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 * Events
   
   ISLA Connects x RBC Investor Services Educational Briefing: Understanding
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   16 September 2024
   
   Click here to find out more

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   ISLA Briefing | Milan
   
   19 September 2024
   
   Click here to find out more

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   ISLA 14th Annual Post Trade Conference
   
   6 November 2024
   
   Click here to find out more

 * Resources
   
   Securities Lending & Borrowing Hub
   
   Introducing the ISLA Securities Lending & Borrowing Hub - your ultimate
   resource for all securities lending and borrowing information.
   
   Click here to access

 * Thought Leadership
   
   How to Boost Europe’s Capital Markets by Empowering Securities Lending &
   Borrowing
   
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INTERNATIONAL SECURITIES LENDING ASSOCIATION

The International Securities Lending Association (ISLA) is a leading non-profit
industry association, representing the common interests of securities lending
and financing market participants across Europe, Middle East and Africa. It's
geographically diverse membership of over 200 firms includes institutional
investors, asset managers, custodial banks, prime brokers and service providers.

Learn more about ISLA


FEATURED CONTENT

Paper

Prudential Banking Rules: Basel III Endgame & the Buy Side

Read more

Video

Securities Lending Explained

Watch the video

Securities Lending Explained

This short 5 minute animation, produced by the digital team at FleishmanHillard,
explains what securities lending is, who uses securities lending and why, and
how securities lending benefits broader financial markets and the provision of
liquidity.

Podcast

2023 in Review

Listen

2023 in Review

December 2023

In this ISLA Podcasts episode, hosted by ISLA’s CEO, Andrew Dyson, and featuring
ISLA’s Legal, Digital, and Regulation team members, the focus is on initiatives
that ISLA has worked on throughout the past year!


SECURITIES LENDING & FINANCING MARKET DATA

Report

ISLA Securities Lending Market Report 2024 H1

View H1 Edition

Report

ISLA Securities Lending Market Report 2023 H2

View H2 Edition

Securities lending and financing market data provides a unique window into the
world of our members alongside the broader industry.


EVENTS

Upcoming ISLA Events

16

 * Sep
 * 2024

 * Briefing
 * In person

ISLA Connects & RBC Investor Services Educational Briefing: Understanding
Securities Finance Legal Frameworks

Find out more

19

 * Sep
 * 2024

 * Briefing
 * In person

ISLA Briefing | Milan 2024

Find out more

09

 * Oct
 * 2024

 * Training
 * In person

ISLA & ICMA Workshop: Repo & Securities Lending Under the GMRA – GMSLA

Find out more

ISLA & ICMA Workshop: Repo & Securities Lending Under the GMRA – GMSLA



url(https://www.islaemea.org/wp-content/uploads/2020/06/EVENTS-Working-Group.jpg)

ISLA and the International Capital Market Association (ICMA) have partnered to
run an in-person workshop across three days in October 2024 – 9, 10 & 11 .

This course provides a solid and broad understanding of all key aspects of repo
and securities lending and of the trading and post-trade management of these
instruments within the frameworks provided by the GMRA and GMSLA. It is
presented by a unique combination of experts with first-hand experience of all
dimensions of repo and securities lending.

Although designed primarily for legal and documentation staff, the breadth of
the course rigor provided by the documentary framework has made it very popular
with staff with varied professional backgrounds and experience from a wide range
of different types of institutions.

The GMRA-GMSLA workshop has been running since 2009.

Learning Outcomes

By completing this course you will be able to:

Delegates should:

