October 17, 2019 - 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.

You may also want to refer to the Glossary of Terms and to the Primary Delayed Compensation Protocol which have been updated to reflect revisions in the documentation.

The revisions have taken into account many comments from across our membership and are reflective of the updated Protocol.  Please review the definitions, paying particular attention to Trigger Date, Allocation Dates, Ready Dates and Commencement Dates, as they form the basis for how delayed compensation is calculated in connection with Pre-Trigger Allocations, Post-Trigger Allocations (which are fully described in the Standard Terms and Conditions for Primary Allocations) and Pre-Trigger Trades, Post-Trigger Trades, Early Day Trades and (regular) Secondary Trades (which are fully described in the Standard Terms and Conditions for Par/Near Par Trades).  

While we greatly appreciate all the time and effort put forth by market participants in providing comments, kindly understand that at this juncture we do not anticipate making further material substantive changes to the updated Protocol.  However, if you do have questions or comments, please contact ehefferan@lsta.org as soon as possible, and in any event by no later than November 5th.

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