Share this

Online marketplaces: Going once, going twice

Global / 10-01-17 / by

Competition in the world of auction-based online platforms has stepped up a notch as new and very different players continue to launch to market. Could this attempt towards standardisation and commoditisation of trade finance be the model of the future? Shannon Manders reports.


Auction-based online marketplaces are not a new phenomenon. For years, GTR has been tracking the success of platforms such as the UK’s Platform Black and Sweden’s Fakturabörsen, which offer online services through which invoices can be sold. The common denominator in many of these earlier models was the fact that they focused on the finance-starved SME market.

Fast forward a few years, and we’re seeing more of these platforms enter the market, each with its own tailored offering. And while financial inclusion is still a driving force, these newer models are also attempting to solve issues relating to transactional efficiency – whether that be in terms of price or execution – technology and regulation: essentially addressing the needs of a changing environment. They are also increasingly seen as a viable method of managing portfolios and growing the asset class.

While some of the more traditional trade finance players still purport these offerings to represent only a small portion of the market, there’s no denying that they are gaining market traction.
US-based Liquid X, which touts itself as the “largest electronic marketplace for trade finance assets” and is purely large-cap focused, has hosted in excess of US$10bn of traded volume and processed US$40bn of payments. Its volumes are growing by over 90% a year.

“One of our biggest buyers is one of the big four British banks,” says Glenn Kocher, the company’s managing director. “This bank is just getting started in the US with its trade finance business and uses us in a very significant way to source its assets.”

Swedish start-up Mitigram, which supports risk and finance pricing of instruments such as export letters of credit (LCs), standby LCs, international guarantees and avalised drafts, claims to have facilitated over US$1bn of trade finance in 69 countries in less than 16 months.

A relatively recent convert to these platforms is Lufthansa: a couple of years ago, when the German carrier sought a supply chain finance solution, it chose an auction system over a single-bank solution. In doing so, it became the pioneer customer of CRX Markets, a German start-up that had, at that point in time, not signed up any formal deals. The “competition approach” offered by the platform, Lufthansa head of supply chain finance Alexander Pawellek said at a recent conference in Amsterdam, was in line with the company’s business on all fronts. They completed their pilot project at the end of 2015, and have since done their first live supplier trade. The platform, which expands the multi-bank offering through an auction platform where banks and investors compete for securitised payable bundles, provided Lufthansa with the “perfect set-up”, said Pawellek.


Niche players

Capital & Credit Risk Manager (CCRM) is one of the newest kids on the block: the platform is still being developed and is set to go live with its initial capabilities at the end of Q1 2017. CCRM presents an entirely different model in that it is a distribution platform for bank and non-bank financial institutions: its focus is purely on the secondary market.

“It’s a platform that supports banks to succeed by enabling syndication and distribution through technology,” says CEO Ka-Kit Man, who runs the business together with fellow former banker Kah
Chye Tan, out of Singapore.

As such, he explains, the platform helps banks buy and sell debt instruments to optimise their balance sheets for capital and credit relief and liquidity. They are currently working with 17 institutions – buyers and sellers, spread across 13 countries and all continents – to co-create the platform.

“There is a natural need and understanding that the current distribution market needs to modernise,” says Tan.

Although it has auction-type characteristics, CCRM is not designed as a bidding platform because, as Tan explains, there is still an “important relationship component” that exists when a bank is trying to sell an asset to another bank, insurance company, or fund manager. Sellers on the platform can choose who they would like to invite to provide them with a price for their asset.

The system is designed to make it more efficient to reach out to as many potential buyers as sellers choose, track in a visible and auditable way and compare the offers received on a transaction: essentially it circumvents the limitation of human capacity.

It’s a cradle-to-grave approach to distribution, says Man. “When you sell an asset, that is not the end of the process – you need to manage paying the fees, releasing your investors: there are many additional steps after the sell. And this goes for when there’s a non-payment situation too. The system keeps track of when the asset is sold, all the way to when it is paid – or even a default situation.”

What’s more, the platform addresses the non-standardised practices between – and even within – banks when it comes to managing the operational needs of the distribution process. With today’s compliance and regulatory requirements, this is a process that requires a “major refresh”, says Tan. “And that’s what this platform brings to the table: much tighter regulatory standards.”


Tallying the advantages

Of the many benefits that auction-based platforms bring is a structure for discovery of the true market price.

