The Pan Asia Securities Lending Association (PASLA) announced that it had signed of a letter of intent (LOI) with Australian Securities Lending Association (ASLA) under which PASLA would expand its reach to the Australasia region.
The LOI is non-binding in nature. PASLA will work with ASLA on the details and execution of the final agreement in the coming months, aiming for completion by the fourth quarter of 2024.
Stephen Howard, CEO of PASLA, said in a statement. “PASLA represents over 60 institutional members across 13 markets in Asia Pacific and we’re excited to be exploring how we can extend this community and our work on behalf of our members into Australasia.”
“Australia and New Zealand are highly developed securities finance markets with a large number of beneficial owners with active lending programs,” he added. “Establishing a closer relationship with participants in these markets will reinforce PASLA’s ability to serve and represent the securities finance industry across the whole of Asia Pacific.”
Kieran Buckley, secretary at ASLA, said in a statement: “We look forward to working closely with the team at PASLA to explore this specific opportunity for our membership.”