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Trade reflects on a turbulent year
05 October 2009
SIBOS 2008 in Vienna opened its doors on the day of the Lehman Brothers collapse. One year later in Hong Kong all delegates had to deal with was a rather symbolic typhoon on day one. Oliver O’Connell reflects on how trade finance has become caught up in the globalisation debate.
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Trade finance Sibos
downturn Sibos
Sibos 2009 Hong Kong
trade finance recovery
corrugated recovery
protectionism
trade finance globalisation
Trade finance was very much front and centre of this year’s SIBOS conference in Hong Kong, and justifiably so due to the countercyclical nature of the sector and the widely held belief that trade will lead any recovery. With trade and supply chain finance being seen as vital to helping counter the global downturn, banks are now trying to ascertain what potential pitfalls may lie ahead and what lessons can be learnt from the past year. Indeed with credit still being hard to come by, could the real problem lie in the meeting demand when the recovery comes?
Speaking on a panel session entitled ‘Demand or supply: Will the shortage of trade credit reverse globalisation?’, John Ahearn, managing director of supply chain management, structured trade and asset optimisation at Citi, observes: “There is clearly a problem with credit today – it is still very difficult to come by. I...
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