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In Kirschner fallout, lenders may be asked to rep that they aren’t investors
Our Xtract Research team explores an unexpected outcome from the recent Kirschner ruling
7 months ago -
JP Morgan wins Kirschner case as court rules loans are not securities
7 months ago
The Second Circuit Court of Appeals has ruled in favour of JP Morgan in the Kirschner case that term loan Bs are not securities -
Loan market breathes sigh of relief as SEC declines to comment on Kirschner case
8 months ago
The SEC decided not to intervene in an ongoing court case about whether US leveraged loans are securities last week in an important win for the loan market. -
FCA greenlights synthetic Libor
1 year ago
The UK’s Financial Conduct Authority has given the go-ahead for ‘synthetic Libor’ as it creates a bridge for Libor contracts that do not have any hard-wired language referencing Sofr. -
Proposed SEC rules "possibly existential" for open-ended loan funds, says LSTA
1 year ago
The US Securities and Exchange Commission's upcoming new rule focusing on liquidity management in open-ended funds could have “possibly existential” and negative implications for loan mutual funds and exchange traded funds in its current form, according to the LSTA -
Phase 6 of uncleared margin rules drives CDS clearing volumes
1 year ago
2022 is shaping up to be a bumper year for CDS clearing activity, not only due to increased trading of the asset class, but a confluence of other factors, such as regulations, product expansion and wider geographical reach -
SEC's CDS proposals could impede market rather than help it: Barclays
1 year ago
New rules proposed by the US Securities & Exchange Commissions to tighten oversight of the CDS market could mean big changes for the market and have the effect of sapping activity, warn Barclays credit strategists in a note published on Thursday -
SEC warns private fund investors about misleading fund disclosure and due diligence failures
2 years ago
The US Secuties & Exchange Commission published a risk alert on Friday detailing a range of compliance issues it has observed in examining registered private fund advisers -
Caution returns to credit trading following tech sector rout
2 years ago
After a strong Tuesday session, financial markets are taking a more cautious step back on Wednesday amid returning inflation concerns and following a weak session for Chinese tech stocks -
Lev loan index rule change proposed to meet Sofr switch
2 years ago
Leveraged loan index stakeholders are being asked for feedback on a proposal that would allow the inclusion of loans linked to Sofr and scrap a minimum spread rule -
Ashurst boosts structured finance and derivatives practice as it brings in partner
2 years ago
Law firm Ashurst has hired a structured finance and derivatives specialist as a partner in its global markets practice -
Breakthroughs come thick and fast for Libor alternatives
2 years ago
Momentum has gathered around initiatives to replace Libor in contracts, with CME Group obtaining a regulatory nod on the term Secured Overnight Financing Rate (Sofr) as well as moving to launch interest rate futures based on banks’ short term credit yields -
Banks set to offer client clearing of credit index options
2 years ago
Bank members of LCH, the London Stock Exchange's clearing arm, will soon start offering client clearing of CDS index options, as the industry prepares for its next ramp up of margining requirements -
LCH reports 60% growth in CDS clearing
3 years ago
LCH, the central clearing house of London Stock Exchange Group, has reported growth in clearing of index, option and single name CDS during 2020 -
New valuation rules to 'severely limit' fixed income cross trades
3 years ago
Law firm Practus believes that new SEC rules will limit a fund’s ability to cross-trade fixed income investments after the regulator adopted fund valuation rules in December -
CLOs and leveraged lending do not significantly threaten stability, finds 'congressional watchdog'
3 years ago
CLOs and leveraged lending do not significantly threaten financial stability, according to a report by the US's Government Accountability Office (also known as the congressional watchdog) released yesterday -
BlueCrest settles SEC charges of favouring internal fund over client capital
3 years ago
BlueCrest Capital Management has agreed to pay $170 million to settle charges related to a fund that managed internal capital -
LCH starts clearing US credit index options
3 years ago
LCH, the central clearing house of the London Stock Exchange Group, has expanded its CDSClear service to clear US credit index options -
Real estate debt firm gets over SEC settlement with $180 million fund raise
3 years ago
A Miami-based real estate debt specialist has raised $180 million for a credit fund that appears to have a flexible investment mandate -
Loan market delivers best one-day returns since April due to US election and vaccine
3 years ago
The S&P/LSTA Leveraged Loan Index recorded its best single day returns since April on Monday as investors celebrated in a string of positive developments that sent markets into overdrive -
US election result is 'benign outcome for financial markets', says Nuveen
3 years ago
This week's election in the US is a 'benign outcome for financial markets' even as the final result of the presidential election remains unknown, according to a new report from Nuveen's global investment committee -
Dislocation and costly payment debacle highlight loan tech lag
3 years ago
Coronavirus-led dislocation in the leveraged loan market, as well as a bank’s recent claims of human error in making a large loan payment, underscore the industry’s need to embrace long-overdue efficiency improvements -
Changes in scope for CDS indices and tranches ahead of roll
3 years ago
Structural changes look to be afoot globally for CDS indices and tranches ahead of the September roll, with IHS Markit weighing amendments to products in all three traded regions -
Founder of west coast direct lender charged with fraud
3 years ago
Brendan Ross, founder and former chief executive officer of Direct Lending Investments, was arrested and charged with 10 counts of wire fraud yesterday, amid allegations he inflated the value and returns for a fund investment, resulting in mis-statements to investors and around $5-6million in overcharged fees -
Managers advised to refresh disclosures after SEC risk alert
3 years ago
Credit managers should review their conflict disclosures after the SEC issued a risk alert, say lawyers
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