The Master Participation Agreement – TSTs is executed by the dealer and each applicable open-end loan fund. The use of a pre-negotiated Master Participation Agreement can ease and standardize the expedited settlement process because it allows ESA trades to settle by participation without negotiation and, by design, by simply completing a schedule on which the relevant trade details are set forth. The LSTA has developed a Master Participation Agreement for Expedited Settlement template based on its existing form of Participation Agreement which is used widely in the loan market. Click here for more information.