eprintid: 10140334 rev_number: 23 eprint_status: archive userid: 608 dir: disk0/10/14/03/34 datestamp: 2021-12-14 12:41:32 lastmod: 2023-03-03 14:34:39 status_changed: 2021-12-14 12:41:32 type: article metadata_visibility: show creators_name: Penn, Graham title: Promoting Liquidity in the Secondary Loan Market: Is Sub-Participation Still Fit for Purpose? ispublished: pub divisions: UCL divisions: B03 divisions: C02 note: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. abstract: One of the most innovative features of the international syndicated loan market, almost since its inception, has been the transformation from loan assets which are held, historically by banks, until maturity, to the creation of assets which are highly liquid and tradeable as if they were securities. The various techniques deployed by market participants to achieve such liquidity and transferability, and attempts by borrowers to restrict it, have been subject to almost constant change. This article will consider whether recent developments in the market, specifically with reference to sub-participations, are now inhibiting liquidity and transferability. date: 2022-02-23 date_type: published official_url: https://www.sweetandmaxwell.co.uk/Product/Banking-AND-Financial-Services/Journal-of-International-Banking-Law-AND-Regulation/Journal/30791387#okay-to-continue oa_status: green full_text_type: other language: eng primo: open primo_central: open_green verified: verified_manual elements_id: 1910006 lyricists_name: Penn, Graham lyricists_id: GAPEN15 actors_name: Penn, Graham actors_id: GAPEN15 actors_role: owner full_text_status: public publication: Journal of International Banking Law and Regulation volume: 37 number: 3 pagerange: 85-102 editors_name: Penn, G citation: Penn, Graham; (2022) Promoting Liquidity in the Secondary Loan Market: Is Sub-Participation Still Fit for Purpose? Journal of International Banking Law and Regulation , 37 (3) pp. 85-102. Green open access document_url: https://discovery.ucl.ac.uk/id/eprint/10140334/1/PROMOTING%20LIQUIDITY%20IN%20THE%20SECONDARY%20LOAN%20MARKET%20IS%20SUB-PARTICIPATION%20STILL%20FIT%20FOR%20PURPOSE%20%28SUBMITTED%20WITH%20HEADER%29.pdf