Middle East & Africa

In February 2024, ISLA was pleased to publish the first of its Securities Borrowing & Lending Guides – the inaugural guide focused on the SBL market in the Kingdom of Saudi Arabia (KSA), and in February 2025 we held a one-day conference, ‘Capital Markets & the Kingdom of Saudi Arabia – Delivering Liquidity & Depth in Derivatives, Financing & Secondary Bond Markets jointly with the International Capital Market Association (ICMA) and International Swaps & Derivatives Association (ISDA).

Over the remainder of 2026 and beyond, ISLA will look to publish several country-specific guides for key jurisdictions, providing members and wider market participants with an overview of the current SBL market as well as a detailed view of current regulatory and market frameworks and an outlook of netting legislation in each respective country. The guides also include an annex which sets out various scenarios for engaging in SBL activities in accordance with the specific regulatory framework.

Working with member firms and relevant stakeholders in the region, the Developing Markets Group is a forum for considering the development of capital markets across Europe, Middle East & Africa, and the role that securities lending can play in that development. The group looks to work actively with local regulators and other SMEs to formulate ideas around industry best practice, legal frameworks and post trade procedures that will lead to greater market liquidity and broader institutional investor access.

To find out more about ISLA’s focus on the Middle East, read here.