2026 BAFT Letters of Credit (LC) 101: Foundations of Commercial & Standby Letters of Credit
The BAFT LC 101 Training Workshop is a practical, entry-level program designed for professionals who are new to trade finance and trade operations. Delivered virtually over two half-day sessions, this small-group workshop provides a structured introduction to the fundamentals of Commercial Letters of Credit and Standby Letters of Credit, helping participants build a strong working understanding of how these instruments function in real-world transactions.
Designed as an effective onboarding tool for new employees, the workshop combines clear explanations, real-life examples, and interactive discussion led by experienced trade finance experts. The class size is intentionally limited to 25 students to ensure meaningful interaction, time for questions, and direct engagement with subject-matter experts—early registration is strongly encouraged, as seats are limited.
Key Learnings
Participants will gain:
Who Should Attend
This workshop is designed for:
All times are in Eastern Time (ET)
8:00 AM – 8:10 AM
8:10 AM – 8:45 AM
Key concepts and structure
Outcome: Participants understand how an LC works and who does what.
8:45 AM – 9:15 AM
How transactions actually flow
Mini example: Matching Incoterms to documents required.
9:15 AM – 10:05 AM
Document literacy — the heart of LCs
Practical focus:
10:05 AM – 10:15 AM
10:15 AM – 10:55 AM
Operational and compliance realities
Optional exercise: Spot the discrepancy (1–2 examples).
10:55 AM – 11:30 AM
Protecting the transaction and the institution
11:30 AM – 11:55 AM
When and why banks use enhancements
Positioning: Awareness-level, not deep structuring.
11:55 AM – 12:00 PM
All times are in Eastern Time (ET)
8:00 AM – 8:10 AM
8:10 AM – 8:55 AM
Interactive: Quick scenario discussion
8:55 AM – 9:35 AM
Interactive: Poll or short Q&A
9:35 AM – 9:45
9:45 AM – 10: 40 AM
Interactive: Drafting red-flag examples
10: 40 AM – 11:25 AM
Interactive: Operational Q&A
11:25 AM – 11:55 AM
Discussion: Risk considerations and use cases
11:55 AM – 12:00 PM
All prices are in USD.
| Registration Type | Early Bird Rate (Until March 13) |
Regular Rate (After March 13) |
| Member | $899 USD | $999 USD |
| Non-member | $1099 USD | $1199 USD |
Planning to send 4 or more attendees from your institution? Please contact [email protected] for group pricing.
Normand Girard is Director, Global Trade Operations for BMO. He is responsible for the Bank’s processing of all trade finance products in North America and Europe as well as process oversight in Asia. Mr. Girard has 35 years of experience in Global Trade Operations at BMO. During his career with the Bank, he has covered every role in Import, Export, Standby Letters of Credit and Collections as well as integral operations leadership roles throughout the evolution of BMO’s trade finance business. He has been Chair of the BAFT Southeast Committee from 2011 to 2017. He is a Certified Documentary Credit Specialist and currently Chair of the BAFT National Commercial Letter of Credit Committee since 2017.
Ms. Kristine Siebel retired in 2022 after 45 years in the Letter of Credit world. At retirement she was a Vice President at Societe Generale in their Trade Finance Group, previously she had been a Senior Credit Officer for Royal Bank of Canada responsible for their Captive Reinsurance Business in New York. Prior to joining RBC, Ms. Siebel was Assistant Vice President and Standby Letter of Credit Risk Officer for JPMorgan Chase Bank in New York. Ms. Siebel began her career in Trade Services with JPMorgan Chase’s predecessor bank Manufacturers Hanover Trust Company. Ms. Siebel has extensive experience in both the issuance and the risk aspects of Standby Letters of Credit. She has been a member of the BAFT North American Standby Letter of Credit Committee since its inception in 1994 and was the Chair of the committee until her retirement. At this time she is also an Honorary Member of BAFT.