Commissioner Michael Barnier, responsible for internal market and
services in the European Commission, has provided a letter to both
the IRTA Europe chairperson Dorottya Szaba and to David Wallach,
president of the International Reciprocal Trade Association.
The letter outlines the recognition of a trade credit, i.e. when a
trade exchange uses the IRTA �model contract� with their membership
base for the clearing of goods and services. More importantly, it
asserts that the trade credit will not be considered a security.
This letter of announcement is a major advancement for the
commercial trade exchange industry in Europe, because trade credits
will not be considered a security.