The International Securities Lending Association (ISLA) is a leading non-profit industry association that represents the interests of securities lending and financing market participants primarily across Europe, the Middle East, and Africa (EMEA). Established in 1989 and headquartered in London, ISLA serves a geographically diverse membership of over 210 firms from 22 countries, including institutional investors, asset managers, custodial banks, prime brokers, broker-dealers, service providers, and alternative investment managers. The association’s core mission is to advocate for the securities lending industry by engaging with regulators, policymakers, and other stakeholders to promote market liquidity, transparency, and best practices.
ISLA plays a pivotal role in shaping the regulatory and legal frameworks governing securities lending. It supports the Global Master Securities Lending Agreement (GMSLA), which provides a standardized legal framework for securities lending transactions globally. The association also focuses on the enforceability and security enforcement of securities lending agreements across jurisdictions. Through member working groups, industry guidance, consultations, and events, ISLA fosters the development of market standards, thought leadership, and practical tools to enhance operational efficiency and legal certainty in securities lending.
ISLA actively engages with the European Commission and other EU institutions to influence policies that impact securities lending. For example, ISLA has responded to regulatory proposals such as the U.S. SEC’s Rule 10c-1a on securities lending reporting and supports initiatives that encourage retail participation in capital markets, improve cross-border operational efficiency, and promote standardization and best practices. The association’s advocacy efforts emphasize the importance of securities lending in supporting deep and liquid capital markets, which are vital for the competitiveness and resilience of the European financial ecosystem.
The association’s membership base and collaborative approach enable it to represent a broad spectrum of market participants and provide a unified voice on industry issues. ISLA’s activities include producing industry guides, legal opinions, and hosting conferences and workshops to disseminate knowledge and facilitate dialogue among market participants and regulators. Its commitment to transparency and regulatory engagement is reflected in its registration with the EU Transparency Register since 2008, through which it discloses its lobbying activities and expenditures.
ISLA’s influence extends beyond Europe as it participates in global discussions on securities lending and financing, ensuring that its members’ interests are represented in international regulatory developments. The association’s work supports the growth and stability of securities lending markets, which contribute to market liquidity, price discovery, and efficient capital allocation.
