Banking & Finance analysis: What do lawyers need to know about the recent updates to the Loan Market Association’s (LMA) secondary trading suite? Original news Revised versions of the LMA’s Trade Confirmations, Standard Terms and Conditions, Participation Agreements and Secondary Debt Trading Users Guide have been issued and are available on the pending page of the LMA website. The revised documents will go live on 16 December 2015. Similar changes had previously been proposed on 14 October 2015, but the updated documents never became ‘live’, owing to comments received by LMA members. Why have these changes been made?