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.

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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.