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Claiming Back Your VAT
All attendees of a London based course incur VAT as a part of the cost of attendance.
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VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.
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Can I claim back the VAT myself?
You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form.
For European clients, please refer to form VAT 65.
All other clients, please refer to form VAT 65A.
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Structured Trade and Commodity Finance
A course bringing together trade finance product concepts, application to supply chains and financing structures typically used to facilitate commodity flows. The course is pegged at an intermediate level. Attendees are expected to be equipped with prior knowledge about mechanisms relating to Open Account, Letters of Credit, Bank Guarantees and Documentary Collections. For those less familiar with these topics, pre-course reading material will be provided. Focus of the programme shall be on financing arrangements as described in ‘Course objective’ below.
Course objective: To provide a comprehensive view of the interplay between trade finance instruments and supply chains as they apply to the commodities business.
We begin with Pre-Finance on Day 1, proceeding to Payables-centric solutions on Day 2, followed by Warehouse/Inventory Finance on Day 3 and Receivables-centric solutions on the final day of training on Day 4.
In order to provide comprehensive coverage, the course will also cover related topics such as Risks in Commodity Trade contracts, INCOTERMS & Transport Documents, Marine Cargo Insurance and Commodity Price Hedging.
Attendees will receive training on developing a risk-sensitive approach to commodities trade financing.
Day 1Focus on Risk
Overview of international trade and commodities
Distinguishing trade finance from other forms of corporate financing
Examining the concept of Risk and as it applies to international trade
Understanding commodity contracts
Risks in international trade as they apply to emerging markets
- Political risk
- Performance and operational risks
- Credit and bank risks
- Price risk
- Illegality of contracts
Case studies: set in emerging markets
Financing trade in challenging markets
- Commodity trading- markets and players
- Evolution of the trader's business model
- Structured trade finance and the supply chain
- Risk analysis of a commodity finance transaction
- Case study: An example of pre-shipment finance set in Asia
- Implications of the Basel Capital Accord
- Rationale for the ‘structured’ approach to trade finance
- Characteristics of good collateral
Case study exercise: Risk analysis of a pre-finance business proposition set in a challenging environment
Focus on Pre-finance
Risk considerations for pre-finance
- Pre-export to finance grower/producer
- Production and delivery conditions determining contract outcomes
- ‘Push’ factor for success of pre-finance
- What can go wrong?
- Ownership of the commodity asset
- Licenses, export quotas. foreign currency controls
- Pre-payment finance
- Limited recourse: Absence of obligation to reimburse in full upon producer’s failure to deliver
- Difference between pre-financing and pre-payment
- Tolling finance
- Performance and country risks
- Protection against non-delivery by processor
- Security interests of financier
- Insurance solutions
Case study: Metal smelting and refining
Case study exercise: Medium term pre-financing of a metal smelter
Day 3Focus on Warehouse finance
Storage of commodities
- Warehousing considerations
- The business case for warehousing
- Use of a bonded warehouse
- Separating warehouse finance from warehouse receipts finance
- Problems with pledges over inventory stocks, physical dispossession
- Nature of a warehouse receipt; is it a document of title or only evidence of receipt?
- Legal infrastructure required to support warehouse receipt finance
Case study: Distribution of imported grain
Repo finance against commodities traded in a liquid, well-ordered derivative market
Collateral management arrangement
Review of a collateral management agreement (CMA)
Liability of a collateral manager
Case study: Sugar refining/ Petroleum storage
Case study exercise: Designing a credit line for an emerging market borrower
Subsidiary topics essential for competent handling of commodities trade finance
Alternative financing methods
- ‘Switch’ trade
- Clearing currencies and escrow account trade
Case study: Capital goods import
- Incoterms 2010
- Flag of vessel; avoiding sanctions
- Liner & Chartered vessels
- Obligations of shipper/charterer and vessel owner
- Loading and discharge of cargo
- Documents representing goods
- Documents of Title; title, negotiability and endorsements
- Principles of marine insurance
- ICC A/B/C, seller’s risk cover
- Security over insurances (assignment vs. loss payee)
Political and Credit Risk Insurances
- Why do banks need political risk insurance cover?
- Contract frustration
- Confiscation of assets
- Covering risk of default in payment by buyer
- OTC versus exchange-traded contracts
- Link between cash and futures markets
- Understanding contracts to hedge
- Price risk management in commodity trade
- Benefits of hedging for the borrower and lender
Case study: A hedging example
Mishaps in Structured Trade Finance
Course summary and close
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
BiographySrinath Keshavan is a Trade Finance practitioner with 32 years experience in the Asia-Pacific region. His experience encompasses both commercial and financial aspects of International Trade. He worked for many years in Bills, Banking Operations and Credit & Marketing Departments of an international bank in Hong Kong SAR. Since 1991, he has been associated with commodity-trading firms in Singapore as Head of Trade Finance and Risk Management. His expertise relates to structuring financial arrangements for international trade transactions, raising credit lines and managing banking relationships. He heads a trade finance consultancy in Singapore. His seminars provide clarity over technical concepts and offer participants the opportunity to reinforce their own understanding of the subject through practical illustrations.