ISLA

Securities Lending

ISLA, performance measurement, Securities Lending, topstory

ISLA kindly provided us a review copy of “Securities Lending Performance Measurement,” a new guidance issued last week by the Securities Lending Performance Measurement Working Group. We reviewed the specifics…

ISLA publishes industry guidance for securities lending performance measurement

September 7, 2020

ISLA, performance measurement, Securities Lending

ISLA announced the publication of a new set of standards and best practice guidelines in respect of data aggregation and calibration of performance-related metrics for securities lending. The standards set out…

ISLA publishes 13th Securities Lending Market Report

August 24, 2020

Set against the backdrop of the ongoing COVID-19 pandemic, this special report highlights how our markets reacted, recovered and renewed themselves during the extraordinary events that dominated the first half…

ISLA publishes a series of SRD II proforma letters and Q&As

August 20, 2020

ISLA, SRD II

ISLA announced the publication of a series of documents to support its members in the implementation of the Shareholders Rights Directive (SRD II). The ISLA SRD II working group, chaired…

ISLA: TRs accepting 95% of SFTR transactions, data volumes to peak in 2-3 months

August 2, 2020

It was more than five years ago that Adrian Dale, head of Regulation and Market Practice at the International Securities Lending Association, recalls being asked to look at a new…

Slew of financial services groups urge international authorities to make digital markets commitment

July 29, 2020

News and Notes – Fintech

digitization, FSB, ISLA

ISLA (International Securities Lending Association) has submitted a joint letter to the Bank for International Settlements, the Financial Stability Board, and the International Organization of Securities Commissions asserting its commitment…

ISLA and ISDA Agree to Closer Collaboration on Digital Initiatives

July 27, 2020

Common Domain Model, ISDA, ISLA

The International Securities Lending Association (ISLA) and the International Swaps and Derivatives Association, Inc. (ISDA) have agreed to closely collaborate on two key initiatives to deliver digital solutions to their…

ISLA writes ESMA and NCAs with technical concerns on SFTR Phase 1 data submission

July 10, 2020

A few days from now, many ISLA member firms will begin submitting SFT data to their preferred Trade Repositories, as directed under the Securities Financing Transactions Regulation (SFTR). The preparation…

ISLA Publishes CSDR Mandatory Buy-in & Cash Penalties Regimes FAQs

July 6, 2020

CSDR, ISLA

ISLA is pleased to announce the publication of the CSDR Mandatory Buy-in & Cash Penalties Regimes FAQs. Produced in association with Clifford Chance, the FAQs explain the legislative background and…

ISLA publishes EU roadmap and COVID-19 regulatory impacts

June 23, 2020

coronavirus, European Commission, ISLA, Regulation

ISLA launched two new landing pages to the ISLA website; the ‘EU Expected Developments Roadmap’, and the ‘COVID-19 Impacts on EC Priorities’ table. The focus on financial services by global…

ISLA publishes position paper on DAC6

May 28, 2020

DAC6, ISLA

The International Securities Lending Association published a new position paper on the EU Directive on Administrative Cooperation (DAC6). Produced in collaboration with Deloitte LLP, this paper is for participants in…

ISLA Publishes Revised 2020 US Tax Addendum to GMSLA

May 27, 2020

GMSLA, ISLA

ISLA has now published the revised 2020 US Tax Addendum to the GMSLA 2010, along with supporting guidance notes. The new addendum provides a broader approach, covering Qualified Derivative Dealer…

ISLA Publish Bankruptcy Remoteness Opinions to Support the GMSLA Security Interest over Collateral Agreement

May 1, 2020

bankruptcy, collateral, GMSLA, ISLA

ISLA is delighted to announce the release of four additional bankruptcy remoteness opinions to support the Global Master Securities Lending Agreement (Security Interest over Collateral – 2018 version), published by…

IHS Markit: higher returns to lendable expected after March equity utilitization spike

April 21, 2020

benchmarking, data analytics, IHS Markit, ISLA, Securities Lending

IHS Markit has launched monthly performance benchmarking reports that measure securities lending returns in six MSCI global equity indices: World, USA, Europe, Japan, Asia Pacific ex Japan, and Emerging Markets.…

ISLA to form new digital working group

April 21, 2020

CDM, digitization, ISLA, Securities Lending

ISLA is forming a new digital working group, which will initially help to form responses to consultations from the European Commission and Bank of England with a view to then…

ISLA publish 2020 legal opinions for the GMSLA

April 16, 2020

GMSLA, ISLA

The International Securities Lending Association (ISLA) has published the 2020 updates to the opinions that support the Global Master Securities Lending Agreement (GMSLA). The 2020 GMSLA opinions have been obtained…

