In observance of Independence Day, the Loan Syndications and Trading Association (LSTA) recommends treating Monday, July 4, 2022 as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation.

Delayed compensation accrues on loan market trades that do not settle within a set number of business days after trade date.  Business days do not include Saturdays, Sundays or any day the Federal Reserve Bank of New York is closed.  In addition, solely for purposes of determining the commencement date for delayed compensation, business days do not include any day on which the New York Stock Exchange is closed.  The LSTA recognizes both the New York Stock Exchange and the Federal Reserve Bank of New York holiday closings when making its recommendations.  Both will be closed on Monday, July 4^th in observance of Independence Day.