Each week the international financial press publishes articles on how developments in information technology will change the face of international trade. Banks, traders and shipping companies announce new blockchain projects. Fintech companies launch new platforms for trade finance. Established providers of electronic trading systems sign up more members. In all this publicity for new projects, one question is rarely addressed. Can the law keep pace with developments?
The survey has been coordinated by Stephen Tricks and Robert Parson of Clyde & Co LLP in London. We are grateful to the members of the ICC Banking Commission Legal Committee who helped drive this project forward. We would also like to thank all those colleagues in Clyde & Co’s offices and associated offices who have contributed to the survey. Particular thanks are due to the other lawyers and law firms who have contributed to the survey. They are:
The responses from each of the ten jurisdictions are set out in the appendices to this report. Contact details for the contributors are at the end of each respective appendix.