October 3, 2019 - 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.

With adoption of the new LSTA trade confirmations which became effective on May 2005, either the New York Stock Exchange or the New York Fed closings will also be treated as loan market “holidays” for purposes of calculating the start date for delayed compensation.

The LSTA’s recommended holiday schedule for calculating delayed compensation can be found below:

2019 Holidays Observed

New Year’s Day – Tuesday, January 1st
Martin Luther King, Jr. Day – Monday, January 21st
Washington’s Birthday – Monday, February 18th
Good Friday – Friday, April 19th
Memorial Day – Monday, May 27th
Independence Day – Thursday, July 4th
Labor Day – Monday, September 2nd
Columbus Day – Monday, October 14th
Veterans Day – Monday, November 11th
Thanksgiving Day – Thursday, November 28th
Christmas Day – Wednesday, December 25th

The New York Fed’s 2019 Holiday Schedule can be found by clicking here

Click here for the 2019 NYSE Holiday Schedule

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LSTA Newsletter – October 18, 2019

This week, we start by announcing that the LSTA is developing a “SOFR Compounded in Arrears” concept credit agreement. It is one more tool to help members internalize what a SOFR Loan Market might look like. Next, we provide an updated suite of documents on Primary Delayed Compensation. Finally, we offer a brief update on LSTA […]

Flashforward: LSTA Releases Draft SOFR “Concept Credit Agreement”

On October 1st the LSTA took the next step in its efforts to educate market participants on replacement benchmarks by distributing a draft “concept credit agreement” referencing a compounded average of daily SOFRs calculated in arrears (“Compounded SOFR in Arrears”).

LSTA Advocacy Update

Over the past two weeks the LSTA has continued its political advocacy with legislators and regulators on issues of importance to the loan market. Last week, Meredith Coffey and Elliot Ganz, Co-heads of the LSTA’s Public Policy Group, had the opportunity to join Congressman Greg Meeks (D. NY) for a free-ranging discussion over breakfast.

Primary Delayed Comp: Revised Drafts Released

The LSTA released revised drafts this week of the LSTA trading documents to be used in connection with the new Primary Delayed Compensation Protocol. Below are links to the clean drafts and blacklined documents marked to show changes since the last versions sent to you for your review.