ITFA MPC seeks your input by latest 21 June 2019 on the new BAFT MPAs

Further to the release of the latest BAFT English law MPA (released in September 2018) and subsequent New York law version last week, we are aware that widespread adoption of the new templates is crucial for simplifying how the secondary market for trade finance operates.

There are significant benefits to be gained from driving new market standards, in particular reducing negotiation time and related costs. ITFA strongly believes that it is in the members’ interests to avoid making changes to the main body of the new MPAs, and that changes can and should be restricted to the Offer and Acceptances (which is when they are most relevant, i.e. at the transactional stage).

In order to reduce the knowledge gap that may be limiting their adoption in this manner, the ITFA Market Practice Committee (MPC) therefore invites you to submit any general queries that you may have regarding the concepts in the new documents.

Equally, we would be pleased to hear from any of you that have adopted the document “as is”.

Please respond by latest 21 June 2019. The MPC will then select the key recurring topics and address them through a Frequently Asked Questions reference document that will be hosted on the ITFA website.