“The auction process allows you to define prices for risks that are very difficult to determine,” explains the product manager at one of the newer models – who asked not to be named. In fact, he says, the only possibility of achieving a fair and transparent price is through an auction – and one that has a good investor base. “If there are a number of interested parties, then the price should be good.”

Many of the platforms in the market today downplay the effect of pricing transparency: for one, in most of the auctions, although bidders can monitor the price as the auction progresses, they are often not privy to the final fee.

Moreover, price compression is often not the end goal, as Liquid X’s Kocher, also a former trade finance banker, explains: “If, during certain cycles, there is competition or compression around the asset, that’s fine: this is reflected in our prices. We don’t dictate the marketplace – we’re not going to beat up funders over the next basis point.”

The fact is that many of these platform providers believe that human interaction remains key.

“Let’s be realistic: everyone’s shopping around their relationship banks,” says Marcus Wade, founder and owner of Trade Asset Exchange (TAEX), a platform that has been around for a couple of years and currently counts more than 100 multinational corporate and large bank users from around the globe. But, he says, if banks clock their clients engaging on a platform and they have not been able to win any of that business, it would be an incentive for banks to pick up the phone and find out why this is the case.

The TAEX platform covers the full range of trade finance services, from the more traditional products such as LC issuance and discounting, through to supply chain finance, including receivables purchase facilities, as well as an option for bidding for deposits, the real-time issuance of term sheets, and more. It’s what Wade describes as a “virtual meeting room” in that it is a bidding platform, but does not extend all the way through to the execution of transactions. It is currently in the beta testing stage.

The portal “globalises trade finance in a way that hasn’t been done before”, Wade says: banks without a global platform, but with an appetite for risk, can use the portal to access clients all over the world. In turn, it brings about better access to finance for reliable corporates. “It’s also a very efficient way to get your one transaction out to multiple banks at the same time.”


At what cost?

But how much are users willing to pay for access to a more efficient way of engaging in trade finance? Most of the platforms that GTR spoke to for the purposes of this article make their money by charging a transactional fee on successful conclusion of a bid – except TAEX, which is currently running a promotion and available for free.

“The whole idea is to make it much more efficient for people to get involved. And if you’re paying more for your platforms than for your relationship managers, it doesn’t make sense,” says Wade.

However, he says that a “competitive” annual fee, dependent on the size of the institution, will be introduced in the future, after the beta testing phase has been completed. For corporates, it could be as little as €1,000.

Many bankers feel that, aside from the transactional or sign-up fee, the cost implications of joining these platforms are excessive. “You have to do a lot of episodic underwriting, unlike in relationship banking, where you underwrite on a periodic – once a year, or every six months – basis,” says Paul Johnson, managing director and senior product manager, trade and supply chain finance at Bank of America Merrill Lynch (BofAML).

Coupled with this, he explains, are the costs associated with compliance and regulation. “If you have to do one-off KYC, AML, etc, and you’re not sure of all the participants in the chain, the economics cease to be attractive.” This is the reason, he says, why a lot of the participants in these marketplaces are non-regulated banks: asset managers and private equity players do not face the same regulatory challenges that banks do.

Costs aside, for banks, the discussions around these platforms tend to boil down to a more fundamental debate on the merits of transaction finance vs relationship banking.

“Some clients are comfortable on any given day wanting the transparency on price – which they can get on these platforms. The problem is that on any given day, you can’t be sure that what you need is going to be available. So for most – not all – clients, they value relationship banking: the comfort of knowing there is a line of credit available and that pricing is set,” explains Johnson.

The idea that predictability is a missing factor for these platforms is echoed by some of the providers themselves – although, for platforms, a “buy it now” price is also available.

“The point is, you can’t have it all,” says our unnamed source. “Everything has its price,” he says: you can’t have maximum flexibility and also the certainty that you can sell – at any given time – everything that you have on your books. “If a client wants this security, then an auction-based platform is not the right choice.”


The highest bidder

As competition becomes even more fierce, platforms are doing a lot to differentiate themselves from their rivals. The introduction of insurance is one of the tools that they are looking to add to their kit.

Liquid X, for one, looks at correlating services: things that people who operate in the asset class will do, say, three minutes before or after they make a trade, says Kocher. It is in the process of developing a trade credit insurance capability that will enable users of the marketplace to request competitive quotes for a credit insurance policy at the same time.

