The Institute of International Banking Law & Practice, a non-profit educational and research organization based in the United States, sponsors projects, programs, and publications intended to harmonize letter of credit law and practice. Since its formation in 1987, the Institute has been a leading force in the LC world. The Institute regularly brings together leaders of the letter of credit community from banks, law firms, regulatory agencies, importers, exporters, and third party intermediaries in interactive forums and educational events designed to foster and promote the exchange of ideas. Its Annual Survey of Letter of Credit Law & Practice Conference, the premier LC event of the year, is held in locations around the world including Hong Kong, China, Singapore, North America, the Middle East, India, Russia, and Europe. It also sponsors an annual LC Law Summit for lawyers, and various local and on-site training programs and seminars.