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Old-School Leveraged Loan Market Is a Step Closer to Ditching Faxes

  • Platform will centralize data that lenders collect manually
  • Portal could help improve notoriously-long settlement times
    

    

Source: Getty Images

The $1.38 trillion U.S. leveraged loan market is nearing an innovation that could finally shift back-office operations to a centralized system and away from investors having to manually track their positions -- a process that can still include the occasional fax.

Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. on Wednesday unveiled the name of the new platform that will let lenders access data across their portfolios in one place and said that Credit Suisse Group AG, one of the top arrangers for leveraged loans, has joined the portal.