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Industry Guides & Best Practice

The International Securities Lending Association (ISLA) recognises the importance of education, information and guidance in the context of understanding both the mechanics of the industry as well as the broader importance of securities lending within financial markets.  In this section, find a range of securities lending industry guides and best practice documents for lenders, borrowers, service providers as well as regulators and policymakers.

Securities Lending Industry Guides

ISLA is in the process of developing a range of industry guides on securities lending and financing, from the perspective of three distinct groups. Guides for Institutional Investors and Asset Managers as well as Regulators and Policy Makers can be found in this section. A version for Agent Lenders and Borrowers will be available in due course. Each booklet aims to cover a myriad of relevant content relating to the market. Topics include the role of securities lending within capital markets, basic fundamentals and the business model, regulatory changes and implications as well as risk management.

  • The Institutional Investor Guide to Securities Lending

    17 June 2019

    An Institutional Investor Guide to Securities Lending, produced by ISLA in association with Finadium.

  • The Regulator & Policy Maker Guide to Securities Lending

    4 September 2019

    A Regulator & Policy Maker Guide to Securities Lending, produced by ISLA in association with Finadium.

  • Agent Lender Code of Guidance

    1 September 2010

    Code of guidance in respect of disclosure requirements for agent lenders.

  • RMA/EquiLend - Latin America Securities Finance User Guide 2019

    1 January 2019

    First-annual Latin America Securities Finance User Guide, jointly produced by EquiLend and the RMA in association with domestic and international market participants active in Latin America.

Agent Lender Disclosure (ALD)

When counterparties agree to a stock loan transaction, the identity of each party is known, and this then implies associated settlement and maintenance aspects of the resulting trade. Agency Lending Disclosure (ALD) is a process which agent lenders (intermediary) send data files to the borrower identifying each trade, the resulting collateral and which institutional investor is party to that trade.

  • ALD - DTCC SMART Track Overview

    1 May 2008

    Overview of the DTCC SMART Track Service

  • ALD - Industry Classifications

    1 May 2008

    Details of industry classifications to be used within the ALD process

  • ALD - Delivery Before Payment (DBV) Classification List

    1 May 2008

    Details of security classifications to be used for DBV transactions within ALD

  • ALD - Non-Cash Collateral File Template

    1 May 2008

    ALD non-cash collateral file template with sample data.

  • ALD - Loan File Template

    1 May 2008

    ALD loan file template with sample data.

  • ALD - Overview For Borrowers

    1 May 2008

    Overview of ALD requirements for borrowers.

  • ALD - Overview For Agent Lenders

    1 May 2008

    Overview of ALD for agent lenders.

Industry Best Practice

Based on the findings and outputs of various working groups and ISLA-led initiatives, our best practice guides and papers aim to provide guidance for the securities lending industry. Their objective is to assist firms in the implementation of sound policies and processes within the relevant area.

  • UK Money Markets Code

    The UK Money Markets Code is a voluntary code written by market participants. It incorporates revised relevant sections of the Non-Investment Products (NIPs) Code, and also a revision and update of the Gilt Repo Code and Securities Borrowing and Lending Code.

  • ISLA 2018 Settlement Survey Results

    1 January 2018

    Results from ISLA members survey on post-trade settlement efficiencies in securities lending.

  • Amendment to ISLA Best Practice for Operational Processes for SFTs

    1 December 2017

    Amendment to Best Practice guide in respect of corporate events.

  • ISLA Best Practice for Operational Processes for SFTs

    4 September 2017

    ISLA Best Practice guide for operational and post-trade processes within securities lending.

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ISLA Working Groups

ISLA runs a variety of standing and topic specific working groups for its members, covering all aspects of advocacy, tax, legal, regulation and best practice. These include SFTR, CSDR, Legal & Regulatory Broadcasts and Best Practice.

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