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The infrastructure supporting the syndicated loan market was shaken earlier this year by the arrival of LoanX, a rival to the partnership of the Loan Syndications and Trading Association (LSTA) and Loan Pricing Corp. in the arena of providing mark to market data, and market players are beginning to see benefits while wondering what might be in store.
Only a few short months after LoanX saw the light of day, competition prompted the LSTA to lower the mark to market subscription price by as much as 35% starting in August, especially for the more active market players paying over $100,000 a year. Participants in a panel at the LSTA's conference in mid-October sang praises about the price drop, and LoanX takes full credit for the move.
"We believe that competition among vendors is good, and monopolies are bad. Period," said Michael Rushmore, president and CEO of LoanX.
That said, members of the LSTA-most of the loan syndication market, in fact-will see higher dues next year, and for the more active participants who already pay more, those dues are slated...