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Data Methodologies About ISLA

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