daily shift date results the loan syndications and trading ... membership packet.pdf ·...

The Loan Syndications and Trading Association

Fair. Orderly. Effi cient. Growing.

Membership Information

LSTA Membership Benefi ts

*Up to a Maximum of $10,000 **First Year of Membership Only

LSTA Analysis & Data

Daily Shift Date Results

Weekly Newsletter

Monthly Secondary Market Publication & Performance Charts

Monthly Secondary Trading & Settlement Publication & Performance Charts

Quarterly Secondary Trade Data Study

Quarterly Secondary Settlement Data Study

Quarterly Secondary Trading & Settlement Executive Summary

Customized Analysis

Monthly Customized Secondary Trade & Settlement Metrics(Trade data providers only)

LSTA/Thomson Reuters LPC Mark-to-Market (MTM) Pricing Data

Weekly MTM Price Alerts

Monthly MTM Pricing File (3 or more quotes)

Quarterly MTM Pricing File (5 or more quotes)

S&P/LSTA Leveraged Loan Index Analysis & Data

Daily S&P/LSTA Leveraged Loan 100 Data

Weekly S&P /LSTA Leveraged Loan Index Report

Monthly S&P/LSTA Leveraged Loan Index Review

Discounts & Complimentary Offers

Discount on MTM Pricing Subscription*

Discount on LSTA /Xtract Bank Debt Review

Free Tickets to LSTA Annual Conference**

GovernanceCan Be Elected to Board of Directors

Can Chair or Sit on LSTA Committees

Full Member

Affi liate OtherMember

15% 15% 15% 15%

15% 15%

3 2 1 1

Associate Member

Affi liate Law FirmMember

www.lsta.org

366 Madison Avenue, 15th Floor, New York, NY 10017

(212) 880-3000

www.lsta.org

Building Consensus, Driving Change The LSTA has been the chief advocate for the syndicated loan market since 1995. We foster the development of policies and market practices to:

• Promote just and equitable principles in the marketplace• Facilitate cooperation and coordination among all loan market participants• Inspire the highest degree of confi dence for investors in corporate loan assets

Your Seat at the TableThrough the governing board, committees, and working groups, the LSTA provides a forum for loan market participants to shape and infl uence the direction of the industry—by consensus. Join us to:

• Increase transparency and effi ciency• Facilitate and improve the settlement process• Educate market participants• Promote the growth of the loan asset class• Advocate for the shared interests of all loan market participants

LSTA MissionTo promote a fair, orderly, effi cient, and growing corporate loan market and provide leadership in advancing and balancing the interests of all market participants

Committees meet on a regular basis to focus on a market practice areaAccounting Committee CLO CommitteeCUSIP SubcommitteeGlobal Standards CommitteeLitigation Committee Mark-to-Market CommitteeOperations Steering GroupPrimary Market Committee Regulatory Committee Trade Practices and Forms CommitteeCommittees of the LSTA Board

Working Groups address specifi c market issues through consensusAccounting Implementation/FASB SubcommitteesAmendment Working GroupBankruptcy Reform Working GroupBuy-Side Operations Working GroupCustodian/Trustee/Fund Admin Ops Working GroupFpML Business Loan Working GroupMEI Working GroupOperations Regulatory Working GroupRegulatory Review Working Group Trade Claims Working GroupVolcker Working Group

Have a Voice, Be in the Know, Get Involved Our activities don’t happen by themselves. It’s essential that LSTA members participate in committees, working groups, and other resolution-building meetings to drive our market ahead.

Membership Benefi ts: What You GetHotlineLSTA members have the full support of the LSTA’s staff of experts. Whether a question about documents, market data, or an issue pertaining to current events, we are available to guide you through this ever-changing market

Market Data and AnalysisThe LSTA provides its members with data that provides a full picture of the loan market.

