The London Stock Exchange (LSE) has published market notice N05/25, announcing plans to launch its new Private Securities Market later in 2025, pending PISCES regulatory approval from the Financial Conduct Authority (FCA). The market notice provides member firms with further details on proposed changes to the Rules of the London Stock Exchange (‘Rules’) and trading system to support the new market. These proposed rule changes will be subject to market consultation and will be formally communicated through a Stock Exchange notice in due course.

The Loan Syndications and Trading Association (LSTA) and International Swaps and Derivatives Association (ISDA) have both submitted responses to the Financial Stability Board's (FSB's) consultation on leverage in non-bank financial intermediation (NBFI). LTSA and ISDA both emphasise that the NBFI sector's diversity makes it unsuitable for broadly applied regulation. The LSTA advocates for well-tailored, proportionate measures that preserve the benefits of leverage, particularly highlighting that private corporate credit poses minimal stability risks. ISDA recommends authorities first conduct comprehensive system-wide analysis using existing trade repository data before implementing new measures, and suggests focusing on liquidation risks through improved repo market liquidity and central counterparty margining transparency. Both responses underscore the need to balance risk mitigation with maintaining beneficial market functions.

The Loan Syndications and Trading Association (LSTA) and the Loan Market Association (LMA) have jointly issued an updated version of their ESG Due Diligence Questionnaire (DDQ) for investment managers. The revised questionnaire enhances alignment with global standards, incorporating questions from the UN PRI DDQ for Private Debt Investors to streamline ESG reporting and promote industry convergence.

The Loan Syndications and Trading Association (LSTA) has published the second edition of 'The Handbook of Loan Syndications and Trading', the first update in 15 years. The book has 55 expert contributors and covers all aspects of the loan market, from public policy to blockchain.

The Loan Syndications and Trading Association (LSTA) has outlined how the ESG Integrated Disclosure Project’s (ESG IDP) standardised reporting template, introduced at the end of 2022, can assist market participants in satisfying their reporting obligations. It provides a proportionate set of questions designed to solicit a global baseline of financially material ESG information which supports a lender’s credit analysis and allows for harmonisation, predictability and efficiency.

The Loan Syndications and Trading Association (LSTA) has identified some key takeaways from the International Monetary Fund (IMF)’s Global Financial Stability Report (GFSR), which focuses on financial vulnerabilities and risks to financial stability. The key takeaways include: (i) concerns over potential transmissible risks posed by private corporate credit, (ii) the dynamic focus of the global official sector with respect to financial stability, and (iii) the growing importance of data availability in private corporate credit. LSTA concludes that the GFSR does flag ‘meaningful vulnerabilities’ including opacity to ‘stakeholders’, rapid growth and limited prudential oversight.

The Loan Syndications and Trading Association (LSTA) has issued an update ahead of the end of sterling LIBOR. Three-month sterling LIBOR, the last of the sterling LIBOR tenor settings, has continued to be published as a synthetic rate since the end of 2021 and will cease permanently on 28 March 2024. LSTA reminds members that the Financial Conduct Authority intends to compel the ICE Benchmark Administration to continue to publish one-month, three-month and six-month US dollar LIBOR settings on a synthetic basis until end-September 2024. Practically, LSTA does not expect the end of synthetic rates to be significant for the loan market but highlights that parties to credit agreements that reference the synthetic US dollar LIBOR settings should ensure such credit agreements are remediated in the next six months.

The Loan Syndications and Trading Association (LSTA) has recommended treating 29 March 2024 as a loan market holiday for the purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation, in observance of Good Friday in the United States.

The Loan Syndications and Trading Association (LSTA) has recommended treating Friday 29 March 2024 as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation, in observance of Good Friday. However, LSTA acknowledges that the Federal Reserve Bank will remain open.

The Loan Syndications and Trading Association (LSTA) has reported that the US Supreme Court denied the petition for certiorari filed by Marc Kirschner, Trustee for the Millennium Labs Litigation Trust. This marks the end of the Kirschner case and reaffirms the US Court of Appeals for the 2nd Circuit's decision that syndicated term loans are not securities. LSTA supports the US Supreme Court’s decision to deny the review which represents an immensely positive result for the syndicated loan market.

The Securities Industry and Financial Markets Association (SIFMA), in collaboration with the Loan Syndications and Trading Association (LSTA) and others, released the first version of an implementation guide for the US Securities and Exchange Commission (SEC)’s  Prohibition on Conflicts of Interest in Securitisations (Rule 192).  The guide answers common implementation questions and covers ten broad topics including what types of securities and market participants are in scope and what the hedging and market making exemptions require.

The Loan Syndications and Trading Association (LSTA) submitted its response to the International Organization of Securities Commissions (IOSCO)'s consultation report on good practices for leveraged lending and collateralised loan obligations (CLOs). LSTA requests IOSCO to reconsider publishing a final report as the LSTA believes the proposed practices are ill-suited and unnecessary for the US leveraged loan and CLO markets.