Tina is Head of Legal Services at ISLA, where she oversees all aspects of our legal documentation and opinions work for the benefit of ISLA members. This includes the management of our various legal working groups and streams to determine new and ongoing priorities and initiatives, as well as the relationships with external counsel and our netting opinions provider, aosphere.

Tina is also ISLA’s lead for ISLA Connects. ISLA Connects was launched by ISLA in 2024, with the aim of providing a forum for ISLA member firm representatives employed in the securities financing industry to connect, and enable ISLA to reach market participants who may not have the opportunity to interact with us via ISLA working groups or attend our annual conferences or other regional events.

Tina is a securities lending professional, having spent 11 years at Deutsche Bank in a senior Sales and Marketing role in the Equity financing team. Prior to joining Deutsche Bank, Tina worked in a sales and relationship management role supporting the securities lending trading desk at Morgan Stanley.

Ina Budh-Raja joined ISLA in December 2025 as Chief Executive Officer responsible for the development of ISLA’s growth strategy and overseeing its core activities to help build a more transparent, efficient, resilient and reputationally robust foundation for the market.

Prior to ISLA, Ina spent 7 years at BNY, across a number of roles including Global Head of Securities Finance Regulatory Strategy, Public Policy & Industry Affairs, where she was responsible for leading the business’ efforts to identify new opportunities in a changing regulatory environment. Prior to BNY, Ina held both commercial and legal roles across the industry over 20 years, including as managing counsel for securities finance at State Street and Deutsche Bank, covering the agency lending, principal lending, equity finance and money markets desks. Ina is a qualified lawyer with an active practicing certificate (Law Society of England & Wales) and is also a member of the Bank of England Money Markets and Securities Lending Committees and is Co-Chair of the Bank of England UK Money Markets Code Sub-Committee.

Ina was a Director on the ISLA Board from 2019-2022 and was subsequently appointed as Chair of the Board of ISLA from 2022-2025, during which time the organisation grew significantly, with Ina playing a considerable role in the establishment of ISLA’s affiliate, ISLA Americas. She also championed the launch of ISLA’s future talent initiative, ISLA Connects. As well as being ISLA’s first female Chair and CEO, Ina is co-lead of the London chapter of Women in Securities Finance.

Yicen Lu is Managing Director, Global Securities Finance at National Bank of Canada, where she is responsible for fixed income securities finance across client and dealer activity. Since joining National Bank in New York in 2013, she has held several roles within the bank, focusing on delivering a broad range of fixed income securities finance solutions to clients globally. She holds the CFA and FRM designations and is a graduate of Smith College in the United States. She brings a practitioner’s perspective to the panel’s discussion of GMSLA use in client transactions.

Madeleine McAvoy is an Associate Director on the Securities Finance Trading Desk at RBC Investor Services. In this role, she is responsible for trading global equities and fixed income securities, facilitating the lending of client assets to institutional counterparties across international markets.

Jane joined ISLA Americas in December 2025 to drive ISLA Americas’ advocacy efforts, liaising with regulators, central banks, exchanges, and other stakeholders to promote the recognition of the securities lending market and the views of the Association’s members. Jane will also be responsible for providing analysis of regulatory, legal, operational, and counterparty issues from across the region, as well as overseeing working groups and the publication of thought leadership.

Prior to joining ISLA Americas, Jane spent 11 years at Vanguard. During her tenure at Vanguard, she served as the Global Head of the Vanguard Securities Lending Program, responsible for all trading, operations, and risk management functions. Prior to this, Jane held numerous senior legal and finance positions across the industry, including roles at BlackRock, Merrill Lynch, Barclays, Citibank, and ING. Throughout her career, Jane has been involved with the securities lending and financing industry association and was a member of the Securities Lending Executive Council.