Best Trade Bank in Australasia

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23 July 2009

Keeping clients in shape

Winner: ANZ Highly commended: Westpac This is a new category for the Awards for Excellence following reader feedback from 2008’s awards. There was solid voting from the region and we expect this to become as hotly contested as some of the other categories such as Japan and Hong Kong. Exports of natural resources, equipment and technology are all vital to the economies of Australia and New Zealand and there is keen support from export credit agencies, EFIC and...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%