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 2009/10 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. While 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 James Templeman of Barclays Global Investors. ISLA appointed Kevin McNulty as its Chief Executive in 2009.