When is a Sale of Commodities Not a True Sale?
Trade Finance Breakfast Seminar ─ April 23, 2015 Geoff Wynne looked at financing structures involving commodities and in particular repurchase (repo) arrangements and the associated recharacterisation risks. He considered the arguments made by the parties in Citigroup v. Mercuria Energy Trading Ltd (involving the Qingdao warehouse), and the lessons that can be learnt from that case.
When is a sale of commodities not a true sale?
View PDF of the presentation.