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Data Methodologies About ISLA

ISLA supports the

This ISLA Securities Lending Market Report has By adopting this approach, we have been able to Who are we? development of a safe and
been compiled using a range of data contributors develop and publish the ISLA Global Securities efficient framework for
together with specific information provided Lending Aggregate. The International Securities Lending Association (ISLA) is
directly by our members through surveys a leading industry association, representing the common the industry, by playing a
and questionnaires. This aggregate, that will be used to develop consistent interests of securities lending and financing market pivotal role in promoting
trend indicators over time, has been compiled by participants across Europe, Middle East and Africa. It
We would like at this point to thank all of the combining information from each of the commercial has over 165 members, including institutional investors, market best practice,
various contributors for their efforts in assisting data providers. asset managers, custodial banks, prime brokers and amongst other things
ISLA in the production of this report. service providers.
The aggregate was compiled to provide the most
Loan information that includes details of securities representative global estimation of the size and scope
on-loan across different asset and client types has of the securities lending markets. In compiling the What do we do?
been provided by three institutions that provide aggregate, we took the largest securities lending on-
commercial data and benchmarking services for loan balance provided by the three commercial data Working closely with the global industry as well as
the securities financing industry. providers as a starting point for the calculation. regulators and policymakers, ISLA advocates the How do we do it?
importance of securities lending in the context of
DataLend, IHS Markit and FIS Global all collect This global on-loan balance was then adjusted to broader capital markets. ISLA supports the development Through member working groups, industry guidance,
data from industry participants on a high reflect incremental data from the other commercial of a safe and efficient framework for the industry, by consultations and world class events and education,
frequency basis and provide a range of securities data providers where their reported on-loan balances playing a pivotal role in promoting market best practice, ISLA helps to steer the direction of the industry and is
lending benchmarking analytics that allow firms across different asset classes or regions created a more amongst other things. ISLA sponsors the Global Market one of the most influential voices on the global stage.
and their clients to better understand and assess representative overall global number. Securities Lending Agreement (GMSLA) and the annual
the relative performance of any given lending enforceability review in over 65 jurisdictions globally. Further details may be found at: www.isla.co.uk
programme. All regional and geographic analysis reflects the location
of the issuer of the securities (as opposed to the location Disclaimer
Whilst each of these data providers covers of the lender or borrower) as this is the basis on which
broadly the same market we have chosen to the providers collect and analyse their data.
use data from each to reflect the fact that each While we have made every attempt to ensure that the information contained in this report has been obtained from reliable sources, the International
Securities Lending Association (ISLA) is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information
has a slightly different business model and client Data from the principal tri-party service providers active in this report is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and
without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose.
mix and therefore provide different perspectives in Europe today is also incorporated within the report as Nothing herein shall to any extent substitute for the independent investigations and the sound technical and business judgment of the reader. In no event
will ISLA, or its Board Members, employees or agents, be liable to you or anyone else for any decision made or action taken in reliance on the information
in this report or for any consequential, special or similar damages, even if advised of the possibility of such damages. The contribution of thought leadership
across certain asset classes or regions. part of our analysis of collateral. content has come from external third parties. Inclusion in this report does not suggest any specific endorsement by ISLA of their products and services.
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