• Daily LSTA shift date guidance, binding and used market wide• Daily S&P/LSTA Loan 100 Index constituency list, prices and index levels• Weekly and monthly S&P/LSTA Leveraged Loan Index reviews• Weekly LSTA/Thomson Reuters LPC Mark-to-Market biggest movers list and pricing alerts (winner, losers,

most volatile, newest deals)• Monthly LSTA Secondary Trading and Settlement publication and performance charts• Monthly LSTA Secondary Market publication and performance charts• Monthly and quarterly LSTA/LPC MTM Pricing File• Quarterly LSTA Secondary Trading & Settlement Studies (fl agship product)• Quarterly LSTA Secondary Trading & Settlement Executive Summary• Daily customized services: (1) presenting market trends and analysis; (2) providing top-notch customer

service fulfi lling ad-hoc requests; and (3) creating bespoke studies and presentations• Customized LSTA trading, liquidity and settlement metrics reports (for institutions that provide trade data)• Discounts on LSTA/Thomson Reuters LPC Mark-to-Market Daily Pricing Service, LSTA/Xtract Bank

Debt Review, and AverageLibor.com

Standard Documents and Market Practice GuidelinesLSTA members have unlimited access to an ever-expanding portfolio of standard documents and marketpractice guidelines.

• Model Credit Agreement Provisions• Trading documents • Legal analysis and regulatory issues• LSTA governance and code of conduct

Market Advisories and Weekly LSTA NewsletterOngoing commentary and guidance on regulatory, legal, and other market developments

• Loan and fi nancial market news and advisories• Regulatory updates and analysis• LSTA news and commentary

Conferences, Seminars, Events, and Information• Discounted passes to the LSTA Annual Conference and other major conferences• Free webcasts on regulatory, legal, and operational issues• Free afternoon CLE and CPE seminars• Full website access• Complimentary copies of the annual LSTA Loan Market Chronicle and LSTA Resource Guide

Networking and Marketing Opportunities• Eligibility to speak at LSTA conferences, seminars, and webcasts• Eligibility to join the LSTA board, committees, and working groups• Discounts on sponsorship opportunities and exhibit tables at major LSTA conferences• Discounts on advertising in the LSTA Loan Market Chronicle and LSTA Resource Guide• Free job postings on LSTA Website

Get Your Hands Dirty... There’s a Lot to Do! LSTA Standard Documentation and Market PracticesStandardizing loan documentation, especially related to trading, is the historical core of the LSTA and continues to be one of our primary activities. Document updates and changes are arrived at by consensus—buyside, sellside, and the law fi rms. We also publish timely market advisories to help resolve market issues that arise. We hold a number of CLE seminars each year and present legal conferences in the US and overseas as well.

AdvocacyThe LSTA has submitted more than 12 Amicus Briefs on behalf of the loan market since 2006. We recently submitted one on the issue of credit bidding to the US Supreme Court. Our position prevailed 8-0 and preserved a fundamental right for senior secured lenders.

Market Data and AnalysisTo enhance market visibility, transparency, and liquidity, the LSTA provides its members with exclusive data that give a 360-degree quantitative insight into the loan market’s performance and growth: trade data, settlement time statistics for par and distressed trades, established shift dates, and more. We also manage key strategic partnerships and data products, including the LSTA/Thomson Reuters LPC Mark-to-Market Pricing Service and the S&P/LSTA Leveraged Loan Index. Full members receive customized data reports and analysis, and we can fulfi ll bespoke requests as well.

RegulatoryThe LSTA is uniquely suited to advocate in Washington on behalf of the loan market. We educate regulators, legis-lators, and their staffs on an ongoing basis, highlighting how regulations under Dodd-Frank, the new leveraged lend-ing guidance, and FATCA can dramatically affect the loan market and the broader economy. We also work diligently to protect the rights of secured creditors and distressed investors under possible Chapter 11 reforms.

We have addressed a number of regulatory issues for CLOs, including FATCA, risk retention, the Volcker Rule, and FDIC assessments. The LSTA also worked closely with the SEC and CFTC to ensure that loan participations would not be regulated as swaps under Dodd-Frank. This prevented loan market participations from being subjected to anti-fraud and anti-manipulation regulations, onerous reporting and capital requirements, and other federal securi-ties laws.

Operations and SettlementA key objective for the LSTA is operational effi ciency and settlement in the market. Our operations committees and working groups use a multidisciplinary approach, drawing on our expertise in operations, documentation, and data-driven analytics to reduce settlement times, establish market standards, and identify best practices for MEIs, CUSIPs, FpML, and more.

