BAFT today announced the release of an updated New York law Master Participation Agreement (MPA). The original was drafted more than 10 years ago, and serves as the industry standard for secondary market transactions to facilitate the buying and selling of trade finance-related assets globally.
BAFT, together with ITFA (International Trade and Forfaiting Association), put together a working group of experts to review the existing forms and identify necessary changes based on current market practice. International law firm, Sullivan & Worcester, drafted the modernized New York law MPA form and associated usage guidelines.
The agreement continues to help standardize documentation for trade finance transactions and facilitates the communication around trade finance assets between financial institutions, investors of all types and government bodies globally.
“The revisions to the BAFT MPA continue our efforts to standardize industry documentation, facilitate better transaction efficiency and provide greater consistency,” said Tod Burwell, president and CEO of BAFT.
The updated MPA covers secondary market activities related to various types of trade assets. The document is free for BAFT members and available for purchase for nonmembers. Read More.