ISLA clarifies SFTR launch date of Q2 2020
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…
Read More ISLA: European Council extends scrutiny period for SFTR
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…
Read More ISLA News now available through Bloomberg Launchpad
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…
Read More ISLA releases 9th Securities Lending Market Report
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…
Read More ISLA staffs up for SFTR
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…
Read More ISLA Forms CSDR Working Group
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…
Read More ISLA updates members on the German Investment Taxes Act (GITA)
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…
Read More ISLA welcomes Spain securities lending consultation
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…
Read More ISLA publishes results of settlement survey
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…
Read More ISLA warns on minimum haircut complexity
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…
Read More ISLA’s Dyson posts video on SFTR
ISLA’s CEO Andrew Dyson talks about Securities Financing Transactions Regulation
Read More ISDA, EBF, ICMA and ISLA publish whitepaper on benefits of post-trade risk reduction services
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…
Read More ISLA publishes securities lending report 2018, SFTR and ETFs in focus
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…
Read More ISLA updates on Germany’s MoF draft guidance for Tax Act
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…
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Success stories this week in securities finance (Premium)
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.…
Read More EY alerts ISLA to “imminent” German Investment Tax Act changes
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…
Read More ISLA reports wins on German tax act
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…
Read More ISLA to German MoF: “outlook poor” for equities markets unless concessions made on tax act
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…
Read More ISLA to EC: securities lending market impacts of BRRD moratorium powers
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…
Read More ISLA publishes best practices for securities lending
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…
Read More ISLA releases securities lending market report
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…
Read More ISLA praises ESMA’s direction on asset segregation, cautions on implementation
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…
Read More ISLA responds to Capital Markets Union consultation
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…
Read More ISLA publishes 6th securities lending market report
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…
Read More ISLA highlights concerns with the Shareholder Rights Directive including public disclosures
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…
Read More ISLA reports €1.9 trillion of securities on-loan in June 2016, a 4% increase from Dec 2015
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…
Read More Five Industry Associations Publish SFTR Information Statement
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…
Read More ISLA March 2016 Securities Lending Report now online
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…
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With non-cash trades on the rise, will indemnification become an issue for sec lending agents?
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…
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The latest ICMA European Repo Council Survey is out; behind the headlines are some interesting trends
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…
Read More ISLA publishes updated position paper on FTT
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…
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ISLA’s 3rd Securities Lending Market Report shows an industry adapting well to market and regulatory changes
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…
Read More RMA, ISLA and PASLA submit a comment letter to the Financial Stability Board
ISLA together with the RMA and PASLA has submitted a comment letter to the FSB by way of follow-up to FSB DEG meeting in London on 26th August. A full…
Read More ISLA publishes response to ESMA consultation on CSDR
CSDR – our response to the ESMA consultation on buy-ins mechanics and responsibilities was submitted today. A copy of the response (which was put together with the help of our…
Read More ISLA publishes September 2015 Market Report
It is now approaching 12 months since ISLA published its first Securities Lending Market Report as part of our drive to promote greater and more consistent transparency across securities lending…
Read More ISLA response to ESMA consultation on CSD Regulation buy-in process
CSDR – our response to the ESMA consultation on buy-ins mechanics and responsibilities was submitted today. A copy of the response (which was put together with the help of our…
Read More ISLA on Securities Financing Transactions Regulation (SFTR)
In advance of trilogue discussions between the European Commission, Parliament and Council which begin next week, ISLA has prepared a position statement outlining its views. In the paper ISLA stresses…
Read More ISLA responds to Central Bank of Ireland and issues ALD best practices
ISLA Responds to Central Bank of Ireland consultation on UCITS rulebook (CP84) ISLA has submitted a response to the CBI’s consultation on proposed revisions to its UCITS rulebook. The consultation concerns the…
Read More Why gross up exposures for fully collateralized transactions? The ICMA and ISLA respond to new Leverage Ratio proposals.
Two comment letters last week on the Leverage Ratio from ICMA and ISLA draw important attention to how projected Basel III capital rules impact exposure netting. With netting, banks are…
Read More ISLA chimes in on the FTT: Lots More Doom and Gloom for Sec Lending and Repo
CCP, Collateral Management, Europe, Investments, Liquidity Management, OTC Derivatives Clearing, Repo, Securities Lending
Everyone and their dog are getting in their say on the Financial Transactions Tax (FTT). ISLA, the International Securities Lending Association, just released their analysis of the FTT and it…
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