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The International Securities Lending Association (ISLA) is a trade association established in 1989 to represent the common interests of participants in the securities lending industry. ISLA works closely with European regulators and in the United Kingdom has representation on the Securities Lending and Repo Committee, a committee of market practitioners chaired by the Bank of England.

The Association has contributed to a number of major market initiatives, including the development of the UK Securities Borrowing and Lending Code of Guidance and the industry-standard lending agreement, the Global Master Securities Lending Agreement (GMSLA). ISLA’s aims for 2008/09 are:
  • Working with regulators to provide a safe and efficient framework for securities lending.
  • Opening up new markets for securities lending.
  • Providing information to members about securities lending market developments.
  • Developing good industry practices.
  • Enhancing the public profile of the securities lending industry.
  • Fostering good communication and cooperation with other trade associations.
  • Completing ISLA's review of the GMSLA and promoting use of the Agreement.
  • Implementing ISLA's model for Agent Lender Disclosure in Europe to meet the needs of securities borrowers under Basel II.
ISLA has more than 100 full and associate members comprising insurance companies, pension funds, asset managers, banks, securities dealers and service providers representing more than 4,000 clients. Whilst based in London, ISLA represents members from more than twenty countries in Europe, the Middle East, Africa and North America.

ISLA has an elected Board of twelve industry professionals representing firms from all parts of the industry. The current Chairman is Laurence Marshall of UBS Investment Bank. ISLA appointed David Rule as its first Chief Executive in 2007.
Membership Type Lender Borrower Ratio
Membership type - 23% Direct Lender, 34% Agent Lender, 34% Borrower, 9% Beneficial Owner Lender Borrower Ratio - 34% Borrower, 66% Lender


Like many legitimate businesses ISLA has recently been targeted by persons seeking to use our name and website address in an attempted e-mail fraud scam. Please be aware that ISLA does not offer loans, incentives or promotions of any kind to the public or the corporate sector. Should you receive any unsolicited mail from a Mr Andrew Clarke, or any other individual claiming to be a representative of ISLA you are advised not to reply, and instead to report this matter to "ISLA".

News Headlines more>
Independent academic research indicates lack of impact of short selling restrictions globally
17 Dec '08
ISLA Elects new Board and plans affiliation to SIFMA
01 Oct '08
ISLA RMA SIFMA ASLA PASLA Joint Statement to support equity market liquidity
26 Sep '08
ISLA comments on temporary prohibition of new short positions in financial stocks
19 Sep '08
ISLA issues model for agent lender disclosure in Europe
15 Jul '08
ISLA welcomes ruling in Beconwood vs ANZ
02 May '08
ISLA publishes interim recommendations for agent lender disclosure in Europe
30 Nov '07
Current Issues more>
Securities lending and short selling - Update
Jun '08
Why asset management arms of banks should continue to lend bank shares
Jun '08
ISLA consults on revised GMSLA
May '08
ISLA guidance on outstanding loans of former Northern Rock shares
Mar '08
French trade date recommendation
Dec '07
ISLA response to Independent article
Nov '07
ISLA Consultation on Proposed Changes to the GMSLA
Jul '07
ISLA response to FT article
Jun '07
Events more>
Professional Repo and Collateral Management course with Securities Lending Workshop
24-26 March 2009

ISLA/RMA Conference 2009
23-25 June 2009
Hotel Arts
Barcelona, Spain
International Securities Lending Association - Home