Loans: Scratching and Clawing to Progress

Burgeoning with record issuance, secondary trading and securitization, the syndicated loans space remains nevertheless beset by long-established operational and trade workflow problems, stretching from settlement to reconciliation and custody, made worse by an unusual amount of institutional inertia and quibbling. And, unlike other complex markets where lawmakers insisted upon wholesale reengineering following the 2008 credit crisis, the regulators’ touch here remains fairly light. In a rarity