BAFT Master Participation Agreements (MPAs)

BAFT Master Participation Agreements - English Law and New York Law

The BAFT Master Participation Agreements (governed by English Law and New York Law) for trade transactions are industry standard documents that are used by banks and their counterparties around the globe to facilitate the buying and selling of country and bank trade-related assets. In use in their original form by the industry since 2008 (English Law) and 2010 (New York Law), the MPAs were designed to simplify the exchange of documentation between banks and reduce legal costs by minimizing redundancies and excessive bi-lateral discussions.

In 2018 the English Law MPA was updated to meet the modern-day requirements of the industry. The New York Law MPA was subsequently updated in 2019. These MPAs or master risk participation agreements (MRPAs) as they deal with risk, serve as the industry standard framework for banks and their counterparties when they buy and sell trade finance-related assets globally.

The 2018 and 2019 MPAs keeps many of the provisions from their original form, but also include amended and new specifications to reflect the significant developments in market practice and changes to the global regulatory landscape since 2008 and 2010.

NEW: BAFT Master Participation Agreements (MPAs) - English Law and New York Law with LIBOR Amendments

With the cessation of LIBOR on the horizon, BAFT together with ITFA and Sullivan & Worcester have prepared amendment agreements to the 2008 (English Law), 2010 (New York Law), 2018 (English Law) and 2019 (New York Law) MPAs.

The amendment agreements can be used to make the changes to the MPAs. The approach taken is to replace the references to LIBOR by references to relevant central bank rates for those currencies for which LIBOR is currently quoted. 

It is important to note that the amendment agreements do not amend the rate in any participated transactions and only in the MPA itself. Participated transactions can use a variety of rates, as specified in an offer. For those wishing to enter into fresh agreements reflecting the changes and for new MPAs in the future, updated versions of the various MPAs are available.

indicates a document that is available to BAFT Members complimentary. Please login or register to download or view members only documents. Non-members can purchase individual documents or document bundles via the BAFT Store below. Please email [email protected] if you require assistance.

BAFT Master Participation Agreement (MPA) - English Law (w/ LIBOR Amendments)

2018

2008

BAFT Master Participation Agreement (MPA) - New York Law (w/ LIBOR Amendments)

2019

2010

Previous Master Participation Agreements

BAFT Master Participation Agreement (MPA) - 2018 English Law

The BAFT English Law Master Participation Agreement (MPA) has driven market standardization in trade transactions since it was first introduced in 2008. In 2018 the MPA was updated to meet the “modern-day requirements” of the industry.

The 2018 MPA, or master risk participation agreement (MRPA) as it deals with risk, serves as the industry standard framework for banks and their counterparties when they buy and sell trade finance-related assets globally. 

The 2018 MPA keeps many of the provisions from the original, but also includes amended and new specifications to reflect the significant developments in market practice and changes to the global regulatory landscape since 2008.

BAFT Master Participation Agreement (MPA) - 2019 New York Law

The BAFT New York Law Master Participation Agreement (MPA) has driven market standardization in trade transactions since it was first introduced in 2010. In 2019 the MPA was updated to meet the “modern-day requirements” of the industry.

The 2019 MPA, or master risk participation agreement (MRPA) as it deals with risk, serves as the industry standard framework for banks and their counterparties when they buy and sell trade finance-related assets globally.

The 2019 MPA keeps many of the provisions from the original, but also includes amended and new specifications to reflect the significant developments in market practice and changes to the global regulatory landscape since 2010.

BAFT Master Participation Agreements (MPAs) - Prior to 2018

For previous versions of the BAFT Master Participation Agreement, please contact [email protected].