UK: Regulatory: Public session held on Market Reform Contract (MRC) for Binders and Lineslips

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).