Morgan Stanley and UBS boost LLMA membership to 10

Morgan Stanley and UBS have joined the Life & Longevity Markets Association, an industry group focused on developing a liquid trading market in longevity and mortality-related risks.

The organisation was founded earlier this year following a trickle of indemnity-based longevity swaps with a view to expanding the market to include deals based on indexes. Its original members were Axa, Deutsche Bank, JP Morgan, Legal & General, Pension Corporation, Prudential, Royal Bank of Scotland and Swiss Re.