The LSTA is the leading advocate for the syndicated loan market.

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.

Member benefits include:

  • A full complement of documents and market practice standards for the primary and secondary markets.
  • Exclusive loan market data and analysis.
  • Conferences, seminars, teach-ins, and webcasts on issues and developments in the loan market.
  • Participation in the promotion of the loan asset class to institutional investors in the U.S. and overseas.
  • Unique insight into advocacy within the federal government to shape loan market guidance and regulation.

The LSTA fosters cooperation and coordination among all loan market participants, facilitates just and equitable market principles, and inspires the highest degree of confidence among investors in corporate loan assets. The tangible benefits include standardized documents, conferences and other events, market data and analysis, and networking opportunities.

Become a Member

For information on obtaining a license or becoming a member, please contact Lisa Schneider.

For more information about dues, please contact Clara Colon.

Membership Benefits

LSTA members have the full support of the LSTA’s staff of experts. Whether a question about documents, market data, or an issue pertaining to current events, we are available to guide you through this ever-changing market.


  • Daily Customized Analysis & Ad Hoc Presentations
  • Shift Date Results
  • Monthly Peer Group Performance Reports (Trade Data Partners Only)
  • Monthly Secondary Market Performance Charts (NEW)
  • Monthly Secondary Market Publication
  • Quarterly Settlement Data Study Presentation
  • Quarterly Trade Data Study Publication
  • Quarterly Trade Data Study & Market Recap Presentation


LSTA members have unlimited access to an ever-expanding portfolio of copyrighted standardized documents:

  • Model Credit Agreement Provisions
  • Trading documents
  • Legal analysis and regulatory issues
  • LSTA governance and code of conduct

Members may also be eligible to receive discounts and courtesies from crucial vendors and third-party data sources


Ongoing commentary and guidance on regulatory, legal, and other market developments:

  • Loan and financial market news and advisories
  • Regulatory updates and analysis
  • LSTA news and commentary


Full Member

Full Members are organizations that underwrite loans or actively trade or invest in commercial loan instruments. Full members receive all LSTA information and standard documentation, including information relating to market practices and month-end prices on commercial loan instruments. Full members have full voting rights, are eligible for election to LSTA’s Board of Directors, have unlimited opportunity to participate in LSTA Committees and to interact with LSTA’s staff, and receive all materials, information and documentation (including daily, weekly, monthly and quarterly pricing composites on loans) that is prepared for LSTA members.

There are three levels within the Full Member class. All Full Members have the same rights and benefits, regardless of the Full Member category.

  1. Broker/Dealer/Underwriter (Sell Side)
  2. Institutional Investor (Buy Side)
  3. Broker/Dealer (Bank)

View full members

Associate Member

Associate Members are market participants that trade or invest in commercial loan instruments, but that are smaller and less active than Full Members. Associate members receive all standard documentation and most LSTA information. Associate Members do not receive certain materials (such as daily and weekly pricing composites on loans) that are distributed to Full Members. Associate Members may participate in committees and discuss marketplace issues with LSTA staff, and are invited to all LSTA open meetings and special events.

There are two levels within the Associate Member class.

  1. Institutional Investor
  2. Other (Bank)

View associate members

Affiliate Member

Affiliate Members are firms that have a strong interest in the syndicated lending and commercial loan trading industry (such as advisors, law firms, accounting firms, vendors, rating agencies, data providers and consulting firms) but that do not themselves trade or invest in commercial loan instruments. Affiliate Members receive LSTA information and may attend open meetings and special events.

There are three levels within the Affiliate Member class.

  1. Law Firm
  2. Accounting Firm, Adviser, Consultant
  3. Vendor

View affiliate members

Membership Fees

Full Dealer and Full Other assessments will be based on their volumes as leveraged lead arrangers (as measured by Loan Pricing Corp’s League Tables), and their levels of secondary trading volume.

Full and Associate Institutional Investors will see an assessment based upon their primary allocations volume (as measured by Standard & Poor’s).

All members will be assessed a base amount. Some members will see additional assessments within given ranges.

Membership Termination

Any Member may terminate its membership in the LSTA at any time by giving notice in writing to the Vice President of Membership. Members are not entitled to a refund or pro-ration of membership dues upon termination of membership. Any Member may be suspended or removed at any time for non-payment of dues or otherwise by the affirmative vote of two-thirds of the Directors present at any meeting of the Board.

Be an Industry Leader

Industry leaders belong to the LSTA because they know it 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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LSTA Newsletter: August 16, 2019

This week we cover LIBOR-Good News and Less Good News; Docs Terms of Use; Delayed Comp Docs Released; Loans Mag Announcement

Loans Magazine – Summer 2019 Edition

This edition provides members with valuable content on the latest developments in the syndicated loan market. An article from David Chmiel of Global Torchlight Limited which explores “Current Geopolitical Trends Impacting the Loan Market”. We continue with a series of articles on the many aspects of the LIBOR/SOFR transition, an analysis of the secondary loan […]

LIBOR Fallbacks: Good News… and Less Good News

There is good news – and less good news – on LIBOR fallback language in cash products like loans, FRNs and CLOs. On the good news front, it looks like most cash products are now including fallback language in new deals. This is critical because many instruments will be outstanding when LIBOR ends after 2021, and if they don’t have good fallback language, there could be contract frustration (and litigation). However, on the less-good-news front, the fallback language is not always consistent (which may lead to a lot of work to determine exactly how each instrument would fall back) or workable en masse (which may lead to traffic jams as everyone tries to amend their deals at the same time). We discuss the fallback status of FRNs and loans below. (And we’d gently remind readers that several CLOs have gone “hardwired”, per LCD and Covenant Review).

Primary Delayed Compensation: Drafts Released

Yesterday, the LSTA released drafts of the LSTA trading documents to be used in connection with the new Primary Delayed Compensation Protocol. Below, please find links to the clean drafts and blacklines marking the changes to the current versions of the Par/Near Par Trade Confirmation and Standard Terms and Conditions for Par/Near Par Trades.

Primary Delayed Compensation Protocol

The Protocol applies to a “Primary Allocation” which is an allocation of new money by a syndicate desk in connection with either (i) a new issue syndication or (ii) an amendment of an existing Credit Agreement. In addition, the Protocol affects when-issued secondary trades by (i) changing what constitutes an Early Day Trade and (ii) […]

FAQs: The LSTA Trading Documents’ New Terms of Use

As we previously noted, on May 17, 2019, the LSTA published a new suite of U.S. secondary market trading documents. In conjunction with the rollout of the new documents the LSTA changed the Terms of Use applicable to counterparties who use those documents. Since then, we’ve received many questions about the new Terms of Use and below we answer many of those questions.