“That applies to traditional funders, but also corporates who may be, on one hand, selling receivables from their book and, on the other, looking to insure pieces of that book and using the platform to source the trade credit insurance,” he explains.

GTR understands that Liquid X is currently working with a broker in the US to introduce a few of the monoline underwriters. It’s a move targeted for the first half of this year.

TAEX is also looking to open its portal up to insurance companies, multilateral development banks and export credit agencies. “Then the financial institution buyers can bid for these insurance-covered transactions as well,” says Wade.

The big question is, as with all third-party platforms, with various models springing up and all trying to offer the most superior services, how do potential users find the best fit? And, as there’s no clear leader of the pack – yet – will buyers and sellers interested in engaging with these marketplaces want to sign up to, and monitor, a handful of different platforms?

The more niche players are called one-trick ponies, and the platforms that offer a wide range of services are accused of trying to boil the ocean. And while we may soon witness the launch of a “super” platform that will usurp all of today’s offerings, consolidation is not yet on the horizon.

“We are not at that stage,” says CCRM’s Tan. “The market is sufficiently large – we are far away even from scratching the surface.” Until then, we are likely to see more and more platforms enter the market, mimicking their more successful predecessors and developing nuanced approaches that set them apart.

As these providers compete for users, and buyers and sellers, like Lufthansa, shop around for the option that suits them best, what must not be forgotten is that the platforms are but a tool for companies to support their core business – and not the fundamental business itself. When, for example, a buyer needs to move out their days payable outstanding in a meaningful way, technology is an important factor, but it is only one component; likewise, the funding is an important factor, but it too is only one cog in the wheel.


Tags: , , , , , , , , , , , , , ,

take me back


Recommended for you

Privacy Policy

Our privacy commitments

This Privacy Policy outlines the information we may collect about you in relation to your use of our websites, events, related publications and services (“personal data”) and how we may use that personal data. It also outlines the methods by which we and our service providers may (subject to necessary consents) monitor your online behaviour to deliver customised advertisements, marketing materials and other tailored services. This Privacy Policy also tells you how you can verify the accuracy of your personal data and how you can request that we delete or update it.

This Privacy Policy applies to all websites operated by Exporta Publishing & Events Ltd (as indicated on the relevant website).

This privacy statement does not cover the activities of third parties, and you should consult those third-party sites’ privacy policies for information on how your data is used by them.

Any questions regarding this Policy and our privacy practices should be sent by e-mail to or by writing to Data Protection Officer at, Exporta Publishing & Events Ltd, 4 Hillgate Place, London, SW12 9ER, United Kingdom. Alternatively, you can telephone our London headquarters at +44 (0) 20 8673 9666.

Who are we?

Established in 2002 and with offices in London and Singapore, Exporta Publishing & Events Ltd is the world’s leading trade and trade finance media company, offering information, news, events and services for companies and individuals involved in global trade.

Our principal business activities are:

  • Business-to-Business financial publishing. We provide a range of products and services focused on international commodities, export, supply chain and trade finance markets including magazines, newsletters, electronic information and data
  • Organisers of seminars, conferences, training courses and exhibitions for the finance industry

Exporta Publishing & Events Ltd is a company registered in the United Kingdom with company number 4407327 | VAT Registration: 799 1585 59

Data Protection Policy

This Data Protection Policy explains when and why we collect personal information about people who visit our website, how we use it, the conditions under which we may disclose it to others and how we keep it secure.

Why do we collect information from you?

Our primary goal in collecting personal data from you is to give you an enjoyable customised experience whilst allowing us to provide services and features that will meet your needs.
We collect certain personal data from you, which you give to us when using our Site and/or registering or subscribing for our products and services. However, we also give you the option to access our Sites’ home pages without subscribing or registering or disclosing your personal data.

We also collect certain personal data from other group companies to whom you have given information through their websites (including, by way of example, Exporta Publishing & Events Ltd and subsidiaries, in accordance with the purposes listed below). Should we discover that any such personal data has been delivered to any of the Sites, we will remove that information as soon as possible.

Why this policy exists

This Data Protection Policy ensures Exporta Publishing & Events Ltd:

  • Complies with data protection law and follow good practice
  • Protects the rights of staff, customers and partners
  • Is open about how it stores and processes individuals’ data
  • pretexts itself from the risk of a data breach

We may change this Policy from time to time so please check this page occasionally to ensure that you’re happy with any changes. By using our website, you’re agreeing to be bound by this Policy.

