Looking ahead in the Nordic region

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21 June 2010

Alexander Malaket moderates a roundtable discussion held in Stockholm and hosted by BNY Mellon Treasury Services (EMEA).

The session, focusing on trade finance in the Nordic region, was hosted by Colin Robertson, managing director, treasury services EMEA, nd by Fiona McBride, vice president, market development at BNY Mellon, and was once again moderated by Alexander Malaket, president of OPUS Advisory Services International. Roundtable participants included Carl Nyquist, vice president and senior advisor, trade finance at Swedbank, Patrik Zekkar, head of trade finance, Sweden at SEB, as well as Urs Kern, senior manager, EMEA, SWIFT, based in Frankfurt.

In the context of a broad discussion around current developments in trade, cash and transaction banking, the group explored numerous themes, in line with previous roundtables hosted by BNY Mellon, but with a decidedly Nordic focus – and with the broad additional perspective provided by Kern from SWIFT, which enabled the group to explore some global developments, and to review the state of the Trade Services Utility (TSU), as well...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%