Completion and post-completion

This overview is a guide to the Banking & Finance content within the Completion and post-completion subtopic, with links to appropriate materials.

Preparing for completion

'Completion' is the point in a lending transaction when loan monies move between parties and the transaction is 'completed'. In a simple corporate facility, this involves money moving from the lender(s) to the borrower. In other types of financing, such as acquisition or asset financing, this typically involves money moving from the lender(s) to the borrower and then from the borrower (as purchaser) to the seller of the business or asset. For more information, see Practice Note: Preparing for completion in a loan transaction. For a checklist of the tasks and responsibilities to be completed before completion, see Checklist: Pre-completion in loan transactions—checklist.

Signing

The first significant step towards completion in a loan transaction is 'signing', when the parties execute the agreed versions of the transaction documents and the deal becomes binding (albeit, in most cases, subject to satisfaction of certain conditions precedent to funding). Typically, the lender's lawyers co-ordinate the execution process with the borrower’s lawyers assisting, either through a

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Latest Banking & Finance News

European Parliament adopts T+1 settlement cycle for securities transactions

The European Parliament has adopted its first reading position on a proposal to amend Regulation (EU) 909/2014 to shorten the securities settlement cycle from two business days (T+2) to one business day (T+1), with the change set to apply from 11 October 2027. The amendment aims to reduce market risks, improve efficiency and align the EU with global practices. The European Securities and Markets Authority (ESMA) will monitor settlement efficiency during the transition and report more frequently around implementation, while the European Commission may adjust Delegated Regulation (EU) 2017/389 if settlement fails increase. Exemptions include privately negotiated trades executed on trading venues, bilaterally executed trades reported to trading venues, initial book-entry recordings and documented securities financing transactions such as securities lending, buy-sell back or sell-buy back transactions and repurchase agreements.

ISDA CEO outlines key regulatory priorities at Trading and Treasury Forum

The Chief Executive Officer of the International Swaps and Derivatives Association (ISDA), Scott O'Malia, has outlined three key regulatory priorities in his opening remarks at the ISDA Derivatives Trading and Treasury Forum in London. O'Malia discussed preparations for the US Treasury clearing mandate implementation, set to take effect at the end of 2026, with repo transactions to follow in mid-2027. He also addressed challenges with Basel III implementation, noting the UK Prudential Regulation Authority's potential delay of the Fundamental Review of the Trading Book internal models approach until 2028. In addition, he highlighted ISDA's digital transformation initiatives, including the July 2025 launch of the ISDA Notices Hub, which has already attracted more than 120 market participants to its protocol for electronic notice delivery.

WFE publishes policy paper on extended trading hours implementation in equity markets

The World Federation of Exchanges (WFE) has published a policy paper titled 'Policy and Market Impacts of Extended Trading', which examines the implementation of extended trading hours in equity markets. The paper evaluates the operational and regulatory requirements for near-continuous trading and concludes that models offering 22/5 or 23/5 trading schedules are more practical than a full 24/7 market. It notes that there is strong investor demand—particularly for major US stocks during Asian trading hours. The analysis highlights several critical considerations, including the need to ensure robust market controls during overnight trading sessions, manage liquidity disclosure for retail investors, and establish accurate closing or reference prices for benchmarks and settlements.

Banking and Finance weekly highlights—11 September 2025

This week's edition of Banking and Finance weekly highlights includes: (1) the LMA announces development of asymmetric jurisdiction clauses following CJEU Lastre decision; (2) the European Parliament adopts T+1 securities settlement cycle regulation; and (3) the Bank of England publishes discussion paper on potential gilt repo market reforms.

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