ITFA Primary Market Guide expected soon

The eagerly awaited ITFA guide to the primary forfaiting market is expected to be released before the September conference in Prague.

At a 6th May presentation at the offices of City of London lawyers Denton Wilde Sapte, Denton’s partner Simon Cook and ITFA Market Practice Committee Co-Chairman Sean Edwards introduced the first draft of the Primary Market Guide.

They explained that the document, which deals with the origination phase of forfaiting transactions and is now in its second draft, recognises the evolution of new structures in the market and the steady stream of new market participants from all over the world now becoming involved in forfaiting.

The Guide aims to be an educational tool, the goal of which is to maintain best-practice market standards in forfaiting and foster a consistent approach and operating environment. It is not intended to act a rulebook in the way that ICC’s UCP does for documentary credits.

We expect the Primary Guide to be finalised before the ITFA Conference in Prague in the first week of September.

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