The votes for the TFR Excellence in Trade Finance Awards 2015 have at last been counted, sense-checked and the result has quite a few reappearances from last year, but also some impressive new climbers onto the podium.
When it because obvious that Marc Auboin was going to run off with the TFR Fellowship Award, I reflected on how much the WTO's economic counsellor had done alongside Pascal Lamy (our 2013 Fellowship Award winner) to get a better deal for trade with regulators. The work of the WTO Trade Finance expert group continues with current director general Roberto Azevedo's support and it is addressing the very real problem of the shortfall in frontier markets.
Commenting on his endorsement in this year's awards, Auboin told TFR: “Trade is moving to new 'frontier' countries, in particular in Africa, developing Asia, smaller Latin American countries, in which the local financial sector may not be developed enough to support that new trade. Lack of links of these countries with the international financial system would make their integration into world trade more difficult. This is why it is important to know whether de-risking has a net negative effect on that new trade – something that is not established as of now. A study has been launched by the ICC, and the World Bank seem also to be interested. We should also help close the knowledge gap between developed and developing countries on trade finance, which explains WTO interest in the ICC Academy and other capacity learning initiatives such as those of the Berne Union and the multilaterals. We should continue to monitor markets and develop our ability to read markets well – if we are to act swiftly when the market conditions get tighter. We have no shortage of issues to keep track of, and hopefully of solutions to offer"
When it comes to bank behaviour, the cost of compliance and de-risking behaviour has affected voting in some quarters which is why we have a very different line-up for some of the high profile awards such as "Best Trade Bank in the World" and "Best Trade Bank in Russia and the CIS" than we did three years ago. Surpluses of liquidity, low interest rates, plus a nervousness about repuation have combined to make banks cautious about some markets and deals. This has affected voting. Banks that have remained there for their customers during difficult times, however, have been recognised, illustrated by HSBC's retention of the Best Trade Bank in the World award and Commerzbank wresting the Best Trade Bank in Central and Eastern Europe from last year's winners, UniCredit.
Further details about each award will follow in a few weeks once placed organsiations have had a chance to get their comments to us. A spreadsheet detailing the six highly commended organisations in each category is available for download.
Don't forget that this year, all gold, silver and bronze winners are invited to join ourselves at TFR and BAFT at the BAFT Global Trade Finance conference in Chicago on 9-11 September to collect presentation certifcates with a photo call during the conference lunch.
Any queries don't hesitate to contact firstname.lastname@example.org but please don't complain about the placings! A lot of thought has gone into them and they reflect the mood of the market.
|TFR Fellowship Award||Marc Auboin, World Trade Organization|
|Best Trade Bank in the World||HSBC||Citi||ABN AMRO|
|Best Bank in Structured Commodity Trade Finance||Deutsche Bank||Société Générale||ING|
|Best Trade Bank in Metals and Mining||ING||Deutsche Bank||Natixis|
|Best Trade Bank in Oil and Energy||HSBC||ING||Société Générale|
|Best Trade Bank in Soft Commodities||Rabobank||ABN AMRO||ANZ|
|Best SME Financier||HSBC||BNP Paribas||ICBC|
|Most Innovative Trade Bank||BNY Mellon||Citi||BofAML|
|Best Online Trade Provider||Citi||Standard Chartered||Bank of America Merrill Lynch|
|Best Trade Bank in Africa||Ecobank||Standard Bank||The Access Bank UK|
|Best Trade Bank in Latin America||Santander||BBVA||HSBC|
|Best Trade Bank in North America||Bank of America Merrill Lynch||Wells Fargo||Citi|
|Best Trade Bank in Western Europe||BNP Paribas||HSBC||ABN AMRO|
|Best Trade Bank in Central and Eastern Europe||Commerzbank||UniCredit||Raiffeisen Bank|
|Best Trade Bank in Russia and the CIS||Sberbank||VTB||SocGen Rosbank|
|Best Trade Bank in Asia Pacific||HSBC||ANZ||DBS|
|Best Trade Bank in the Middle East||HSBC||NBAD||Abu Dhabi Commercial Bank|
|Best Local Trade Bank in country||Itaú Unibanco||ICBC||Sberbank|
|Best Bank for ECA-covered finance||HSBC||Citi||J.P Morgan|
|Best Export Credit agency||Hermes Cover||Sinosure||Coface|
|Best Development Finance Institution||ADB||IFC/EBRD (silver)||AfDB/Afreximbank|
|Best Specialist Trade Finance Institution||Falcon||Texel||Scipion Capital|
|Best Forfaiting Institution||London Forfaiting||UniCredit||HSBC|
|Best Factoring Institution||FIM Bank||Société Générale CGA||BNP Paribas Commercial Finance|
|Best Bank Trade Services Provider||BNY Mellon||Citi||Wells Fargo|
|Best Non-Bank Trade Services Provider||SWIFT||ICC Banking Commission||BAFT|
|Best Provider of Supply Chain Finance||Wells Fargo||Citi||Bank of America Merrill Lynch|
|Best Technology Vendor||Misys/MIT||Surecomp||China Systems|
|Best Trade Credit Broker||BPL Global||Willis||Marsh|
|Best Trade Credit Underwriter||Swiss Re Corporate Solutions||Zurich||AIG|
|Best Law Firm in Trade Finance||Sullivan & Worcester||Hogan Lovells/Clyde & Co||DLA Piper/Norton Rose|
|P22-23 TFR July Aug 2015.pdf||847.25 KB|
Followers of these awards will have observed that the positions of the Best Technology Vendor have changed. This is because an irregularity in voting has recently come to light involving incentives for voting - a practice against the spirit of these Awards - and some adjustments have had to be made.