The introduction of a placing standard - initially LMP and now MRC - has delivered value to the London Market by providing a standard form of submissions. It offers a clear structure and means that brokers present contracts in a consistent manner. This in turn adds clarity to the broker/underwriter discussion and thus enhances the efficiency of the placing process. The MRC has also delivered other advantages – most notably ensuring the content was aligned with the needs of contract certainty.
The introduction of a standard for the documentation of contract changes has delivered value to the London Market by providing a standard form for contract changes that is consistent with the Market Reform Contract standard. It offers a clear structure and means by which brokers present contract changes in a consistent manner. This in turn adds clarity to the broker/underwriter discussion and thus enhances the efficiency of the contract change process.
The guidance documents are available below. Please also refer to the MRCE Frequently Asked Questions page (click here). This provides additional information to address practical issues in the application of the guidance documents and also serves to clarify and refine the guidance.
The above guidance sets out how Notice of Cancellation provisions can be specified within the MRC and provides a model Notice of Cancellation letter, defining the minimum mandatory content.
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