It was confirmed today that Richard Steele of JPMorgan Worldwide Securities Services had succeeded Mark Hutchings as chairman of the International Securities Lending Association (ISLA). His election was secured on 19 May.
A securities lending veteran with almost twenty years’ experience, Steele has served on ISLA’s Executive Committee since 2001. He was elected Deputy Chairman in 2003.
“Over the two year’s of Mark’s stewardship, ISLA has made tremendous progress in firmly establishing itself as the voice for the securities lending industry,” says Steele. “Membership has grown by over 50% and the recent change in the Association’s constitution has allowed borrowers to join for the first time. I am delighted that so many have already signed up and that the elections also produced their first representative on the executive committee. We have many challenges ahead. We must continue to play a full role in the remaining debates and implementation of the European Union’s Financial Services Action Plan, we must continue our process of providing general education to the market at large and above all we must continue to ensure that international securities markets continue to provide sound, safe and efficient environments for our members to operate in. Securities lending and borrowing provides essential liquidity to these markets and I look forward to working with our international counterparts, the Pan Asia Securities Lending Association and the Risk Management Association to promote these important goals. I have a strong team of Officers to support me as well as a dedicated executive committee and am confident that we will rise to whatever challenges present themselves during the coming year.”