Operations

This section of our University provides members with operational advice, guidance, and assistance on the rules and regulations around how the trading process should occur. Drawing on our expertise in operations, documentation, and data-driven analytics, we identify best practices for MEIs, CUSIPs, FpML, and more.

Level 1

LSTA University Level 1
  • 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) creating a Post Funding Trade.

  • Glossary of Terms

    Glossary of Terms relating to Delayed Compensation for Primary Allocations, Early Day Trades and Post Funding Trades

  • CUSIP Guidelines

    CUSIP numbers uniquely identify financial instruments in the United States and Canadian financial markets. The CUSIP number consists of 9 alphanumeric characters. It is issued by CUSIP Global Services (CGS) which is operated by Standard & Poor’s under license from the American Bankers Association. CUSIP numbers identify a wide variety of financial instruments including, without limitation, stocks, bonds, commodities and syndicated loans. CUSIPs are REQUIRED in order to utilize: LoanServ Position Reconciliation Platform Markit Clear Trade Matching Platform Loan/SERV – Cash on Transfer FpML Messaging

Level 2

LSTA University Level 2

Level 3

LSTA University Level 3
  • MEI Guidelines

    A Markit Entity Identifier (“MEI”) is a unique code issued to uniquely identify legal entities in the loan market, including, without limitation, banks, buy-side institutions, custodians, trustees and corporate borrowers. The MEI is a required element to enable transmission of information across processing and communication platforms including agency, settlement, front, middle and back-office systems.

  • Secondary Delayed Compensation - Early Day Trades

    The LSTA has developed this flowchart to illustrate how Secondary Delayed Compensation on Early Day Trades is to be applied on a step-by-step basis.

  • Secondary Delayed Compensation - Post Funding Trades

    The LSTA has developed this flowchart to illustrate how Secondary Delayed Compensation on Post Funding Trades is to be applied on a step-by-step basis.

Our Partners

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

Search Results by Relevancy

LSTA Newsletter – February 14, 2020

This week, we start off talking about how “loans as securities” might morph into “loans as direct loans”. On a related(ish) note, we also discuss direct lending trends. We dig into LBO trends, looking at now (2019) and then (2007). And, finally, we ponder the evolution to SOFR (and, specifically, cash spread adjustments).

LBOs: Less Leverage? More Flex!

An eternal question is “How do the current crop of leveraged loans compare to the 2007 vintage?” Today we have an answer. Covenant Review recently compared recent jumbo LBOs to their pre-crisis counterparts

Quarterly Bankruptcy Roundup

This week Rich Levin of Jenner & Block once again presented his quarterly review of recent court decisions of interest and importance to the lending and bankruptcy world.

LIBOR & SOFR: Spread Adjustments

Folks that know LIBOR is likely to end soon after December 2021 probably also know that SOFR, the likely replacement for USD loans, is a different kind of rate. While LIBOR theoretically includes an element of bank credit risk, SOFR is an overnight risk free rate.

Direct Loans: A Look Into The Future?

We’ve been closely following a case, Kirschner v. JP Morgan, which raises the issue of whether broadly syndicated term loans (“BSLs”) are subject to the securities laws.