Insight & Analysis

Press release: Secondary trade confirmations: LMA.Automate platform

Published: Sep 2022

26th September 2022LMA.Automate Limited, a wholly owned subsidiary of the Loan Market Association, has today launched automated LMA recommended form secondary trade confirmations on the LMA.Automate platform to support the secondary loan market. Subscribers will now be able to generate secondary trade confirmations from an automated template incorporating all versions and options available in the latest static versions of the LMA recommended forms. Secondary loan market participants should also note that the LMA recommended form confidentiality undertakings have already been automated and are available on the platform.

Newspaper press release

Automation of the secondary trade confirmations has a clear use case and clear benefits for market participants with respect to consistency of approach, version control and oversight of this area of activity. Additional valuable features include the ability to ‘duplicate’ a secondary trade confirmation previously executed on the platform (to minimise the level of input/changes required and thereby save time), workflow management and self-automation.

Furthermore, the easy-to-use platform facilitates efficient real-time internal collaboration with colleagues, external negotiation with counterparties (who do not themselves need to be subscribers) as well as on-platform execution of secondary trade confirmations (whether via DocuSign or Adobe Sign). Trading entities and law firms can work together on the platform on more complex secondary trade confirmations. All secondary trade confirmations executed on the platform by a subscriber will provide a central repository and rich source of data points for analytics, data extraction and reporting.

Clare Dawson, Chief Executive of the LMA said: “LMA.Automate is part of our commitment to improving the efficiency of the loan market by encouraging the adoption of beneficial technology and supporting our members. We are delighted to be extending the platform’s capabilities to support secondary loan market participants with automated secondary trade confirmations.”

“The automation of secondary trade confirmations has been part of our overarching roadmap for the platform which has been focused on broadening the range of automated documents available on it and supporting compelling use cases for lenders and law firms alike. LMA.Automate represents a significant commitment on the part of the LMA and we continue to work closely with subscribers to enhance the platform and deliver a quality service at minimal cost.”

The LMA.Automate service, a cloud-based platform powered by Avvoka software and fully hosted by Allen & Overy on a private, secure Microsoft Azure cloud environment is available to existing LMA members for a competitive annual subscription, based on the number of individual users. A 30-day free trial on the platform is offered to LMA members, with guidance available during the free trial and beyond to ensure subscribers get the most out of this great tool for their business.

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