Industry associations ask for postponement of EU Shareholder Rights Directive II

April 14, 2020

Europe, ISLA, Shareholder Rights Directive II, SRD II

Joint Associations’ Letter to EC on the Impact of COVID-19 to SRD II Implementation On the 9th April 2020, and working in collaboration with AFME, AFTI, AGC, ASSOSIM, EACB, EBF,…

ISLA sustainable finance council calls for short selling ban evidence, policy involvement as pandemic impacts markets

April 8, 2020

ICSF, ISLA, Short selling bans

ISLA’s (International Securities Lending Association) Council for Sustainable Finance (ICSF) released its first position paper, referring to the severity of the current situation caused by the COVID-19 pandemic. ICSF’s position…

ICMA and ISLA ask ESMA to delay SFTR until October

March 17, 2020

ICMA, ISLA, SFTR

Impact of COVID-19 on SFTR implementation programmes The run-up to the first reporting start date on 11 April has coincided with the acceleration in the proliferation and intensity of the…

ISLA: how beneficial owners are taking the lead on ESG (Premium)

March 11, 2020

Securities Lending

ESG, ISLA, ISLA Council for Sustainable Finance, sustainability finance, topstory

Sustainable finance and ESG (Environmental, Social, Governance) investing is gaining traction across the asset management community. We talk to Andrew Dyson, ISLA’s CEO, about how securities lending is leading on…

BNP Paribas, Eurex join ISLA’s sustainability council

March 7, 2020

BNP Paribas, ESG, Eurex, ICSF, ISLA, Securities Lending, sustainability finance

The ISLA Council for Sustainable Finance (ICSF) announced that Eurex and BNP Paribas have joined as partners to the Council Executive. They join a number of beneficial owners on the…

ISLA announces formation of the ISLA Council for Sustainable Finance

February 27, 2020

ISLA, ISLA Council for Sustainable Finance

Following on from the earlier communication in December 2019, the International Securities Lending Association (ISLA) is pleased to release further details of the ISLA Council for Sustainable Finance (ICSF). The…

ISLA publishes 12th securities lending market report including roadmap of EU developments through 2022

February 6, 2020

ISLA, Market Report, Securities Lending

We are delighted to announce the release of the 12th Edition of the ISLA Securities Lending Market Report. The report continues to provide a platform for us all to better…

Review of proposals to prevent CSDR’s mandatory buy-in regime from damaging liquidity (Premium)

January 30, 2020

ESMA, Europe, Regulatory

CSDR, ICMA, ISLA, mandatory buy-ins, topstory

Last week, 14 industry trade associations submitted a letter to the European Commission and ESMA requesting that CSDR’s mandatory buy-in provision be delayed or modified to preserve market liquidity. They…

AFME, FIA, ICMA, ISDA and ISLA publish Master Regulatory Reporting Agreement

December 19, 2019

AFME, EMIR, FIA, ICMA, ISDA, ISLA, MMRA, SFTR

The Association of Financial Markets in Europe (AFME), Futures Industry Association (FIA), International Capital Market Association (ICMA), International Swaps and Derivatives Association (ISDA) and International Securities Lending Association (ISLA) have…

ISLA Announces Formation of the Council for Sustainable Finance

December 17, 2019

ESG, ISLA

Following sixteen months of intensive and rigorous preparations, the International Securities Lending Association (ISLA) is delighted to announce the formation of the ISLA Council for Sustainable Finance (ICSF). ICSF, which…

ISLA publishes EU seclending markets manifesto with 5-year priorities

December 5, 2019

ISLA represents the common interests of the securities lending and financing industry in Europe and beyond. With 45% of its membership based in the EU27, and its other members committed…

ISLA Publishes SFTR Report Modeller

November 27, 2019

ISLA, report modeller, SFTR

The International Securities Lending Association (ISLA), is delighted to announce the publication of its report modeller for SFTR. The modeller has been designed to allow ISLA members to construct an…

ISLA Publishes Phase 2 of ‘CSDR: Settlement Discipline Impact to Securities Lending

September 30, 2019

CSDR, ISLA

Following on from the initial paper entitled CSDR: Settlement Discipline Impact to Securities Lending – Phase 1: Identifying the Issues, ISLA is delighted to publish Phase 2: Recommendations, Guidance &…

ISLA & Linklaters Publish a Joint Paper on Digitalisation & the Securities Lending Market

September 26, 2019

CDM, digitization, ISLA, Linklaters, Securities Lending

The International Securities Lending Association (ISLA) is delighted to announce the publication of a new white paper titled The Future of the Securities Lending Market | An Agenda for Change.…

ISLA publishes report on LEIs and SFTR

September 10, 2019

ISLA, LEI, SFTR

The International Securities Lending Association has today published a paper titled ‘The LEI & Securities Finance Transaction Regulation (SFTR)’ Against the backdrop of the Securities Financing Transaction Regulation (SFTR) that…

ISLA publishes Regulatory and Policy Maker Guide to Securities Lending, in association with Finadium

September 4, 2019

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