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TERMINATION PRE-CONTRACTUAL

ENFORCEMENT MARKET THE (MASTER AGREEMENT)

PERFORMANCE LENDING FORMATION
CONTRACTUAL
FUTURE

OF
Data Methodologies PERFORMANCE THE (LOAN)
CONTRACTUAL

SECURITIES

This ISLA Securities Lending Market Report has been By adopting this approach, we have been able to COMMENCEMENT ALLOCATION
compiled using a range of data contributors together with develop and publish the ISLA Global Securities
specific information provided directly by our members Lending Aggregate. This aggregate, that will be used to
through surveys and questionnaires. develop consistent trend indicators over time, has been
compiled by combining information from each of the
We would like at this point to thank all of the various commercial data providers. The ISLA Global aggregate
contributors for their efforts in assisting ISLA in the was compiled to provide the most representative global
production of this report. estimation of the size and scope of the securities
lending markets. In compiling the aggregate, we took
Loan information that includes details of securities on- the largest securities lending on-loan balance provided
loan across different asset and client types has been by the three commercial data providers as a starting
provided by three institutions that provide commercial point for the calculation. This global on-loan balance
data and benchmarking services for the securities was then adjusted to reflect incremental data from the Coming soon…
financing industry. DataLend, IHS Markit and FIS Global other commercial data providers where their reported on-
all collect data from industry participants on a high loan balances across different asset classes or regions
frequency basis and provide a range of securities lending created a more representative overall global number.
benchmarking analytics that allow firms and their clients
to better understand and assess the relative performance All regional and geographic analysis reflects the location
of any given lending programme. of the issuer of the securities (as opposed to the location ISLA & Linklaters Whitepaper
of the lender or borrower) as this is the basis on which the
Whilst each of these data providers covers broadly the providers collect and analyse their data. The Future of the Securities Lending Market
same market we have chosen to use data from each to
reflect the fact that each has a slightly different business Data from the principal tri-party service providers active
model and client mix and therefore provide different in Europe today is also incorporated within the report as ...An Agenda for Change
perspectives across certain asset classes or regions. part of our analysis of collateral.

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