Legal Services

The International Securities Lending Association (ISLA) provides a range of legal services to support securities lending market activity. From Global Master Securities Lending Agreements (GMSLA) and annexes, to legal opinions covering the enforceability of netting provisions in respect of the GMSLA in over 65 jurisdictions globally.

In this section you will find information pertaining to both the Title Transfer and Security Interest over Collateral (‘Pledge’) frameworks, including opinions. All minutes from ISLA’s Legal Steering Group and various subgroups can be found on our Working Groups page.

Contractual documentation underpins day to day trading activity in our market, from master agreements such as the GMSLA that are signed at the start of a relationship, to any bespoke trade-by-trade confirmations agreed bilaterally between counterparties. ISLA is currently working to develop digital versions of its market standard master agreements. The development of an on-line digital environment will amongst other things, allow firms to produce, deliver, negotiate and execute documents, and capture, process, and store data from such documents. This will over time, be an integral component of any future digitalised regulatory reporting regime. ISLA is looking to work on a cross-industry basis to better understand how digital formats of our master agreements will benefit our members and the industry more broadly.

For more information on this and ways in which we are looking at technology to standardise and bring efficiencies to our markets, visit the ISLA Clause Library & Taxonomy page or broader Digital & Fintech area.



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