ISLA

Finadium, ISLA, Regulatory, Securities Lending

The International Securities Lending Association is delighted to announce the publication of its new Regulator & Policy Maker Guide to Securities Lending. Produced in association with Finadium, a consultancy focused on…

ISLA’s 11th securities lending market report notes uncertainty and faster pace of regulatory change

August 30, 2019

We are delighted to announce the release of the 11th Edition of the ISLA Securities Lending Market Report. The report continues to provide a platform for us all to better understand…

ISLA, FIA, ICMA and ISDA to create new Master Reporting Agreement

August 15, 2019

FIA, ICMA, ISDA, ISLA, Master Reporting Agreement

ISLA has partnered with the FIA, ICMA and ISDA, to create a new Master Reporting Agreement. The purpose of the new agreement is to provide for both mandatory and delegated…

ISLA: EBA Advises Against Swift Implementation of Mandatory Haircuts for SFTs in Bank Capital Rules

August 5, 2019

EBA, Haircuts, ISLA, SFTs

The European Banking Authority today published its technical advice to the European Commission on the implementation into EU law of the latest Basel III (sometimes referred to as Basel IV)…

ISLA decomplexifies corporate actions in preparation for SFTR

July 4, 2019

corporate actions, ISLA

ISLA is developing a pan-industry consensus of booking processes to overcome the as yet unfathomed regulatory reporting obstacles. The Association has held four working group meetings involving 25 member firms…

ISLA publishes Institutional Investor Guide to Securities Lending, in association with Finadium

June 17, 2019

Finadium, Institutional Investors, ISLA, Securities Lending

The International Securities Lending Association is delighted to announce the publication of its new Institutional Investor Guide to Securities Lending. Produced in association with Finadium, a consultancy focused on securities…

ISLA launches new website

May 8, 2019

The International Securities Lending Association (ISLA), a leading industry trade association representing the common interests of securities lending and financing market participants across EMEA, is proud to announce the launch…

ISLA Publish 2019 Legal Opinions for the Global Master Securities Lending Agreement (GMSLA)

April 10, 2019

GMSLA, ISLA

The International Securities Lending Association (ISLA) has published the 2019 updates to the legal netting opinions which support the Global Master Securities Lending Agreement (GMSLA) for the securities lending industry. Updates have been obtained only for…

SFTR to enter into force 11 April 2019

March 22, 2019

ISLA Announcement: SFTR – RTS Published in the Official Journal The SFTR RTS determining the timing of the reporting regime, have been published in the Official Journal of the EU…

ISLA says automation could mitigate CSDR impacts on seclending

March 21, 2019

News and Notes – Fintech

automation, CSDR, ISLA, vendors

Settlement rates for securities lending as at 2018 were estimated to be between 80 and 90% with the majority of failed settlements occurring on the return leg of loan transactions.…

ISLA releases GMSLA pledge documentation

March 19, 2019

ISLA, pledge

As part of its commitment to support the use of global master agreements, ISLA in conjunction with Clifford Chance and key industry stakeholders has developed a pledge collateral version of…

A Common Domain Model for securities finance

March 18, 2019

Blockchain, Securities Lending, Technology

Common Domain Model, ISDA, ISLA, securities finance, standardization, topstory

Last week, ISLA’s Andy Dyson made a passing reference to a conversation with ISDA about their Common Domain Model (CDM) project, that could be extended to securities finance. This is…

ISLA Publishes 10th Edition of the Securities Lending Market Report

March 6, 2019

ISLA, Market Report, Securities Lending

We are delighted to announce the release of the 10th Edition of the ISLA Securities Lending Market Report. The report continues to delve into how securities lending markets are behaving…

ISLA publishes CSDR: Settlement Discipline Impact to Securities Lending

February 26, 2019

CSDR, ISLA, Securities Lending

ISLA is delighted to publish CSDR:Settlement Discipline Impact to Securities Lending, which investigates CSD Regulation (EU)No 909/2014 and its impact on settlement disciplines from the perspective of Securities Lending activity. The…

ISLA: ESMA Publishes Key Priorities for 2019

February 18, 2019

CSDR, ESMA, ISLA, SFTR

ESMA has recently published its Supervisory Convergence Work Programme for 2019 (https://www.esma.europa.eu/file/50237/download?token=ry0ziDAM). Amongst other things, this contains references to both SFTR and CSDR. The full summary from ISLA is available…

ISLA publishes GMSLA Pledge documentation Q&A

February 14, 2019

ISLA, pledge

Following the initial launch of the new GMSLA “Pledge” Structure Documentation, ISLA is delighted to publish a series of supporting Frequently Asked Questions (FAQs). The document is available for download…

