On Tuesday, October 23rd, the LSTA Board adopted a primary delayed compensation protocol (the “Protocol”) that represents an important step in furthering the LSTA’s mission of promoting a fair, orderly, efficient and growing corporate loan market. The Protocol will go into effect on January 1, 2020 and will apply to all “primary” allocations i.e., allocations of new money in connection with new-issue syndications and amendments of existing deals. The Protocol, facilitated by the LSTA with the participation of a wide range of market participants, should result in important changes in practices and behavior that will reduce not only primary settlement times, but also those in the secondary market.