LONDON, Monday 6 October 2025 –The International Securities Lending Association (ISLA), a leading industry trade association representing the common interests of securities lending and financing market participants across EMEA, is delighted to announce that Ina Budh-Raja has been appointed as the next Chief Executive Officer.
Ina joins ISLA having recently held the position of Global Head of Securities Finance Regulatory Strategy, Public Policy & Industry Affairs at BNY, where she was responsible for leading the business’ efforts to identify new opportunities in a changing regulatory environment. Prior to BNY, Ina held both commercial and legal roles across the industry, including as managing counsel for securities finance at State Street and Deutsche Bank, covering the equity finance and money markets desks, amongst others. Ina is also co-lead of the London chapter of Women in Securities Finance, as well as a member of the Bank of England Money Markets and Securities Lending Committees and is Co-Chair of the Bank of England UK Money Markets Code Sub-Committee.
In her role as CEO of ISLA, Ina will lead the continued development of ISLA’s growth strategy and oversee its core activities to help build a more transparent, efficient, and resilient market that reflects the changing needs of our members and wider stakeholders across EMEA. At the same time, she will work closely with ISLA Americas to continue alignment across both entities and provide a unique global advocacy voice on behalf of the industry.
Ina Budh-Raja: “I am delighted to be announced as ISLA’s new Chief Executive. The work of the Association, and the support it provides its members, has been instrumental to the development of the securities finance industry and I look forward to bringing my experience to the Association at this important juncture for the market. I would also like to thank the outgoing CEO, Andrew Dyson, for his longstanding leadership, and take this opportunity to express my gratitude to BNY for the tremendous opportunities afforded to me over the last seven years. It has been a true privilege to work with such high calibre colleagues and clients.”
As part the appointment process, Ina has stepped down from the role as Chair of the Board of Directors, and as such, current Vice-Chair, Alessandro Cozzani, Managing Director and Head of Equity Funding, EMEA & APAC, Bank of America, will now assume the role with immediate effect. Concurrently, Matthew Neville, Managing Director and Head of Agency Lending Trading, EMEA, State Street, has been appointed Vice-Chair.
Alessandro Cozzani: “After an extensive recruitment process, we are immensely pleased that Ina has agreed to lead ISLA. She brings significant leadership experience alongside immense energy and passion for securities lending. I’m confident she will provide the strategic leadership necessary to develop the role of the Association and drive forward the industry, while representing the long-term interests of its members. I would also like to thank Andrew Dyson for the outstanding contribution he has made during his 13-year tenure at ISLA. We look forward to working closely with Andy during this transitionary period, and to working with Ina in her new role.”
Ina will formally assume the position towards the end of the year, with Andrew Dyson continuing in the role of CEO until such time.
For Press Queries, Please Contact:
Rishi Sethi, Content & Communications Director, ISLA
About ISLA
The International Securities Lending Association (ISLA) is a leading non-profit industry association, representing the common interests of securities financing market participants across Europe, Middle East, and Africa (focusing primarily on securities lending and borrowing (SLB) activity). Its geographically diverse membership of over 220 firms includes institutional investors, asset managers, custodial banks, prime brokers and service providers.
ISLA’s affiliate, ISLA Americas was incorporated in 2024 as a non-profit industry association, presently representing the common interests of securities lending firms in the Americas region, namely institutional investors, asset managers, and custodial banks.
