September 26, 2019 - As we’ve previously noted, the LSTA recently changed the Terms of Use applicable to the use of its trading documents. The new terms require that any counterparty that trades a loan using LSTA secondary trading documents either obtain a license or become a member of the LSTA. The LSTA decided that in order to give non-member loan market participants the opportunity to study the new Terms of Use, review the license agreement and consider their options regarding membership or licensing, it would not begin to enforce its copyrights with respect to trades entered into prior to October 1, 2019.  That date is quickly approaching so we urge all non-members who have not obtained licenses to do so promptly. 

Current members continue to have access to all the LSTA documents included in their membership fee.  Importantly, neither current members nor the settlement platforms are under any obligation to determine whether their trading counterparties are either members or license holders.  For information regarding the Terms of Use, please contact LSTA General Counsel Elliot Ganz

For information regarding membership or licenses, please contact Lisa Schneider.  You can also consult our FAQ, available here

Become a Member

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.

View a list of all members.

Our Partners

cusip-global-services-vector-logo.svgFitch Group logoRefinitiv-(March-2019)SP-Global-Market-Intelligence

Search Results by Relevancy

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.