Data protection law

The Data Protection Act 1998 described how organisations – including Exporta Publishing & Events Ltd – must collect, handle and store personal information. These rules apply regardless of whether data is stored electronically, on paper or on other materials. To comply with the law, personal information collected must be stored safely, not disclosed unlawfully and used fairly.

The Data Protection Act is underpinned by eight important principles. These say that personal data must:

  • Be processed fairly and lawfully
  • Be obtained only for specific, lawful purposes
  • Be adequate, relevant and not excessive
  • Be accurate and kept up to date
  • Not be held for any longer than necessary
  • Processed in accordance with the rights of data subjects
  • Be protected in appropriate ways
  • Not be transferred outside the European Economic Area (EEA), unless that country of territory also ensures an adequate level of protection

How do we collect information from you?

We obtain information about you when you use our website, for example, when you contact us about products and services, when you register for an event, register to receive eNewsletters, subscribe or register for a trial to our GTR magazine/website.

 Types of Personal Data Held and its Use

1.      Customer Services and Administration

On some Sites, Exporta Publishing & Events Ltd collects personal data such as your name, job title, department, company, e-mail, phone, work and/or home address, in order to register you for access to certain content, subscriptions and events. In addition, we may also store information including IP address and page analytics, including information regarding what pages are accessed, by whom and when.

This information is used to administer and deliver to you the products and/or services you have requested, to operate our Sites efficiently and improve our service to you, and to retain records of our business transactions and communications. By using the Sites and submitting personal information through the registration process you are agreeing that we may collect, hold, process and use your information (including personal information) for the purpose of providing you with the Site services and developing our business, which shall include (without limitation) the purposes described in the below paragraphs.

2.      Monitoring use of our Sites

Where, as part of our Site services, we enable you to post information or materials on our Site, we may access and monitor any information which you upload or input, including in any password-protected sections. Subject to any necessary consents, we also monitor and/or record the different Sites you visit and actions taken on those Sites, e.g. content viewed or searched for. If you are a registered user (e.g. a subscriber or taking a trial), when you log on, this places a cookie on your machine. This enables your access to content and services that

are not publicly available. Once you are logged on, the actions you take – for example, viewing an article – will be recorded (subject to any necessary consents). We may use technology or a service provider to do this for us. This information may be used for one or more of the following purposes:

  • to fulfil our obligations to you;
  • to improve the efficiency, quality and design of our Sites and services;
  • to see which articles, features and services are most read and used
  • to track compliance with our terms and conditions of use, e.g. to ensure that you are acting within the scope of your user licence;
  • for marketing purposes (subject to your rights to opt-in and opt-out of receiving certain marketing communications) – see paragraph 3 below;
  • for advertising purposes, although the information used for these purposes does not identify you personally. Please see paragraph 5 below for more details;
  • to protect or comply with our legal rights and obligations; and
  • to enable our journalists to contact and interact with you online in connection with any content you may post to our Sites.

Please see paragraph 5 below for more information on cookies and similar technologies and a link to a page where you can turn them on or off.

3.      Marketing

Some of your personal data collected under paragraphs 1 and 2 above may be used by us to contact you by e-mail, telephone and/or post for sending information or promotional material on our products and/or services and/or those of our other group companies.
We give you the opportunity to opt-out of receiving marketing communications. Further detail can be found on the applicable Site and in the footer of each marketing communication sent by us, our group companies or service providers. See also “Consents and opt-outs” section below.
We will not share your information with third parties for marketing purposes.

4.      Profiling

We may analyse your personal information to create a profile of your interests and preferences so that we can contact you with information relevant to you.

5.      Cookies and similar technologies

All our Sites use cookies and similar technical tools to collect information about your access to the Site and the services we provide.

What is a cookie?

When you enter some sites, your computer will be issued with a cookie. Cookies are text files that identify your computer to servers. Cookies in themselves do not identify the individual user, just the computer used.

Many sites do this whenever a user visits their site in order to track traffic flows, recording those areas of the site that have been visited by the computer in question, and for how long.

Users have the opportunity to set their computers to accept all cookies, to notify them when a cookie is issued, or not to receive cookies at any time. Selecting not to receive means that certain personalised services Exporta Publishing & Events Ltd offers cannot then be provided to that user.


