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Tuesday, October 16, 2018

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News > World

ICC Banking Commission announces long-term agreement with GCD

Theo Osborn | 07:29 Wednesday 10th October 2018

The International Chamber of Commerce (ICC) Banking Commission has signed a long-term partnership with Global Credit Data (GCD) to strengthen analysis within the ICC Trade Register.

The ICC claims that the trade register provides an objective and transparent view of the credit risk profile and characteristics of trade and export finance.

The partnership will see GCD manage and oversee the collection of credit-related data from the 22 member banks in the trade register.

The ICC and GCD will also be able to provide more granular data and detailed benchmarking reports to member banks.

Krishnan Ramadurai, chair at the ICC Trade Register, said: “The ICC Trade Register is an indispensable tool for the global banking system and policymakers, enhancing market understanding of the nature of trade finance and contributing to informed policy and regulatory decision making.

“This agreement with GCD – which is at the forefront of data collection and analysis – will allow us to further develop and evolve the ICC Trade Register as the go-to source for quality and trusted data, which can be used for robust analysis.” 

David Bischof, senior policy manager at the ICC Banking Commission (pictured above, left), added: “There is a direct and critical link between the availability of timely and affordable trade finance and the conduct of international trade.

“Since its inception, the ICC Trade Register has been instrumental in promoting dialogue and advocacy around trade finance as an asset class in its own right.” 

Philip Winckle, executive director at GCD (right), commented: “Extending our work with the ICC Banking Commission on this market-leading project will improve the quality of trade finance credit data for the market and for our members.

“This will help banks better understand the risks they take and better comply with regulatory rules, such as the Basel framework.” 

 

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