment/tenor/maturity（付款日期）4、Dated payment(定日付款/板期).This type of draft is a time/usance/term draft as well. The holder shall make presen

47、tation for acceptance to the payer before the due date of draft. Dated payment is not allowed under Bill of Exchange act,1882. It allows that a bill is payable at a fixed period after the happening of a specified eventdate of payment/tenor/maturity date（付款日期） 5. payable at a fixed period after the h

48、appening of a specified event(某一特定事件后定期付款).For instance, the tenor refers to payable at 30 days after the date of bill of lading. (Note: The on board date is deemed to be the bill of lading date.)5. drawn under （在 下开出出票条款）Drawn clause shows that in what situation a draft is issued. For example：”Drawn under B Bank L/C NO.X.” shows that the draft is issued under an L/C and tells the L/C issuing bank6. First of exchange (second unpaid) Second of exc