Why do we use cookies?

  1. Log In – Where we provide log in mechanisms for site users a cookie is created at login and for the duration of the session. Each cookie contains a unique reference number only (no personal information) which is used to confirm you are authorised.
  2. Analytics – To allow us to keep track of traffic to our website we use cookies. The cookies simply tell us if you have previously visited our website so we can get more accurate figures for New vs Returning visitors.

Find and control your cookies

All of the major browser providers offer advice on setting up and using the privacy and security functions for their products. If you require technical advice or support for a specific browser/version please contact the provider or visit their website for further details: / /
 / / /
 / /

We may use cookies to:

  • remember that you have used the Site before; this means we can identify the number of unique visitors we receive to different parts of the Site. This allows us to make sure we have enough capacity for the number of users that we get and make sure that the Site runs fast enough
  • remember your login session so you can move from one page to another within the Site;
  • store your preferences or your user name and password so that you do not need to input these details every time you visit the Site;
  • customise elements of the layout and/or content of the pages of Site for you;
  • record activity on our Sites so that we understand how you use our Sites enabling us to better tailor our content, services and marketing to your needs;
  • collect statistical information about how you use the Site so that we can improve the Site; and
  • gather information about the pages on the Site that you visit, and other information about other websites that you visit, so as to place you in a “market segment”. This information is only collected by reference to the IP address that you are using, but does include information about the county and city you are in, together with the name of your internet service provider.

Most web browsers automatically accept cookies but, if you prefer, you can change your browser to prevent that, or to notify you each time a cookie is set. You can also learn more about cookies in general by visiting which includes additional useful information on cookies and how to block cookies using different types of browser. Please note however, that by blocking, deleting or turning off cookies used on the Site you may not be able to take full advantage of the Site.

6.      E-mail tracking

E-mail tracking is a method for monitoring the e-mail delivery to those subscribers who have opted-in to receive marketing e-mails from GTR, including GTR Africa, GTR Asia, GTR Americas, GTR Europe, GTR Mena, GTR eNews, Third party e-mails and GTR Ventures.

Why do we track e-mails?

So that we can better understand our users’ needs, we track responses, subscription behaviour and engagement to our e-mails – for example, to see which links are the most popular in newsletters. They enable us to understand the consumers journey through metrics including open rate, click-through rate, bounces and unsubscribes. Any other purposes for which Exporta Publishing & Events Ltd wishes to use your personal data will be notified to you and your personal data will not be used for any such purpose without obtaining your prior consent.

How do you track GTR eNewsletters?

To do this, we use pixel GIFs, also known as “pixel tags” – these are small image files that are placed within the body of our e-mail messages. When that image is downloaded from our web servers, the e-mail is recorded as being opened. By using some form of digitally time-stamped record to reveal the exact time and date that an e-mail was received or opened, as well the IP address of the recipient.

7.      Consents and opt-outs

You can give your consent to opt-out of all or any particular uses of your data as indicated above by:

  • Indicating at the point on the relevant Site where personal data is collected
  • Informing us by e-mail, post or phone
  • Updating your preferences on the applicable Site or eNewsletter (unsubscribe and preference options are available in the footer of each eNewsletter)

To turn cookies and similar technologies on and off, see the information in paragraph 5 above. Any questions regarding consents and opt-outs should be sent by e-mail to or by writing to Data Protection Officer at, Exporta Publishing & Events Ltd, 4 Hillgate Place, London, SW12 9ER, United Kingdom. Alternatively, you can telephone our London headquarters at +44 (0) 20 8673 9666.

8.      Disclosures

Information collected at one Site may be shared between Exporta Publishing & Events Ltd and other group companies for the purposes listed above.

We may transfer, sell or assign any of the information described in this policy to third parties as a result of a sale, merger, consolidation, change of control, transfer of assets or reorganisation of our business.

9.      Public forums, message boards and blogs

Some of our Sites may have a message board, blogs or other facilities for user generated content available and users can participate in these facilities. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to disclose your personal information.

10.  Data outside the EEA

Services on the Internet are accessible globally so collection and transmission of personal data is not always limited to one country. Exporta Publishing & Events Ltd may transfer your personal data, for the above-listed purposes to other third parties, which may be located outside the European Economic Area and/or with a different level of personal data protection. However, when conducting transfers, we take all necessary steps to ensure that your data is treated reasonably, securely and in accordance with this Privacy Statement.

