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- TTP Liquidity Brief | Issue 63 - A $10 trillion mystery, suitcases of cash, and a world champion
TTP Liquidity Brief | Issue 63 - A $10 trillion mystery, suitcases of cash, and a world champion
Plus financial crime, private credit, capital relief, and El Niño
Carter Hoffman
July 20, 2026
🌟 A note from the Deputy Editor
Well, that’s the end of that - another World Cup in the books! Enjoy the celebrations (or take solace in the fact that you’ll have another go in four years’ time). We’ve made our country of the week selection in honour of this year’s champions.
Away from the pitch, our slow read takes a stab at answering what is somehow one of the trade finance industry’s most difficult questions: just how large is the market? Some estimates stretch into the trillions, but inconsistencies and large gaps in the available data mean that no one can say with much certainty where the true figure lies. I’d encourage you to give it a read.
Elsewhere, we explore financial crime risks in free trade zones, the realities of SBLC risk transfer, the relationship between private credit and trade finance, and whether banks may be overlooking opportunities for capital relief. We also look at why moving money still requires a suitcase in some parts of the world, and what El Niño can teach us about supply chain disruption.
From the studios, we spoke with Swiss Re’s Chief People Officer to discuss how the insurance sector can close its skills and talent gap, while our latest podcast examines Ameriabank’s local-currency green leasing model.
As always, there’s plenty to read, watch, and learn.
Until next time — back to business.
— The TTP Editorial Team
Country of the Week: Spain
Did you know that Spain, this year’s World Cup champion, once minted the world's first truly global currency? From the 16th to the 19th century, the Spanish dollar, also known as the "piece of eight", was accepted across Europe, Asia, and the Americas. So widely trusted was the coin that it even influenced the creation of the US dollar. Its relief, featuring the Pillars of Hercules with a ribbon wrapped around them (forming an "S" shape), is widely believed to be the origin of the modern dollar sign ($).
Spain trade stats (2024):
Total exports: $397B | Total Imports: $453B |
Largest export destination: France ($55.6B) | Largest import partner: Germany ($52.2B) |
Largest Export: Cars ($42.6B) | Largest Import: Crude Petroleum ($35.5B) |
Source: OEC
Slow Read
The $10 trillion question: why no one really knows the size of the trade finance market
By: Tim Staheli
Ask the trade finance industry how big it is, and it will tell you. The number is usually around $10 trillion, and always rising. Eighty per cent of world trade, according to IMF BAFT surveys conducted between 2007 and 2010, relies on some form of trade finance – letters of credit, loans, guarantees – to get goods from seller to buyer. These figures circulate at conferences, appear in regulatory submissions, and are repeated until they take on the quality of fact.
Marc Auboin has spent longer scrutinising them than almost anyone else. As the Head of the Trade and Macro-Finance Unit in the Economic Research and Statistics Division of the WTO – and the person who follows trade finance in the institution’s Secretariat – he has expertise on what the data behind these numbers actually shows. His assessment is not reassuring: “There’s no consistent source of data in international trade finance.”
Trade digest
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Topic of the week: Documentary credits
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