 * Understand why master agreements are necessary in general and the particular
   advantages of the GMRA and GMSLA.
 * Demonstrate a working knowledge of how the GMRA and GMSLA are organized by
   being able to navigate their way around the documents to find the provisions
   relevant to particular issues.
 * Be aware of the ICMA’s Guide to Best Practice in the European Repo Market and
   its role in relation to the GMRA, and the parallel role of ISLA’s market
   guidance.
 * Appreciate the importance of the title transfer of collateral for repo but
   understand why there is a choice of collateralization for securities lending.
 * From an understanding of the dual nature of repo as a sale-and-repurchase
   legal structure performing the economic functions of a secured loan, be able
   to apply this insight by answering questions about repo from first
   principles.
 * Be able to identify the differences between repo and securities lending and
   between repo and derivatives.
 * Be able to compare and contrast repurchase transactions and buy/sell-backs
   and describe the alternative types of securities loan.
 * Understand the business focus of the standard GMRA and the use of Annexes to
   amend standard provisions to tailor the agreement to specific business, legal
   and operational needs as well as the use of the forthcoming ICMA and ISLA
   Clause Taxonomies and Libraries.
 * Be able to explain the difference between haircuts and initial margins, and
   apply them to exposure calculations.
 * Be able to outline the calculation of Transaction and Net Exposures,
   including Net Margin, and the concepts of Repricing and Adjustment, and the
   structure of net exposure calculations under the GMSLA.
 * Identify and follow the post-trade operational and risk management provisions
   in the GMRA and GMSLA, including those relating to the substitution of
   collateral, corporate events and failed settlement.
 * Be able to outline the default procedures under the GMRA and GMSLA.
 * Recognize the key legal issues affecting repos, available legal precedent,
   issues that might arise from the use of the GMRA and GMSLA in foreign
   jurisdictions and how to use legal opinions.
 * Understand the role of tri-party collateral management, what tri-party agents
   do and do not do, and how use of a tri-party agent affects use of the GMRA
   and GMSLA.
 * Understand what is meant by central clearing, the role of a CCP and how use
   of a CCP affects use of the GMRA.
 * Be able to outline the principles of accounting for repo and securities
   lending.
 * Be able to outline the key capital, leverage, liquidity regulations applying
   to repos and securities lending in Europe as well as settlement and reporting
   requirements.
 * Be aware of the potential impact of sustainability requirements on the use of
   collateral in repo and securities lending.

Who should attend?

Although designed primarily for legal and documentation staff, the breadth of
the course rigor provided by the documentary framework has made it very popular
with staff with varied professional backgrounds and experience from a wide range
of different types of institutions, including:

 * Legal and documentation staff incl. legtech and fintech developers
 * Risk management, regulatory, compliance, accounting and audit staff in both
   sell-side and buyside firms
 * Regulators, policymakers and central bankers
 * SFT desk and liquidity/treasury managers and dealers.
 * Repo and securities lending market service and infrastructure-providers.

Venue:

Our classroom courses are delivered in-person at a confirmed location.

The Repo & Securities Lending under the GMRA-GMSLA course will be delivered
in-person at the ICMA London offices across three full-days. Tea, coffee and
light refreshments will be provided during the course but please note these
courses are not catered. If you have any dietary requirements please let us know
when you complete the registration form.

Delegates will be given access to our learning management system and the course
materials before the live sessions, and will have access to those for a total of
three months. During these three months you will have the option to keep working
through the course materials at your own pace.

Delegate Fees:

ICMA & ISLA Members: EUR 3,300.00 + VAT (if applicable)
Non Members: EUR 4,100.00 + VAT (if applicable)

To register for this course, please download and complete the registration form
and return to events@islaemea.org.

View all events

Upcoming Working Group Meetings

17

 * Sep
 * 2024

 * Working Group
 * 

Legal Steering Group

Find out more

Legal Steering Group



url(https://www.islaemea.org/wp-content/uploads/2020/06/EVENTS-Working-Group.jpg)

The Legal Steering Group looks more broadly at the implications of political,
regulatory and technological change on our market structure, and how those
changes may require alterations to our core Global Master Securities Lending
Master Agreement (GMSLA).

Meeting Details
Date: 17 September 2024
Time: 16:00 BST

This meeting is open to member firms only. Participation is contingent on being
part of the working group. If you are not currently receiving details of these
meetings, would like to be part of this group, or would like to see a list of
working groups, please click here.

