The Electronic Bill of Exchange Concept from an International Perspective

The aim of the article is to examine the structures of electronic bills of exchange. It also includes an analysis of the proposed shape of an electronic bill of exchange prepared for the needs of the Polish legal system by the Working Group for distributed registers and blockchain, operating at the Ministry of Digitalization. The comparative and dogmatic methods were used for the analysis. According to the hypothesis put forward by the author, the introduction of the construction of an electronic bill of exchange to the Polish and foreign legal systems is necessary to maintain the functioning and importance of bills of exchange among securities that are traded in the economy. However, the implementation of an electronic promissory note requires appropriate legislative changes, as the current legal status does not allow for an unambiguous statement of the possibility of issuing them.

THE STATUS OF A POST-DATED CHEQUE PRIOR TO THE POST-DATE

Electronic payment seems to be taking over but cheques are still used for valid reasons. Post-dated cheques are used for reasons such as making an advance payment, securing future payment at a future time, etcetera. However, the status of post-dated cheques prior to the post-date has been questionable since many years ago. The consumers who were affected by this situation were for decades placed in a quandary since the courts had been unable to resolve the uncertainty. This article is an analysis of the status of post-dated cheques prior to the post-date according to the South African law of negotiable instruments. A comparative study of English law is undertaken since the South African law of negotiable instruments is derived from the English law; hence the English law position is imperative and influential in regard to the South African law of negotiable instruments. Consideration is given to the South African and English legislation for the definitions of concepts such as a bill of exchange, cheque, payable on demand, etcetera. It will be shownthat post-dated cheques are regarded as demand instruments and thus valid cheques in both South African law and English law.

Part II Trade Finance Technology, 9 The Electronic Bill of Exchange and Its Use in International Trade

This chapter explores the ‘electronification’ of bills of exchange in connection with their use as credit and payment instruments in international trade. The chapter observes that the infinite number of international trade participants spread throughout the globe at different stages of technological development militates against the feasibility of a common, universal, and worldwide technological platform for handling electronic bills of exchange. Instead, particularly by reference to the extensive experience in the US in relation to the ‘electronification’ of cheques, the chapter proposes that a robust and flexible legal frameworkbe implanted in the Bills of Exchange Act, and used as agreed, to cover electronic presentment of bills of exchange and the exchange and negotiation of substitute bills, bills images, and electronic bills.

Analysing the Sway of Cash Instruments in the Indian Financial Market Context

There are basically four types of financial instruments viz. a bank deposit, a bill of exchange, a bond, and equity. As a result of a steady stream of financial innovations in today’s time, the market landscape is far less sparse-and far more complex to evaluate. Financial instruments are termed as the financial products which are tradable as packages of capital, each having their own unique characteristics and structure. The wide collection of financial instruments in today's marketplace allows for the efficient flow of capital amongst the world's investors. Financial instruments are legal documents that embody monetary value. There are a number of different types of documents that are properly identified as a financial instrument. There are different types of financial instrument, like cash instruments or derivative instruments.

Bill of Exchange Objections

Bill of exchange, promissory note and cheque debtors have the right to make objections in order to lawfully refuse to perform their duties.

Cases of conversion of the civil legal act in terms of obligations

The conversion, as a way of correcting the causes of nullity of the civil legal act, which consists in capitalizing in a transformed manner the manifestation of valid will expressed in a civil legal act struck by nullity in a subsequent civil legal act, has applicability in various matters of civil law. This paper focuses on the identification and analysis of conversion hypotheses in the field of civil obligations, which can be deduced from the norms of the Civil Code. Thus, the author noted that the manifestation of will, which, void as alienation, may be worth pre-contract of alienation, and to this hypothesis of conversion the author attributed the conversion of a legal act of disposition on a good, concluded in violation of the prohibition of alienation and with the violation of the inalienability clause, as well as the conversion of legal alienation of a common property made by one spouse without the consent of the other spouse. There is also a case of conversion of the legal act in the situation in which an act of constituting an autonomous personal guarantee struck by absolute nullity will be able to be valid as an act of constitution of a surety. The conversion can also take place in case of nullity of the bill of exchange, which can be valued as a writing certifying a claim (confirmation of debt).

The Wisselbank and Amsterdam Price Volatility: A fractal test of the Austrian fractional-reserve banking hypothesis

Using 1708-1788 historical data, we test the Austrian hypothesis that fractional-reserve banking destabilizes commodity prices, complicating eco­ nomic calculation and entrepreneurial planning, and contributes to boom-bust cycles. The Bank of Amsterdam («Wisselbank», 1609-1819) maintained high reserve requirements until the Fourth Anglo-Dutch War (1780-1784), when its reserve ratio plummeted from nearly 100% in 1778 to around 20% by 1788. We compare price volatilities for 1722-1779 and 1780-1788 using fractal Hurst exponents. For all commodity prices tested, fractal volatility was higher during the lower fractional reserve period, except for rye, wheat, and Hamburg Bills of Exchange. Bill of Exchange stability was likely attributable to Hamburg transport ships’ ability to evade British incursion and to the Wisselbank’s legal monopsony in the secondary commercial paper market. However, rye and wheat prices — directly indicative of bread prices — generally (and contrary to Austrian theory) stabilized even though British blockades significantly re­ duced Dutch bread grain imports. We attribute this unexpected result primarily to emergency wartime provision by the Amsterdam municipal granary. The Wisselbank experience may confirm, or at least does not clearly falsify, the economic relevance of the Austrian Fractional-Reserve Banking Hypothesis. Keywords: Fractional reserve banking, monetary expansion, price stability, equilibrium. JEL Codes: E42, E44, N13, N23, N83. Resumen: Analizando los datos históricos correspondientes al Banco de Áms­ terdam de 1708 a 1788 concluimos que la evidencia empírica confirma (o al menos no refuta) la hipótesis austriaca sobre los negativos efectos de la banca con reserve fraccionaria. Palabras clave: Banca con reserva fraccionaria, expansión monetaria, estabili­ dad de precios, equilibrio. Clasificación JEL: E42, E44, N13, N23, N83.

The formation of money circulation in Russia: introduction of the metal system and banking supervision

The authors show the historical transition from the use of local money, in fact, reflecting the commodity turnover to an instrument of an emissive nature. The article describes the historical transition from bimetallism to the paper and bill of exchange forms of money circulation. it is shown that the money supply after the 1840s became a source of formation of credit funds, which ensured the need for the emergence of a system of banking supervision.