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Loan Trading Operations & Settlement

The LSTA navigates and leads the loan market ahead through its committees and working groups. Comprised by LSTA members, they provide a forum for loan market participants to shape and influence the direction of the industry—by consensus and resolution.

Upcoming Meetings

  • Buyside Operations Working Group calls occur every 2nd Tuesday of every month @ 2PM (ET).  If interested in learning more about this group or joining please contact us at requests@lsta.org
  • MEI Working Group calls occur every 2 weeks every Thursday @ 10AM (ET).  If interested in learning more about this group or joining please contact us at requests@lsta.org.

 

Accounting Committee

LSTA Project Manager: Ellen Hefferan

The primary objectives of the Accounting Committee are:

  • Discuss and examine existing market practices related to loan syndications and trading activities,
  • Actively engage in standard-setting due process by monitoring developments arising from standard-setting activities by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) and
  • Expand communication and education by:
    • developing publications that summarize standard-setting activities and regulatory actions and their implications on the industry and
    • developing seminars to provide continuing professional education (CPE) to all LSTA members and other interested parties. 

OSG Committee

LSTA Project Manager: Ellen Hefferan

The mission of the Operations Steering Group is to focus on a wide variety of strategic and tactical initiatives relating to loan servicing and loan settlement with a view toward achieving operational accuracy and efficiency.  Current policies and procedures are assessed, areas for improvement explored and content and information flows standardized, as workflow efficiencies are identified. 

This Committee is open to LSTA members by invitation only.

Process & Technology Committee

LSTA Project Manager: Ellen Hefferan

The mission of the Process & Technology Committee is to articulate and help implement various initiatives within the loan market. Through publishing best-practice recommendations, educating market participants and facilitating discussions, the committee intends to effect change; directly resulting in a more efficient and orderly syndicated loan market.  The directives of the committee are to: 

1. Define. Establish and document best-practices around existing processes. Focus on areas that are proven to be bottlenecks.
2. Educate. Demonstrate how those best practices can be implemented using current technology.
3. Innovate. Research emerging technologies.  Document how they will impact the loan market.
4. Facilitate. Drive consensus between vendors, buy-side, sell-side and regulators/associations to accomplish the above. 

This Committee is open to LSTA members by invitation only.

Accounting Implementation Subcommittee

LSTA Project Manager: Ellen Hefferan

Accounting Implementation Subcommittee is charged with determining and reviewing list of accounting items on which guidance and standardization will be provided.

Buy-side Operations Working Group

LSTA Project Manager: Ellen Hefferan 

The Buy-side Operations Working Group is a forum used to discuss operational issues, efforts and initiatives.  This Working Group is open to all members who are employed by buy-side firms.

CUSIP Working Group

LSTA Project Manager: Ellen Hefferan

The CUSIP Working Group seeks to develop policies and procedures regarding the application of CUSIPs by Agent Banks for all corporate loan deals and facilities and their subsequent incorporation into all loan systems.  This Working Group is open to all members.  Although its primary participants are Agent Banks, Buy-side institutions are welcome to join.

Custodian/Trustee/Fund Administrator Operations Working Group

LSTA Project Manager: Ellen Hefferan

The Working Group’s mission is to represent the common interests of this constituency while ensuring alignment with the core principles of the LSTA and its broader membership.  By focusing on a variety of strategic and tactical initiatives, the working group will proactively advocate for best-practice recommendations; build consensus across providers to ensure standardization where possible; and develop broader education of service providers’ operational flows and regulatory implications.  This Working Group is open to all members who are employed by these firms. 

Financial Instruments Subcommittee

LSTA Project Manager: Ellen Hefferan 

FASB Subcommittee reviews FASB Accounting Standards Updates (ASU) and provides commentary to the FASB on behalf of the LSTA members.

FpML Business Loan Working Group

LSTA Project Manager: Ellen Hefferan 

The FpML Business Loan Working Group seeks to develop industry standards for the exchange of loan data both here and in Europe.  The group defines common data standards that can be utilized by all systems throughout the loan market to distribute daily loan activity notices, confirm position information and potentially match trades.  This group works in tandem with the FpML Technology Loan Working Group to establish a common electronic data exchange format within the primary and secondary loan markets to employ these standards.  Both Working Groups are open to all members and currently include operations professionals and technology experts.

Letter of Credit Working Group

LSTA Project Manager: Ellen Hefferan 

The purpose of the Letter of Credit Working Group is to formulate operational best practices around the issuance, maintenance and trading/settlement of letters of credit while recognizing the challenges inherent therein.  All LSTA members that are issuing banks for Letters of Credit are asked to participate.

MEI Working Group

LSTA Project Manager: Ellen Hefferan 

The MEI Working Group is charged with formulating best practices for MEIs, including MEI application procedures, documentation requirements, validation processes and overall maintenance.

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