Law360, New York (September 14, 2016, 10:22 AM EDT) -- Anthony R.G. Nolan
Vanessa G. Spiro
Alexis K. Paddock
In a long-awaited development, the delayed-compensation standard for late settlement of par/near par loans changed in important ways on Sept. 1, 2016. On that date, the no-fault system for delayed compensation was supplanted by a requirements-based standard under which parties to loan assignments must meet certain basic requirements in order to receive delayed compensation for late-settling trades. The implementation of this new regime is intended to reduce settlement delays in the loan trading market by giving market participants financial incentives to settle trades quickly.
This article will describe some of the conditions...
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