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For general enquiries please contact the ISLA Administrator in the first instance. Alternatively if you have a specific Securities Lending issue or question, then please feel free to contact one of the officers or committee members listed below:
Laurence Marshall - Chairman Laurence Marshall - Chairman
Laurence Marshall is a Managing Director in Prime Brokerage Services with UBS Investment Bank, London. He joined UBS in 1993 where he established and managed the Securities Borrowing and Lending desk.

Laurence’s current area of responsibility is the management of the International supply business, and is responsible for managing client relationships. He has represented UBS on various industry bodies and is currently a member of the European Equilend Board.

Prior to joining UBS, he spent three years working for Sheppards, the former UK Money Broker.

Laurence was appointed ISLA Chairman in May 2007.
Managing Director, Prime Brokerage Services
UBS Investment Bank
James Templeman - Deputy Chairman James Templeman - Deputy Chairman
James works in the securities lending team as the Head of Trading for Europe, and in conjunction with the other regional managers is responsible for agreeing global trading strategies, co-ordinating trading activity as well as looking for higher levels of efficiency & automation in the lending process.

Prior to joining BGI in April 2001, James was the Head of Securities Lending & Derivatives Support at Cogent Investment Operations Ltd, which is part of the AMP Group and he also spent one very enjoyable year working in AMP's head office in Sydney. James graduated from Leicester University in June 1992 with a degree in Politics and Economics.

Head of Trading for Europe - Securities Lending
Barclays Global Investors Ltd, London
Richard Steele - Ex-Officio Richard Steele - Ex-Officio
Richard is currently responsible for international product management and development for securities lending at JPMorgan Worldwide Securities Services. Richard has twenty years experience in the securities industry, eight of which have been with JPMorgan Chase. He was previously a director at King & Shaxson Ltd, a UK securities lending and money market intermediary and holds a degree in Modern History from the University of St Andrews.

Richard has served on the ISLA Executive Committee since 2001 and was Chairman from May 2005-7.
Head of Product Management and Development, Securities Lending & Market Products, JPMorgan Worldwide Securities Services
JP Morgan Chase Bank, London
David Rule - Chief Executive Officer David Rule - Chief Executive Officer
David was appointed as ISLA's first Chief Executive in May 2007 having worked as a consultant to the Association from the beginning of the year. Previously David was Head of Sterling Markets Division at the Bank of England where he led the Bank's reforms of the sterling money markets which completed in 2006. David also chaired the Securities Lending and Repo Committee from 2002 until 2006. Earlier in his career David worked as a banking regulator and on payments and settlements policy at the Bank.
International Securities Lending Association
Ian Hovey - Treasurer
Ian is responsible for Sales and Client management for the securities lending product. Ian originally established and ran the securities lending product for Morgan Grenfell Asset Management, which later became Deutsche Asset Management.

Ian moved to State Street in 2003 when State Street acquired the Deutsche Bank GSS businesses. He has now been in the securities lending business for over 17 years.

State Street Bank & Trust Company
Richard Thompson Richard Thompson

Hugh Gibson - ISLA Consultant
Hugh, who recently retired from HSBC will work for ISLA on a part time basis. This is a great opportunity for ISLA to utilise Hugh's vast experience to our benefit by helping the committee on the increased number of issues that are before us as well as in building ISLA's image and reputation throughout Europe.

During a career spanning 29 years, Hugh was a Corporate Banking Director responsible for City Markets (moneybrokers, stockbrokers, market makers, fund managers and the Lloyds insurance market) from 1985 to 1995. He then joined the executive management team at HSBC's global custodian where he was, at different times, responsible for stocklending, repo clearing, corporate trust, credit and risk, project management and latterly product and market strategy.

He was a founder member of the Stocklending and Repo Committee and also heavily involved in British Bankers Association and APACS committees, amongst others. He represented the UK on Clearing and Settlement issues at the European Banking Federation in Brussels and was a member of the UK Market Advisory Committee.

He holds an MA (Hons) in Classics from Keble College, Oxford and was an affiliate of the Securities Institute.
Sarah Nicholson - Board Member
Sarah is Head of Securities Lending and Repo at Aviva Investors, a direct UK lender of Aviva Plc group assets. She joined the securities lending department of a legacy company, Norwich Union Investment Managers Ltd, in 1990 in the SL administration team, moving to the trading side in 1992 and has since been actively involved in its continued development and growth. Aviva Investors now represents one of the largest direct institutional lenders in Europe.

Head of Securities Lending & Repo
Aviva Investors 
Jonathan Lombardo - Board Member
Jonathan has been employed by Citigroup for the past twenty years.

Until last July Jonathan was employed within the broker dealer division of Citigroup. Whilst working for the broker dealer Jonathans functions included a supervisor role for DTC R/D, senior US specials traders for Equity Finance, and was responsible for the initial set up of the international equity finance trading desk in London.

Jonathans new role within Agency Lending/Securities Finance began as a relationship manager for the broker dealer community and has recently been promoted to European head of Equity Trading within Securities Finance. Jonathan has resided in London for the past nine years.

European head of Equity Trading - Securities Finance
Citigroup, London
Mohamed Moursy - Board Member
Mohamed is Executive Director of Fortis Bank UK and Chief Executive Officer of Fortis Global Securities Finance Group UK Ltd  and is responsible for managing the global securities finance group. Mohamed has more than 25 years of broad experience in the securities industry.

Prior to joining Fortis he held senior positions in various roles with The Bank of New York Capital Markets, Fleet Securities, Paine Webber and Lehman Brothers. His experience in the securities lending industry goes back to 1988 when he joined Lehman brothers as Director of Operation when the firm was establishing its UK securities lending operation.

Before 1988 Mohamed was Senior Vice President of Moseley Securities Corp, Chief Accountant of Al-Mal Group and held other banking positions in the city.
Fortis Bank
Andy Amstutz - Board Member
Andy is the European Chief Operating Officer for International Securities Lending, with 13 years' industry experience. His professional qualifications include joint degress in Economics and Accounting, a Certified Public Accountant, and an MBA.

He is currently a member of the European board of Equilend and is involved in various industry initiatives, including the European Agency Lending Disclosure Initiative.

In addition to Operating Officer responsibilities, Andy is the Global Head of Collateral trading and oversees European Securities Lending Connectivity efforts.
Managing Director
Morgan Stanley
Reza Lilipaly - Board Member

Robin Cave - Board Member
Robin is Managing Director in charge of Equity Finance for Europe at HSBC Bank plc, based in London.

Prior to joining HSBC he spent the previous 19 years at Merrill Lynch where he held various senior positions within Equity Derivatives and Equity Finance.

Robin holds an MSc in Finance from the London Business School.
Managing Director, Head of Equity Finance Europe
HSBC Bank plc
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19 Sep '08
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15 Jul '08
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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 - Key People