Contractual documentation underpins day to day trading activity across securities lending markets, from master agreements that are signed at the start of a relationship, to bespoke trade-by-trade confirmations agreed bilaterally between counterparties.
Owing to the volume of documents, as well as variants contained therein, traditional paper, image, and PDF formats, often disconnect them from the transactions that they govern, making it difficult to negotiate, find, analyse, and use them at any given time.
Digitising documents solves for these issues and allows for operational efficiency in onboarding and negotiation phases of a client relationship.
The ISLA Clause Library & Taxonomy content allows firms to produce, deliver, negotiate and execute documents, as well as capture, process and store data from such documents. The ISLA Clause Library & Taxonomy is an industry standard collection of business outcome-driven clause variants for the Global Master Securities Lending Agreements (GMSLA) 2000, GMSLA 2010 and GMSLA 2018, along with draft wording and required variables. These can bring both operational and efficiency benefits.
For the aforementioned GMSLAs, subscribers can access up-to-date clause variants, definitions to establish clause scope and inter-relations, standard wording for each clause variant including variables required, allowable values, as well as guidance notes around application.
Document Generation, Workflow & Negotiation
- Produce industry standard templates using ISLA Clause Library & Taxonomy Clause variants
- Negotiate based on business outcome not legalese
- Upload to your chosen digital documentation platform – there is no exclusive hosting of ISLA Clause Library & Taxonomy content
Master Agreement Data Extraction & Management
- Allows for digitisation of your agreements and the creation of an outcome-oriented data model
- Easily identify clauses in legacy documents that are not compatible with the current standard clause variants
- Facilitates the identification and nature of changes required due to regulation updates (e.g., IBOR retirement)
Operational Efficiency & Control
- Align your business processes with the outcomes set out in your legal agreements
- Easily identify process and system exceptions that need to be developed when an agreement contains a non-standard clause
- In the future, integration with the CDM will allow for automation of the processes based on business outcomes in the legal agreement
The ISLA Clause Library & Taxonomy does not constitute legal advice, nor does it seek to instruct or direct the Licensee to take, or avoid taking, any action. Accordingly, ISLA would highly recommend that the Licensee engages solicitors to assist with the negotiation and preparation of any agreements which include any part or adaptation of the ISLA Clause Library & Taxonomy content. ISLA accepts no liability in respect of any actions taken or not taken by the Licensee on the basis of the ISLA Clause Library & Taxonomy.
Access Fees & Standard Terms & Conditions Acceptance
All ISLA members and non-members looking to access the ISLA Clause Library & Taxonomy content, will be required to accept a set of Terms & Conditions (T&Cs).
- Full ISLA members benefit from free access to the content and will simply need to accept the T&Cs at the point of downloading the document in the preferred format.
- Associate members pay a discounted fee of £12,000 per annum.*
- The charge for non-members is £30,000 per annum.*
*If you are unable to download the content, please contact firstname.lastname@example.org for your firm to become a subscriber.
Please refer to the document entitled ‘ISLA Clause Library & Taxonomy Offering’ within ‘Supporting Documentation’ below for further details on access and fees.
Internal versus Commercial Usage of Content
By accepting the standard Terms & Conditions (T&Cs), subscribers agree to use the ISLA Clause Library & Taxonomy content for internal purposes only (for specific exclusions please refer to the T&Cs).
If you wish to provide the content to others on a commercial basis, you will require a Commercial Licence. For more information, please contact email@example.com to negotiate and sign a commercial licence based on a revenue-share model.
Uploading Content to a Digital Content Platform
Any subscriber wishing to upload the content to a third-party digital content platform, must ensure that the third-party is an Associate member of ISLA.
If they are not already a member, please refer them to the ISLA ‘Become a Member’ page for more information. For a definition of what qualifies as a hosting digital platform please refer to the Terms & Conditions.
Educational Use of Content
The use of content for educational purposes in classroom or conference settings, will be £500 per session for all membership levels, or £1,000 per session for non-members.