- The mission of the Syndicated Loan Working Group is to establish a common electronic data exchange format within the primary and secondary commercial loan markets; thus enabling more efficient communication of notifications and loan product details between market constituents such as agents, custodians, lenders, trade counterparties, investment managers, and borrowers/issuers.
Chairs of Working Group
Bhavik Katira (TenDelta)
See section 1 of a particular Recommendation for the list of contributors.
The LOANWG will focus on creating an FpML representation of the following:
- Develop coverage of legal events including structures that describe covenants and related loan servicing events.
- Develop additional business rules
- Extend business rules, as necessary, to better guide implementation of the Loan FpML standard.
- Identify additional rules to support business logic that is not controlled by schema structure.
- Improve the existing loan documentation and examples.
- Revise and refine documentation to enhance usability.
- Define additional XML examples to support more use cases and define a method for cataloguing and cross-referencing use cases/XML examples.
- Develop additional elements or structures.
- Further enhance existing structures with backward-compatible changes, as deemed necessary by the Syndicated Loan Working Group.
- Design and develop structures to support LIBOR cessation and transition to new indices (e.g. SOFR).
The group meets on a biweekly basis, for up to two hours, conference calls primarily.
Rules of Operation:
The working group will adopt the FpML Working Group Rules of Operation. These outline best-practices for meetings, managing member participation, reaching group consensus and voting.
Estimated time commitment from Participants:
Members should be prepared to commit approximately 1 to 4 hours per week, depending on the role of the participant, for meeting participation and document review. Full members must have the agreement and support of their management before signing up to the Working Group.
Business analysts, technical architects, business specialists. The group requires skills in at least the following areas:
- Commercial loan instrument data structure
- Common loan notice/message data content
- Exposure to working with leading loan systems within the loan marketplace (either in-house or vendor)
- The ability to coordinate between the FpML specialists and the core business working group within the LSTA
Initial kick-off meeting