Isla (International Securities Lending Association)

the international securities lending association (isla) is a trade association established in 1989 to represent the common interests of participants in the securities lending industry. isla works closely with european regulators and in the united kingdom has representation on the securities lending and repo committee, a committee of market practitioners chaired by the bank of england. the association has contributed to a number of major market initiatives, including the development of the uk securities borrowing and lending code of guidance and the industry-standard lending agreement, the global master securities lending agreement (gmsla).