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What is ClearParSM
Why was the ClearParSM system originated?
How many buyside customers are using the ClearParSM system?
What is the benefit of using the ClearParSM system?
Will your data in the ClearParSM system be secure?
How can you become a user of the ClearParSM system?
Is there a cost to using the ClearParSM system?
Whom can you contact for information?
Q: What is ClearParSM?
A: ClearParSM is the industry standard platform for par and distressed loan trade closing and record keeping services for the primary and secondary par and distressed loan markets. Through a unique combination of experienced personnel and electronic processing, ClearParSM has built a single platform system to address market demands for efficient settlement of par and distressed loan closings for the LSTA and LMA markets.
Q: Why was the ClearParSM system originated?
A: The ClearParSM system was developed to balance the ever-increasing volume of loan trades on one hand, and the growing market enthusiasm for shorter settlement periods on the other. It was founded by Mandel, Katz, Manna & Brosnan, LLP, an international law firm with offices in New York, London and Singapore, dedicated solely to the legal aspects of loan trading.
Q: How many buy-side customers are using the ClearParSM system?
A: During 2009, over 630 institutional investors, representing over 4,450 funds, have used ClearParSM to settle their trades in the primary and secondary loan market for both par and distressed.
Q: What is the benefit of using the ClearParSM system?
A: ClearParSM, with its unique blend of personnel and technology, handles trades from start to finish, thus allowing the financial institutions' closers to focus on other tasks. Using ClearParSM allows buyers, sellers and agent banks to simultaneously access and approve trade documentation, thus creating a more efficient settlement process. In sum, ClearParSM is designed in all facets to improve liquidity and efficiency in the par and distressed loan markets.
Q: Will your data in the ClearParSM system be secure?
A: Yes. All data sent to the ClearParSM servers is protected by 128 bit SSL encryption. In addition to having your account protected by a username and password, a PIN code is required to approve and sign any document on the system.
Q: How can you become a user of the ClearParSM system?
A: Becoming a user of ClearParSM is simple. You initially must complete a Registration Form on behalf of your financial institution. Then each person in your institution to whom access to the ClearParSM system will be given must complete an Individual User Form. If the individual has signing authority on behalf of the institution and/or its funds (that is, is an authorized signatory), the individual must place his signature in the box on the form and insert a PIN code. Users can be added or deleted from time to time.
Q: Is there a cost to using the ClearParSM system?
A: ClearParSM charges a fee per secondary trade, which may be discounted given the volume of an institution's trades. There are no set-up or training fees charged to the financial institution. The ClearParSM fee with respect to primary syndications is based upon the number of Assignments processed in connection therewith. Typically, such fee is part of the closing fees paid by the Borrower.
Q: Whom can you contact for information?
A: Please call or e-mail:
Info.ClearPar@markit.com
| ClearPar - North America | ClearPar - Europe |
| 711 Executive Blvd | Level 3, Cottons Centre |
| Valley Cottage, NY 10989 | Cottons Lane |
| | London SE1 2QL |
| +1 845 639 4800 Tel | |
| +1 845 639 4899 Fax | +44 20 3367 0481 Tel |
| | +44 20 3367 0307 Fax |
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