Financial Markets Commentary
It was an event a year ago that presaged the biggest story of 2017’s fourth quarter. In October 2016, Australia’s Brighann Cotton sold 88 bales of cotton from their Texas affiliate to a client in China. It wasn’t carried out in a routine way by obtaining letters of credit from the relevant
banks in each country. That process has become prohibitively complex for all but the largest corporations who have their financing denied more often than not. Recently established international banking regulations require the banks issuing those letters to carry more of the risk