Laurence Marshall was appointed the new chairman of the International Securities Lending Association (ISLA) following an election by its members.
Marshall is managing director in prime brokerage services with UBS Investment Bank in London. He is the first Chairman of ISLA to work for a securities dealer following the broadening of the association in 2004 to include dealers as well as securities lenders and their agents.
A new board was also elected comprising 12 directors from market participants on all sides of the market, including European and US firms.
The new chairman announced the appointment of David Rule, formerly head of Sterling markets at the Bank of England, as ISLA’s first chief executive with immediate effect. His role will be to raise the profile of the industry and the association, particularly with regulators, and to provide more services for members.
“I am delighted that we have secured the services of such an experienced individual who has an ideal background to take the Association forward,” Marshall says. “Securities lending is an integral part of the financial markets and it is essential that we appoint a full-time executive to raise its profile. Regulation, tax, supporting emerging markets and the development of good market practices will continue to be at the core of our work.”