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GMSLA 2018 – Security Interest Over Collateral

As part of its commitment to support the use of global master agreements, ISLA in conjunction with Clifford Chance and key industry stakeholders has developed a pledge collateral version of our existing Global Master Securities Lending Agreement (GMSLA). The new agreement is based on the existing GMSLA 2010 and provides ISLA members with an alternative to the existing legal title transfer frameworks, allowing market participants to potentially optimise the consumption of binding capital constraints such as Risk Weighted Assets (RWA) as well as manage more effectively collateral reporting obligations.

ISLA members have access to the Security Interest over Collateral 2018 version, as well as the various Security Agreements and Legal Opinion documents. Supporting Tri-party Control Agreements (“TACA”) can be provided by your tri-party business representative at each of the relevant tri-parties.  The tri-parties that ISLA has worked with are BNY Mellon, Clearstream, Euroclear and J.P. Morgan.

For more information on the documentation, please download our ‘GMSLA “Pledge” Structure Documentation – Overview and FAQs’ or contact us.


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