ISLA recognises the importance of education, information and guidance in the context of understanding both the mechanics of the industry as well as the broader importance of securities lending within financial markets. In this section, find a range of securities lending industry guides and related documents for lenders, borrowers, service providers as well as regulators and policy makers.
ISLA is in the process of developing a range of industry guides on securities lending and financing, from the perspective of three distinct groups. Guides for Institutional Investors and Asset Managers as well as Regulators and Policy Makers can be found in this section. A version for Agent Lenders and Borrowers will be available in due course.
Each booklet aims to cover a myriad of relevant content relating to the market. Topics include the role of securities lending within capital markets, basic fundamentals and the business model, regulatory changes and implications as well as risk management.
ISLA Securities Lending Market Report
4 March 2021
The latest (14th) edition of the ISLA Securities Lending Market Report.
The Institutional Investor Guide to Securities Lending
17 June 2019
An Institutional Investor Guide to Securities Lending, produced by ISLA in association with Finadium.
The Regulator & Policy Maker Guide to Securities Lending
19 January 2021
A Regulator & Policy Maker Guide to Securities Lending, produced by ISLA in association with Finadium.
Guide sur le Prêt/Emprunt de Titres
19 January 2021
Guide sur le Prêt/Emprunt de Titres / A Regulator & Policy Maker Guide to Securities Lending, produced by ISLA in association with Finadium. (French Version)
Agent Lender Code of Guidance
1 September 2010
Code of guidance in respect of disclosure requirements for agent lenders.
RMA/EquiLend - Latin America Securities Finance User Guide 2020
1 January 2020
Latin America Securities Finance User Guide, jointly produced by EquiLend and the RMA in association with domestic and international market participants active in Latin America.
RMA/PASLA - Asia Pacific Securities Lending Market User Guide 2020
1 January 2020
The Pan Asia Securities Lending Association (PASLA), the Risk Management Association (RMA), and EquiLend have joined forces with domestic and international market participants to produce the first annual Asia Pacific Securities Lending Market User Guide.
When counterparties agree to a stock loan transaction, the identity of each party is known, and this then implies associated settlement and maintenance aspects of the resulting trade.
Agency Lending Disclosure (ALD) is a process which agent lenders (intermediary) send data files to the borrower identifying each trade, the resulting collateral and which institutional investor is party to that trade.
ALD - DTCC SMART Track Overview
1 May 2008
Overview of the DTCC SMART Track Service
ALD - Industry Classifications
1 May 2008
Details of industry classifications to be used within the ALD process
ALD - Delivery Before Payment (DBV) Classification List
1 May 2008
Details of security classifications to be used for DBV transactions within ALD
ALD - Non-Cash Collateral File Template
1 May 2008
ALD non-cash collateral file template with sample data.
ALD - Loan File Template
1 May 2008
ALD loan file template with sample data.
ALD - Overview For Borrowers
1 May 2008
Overview of ALD requirements for borrowers.
ALD - Overview For Agent Lenders
1 May 2008
Overview of ALD for agent lenders.
UK Money Markets Code
The UK Money Markets Code is a voluntary code written by market participants. It incorporates revised relevant sections of the Non-Investment Products (NIPs) Code, and also a revision and update of the Gilt Repo Code and Securities Borrowing and Lending Code.
ISLA Best Practice Statement of Market Guidance Paper
6 July 2009
ISLA issued a Market Guidance Paper on Billing Compare in November 2008. The aim of that paper was to communicate appropriate standards and best practice for the whole billing process including delivery, reconciliation, payment and claim of funds. This statement of market guidance is intended to support and build on that paper, by proposing a standardised format for billing statements.
Securities Lending Performance Measurement - Industry Guidance (Updated)
7 September 2020
A set of standards and best practice guidelines in respect of data aggregation and calibration of performance-related metrics for securities lending.
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ISLA runs a variety of standing and topic specific working groups for its members, covering all aspects of advocacy, tax, legal, regulation and best practice. These include SFTR, CSDR, Legal & Regulatory Broadcasts and Best Practice.
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