About ISLA


The International Securities Lending Association (ISLA) is a trade association established in 1989 to represent the common interests of participants in the securities lending industry. ISLA works closely with European regulators and in the United Kingdom has representation on the Securities Lending and Repo Committee, a committee of market practitioners chaired by the Bank of England.

The Association has contributed to a number of major market initiatives, including the development of the UK Securities Borrowing and Lending Code of Guidance and the industry-standard lending agreement, the Global Master Securities Lending Agreement (GMSLA).


ISLA’s aims include:

  • Working with regulators to provide a safe and efficient framework for securities lending.
  • Opening new markets for securities lending.
  • Providing information to members about securities lending market developments.
  • Developing good industry practices.
  • Enhancing the public profile of the securities lending industry.
  • Fostering good communication and co-operation with other trade associations.
  • Promoting the use of GMSLA as the market standard legal agreement.


ISLA has approximately 100 members comprising of insurance companies, pension funds, asset managers, banks, securities dealers and service providers representing more than 4,000 underlying clients. While based in London, ISLA represents members from more than twenty countries in Europe, the Middle East, Africa and North America. 

ISLA appointed Kevin McNulty as its Chief Executive in 2009, and has an elected Board of fifteen industry professionals representing firms from all parts of the industry, the current Chairman being Andy Krangel of Citibank.