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Article: LSTA Publishes New Trade Confirms; Statute of Frauds Exemption for Loan Trading; Increased Certainty that Oral Trades are Binding Electronic Execution.
- Article from:
- PR Newswire
- Article date:
- September 17, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- The LSTA today published revised forms of loan trading confirmations that increase the certainty that oral trades are binding and pave the way for electronic execution of documents. The new trade confirmations are available free of charge to LSTA members on the LSTA website at http://www.lsta.org/ and are available to non-members for a per-document fee.
Legislation introduced at the behest of the LSTA exempting loan trading from the Statute of Frauds became law in the State of New York in August, with effect for trades entered into from and after October 5, 2002. The legislation extends to loan trading the same exemption from the Statute of Frauds ...