St Michael's House
1 George Yard

Kevin McNulty

0044(0)207 743 9314


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). ISLA's aims for 2009/10 are:

Working with regulators to provide a safe and efficient framework for securities lending.
Opening up new markets for securities lending.
Providing information to members about securities lending market developments.

Developing good industry practices.
Enhancing the public profile of the securities lending industry.
Fostering good communication and cooperation with other trade associations.
Completing ISLA's review of the GMSLA and promoting use of the Agreement.
Implementing ISLA's model for Agent Lender Disclosure in Europe to meet the needs of securities borrowers under Basel II.

ISLA has more than 100 full and associate members comprising insurance companies, pension funds, asset managers, banks, securities dealers and service providers representing more than 4,000 clients. While based in London, ISLA represents members from more than twenty countries in Europe, the Middle East, Africa and North America.

ISLA has an elected Board of twelve industry professionals representing firms from all parts of the industry. The current Chairman is James Templeman of Barclays Global Investors. ISLA appointed Kevin McNulty as its Chief Executive in 2009.
ISLA Features archive
Asset Servicing Times
Malaysian fiduciaries and investors must grasp all opportunities to participate in relevant securities class actions, even though the country’s own domestic securities legislation is not yet fully established, says Jonathan Hu of Goal Group
With South Africa setting the standard for other African countries, it is reasonable to expect this momentum will have a positive effect on introducing class actions legislature into their laws, says Pat Bingham-Peters of Goal Group
The changing legislative landscape will force central securities depositories to reinvent their businesses, says Péter Csiszér of Keler Group
All parties should acknowledge the cross-border opportunities presented by legislatures such as the Netherlands to reclaim damages to which they are legally entitled, says Tania Dupoy of Goal Group
All parties should acknowledge cross-border opportunities in legislatures such as Italy and reclaim damages to which they are legally entitled, says Tania Dupoy of Goal Group
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Class action cases are not taken on lightly by the Israeli court, but its legislation is one of the most developed of the Middle East, says Pat Bingham-Peters
ISLA Interview archive
Asset Servicing Times
AST talks to Darren Stainrod of the Cayman Islands Fund Administrators Association about directorships and how AIFMD will affect the islands
ISLA News archive
Asset Servicing Times
MiFID II goes live
03 January 2018 | London | Reporter: Becky Butcher
The second Markets in Financial Instruments Directive (MiFID II) has now become effective as a part of EU legislation
Intertrust brings on key global hires
29 June 2017 | Amsterdam | Reporter: Drew Nicol
Dutch capital market solutions provider Intertrust fills senior fund services roles for its Luxembourg, Hong Kong, Channel Islands offices
EC proposes ‘two-tier’ approach to CCP regulation
13 June 2017 | Brussels | Reporter: Mark Dugdale
EU legislators have proposed a massive overhaul of central counterparty supervision
MainstreamBPO to expand in Europe and Cayman through Trinity acquisition
23 May 2017 | Sydney | Reporter: Stephanie Palmer
MainstreamBPO has entered into an agreement to acquire Trinity Fund Administration in Dublin and the Cayman Islands
New deputy CEO at Guernsey Finance
10 May 2017 | St Peter Port | Reporter: Becky Butcher
Guernsey Finance, the island’s promotional agency, has promoted Kate Clouston to deputy chief executive
MainstreamBPO opens in Cayman
12 January 2017 | Grand Cayman | Reporter: Mark Dugdale
Fund administrator MainstreamBPO has opened an office in the Cayman Islands...
FundBPO granted permission for Malta office
19 December 2016 | Sliema, Malta | Reporter: Stephanie Palmer
Fund administrator FundBPO has opened a new office in Malta, having been granted regulatory approval to act as a fund administrator in the island...
