Open Market Guidance

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.