Ellen Hefferan

Executive Vice President of Operations & Accounting
(212) 880-3013

As LSTA’s operations expert, Ellen leads the development and implementation of key operational strategies and best practices that promote a more efficient, standardized, liquid loan market. She also evaluates proposed regulation for its potential impact on operations. In her role, Ellen chairs multiple LSTA committees and working groups (listed below), focusing on improving operational processes, identifying opportunities for market-wide standardization and promoting system interoperability and ecosystem integration. Ellen also oversees key LSTA tools, including the Cost-of-Carry (SOFR) Calculator and the Directory and Escalation Matrix.

Before joining LSTA, Ellen was president of ClearPar from its founding in 2000 until March 2006. Prior to that, she was vice president and senior counsel at Citigroup, where she advised the loan syndications, trading and sales desks, as well as the corporate banking origination teams. Her early career was spent as an associate at Winston & Strawn and as staff accountant in the audit division of Arthur Andersen & Co.

Ellen holds a B.S. in Public Accounting and Marketing, as well as her J.D., from Fordham University. She is a certified public accountant and a member of the New York State Bar.

Ellen Hefferan Headshot

Committee and working group involvement

Accounting Committee

Engaging in standard-setting for corporate loan accounting practices
Role: Committee Chair

Buy-side Operations Committee

Discussing operational issues and initiatives
Role: Committee Chair

CEI/MEI Working Group

Formulating best practices for CEIs and MEIs from application to maintenance
Role: Project Manager

Corporate Actions Working Group

Working to set standards that streamline operational processes for corporate restructurings
Role: Project Manager

CUSIP Working Group

Developing policies to apply for and incorporate CUSIPs into loan deals/systems
Role: Project Manager

Custodian / Trustee / Fund Administrator Operations Committee

Advocating for best practices and building consensus across providers to ensure standardization
Role: Committee Chair

Equity Trade Settlements Working Group

Collaborating to address challenges when equity is issued in loan restructurings
Role: Project Manager

Liquidity Committee (Board-only)

Evaluating liquidity and recommending changes to trade settlement procedures
Role: Committee Chair

Operations Steering Group (OSG) Committee

Identifying, accessing and standardizing servicing and settlement initiatives
Role: Committee Chair

Private Credit Operations Subcommittee

Developing best practices and standards for operational accuracy and efficiency in private credit
Role: Committee Chair

Product and Technology Committee

Collaborating to implement new ops & tech initiatives
Role: Committee Chair

Settlement Committee

Determining, articulating and recommending ops, doc and tech changes to improve settlement
Role: Committee Chair

Recent publications

LSTA recommends treating Friday, June 19, 2026, as a loan market holiday.
CUSIP Global Services has introduced the CUSIP Entity Identifier (CEI)—a new 10‑character code for the syndicated loan and private credit markets—and this user guide shows how to request and use CEIs.
Invoice templates are available to assist with late‑payment fee processing.
LSTA recommends treating Monday, May 25, 2026, as a loan market holiday.
master participation agreement for par/near par trades – transaction specific terms May 4, 2026 The LSTA owns all intellectual property rights, including all copyright rights, in this document. This document may not be used, reproduced in whole or in part, adapted, modified, disclosed to others, or disseminated other than by members of the LSTA in...
master participation agreement for par/near par trades – standard terms and conditions May 4, 2026 The LSTA owns all intellectual property rights, including all copyright rights, in this document. This document may not be used, reproduced in whole or in part, adapted, modified, disclosed to others, or disseminated other than by members of the LSTA...
This annex may be used when settling a par trade of a revolving credit facility as participation where there are unfunded commitments.
Bilateral Netting Agreement – Par/Near Par May 4, 2026 The LSTA owns all intellectual property rights, including all copyright rights, in this document. This document may not be used, reproduced in whole or in part, adapted, modified, disclosed to others, or disseminated other than by members of the LSTA in good standing and by those...

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