Since the late 1800's the bill of exchange has been one of the most prominent financial instruments used for the purpose of facilitating international trade. However, in response to the advance of globalisation that took place within the latter part of the twentieth century, there has been an increase in the national and international legislation and regulations that have been applied to these instrument.
The aim of the current paper is to provide an overview of
the current legislative environment within which bills of
exchange operate. It further considers the advantages and
disadvantages of adopting this instrument as a means of
payment protection within the varied international
environment, before reaching a conclusion as to its
application in this context.