It is now almost a year since the Loan Market Association (LMA) was formed and it has recently launched its standard forms for secondary trading of par loans.
There are parallels with the early swaps market. “At the inception of the swaps market, transactions were made over the telephone but subject to documentation which could take weeks to complete,” says Michael Bray who, with fellow Clifford Chance partner Mark Campbell, is currently drafting the code of practice for the LMA.
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