AA, A1

The guarantee institution ETC Export Trading Cooperation benefits from the following public rating: Long term AA and Short term A1.

These ratings were issued by the pan-African rating agency Bloomfield Investment Corporation.

To this end, ETC’s public rating can be used for regulatory purposes within the African Union.

Please find ETC’s Public Rating through Bloomfield Investment Corporation.

Click to learn more

ETC Export Trading Cooperation is an active member of SWIFT (Society for Worldwide Interbank Financial Telecommunication) under category 2 called NOSU (Non Supervised Entity active in financial industry), with its BIC (Business Identifier Code) ETCGIT2T.

Thus, the institution is able to exchange authenticated interbank financial messages with banks and other financial institutions (Example: letter of credit, stand-by letter of credit, documentary remittance and others).

NON-SUPERVISED ENTITIES ACTIVE IN THE FINANCIAL INDUSTRY (NOSU)
ETC Export Trading Cooperation is an entity active in the financial sector (NOSU):

Main activities of NOSU:

• Provide payment, securities, banking, financial, insurance or investment services or
  activities to Supervised Financial Institutions and/or third parties unrelated to NOSU.
• Provide services to supervised financial institutions and/or third parties unrelated to NOSU, whose services take charge of the processing of financial transactions in means of communication and processing of information. Which services require the sending of messages in the own name of the NOSU.

Specificities of NOSU

• Legal person duly constituted, validly existing and duly organized
• Financial strength and compliance with applicable laws and regulations
• Subject to regular audits in accordance with internationally recognized accounting standards by a company independent audit
• Majority owned by entity(ies) in the Supervised Financial Institution (SUPE) category
• Or recommended by three entities in the category of Supervised Financial Institution (SUPE) unrelated to the Non-Supervised Entity active in the financial industry (NOSU).

The hedging instrument proposed by the ETC group is mainly the autonomous guarantee, materialized via message interbank SWIFT MT760 in accordance to the standards of the International Chamber of Commerce: Uniform Rules for Demand Guarantees (URDG) for the guarantee and ISP for the Stand-by Letter of Credit. Therefore, it represents a commitment, by signature, irrevocable which is equivalent to a direct claim for the beneficiary.

The hedging instrument proposed by the ETC group in Trade Finance operations with correspondents is Risk Sharing, according to an MRPA (Master Risk Participation Agreement). Each risk taken is materialized via message interbank SWIFT MT799.

ETC Export Trading Cooperation adopts a business organization model in accordance with the Legislative Decree of June 8 2001, no. 231, in execution of the law of September 29, 2000, n. 300, introduced in Italy by the discipline of responsibility administration of legal persons, companies and associations and, among other things, the fight against corruption.

It is part of a vast process of ratification of certain international conventions previously signed by Italy such as: the convention on the protection of the financial interests of the European Communities of 26 July 1995, the convention on the fight against corruption of May 26, 1997 and, finally, the OECD Convention on the fight against the corruption of the December 17, 1997.

Therefore ETC conducts a KYC – Know Your Customer process on each counterparty before the start of any activity.
In accordance with the European directive on AML – Anti-Money Laundering, CTF – Counter Terrorism Financing and ABC – Anti Bribery and Corruption.