As was reported in previous blogs, the Market Reform Group (MRG) has been at the forefront of contract certainty reforms. (See: UK: Latest Step In Contract Certainty Reforms: The MRG Introduces the Market Reform contract Endorsement and  UK: Regulatory: MRG Announcement Regarding Progress on Business Process Reform.).

The MRG held a  public session on 3 April 2008 to give an overview of  the changes on the new standard for placing Binding Authorities and Lineslips. (Click here for a copy of the slides)

The standards can be used immediately but will become the London Market standard from 1 July 2008. These guides provide consistency between the standards to be used for Open Market, Binding Authority and Lineslip placements. The placing of Binder and Lineslip declarations and Off-slips remains unaffected. (See: Implementation Guide for Binding Authorities and Implementation guide for Lineslips).