Since 1 September the International Securities Lending Association (ISLA) has admitted borrowers as well as lenders to membership. Since its inception in 1989 ISLA has been an association for the securities lending industry, but to date its membership has been confined to lenders only.
“As ISLA continues to work on the many challenges facing our industry, we believe we would be better able to do so if our members were representing both sides of the market,” says a spokesman. “Therefore following a review of our structure, it has been decided to open our membership to borrowers.”
With effect from 1 September 2004, ISLA’s membership is open to both borrowers and lenders. “The association will benefit from the expertise, experiences and knowledge that borrowers will undoubtedly bring to the association,” adds the spokesman. “This will ultimately enable ISLA to establish itself as a major industry association respected by regulators and other trade associations whilst representing the whole industry in a responsible and professional manner throughout Europe.”