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This handbook contains Best Practices for ISLA members relating to Securities Lending and associated collateral activities. The guidance provided by these practices has been proposed, drafted and validated through member interaction within the ISLA Market Practice Steering group.

ISLA recommend the application of these practices by all members, unless bilaterally agreed, to promote the standardised interaction and lifecycle maintenance of securities lending activities. (IBP-102)



ISLA members may propose, add, edit or remove any existing practice through emailed request to ISLA Regulation & Market Practice team at or other ISLA contacts noted here [ |

Requested amendments will be logged and presented to the ISLA Market Practice Steering group for consideration and validation. (IBP-331)


Precedent of Legal Agreement

This handbook does not override any contractual arrangements agreed between parties but instead outlines practical operational guidance for market participants during the course of their day-to-day collateral operations.

The handbook is intended to be read in conjunction with the Global Master Securities Lending Agreement (GMSLA) or equivalent agreement.

In the event of a conflict between the handbook and the master agreement, the master agreement should prevail. (IBP-101)



ISLA member firms are domiciled in multiple jurisdictions which may have local codes of conduct specific to that jurisdiction. If a conflict exists between ISLA Best Practice and the local code, the code should prevail. It is recognised that some aspects of this paper remain at the time of publication aspirational for the market and therefore not common practice. In order to promote a standardised approach, parties to the GMSLA are encouraged to develop capabilities to meet the standards wherever possible. In these circumstances, counterparties should ensure they remain compliant with the Code. (IBP-103)

Dispute Escalation

Process & Resolution

In the event of a dispute between parties, where Best Practice requires further clarification, ISLA member(s) should raise that disputed point through the procedure noted in ‘Amendments’ (IBP-331)

Any disputed issue(s) will be clarified and validated by consultation with the ISLA Market Practice Steering group. Any addition, edit or deletion will be reflected on the ISLA Best Practice handbook web page. (IBP-104)


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