Who has access to your information?

Confidentiality and Security of Your Personal Data

We are committed to keeping the data you provide us secure and will take reasonable precautions to protect your personal data from loss, misuse or alteration.

However, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our Site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features described above to try to prevent unauthorised access.

We have implemented information security policies, rules and technical measures to protect the personal data that we have under our control from:

  • unauthorised access
  • improper use or disclosure
  • unauthorised modification
  • unlawful destruction or accidental loss

All our employees, contractors and data processors (i.e. those who process your personal data on our behalf, for the purposes listed above), who have access to, and are associated with the processing of your personal data, are obliged to keep the information confidential and not use it for any other purpose than to carry out the services they are performing for us.


Everyone who works for or with Exporta Publishing & Events Ltd has some responsibility for ensuring data is collected, stored and handled appropriately. Each team handling personal data must ensure that it is handled and processed in line with this policy and data protection principles. However, the following people have key areas of responsibility. The board of directors is ultimately responsible for ensuring that Exporta Publishing & Events Ltd meets its legal obligations.

Name of Data Controller

The Data Controller is Exporta Publishing & Events Ltd. Exporta Publishing & Events Ltd is subject to the UK Data Protection Act 1998 and is registered in the UK with the Information Commissioner`s Office.

How to access, update and erase your personal information

If you wish to know whether we are keeping personal data about you, or if you have an enquiry about our privacy policy or your personal data held by us, in relation to any of the Sites, you can contact the Data Protection Officer via:

  • By writing to this address: Data Protection Officer, Exporta Publishing & Events Ltd, 4 Hillgate Place, London, SW12 9ER, UK
  • Telephone: +44 (0) 20 8673 9666
  • E-mail:

Upon request, we will provide you with a readable copy of the personal data which we keep about you. We may require proof of your identity and may charge a small fee (not exceeding the statutory maximum fee that can be charged) to cover administration and postage.

Exporta Publishing & Events Ltd allows you to challenge the data that we hold about you and, where appropriate in accordance with applicable laws, you may have your personal information:

  • erased
  • rectified or amended
  • completed

Disclosing data for other reasons

In certain circumstances, the Data Protection Act allows personal data to be disclosed to law enforcement agencies without the consent of the data subject. Under these circumstances, Exporta Publishing & Events Ltd, will disclose requested data. However, the Data Controller will ensure the request is legitimate, seeking assistance from the board and from the company’s legal advisors where necessary.

Changes to this Privacy Statement

We will occasionally update this Privacy Statement to reflect new legislation or industry practice, group company changes and customer feedback. We encourage you to review this Privacy Statement periodically to be informed of how we are protecting your personal data.

Providing information

Exporta Publishing & Events Ltd aims to ensure that individuals are aware that their data is being processed, and that they understand.

  • How the data is being used
  • How to exercise their rights

To this end, the company has a privacy statement, setting out how data relating to individuals is used by the company. This is available on request and available on the company’s website.

Review of this policy

We keep this Policy under regular review. This Privacy Statement was last updated in April 2018.

Welcome to GTR's new website! Enjoy 4 free articles on us.
If you already have a subscription to GTR, please
For log in issues or questions, please contact Rupert Hedley at or
If you do not have an active subscription, please
to continue your access.
Sorry, this publication is available for subscribers only!
If you already have a subscription to GTR, please
For log in issues or questions, please contact Rupert Hedley at or
If you do not have an active subscription, please
to continue your access.
Welcome to the GTR's new website!
If you already have a subscription to GTR, please
For log in issues or questions, please contact Rupert Hedley at or
If you do not have an active subscription, enjoy 4 articles on us this month!
to start your access.
Welcome to GTR's new website! Enjoy 4 free articles on us.
If you already have a subscription to GTR, please
For log in issues or questions, please contact Rupert Hedley at or
If you do not have an active subscription, please
to continue your access.
Sorry, this publication is available for subscribers only!
If you are a GTR subscriber, please
For log in issues or questions, please contact Rupert Hedley at or
If you do not have an active GTR subscription, you can still enjoy 4 free articles this month on us!
To subscribe to GTR,
Welcome to the GTR's new website!
If you already have a subscription to GTR, please
For log in issues or questions, please contact Rupert Hedley at or
If you do not have an active subscription, enjoy 4 articles on us this month!
to start your access.