ISLA clarifies SFTR launch date of Q2 2020

January 15, 2019

In relation to a previous ISLA communication on the SFTR reporting RTS, in which we suggested that the Council of the EU had extended the period to scrutinize the relevant…

ISLA: European Council extends scrutiny period for SFTR

January 10, 2019

The European Council has extended the formal scrutiny period of the Reporting Technical Standards (RTS) in respect of the SFTR by three months. In practice, this implies that the scrutiny…

ISLA News now available through Bloomberg Launchpad

October 17, 2018

The International Securities Lending Association (ISLA), a leading financial services trade association today announced a new capability whereby securities finance traders can personalise their Bloomberg Launchpad settings to receive ISLA…

ISLA releases 9th Securities Lending Market Report

September 11, 2018

The International Securities Lending Association (ISLA), a leading financial services trade association has today published its latest Securities Lending Market Report. This is the 9th edition of the report and…

ISLA staffs up for SFTR

September 5, 2018

International Securities Lending Association (ISLA) announces Richard Colvill is to join the team Wednesday, 5th September 2018 – London – The International Securities Lending Association (ISLA), a leading financial services…

ISLA Forms CSDR Working Group

July 29, 2018

Alex Tonhazy

CSDR, ISLA

On 19th July 2018, the newly formed ISLA CSDR working group met for the first time. Early this year, ISLA undertook a settlement survey of its membership, that highlighted a…

ISLA updates members on the German Investment Taxes Act (GITA)

July 20, 2018

GITA, ISLA

Following the introduction of the German Investment Taxes Act (GITA) in January 2018, we saw some dislocation in this market with a number of institutional investors either restricting their lending…

ISLA welcomes Spain securities lending consultation

May 20, 2018

ISLA, Securities Lending, Spain

ISLA announced it “is delighted” to see the recent consultation from the Spanish Ministry of Economy regarding securities lending and mutual funds. ISLA said in a statement: “Over time, we…

ISLA publishes results of settlement survey

April 26, 2018

CSDR, ISLA, settlement, SFTR

ISLA has published the results of a settlement survey undertaken with a number of member firms. The objective of the survey was to understand how the market undertakes pre-matching and manages loan…

ISLA warns on minimum haircut complexity

April 17, 2018

Basel III, European Commission, ISLA, Minimum Haircuts

ISLA’s response to the European Commission’s consultation on the finalisation of Basel III identified a need to clarify the scope of minimum haircuts, and warned against making the application too…

ISLA’s Dyson posts video on SFTR

April 10, 2018

News and Notes, Uncategorized

Andrew Dyson, ISLA, SFTR

ISLA’s CEO Andrew Dyson talks about Securities Financing Transactions Regulation

ISDA, EBF, ICMA and ISLA publish whitepaper on benefits of post-trade risk reduction services

April 10, 2018

EBF, EMIR, ICMA, ISDA, ISLA, MiFID II, post-trade

The International Swaps and Derivatives Association, Inc. (ISDA), the European Banking Federation (EBF), International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA) have published a whitepaper on…

ISLA publishes securities lending report 2018, SFTR and ETFs in focus

March 3, 2018

The International Securities Lending Association published an 8th edition of its Securities Lending Market Report. In the edition, ISLA builds upon the themes of transparency and providing the market with analysis and…

ISLA updates on Germany’s MoF draft guidance for Tax Act

January 26, 2018

Germany, ISLA, Taxes

The German Federal Ministry of Finance released a draft yesterday of the eagerly expected guidance on the application of the new provision of the of the German Investment Tax Act…

Success stories this week in securities finance (Premium)

January 18, 2018

Basel III, Dodd-Frank, Europe, Repo, Securities Lending, US

Dodd-Frank, Germany, ICMA, ISLA, LCR, topstory

After what seems like years of difficult news, we would like to publicly recognize situations and groups of people that are moving the collateralized trading markets in the right direction.…

EY alerts ISLA to “imminent” German Investment Tax Act changes

January 16, 2018

EY, Germany, ISLA, Taxes

ISLA has been informed by EY that a revised draft of the guidance notes to accompany the German Investment Tax Act are imminent. This has reportedly been sent to the…

ISLA reports wins on German tax act

January 2, 2018

EY, Germany, ISLA

ISLA received an update from EY representatives following a meeting with Germany’s Ministry of Finance. Responding to ISLA’s concerns expressed in four principal points, EY advised that: In-Scope Transactions – The rule…

ISLA to German MoF: “outlook poor” for equities markets unless concessions made on tax act

