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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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