This paper studies the effect of countries’ access to the London Money Market on bilateral trade flows over the first years of the 20th century. During that period, the Sterling bill of exchange was one of the most liquid financial assets traded in the world (Flandreau and Jobst, 2005; Accominotti et al., 2021). This London short term financial instrument enabled exporters to finance the production and/or shipment of their goods (Accominotti and Ugolini, 2019). The channel explored stresses how financial intermediaries alleviated exporter’s barrier to trade by providing working capital and insuring against export risks. Using the workhorse gravity model of Anderson and van Wincoop (2003), I test this channel by assessing whether country’s access to London Market impacts positively its trade. To do so, using granular data comprising 23 493 bills re-discounted by the Bank of England over the year 1906 (Accominotti et al., 2021), I identify, for each country, the number of firms (financial or not) having a credit line available in the London Bills Market to finance its trade and we evaluate its impact on bilateral trade flows. The preliminary results, based on the 1906 year and on a panel of 27 countries, show that, within a country, a one standard deviation increase in the number of drawers having a credit line available in London fosters the country’s bilateral exports of about 25%. Distinguishing between bank to bank and bank (firm) to firm relationship, I found no significant difference between these channels through which credit flows were conveyed.