December 7, 2017

Germany, ISLA, Securities Lending, Tax

ISLA has submitted a letter to the German Federal Ministry of Finance warning of potential outsized impacts to the country’s equities markets unless the German Investment Tax Act 2018 makes…

ISLA to EC: securities lending market impacts of BRRD moratorium powers

October 24, 2017

BRRD, European Commission, ISLA

ISLA has expressed concerns over the impact on securities lending markets of amended moratorium powers under the Bank Recovery and Resolution Directive (BRRD). Moratoria have the effect of suspending payment and delivery…

ISLA publishes best practices for securities lending

October 17, 2017

ISLA released a paper, Best Practice for Operational Processes for Securities Lending Transactions, which aims to provide a practical and standardized approach to the operational processes of securities lending activity undertaken…

ISLA releases securities lending market report

August 30, 2017

Basel III, European Commission, FSB, ISLA, SFTR

In this latest report, ISLA builds upon previously observed themes, particularly around the role of government bond lending and how collateral is flowing around the system. From the report: Through the closer monitoring of…

ISLA praises ESMA’s direction on asset segregation, cautions on implementation

August 3, 2017

asset segregation, ESMA, ISLA, Regulation

The European Securities and Markets Authority (ESMA) has published an opinion to the EU Commission, Council and the Parliament setting out possible clarifications of legislative provisions under the Alternative Investment Fund Managers…

ISLA responds to Capital Markets Union consultation

March 24, 2017

Capital Markets Union, CMU, ISLA

The two findings that we particularly wish to draw the Commission’s attention to relate to: The growing disproportionate imbalance between securities held by UCITS that are available for lending vs…

ISLA publishes 6th securities lending market report

March 14, 2017

This, ISLA’s sixth Securities Finance Market Report, continues to provide not only some very interesting insights into the securities lending industry, but also highlights some implications for the broader financial…

ISLA highlights concerns with the Shareholder Rights Directive including public disclosures

January 26, 2017

ISLA, Shareholder Rights Directive, SRD

ISLA draws members’ attention to developments for the Shareholder Rights Directive (SRD) which reflects that, despite the progress we have seen, there are still perception issues around sec lending in…

ISLA reports €1.9 trillion of securities on-loan in June 2016, a 4% increase from Dec 2015

October 19, 2016

This is our fifth ISLA Securities Lending Market Report and we now able to review this latest data set against the backdrop of over two years of comparable data. Our…

Five Industry Associations Publish SFTR Information Statement

April 13, 2016

AFME, FIA, ICMA, ISDA, ISLA, SFTR

LONDON, April 13, 2016 – The Association for Financial Markets in Europe (AFME), FIA, the International Capital Market Association (ICMA), the International Swaps and Derivatives Association, Inc. (ISDA) and the…

ISLA March 2016 Securities Lending Report now online

April 4, 2016

Our first ISLA Securities Lending Report was published in October 2014 as part of our drive to promote greater and more consistent transparency across securities lending markets. In this, our…

With non-cash trades on the rise, will indemnification become an issue for sec lending agents?

October 27, 2015

Jonathan Cooper

Basel III, CCP, Securities Lending

Indemnification, ISLA, RWA, Securities Lending, topstory

The cost and availability of indemnification of beneficial owners by securities lenders is a perennial topic at conferences. But it is not clear that the dire warnings about cost and…

The latest ICMA European Repo Council Survey is out; behind the headlines are some interesting trends

October 5, 2015

Jonathan Cooper

Basel III, Corporate Bonds, Europe, Regulatory, Repo, Securities Lending, Tri-Party Repo

Direct repo, equities as collateral, ICMA European Repo Council, ISLA, Repo, topstory

The new ICMA European Repo Council survey was just released. The headline numbers don’t show a lot of change in the overall size of the market beyond the normal ebb…

ISLA publishes updated position paper on FTT

October 1, 2015

FTT, ISLA

EU Financial Transactions Tax and Securities Lending September 2015 We understand that the EU Financial Transactions Tax continues to be discussed and the 11 member states involved in the negotiations…

ISLA’s 3rd Securities Lending Market Report shows an industry adapting well to market and regulatory changes

September 16, 2015

Jonathan Cooper

Basel III, CCP, Collateral Management, Europe, Securities Lending

cash vs. non-cash, collateral, ISLA, non-cash collateral, Securities Lending, topstory

ISLA has released their 3rd Securities Lending Market Report. It is extremely well written with data and thoughtful analysis. In this post we take a look at securities lending in…

RMA, ISLA and PASLA submit a comment letter to the Financial Stability Board

September 8, 2015

FSB, ISLA, PASLA, RMA