Jair, what are the typical transaction structures in the cross-border trade receivables financing space?

Yeah, of course.

There's a range of receivables financing options, and I think the right one depends primarily on the company's profile and objectives.

One of the more obvious ones is factoring, and factoring is when a seller assigns its receivables to a funding institution.

The assignment is, of the receivables typically done with, without recourse.

Uh, in structures with recourse, the seller retains the risk, and thus it tends to have limited appeal to sellers as one cannot achieve true risk transfer.

In structures without recourse, the funding institution assumes the credit risk, but in either way, factoring tends to be limited to highly rated or insured obligors.

So lastly, Jair, uh, where is this market going?