LSTA Membership Types

The LSTA is the leading advocate for the syndicated loan market.

Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.

Member benefits include:

  • A full complement of documents and market practice standards for the primary and secondary markets
  • Exclusive loan market data and analysis
  • Conferences, seminars, teach-ins, and webcasts on issues and developments in the loan market
  • Promotion of the loan asset class to institutional investors in the U.S. and overseas
  • Advocacy within the Federal government to shape loan market guidance and regulation

Click here for LSTA Membership Brochure.

Membership Types

Full Member

Full Members are organizations that underwrite loans or actively trade or invest in commercial loan instruments. Full members receive all LSTA information and standard documentation, including information relating to market practices and month-end prices on commercial loan instruments. Full members have full voting rights, are eligible for election to LSTA's Board of Directors, have unlimited opportunity to participate in LSTA Committees and to interact with LSTA's staff, and receive all materials, information and documentation (including daily, weekly, monthly and quarterly pricing composites on loans) that is prepared for LSTA members.

There are three levels within the Full Member class. All Full Members have the same rights and benefits, regardless of the Full Member category.

  1. Broker/Dealer/Underwriter (Sell Side)
  2. Institutional Investor (Buy Side)
  3. Other Full Member (Bank)

Associate Member

Associate Members are market participants that trade or invest in commercial loan instruments, but that are smaller and less active than Full Members. Associate members receive all standard documentation and most LSTA information. Associate Members do not receive certain materials (such as daily and weekly pricing composites on loans) that are distributed to Full Members. Associate Members may participate in committees and discuss marketplace issues with LSTA staff, and are invited to all LSTA open meetings and special events.

There are two levels within the Associate Member class.

  1. Institutional Investor
  2. Bank

Affiliate Member

Affiliate Members are firms that have a strong interest in the syndicated lending and commercial loan trading industry (such as advisors, law firms, accounting firms, vendors, rating agencies, data providers and consulting firms) but that do not themselves trade or invest in commercial loan instruments. Affiliate Members receive LSTA information and may attend open meetings and special events.

There are three levels within the Affiliate Member class.

  1. Law Firm
  2. Accounting Firm, Adviser, Consultant
  3. Vendor

Fees

The LSTA Board of Directors approved a new dues structure in 2003 that is designed to ensure that larger, more active members pay a greater proportion of overall dues.

Full Dealer and Full Other assessments will be based on their volumes as leveraged lead arrangers (as measured by Loan Pricing Corp's League Tables), and their levels of secondary trading volume.

Full and Associate Institutional Investors will see an assessment based upon their primary allocations volume (as measured by Standard & Poor’s).

All members will be assessed a base amount. Some members will see additional assessments within given ranges.

For more information about dues, please contact Clara Colon at (212) 880-3010 or ccolon@lsta.org.

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