But for a long time, standby business has followed international customs of documentary letters of credit as stipulated by the International Commercial Committee (ICC).

The Standby Letter of credit was created by American bankers for purpose of evading the prohibitive law that banks should not provide guaranties for others.

The Research for the Legal Problems of Fraud Exception of Standby L/C;

The paper analyzes the legal relationship contained in standby letters of credit (L/C) which is very common in international business, compares standby L/C with other payment tools in business, and thereby puts forward some legislative proposals for the sake of improving China s legal systems on standby L/C.

Study on the Legal Issues of Standby Letter of Credit;

On Law Application of Standby Letter of Credit;

A Study on the Fraud Risk in Stand-by Letter of Credit;

Stand-by letter of credit as a new form of independent guarantee, is developing since it appeared because of broad applicability and flexibility.

Firstly, this thesis researches on the measurement of implicit trading costs such as reserve margin and impact costs, and then puts forward some strategies for fund management and block trading execution.

The path dependence of the reserve margin is the same with lookback option.