The ICA Annual International Cotton Trade Seminar

Liverpool 15 - 26 May 2006

For a leaflet of 2006 Seminar, please click here (pdf file 296k).

The Seminar is a comprehensive two-week course, conducted in English, designed to provide delegates with an insight into all aspects of raw cotton trading. The Seminar will be of particular benefit to the younger Executive representing Cotton Merchants (both international and domestic), Agents, Exporters, Importers, Ginners, Spinners and other allied trades. All are welcome to apply and the Association particularly encourages delegates to share their own experiences and contribute positively to the discussions.

The International Role of the ICA

The objectives of the LCA; facilities and services made available to Members and non-members; its role as an arbitral authority; the Trading Rules; arbitration under LCA Bylaws and English Law.

The Principles of Contracting

The principles of cotton contracts; the need for clarity in written contracts; the legal implications of contracts; settlement of disputes.

Contract Law

The formation of a contract, offer and acceptance; terms, express and implied; error and misrepresentation; discharge of contract; contracts of sale and agency.

Documentary Letters of Credit

Types of credit and contract; customs and practice; transport of documents; settlement; common faults in documents.

Finance

Methods of raising finance; invoicing in foreign currency; foreign currency borrowings; forward foreign exchange contracts; exchange rates; exchange risk; selling and buying currencies forward; sample transactions.

Marine Insurance

Definition of a marine insurance contract; principles of insurance, indemnity and good faith; types of policy; warranties; types of loss; measures of indemnity, claims; cargo insurance clauses.

Carriage of Goods

Types of Bills of Lading and their function; Hague-Visby and Hamburg Rules; Conventions relating to international transport.

The Principles of Futures and Options Trading

Futures and options contracts; the mechanics of trading; hedging; spreads and straddles; Clearing and Commission Houses; tendering; basic market analysis.

Instrument Testing

Principles of fibre testing; demonstration of instruments; application of test results in the cotton industry.

Practical Comparison of Cottons

Examples of grades and staples, quality arbitration and the application of value differences.

Trading Game

Delegates will have the opportunity to consolidate the fundamentals of futures and options and incorporate principles from other subjects covered during the Seminar in a team Trading Game.

Dispute Resolution Practical Scheme

A practical scheme has been included in the Seminar to increase delegate's understanding of dispute resolution procedures.

Risk Management and Control

A presentation and discussion to examine the uncertainty in the commodity market and to help delegates determine how best to manage exposure to uncertainty and to minimise risk. Delegates will have an opportunity to react and debate solutions proposed by the presenter.

General Information

Dates and Applications

The next Seminar will take place in the period of 15th to 26th May 2006.

Accommodation and Travel

Delegates who are not resident in the Liverpool area will be accommodated in the Holiday Inn. Travel arrangements and expenses to and from Liverpool for the Seminar will be the responsibility of each delegate or their sponsor.

Social

In past years, all the delegates have been entertained by Liverpool based Firms during lunchtimes and evenings and this provides an ideal opportunity to meet with members of the Cotton Community and establish new contacts in the industry. Arrangements for local area tours of interest will also be made.

Fees

The Fee for the course is £2,850 for members of the LCA or employees of Registered Firms and £3,250 for employees of non-registered firms. This price includes: the cost of accommodation, on a bed and breakfast basis, from the night of Sunday 14th May up to and including the night of Friday, 26th May; lunch and refreshments on working days; the cost of visits and transport between events during the Seminar.