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23

 * Sep
 * 2024

 * Working Group
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ISLA Tax Working Group

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ISLA Tax Working Group



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ISLA is very active through its specialist tax working group to understand and
interpret how changes to relevant tax laws affect our markets. This includes
working with relevant tax authorities and specialist law and advisory firms on
behalf of the broader membership. This group also works with relevant member
firms on the implications of changes to tax law on our Global Master Securities
Lending Master Agreement.

Meeting Details
Date: 23 September 2024
Time: 15:30 BST

This meeting is open to member firms only. Participation is contingent on being
part of the working group and by invitation only.

If you are not currently receiving details of these meetings, would like to be
considered to be part of the group, or would like to see a list of working
groups, please click here.

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LATEST NEWS & INSIGHTS

 * News & Press Releases
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ISLA Announces the Appointment of Simon Waddington

LONDON, Monday 2 September 2024 - The International Securities Lending
Association (ISLA), a leading industry trade association represe...

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ISLA Publishes Digital Asset Annex for the GMSLA

ISLA is pleased to announce the publication of the Digital Assets Annex, to
accompany the Global Master Securities Lending Agreemen...

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ISLA Americas Announces the Appointment of Fran Garritt as Executive Director,
Head of Business, ISLA Americas

NEW YORK, Wednesday 5 June – ISLA Americas is delighted to announce the
appointment of Fran Garritt as Executive Director, Head of Bu...

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01

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03

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Reflections of the CEO

Earlier in the year I wrote about 2024 being ‘the year the world goes to vote’ –
since then we have seen snap elections being cal...

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5 Key Takeaways from the ISLA 31st Annual Securities Finance & Collateral
Management Conference

It has been a month since the ISLA 31st Annual Securities Finance & Collateral
Management Conference in Geneva. With 600 attendees,...

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Key Takeaways from the CDM Showcase

The dust has settled on another CDM Showcase, held in collaboration with ISDA,
ICMA and FINOS. Over the few weeks, I’ve had the time...

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01

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03

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21st Edition Securities Lending Market Report - H1 2024

ISLA is delighted to release the 21st edition of the ISLA Securities Lending
Market Report. In this edition, Clearstream share their...

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How to Boost Europe’s Capital Markets by Empowering Securities Lending &
Borrowing

ISLA is pleased to announce the publication of the Association’s 2024-2029
manifesto; How to Boost Europe’s Capital Markets by Empo...

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20th Edition Securities Lending Market Report - H2 2023

ISLA is delighted to announce the release of the 20th edition of the ISLA
Securities Lending Market Report. In this edition, eSecLen...

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01

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03

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SEC makes key changes to Form N-PORT reporting rules

The Securities and Exchange Commission has amended reporting requirements on
Form N-PORT, which contains essential information on funds' portfolio holdings
to assess risk. The most significant amendment is a change to monthly reporting
from quarterly. The amendments, which take effect Nov. 17, 2025, are
particularly relevant to registered open-end and closed-end funds and
exchange-traded funds classified as unit investment trusts. Securities Finance
Times (02 Sep.)

Read

UK delays bank capital reforms until 2026

The UK Prudential Regulation Authority plans to delay implementation of the
Basel 3.1 bank capital reforms until at least January 2026. The decision aligns
the UK's timetable with the US and comes after election announcements required a
regulatory quiet period. City A.M. (London) (29 Aug.)

Read

Fed finalises capital requirements for large banks

The Federal Reserve has set final capital requirements for large banks,
effective Oct. 1, after this year's stress test. Deutsche Bank USA has the
highest common equity Tier 1 requirement at 18.4%, reflecting an increase in
stress capital buffers. Goldman Sachs' requirement has been adjusted downward to
6.2% after considerations of nonrecurring expenses, while banks such as
Citigroup, Morgan Stanley and JPMorgan Chase have also seen changes in capital
requirements. MSN (28 Aug.)

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01

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03

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Legal Services

ISLA provides a range of legal services to support securities lending market
activity.

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Working Groups

ISLA working groups are the engine room of the Association. This is where
industry challenges are raised, issues debated, ideas conceived, and solutions
sought. 

Read more

Membership

ISLA’s members span the breadth and depth of the securities lending industry,
and there are many benefits of joining the Association’s network.

Read more

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