Promotion of the Asset Class: US and InternationalThe LSTA produces a series of multimedia projects that incorporate editorial supplements, webcasts, and a microsite based on a roundtable discussion aimed at US pension funds and consultants. Some recent efforts include “Adding Loan Funds to Defi ned Contribution and Defi ned Benefi t Plans,” “How to Invest in Senior Secured Loans,” and “Senior Secured Loans: Performing through the Cycle.” We also produce investor conferences in Tokyo, Seoul, Beijing, Hong Kong, and Sydney.

www.lsta.org

Weekly Newsletter

Customized Analysis

Full Member

15% 15% 15% 15%

15% 15%

3 2 1 1

Associate Member

www.lsta.org

(212) 880-3000

www.lsta.org

Weekly Newsletter

Customized Analysis

Full Member

15% 15% 15% 15%

15% 15%

3 2 1 1

Associate Member

www.lsta.org

(212) 880-3000

www.lsta.org

Membership Application

TO SUBMITPlease send the completed application, questionnaire and check made payable to:The Loan Syndications & Trading Association: Kevin Kirchoff, LSTA, 366 Madison Avenue, 15th Floor, New York, NY 10017For wire transfer information please call Kevin Kirchoff at (212) 880-3016.You may also fax a copy to (212) 880-3040.

ABOUT YOUR INSTITUTION TYPE (CHECK ONE)

Name Dealer Broker

Address Commercial Bank Consultant

City Fund Law Firm

State Zip Hedge Fund Other

Phone Fax

DUES CONTACT INFORMATION

Name Department

Title Phone

Address Fax

MEMBERSHIP LEVEL SOUGHT (SEE ATTACHED CHART FOR ANNUAL DUES)

Full: Actively trades or invests in commercial loan instruments.

Dealer (you must be identified as a “Qualified Dealer” by the LSTA)

Non-dealer but Subscriber to LSTA / LPC Mark-to-Market Pricing

Non-dealer and not a Subscriber to LSTA / LPC Mark-to-Market Pricing

Associate: Market participant that trades or invests in commercial loan instruments but is smaller & less active than Full.

Subscriber to LSTA / LPC Mark-to-Market Pricing

Not a Subscriber to LSTA / LPC Mark-to-Market Pricing

Affiliate: Strong interest in the market but does not trade or invest in commercial loan instruments.

Affiliate – Law Firm Affiliate – Acct Firm/Adv/PF ConsultantAffiliate – Vendor

Contacts

Please list contacts that wish to have access to the LSTA Website, Market News and Alerts.

oTher conTAcTS

Name Name

Title Title

Address Address

Phone Phone

Fax Fax

Email Email

oTher conTAcTS

Name Name

Title Title

Address Address

Phone Phone

Fax Fax

Email Email

oTher conTAcTS

Name Name

Title Title

Address Address

Phone Phone

Fax Fax

Email Email

oTher conTAcTS

Name Name

Title Title

Address Address

Phone Phone

Fax Fax

Email Email

oTher conTAcTS

Name Name

Title Title

Address Address

Phone Phone

Fax Fax

Email Email

2017 MEMBERSHIP DUES STRUCTURE

LSTA Membership Level BASE RATE 2017 Dues Full Member – Broker/Dealer/Underwriter $25,000Full Member – Broker/Dealer $20,000Full Member – Institutional Investor $13,000 Associate Member – Other $12,500Associate Member – Institutional Investor $ 8,000

Affiliate Member – Law Firm Affiliate Member – Acct. Firm/Adv./PF Cons.

$15,000$10,000

Affiliate Member – Vendor $ 8,000 ASSESSMENTS Dealer/Other:

Tier 5 Tier 4 Tier 3 Tier 2 Tier 1

U.S. Bookrunner Status* Below

$150MM $150MM –

$3B $3B – $11B

$11B – $31B

Above $31B

$5,000 $7,500 $10,000 $15,000 $20,000

Start-up Smaller Dealer

Larger Dealer

Secondary Volume

$5,000 $10,000 $25,000

*Source: Loan Pricing Corp.’s League Tables, September 30, 2016

Institutional Investor:

Estimate of Primary Allocations*

Tier 4 Tier 3 Tier 2 Tier 1 Below $6MM

$6MM – $135MM

$135MM – $365MM

Above $365MM

$500 $1,000 $2,000 $4,000

*Source: Standard & Poor’s/PMD, September 30, 2016