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Securities Lending


        Market Report



                                                                                                                   Foreword                                                                     4

        An ISLA Publication                                                                                        Alessandro Cozzani, Deputy Chairman, ISLA Board
        14th Edition - March 2021                                                                                  Market Highlights                                                            6


                                                                                                                   Global Market Dynamics                                                       8


                                                                                                                   Guest Contribution: Citi                                                    16
                                                                                                                   ETFs – the New(ish) Financing Paradigm: An Update for 2021
                                                                                                                   Andrew Jamieson

                                                                                                                   Global Government Bond Markets in Focus                                     22


                                                                                                                   Guest Contribution: Deutsche Bank                                           28
                                                                                                                   Securities Lending & Repo – Financial Services’ “Front Line Workers”
                                                                                                                   Maurice Leo

                                                                                                                   Global Equity Markets in Focus                                              32


                                                                                                                   Guest Contribution: ISSA                                                    36
                                                                                                                   The Future of Securities Services
                                                                                                                   Colin Parry and William Hodash

                                                                                                                   Collateral Overview                                                         42


                                                                                                                   Data Methodologies                                                          46


                                                                                                                   About ISLA                                                                  47










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