ISLA Connects Educational Briefing: Understanding Collateral
- 5 March 2025
- London, UK
ISLA Connects Educational Briefing: Understanding Collateral
Tina Baker
Head of Legal Services
ISLA
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 the Association’s lead on all matters related to diversity and inclusion within the industry and the workplace. Working internally and with the wider industry, she monitors progress and developments in this area, as well as championing key initiatives that aim to drive real change.
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.
Tina Baker
Head of Legal Services
ISLA
Read moreEmma Bussell
Securities Lending Business Strategist
BlackRock
Emma Bussell, Vice President, is a Business Strategist for BlackRock’s Securities Lending team. She supports the innovation agenda, strategic planning, regulatory engagement, and market structure initiatives for the Securities Lending business.
Prior to taking on this role in 2024, Emma was part of the Securities Lending Product Strategy team, working with clients, consultants and fund boards in EMEA. She joined BlackRock in 2018, initially supporting the Securities Lending Product and Trading teams. Emma graduated from the University of Bath in 2018 with a BSc in Mathematical Sciences, which included a 14-month professional placement with UBS Asset Management in a Performance Measurement and Attribution role.
Emma Bussell
Securities Lending Business Strategist
BlackRock
Read moreEmily Deering
Vice President, Securities Lending Product Development
BlackRock
Emily Deering is a Vice President in BlackRock’s Securities Lending Product Development team. The team focuses on delivering revenue-generating, risk-mitigating, and regulatory-compliant initiatives for the Global Securities Lending business, ensuring we develop effective solutions for clients.
Emily has been with BlackRock since 2008, including her tenure at Barclays Global Investors (BGI) before its merger with BlackRock in 2009. She has held various roles within Business Operations, including being involved in the oversight of investor dealing and administration services for BlackRock’s European fund ranges, and in the processing of client investment orders. Before joining BGI, Emily gained valuable experience working with Transfer Agents in Luxembourg and JPM Asset Management in London. She holds a 2:1 BA Degree in Greek and Roman Studies from Birmingham University.
Emily Deering
Vice President, Securities Lending Product Development
BlackRock
Read moreGraham Gooden
Executive Director
J.P. Morgan
Graham is EMEA Head of Tri-party Collateral Services at J.P. Morgan, based in London and responsible for Product and Relationship Management teams. His role includes strategy setting, working closely with sales and product development to deliver client solutions and evolve J.P. Morgan Tri-party Collateral Management. Graham has developed market knowledge and product expertise through roles in both buy and sell side firms, within Securities Finance, Derivatives Collateral management and Structured Finance. Over 25 years financial services experience in front, middle and back office functions at J.P. Morgan, Credit Suisse, BNY and Henderson Global Investors.
Graham Gooden
Executive Director
J.P. Morgan
Read moreStefan Kaiser
Managing Director, Global Head of Product for Securities Lending
BlackRock
The Product team leads the innovation agenda for the securities lending business, to ensure we develop effective solutions on behalf of our clients. The group’s remit also includes planning the business’ strategic direction, regulatory engagement and market structure initiatives. Prior to this, Mr. Kaiser was responsible for Securities Lending clients in EMEA and APAC. Mr. Kaiser’s service with the firm dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009.
Prior to joining BGI, Mr. Kaiser worked for Commerzbank in a variety of positions, including Mergers & Acquisitions, Corporate Banking, Investor Relations and Asset Management in London, Shanghai, Frankfurt and Singapore. Mr. Kaiser represents BlackRock on the board of the International Securities Lending Association (ISLA). He earned a BA degree in finance from University of Cooperative Education Mosbach and an MSc in business management and economics from University of Trier.
Stefan Kaiser
Managing Director, Global Head of Product for Securities Lending
BlackRock
Read moreMarta Milek
Relationship Manager, Cash Management Business
BlackRock
Marta Milek is a Relationship Manager for BlackRock’s Cash Management business, which oversees approximately US$920 billion in global liquidity assets across multiple currencies.
Marta is responsible for account management, business development, sales, and marketing of BlackRock’s cash management services for Financial Institutions (Banks and Wealth sector) in EMEA.
Marta joined BlackRock in 2019 and spent three years in the Strategic Clients and Business Development team in EMEA. In this role, she focused on the Strategic Partners Program clients in the UK, working closely with BlackRock’s business channels, country managers, and relationship managers to deliver a comprehensive, enterprise-wide strategy for the firm’s clients.
Before joining BlackRock, Marta held client-facing roles at Nomura, where she spent five years as a member of the Senior Relationship Management team within the Global Markets division, and at Societe Generale CIB in a Client Management team within Global Equity Flow.
Marta holds an MSc in International Management from King’s College London and is fluent in English, German, Russian, and Polish.
Marta Milek
Relationship Manager, Cash Management Business
BlackRock
Read moreJamie Pullen
Director, Legal
BlackRock
Jamie Pullen is a Director in BlackRock’s Legal Department and is responsible for securities lending and repo in EMEA. Prior to joining BlackRock, Jamie was at Bank of America where he was primary legal coverage for the securities lending and asset optimization businesses in EMEA, and before that, he was an Executive Director at Goldman Sachs where he was legal coverage for their repo, liquidity products, cash bonds and securities lending businesses. Jamie began his career in private practice in the Derivatives and Structured Finance team at Fieldfisher LLP.
Jamie has previously been chair of ISLAs Legal Steering group. He is a contributing author to the Globe Law and Business publication titled “Repo and Securities Lending: A Practitioner’s Guide”. Jamie holds a BA in Music from the University of Bristol and completed his Graduate Diploma in Law and the Legal Practice Course at the University of Law in London.
Jamie Pullen
Director, Legal
BlackRock
Read moreHarry Ruffell
Vice President, Asset Optimization Group
Bank of America
Harry is a Vice President in the Asset Optimization Group at Bank of America, responsible for collateral trading and funding for the EMEA Equity division. He trades a range of secured funding products including Repo, Upgrades and Total Return Swaps to optimize financing and collateral costs. Prior to joining Bank of America in 2023, Harry spent 4 years in a similar role at Morgan Stanley including Fixed Income financing. Before that he was in Prime Brokerage at Deutsche Bank where he started his career in secured funding and collateral optimization trading.
Harry Ruffell
Vice President, Asset Optimization Group
Bank of America
Read moreMaryia Shauchenka
Portfolio Manager/Trader, International Cash Business Team
BlackRock
Maryia Shauchenka, is a Portfolio Manager/Trader within the International Cash business team at BlackRock
As one of the world’s largest Money Market Fund providers, the global BlackRock Cash Management Group manages liquidity assets across multiple currencies. The International Portfolio Management Team is responsible for the management of short-term investment solutions, through pooled funds and separately managed accounts, across a variety of mandates and currencies and Maryia is the primary trader on the team, managing daily liquidity and executing trades in an array of money market instruments.
Prior to joining BlackRock in 2021, Maryia worked at JP Morgan Asset Management as a Sales Associate within Global Liquidity team and was responsible for covering a range of Institutional Clients. Maryia earned an MSc in Management (Distinction) from Warwick Business School and BA in International Economic Relations (First Class Hons) from Belarus State Economic University.
Maryia Shauchenka
Portfolio Manager/Trader, International Cash Business Team
BlackRock
Read more