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Foreword

Let me welcome all readers to ISLA’s 13th
edition of the Securities Lending Market Report. The new “norm” is in
play, and will continue
When asked to provide the opening commentary for the
13th issue, a personal level of trepidation accompanied for the foreseeable but
the request. Would superstitions that surround the unpredictable future
number 13 prove to be as people believe? What forces
would I encounter? Writers block? A corrupted and
unsaved document?
Hours of Zoom, WebEx, Microsoft Teams (and dare I
Had working from home shifted perception of the say traditional phone conversations) have occurred
“normality” of the task? What was once considered with member firms, regulators and peer associations,
BAU, seemed to have transformed overnight. to ensure ISLA’s critically important messaging has
remained at the forefront. The new “norm” is in play,
From global economies and markets, to local businesses and will continue for the foreseeable but unpredictable
and communities; every aspect of our daily lives has future. I am extremely proud of how my fellow Board
experienced unforeseen and unimaginable change in members as well as the ISLA team have continued to
the last six months. provide strategic direction and guidance to the industry
during these times.
Financial markets have not encountered such volatility
since the crisis of 2008/09, with business continuity Since the inception of this publication in 2014, ISLA
planning taking on a whole new meaning, and the has prided itself in the quality of the Securities Lending
routine of the corporate office shifting to a workforce Market Report. Working with practitioners on each
now entirely operating from home. issue has guaranteed readers first-hand intelligence
and critical market direction, with this edition being
Technically and operationally, markets have continued no exception. It features timely and topical pieces
to function in an orderly and designed way, despite on ESG and short selling, Basel IV, as well as the
the extreme trading conditions triggered by the digital agenda from State Street, Credit Benchmark
COVID crisis. and ISDA respectively. Our thanks as always to our
data providers, BNY Mellon, Clearstream, DataLend,
ISLA is no exception, as the Association had to create Euroclear, FIS, IHS Markit, and J.P. Morgan for their
assessment, activation and execution plans for this new contributions. Issue 13 seems to indicate that the new
and immediate reality, to provide stability and continuity normal often resembles the old normal, and for many,
Jonathan Lombardo, Chairman, ISLA Board to its membership. this could be a very lucky number.

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