In observance of Thanksgiving Day, the Loan Syndications and Trading Association (LSTA) recommends treating Thursday, November 24, 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 the trade date.  Business days do not include Saturdays, Sundays, or any day the Federal Reserve Bank of New York is closed.  The LSTA recognizes both the Federal Reserve Bank of New York and the New York Stock Exchange holiday closings when making its recommendations.  Both will be closed on Thursday, November 24th in observance of Thanksgiving Day.

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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.

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The Kirschner Case: This is the End

The Supreme Court denied Kirschner's petition for certiorari, finally ending the case. As LSTA's Elliot Ganz explains, this cements that syndicated loans are not securities,…