LSTA pushes delay rule launch to September

摘要

Rules that penalise firms for delaying the completion of a leveraged loan trade that were scheduled to take effect on July 18 will now go live on September 1 as market participants seek to resolve outstanding issues, according to the Loan Syndications and Trading Association. The effective date is being pushed back as some in the market seek more time to prepare for the new delayed compensation systems on the various settlement platforms, said Elliot Ganz, general counsel at the LSTA, in a telephone interview. Market participants are also seeking to improve the settlement delay presented by transferring funds from overseas to the US, he said.