ISLA Publishes 2024 Netting Opinions for the GMSLA

ISLA Publishes 2024 Netting Opinions for the GMSLA

The International Securities Lending Association (ISLA) has today published the 2024 netting opinions that support the title transfer versions of the Global Master Securities Lending Agreement (GMSLA).

The 2024 opinions have been obtained by ISLA for the benefit of ISLA members who subscribe to the ISLA Netting Opinions service. The Core Opinion together with Appendix 2 which relates to the GMSLA 2000 and 2010 versions are available via the aosphere website.

Coverage of ISLA’s Master Confirmation Annex (“MCA”), originally published in November 2021 to accompany the GMSLA documentation suite, has been further extended to cover a further five jurisdictions bringing it to 25 in total. The “MCA” provides a standard framework and set of terms that can be used for “non-standard” trade types (such as evergreens and extendables).

We are pleased to announce that opinion coverage has also been extended to cover the Thailand annex to the GMSLA 2010. The Thailand annex is available to members via the Addendums & Country Annexes page of the ISLA website.

All opinions cover at a minimum; companies, banks and securities dealers, most jurisdictions also cover insurance companies, hedge funds, mutual funds and pension funds (where generic coverage is possible) as parties to the GMSLAs.

For more information, including a full matrix listing of all 65 jurisdictions covered, the counterpart types covered in each jurisdiction and to access the opinions, please click here

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