Dubai bank chooses Nasdaq for GRC
28 July 2016 | Dubai | Reporter: Stephanie Palmer
Dubai Islamic Bank has opted for Nasdaq’s Bwise enterprise governance, risk management and compliance solution...
ESMA issues non-EU AIFMD passport advice
19 July 2016 | Paris | Reporter: Stephanie Palmer
ESMA has issued additional advice on application of the AIFMD marketing passport for non-EU markets, finding issues outstanding for the US, Bermuda, the Cayman Islands and the Isle of Man...
2015 a good year for Guernsey
22 March 2016 | Guernsey | Reporter: Stephanie Palmer
The Guernsey Financial Services Commission has seen a 3.7 percent increase in the net asset value of all funds under management and administration in the island...
JTC expands Cayman fund admin service
08 January 2016 | Cayman Islands | Reporter: Stephanie Palmer
JTC has completed its acquisition of the GAM fund administration business in the Cayman Islands, having received the appropriate approvals from the Cayman Islands Monetary Authority...
Malcolm Macleod joins First Names Group
20 October 2015 | Jersey | Reporter: Stephanie Palmer
First Names Group has hired Malcolm Macleod as head of corporate services in the Channel Islands, expanding its corporate and institutional service offering...
JTC Group acquires GAM fund admin business
14 October 2015 | Grand Cayman | Reporter: Mark Dugdale
JTC Group has expanded its operations in the Cayman Islands through the acquisition of GAM's fund administration business...
JTC completes Kleinwort Benson acquisition
26 August 2015 | Jersey | Reporter: Stephanie Palmer
JTC has completed its acquisition of Kleinwort Benson’s fund administration business, adding to its operations in the Channel Islands...
Vistra expands Cayman team
17 August 2015 | Cayman Islands | Reporter: Stephanie Palmer
Corporate trust and fund administration provider Vistra has hired Clive Gibbons as resident managing director for the Cayman Islands...
Carey Olsen promotes duo to partner
03 August 2015 | Guernsey | Reporter: Becky Butcher
Carey Olsen has promoted Natasha Kapp and Tony Lane to partner, bringing the law firm’s total number partners to 45 across the British Virgin Islands, Cayman Islands, Guernsey and Jersey...
Legislation is the route to transparency, says DTCC
30 July 2015 | Washington DC | Reporter: Stephanie Palmer
DTCC has publicly supported legislative action to tackle obstacles that hinder the transparency goals of the G20 summit...
JTC acquires CI and SA fund admin business
06 July 2015 | Jersey | Reporter: Stephanie Palmer
JTC has acquired Kleinwort Benson’s fund administration business in the Channel Islands and South Africa, in a bid to enhance its global fund servicing offering...
Guernsey receives kudos from EC
11 May 2015 | Guernsey | Reporter: Stephen Durham
The chief minister of Guernsey has welcomed support from European parliamentarians and the European Commission for the “positive contribution” the island makes to the European economy...
Mitsubishi UFJ launches Cayman trustee service
01 April 2015 | Hamilton | Reporter: Stephanie Palmer
Mitsubishi UFJ Fund Services has launched a new Cayman Islands Trustee Services to target new and existing Cayman unit trusts...
First accounts move to Ireland’s ICAV funds
12 March 2015 | Dublin | Reporter: Stephanie Palmer
Permal Group is moving some of its British Virgin Island accounts to Ireland, after the Irish Collective Asset-management Vehicle (ICAV) was signed in to law last week...
Carey Olsen opens BVI practice
25 February 2015 | British Virgin Islands | Reporter: Becky Butcher
Carey Olsen has launched a litigation and insolvency practice in the British Virgin Islands (BVI)...
Jersey Finance defends island’s transparency
09 February 2015 | Jersey | Reporter: Stephanie Palmer
Jersey Finance has defended the transparency of the island’s ownership information, in response to Ed Miliband’s claims that it is a ‘tax haven’ that could be blacklisted under a labour government...
CI and Ireland see increased fund servicing
08 January 2015 | London | Reporter: Stephanie Palmer
Monterey Insight has released its industry research for the first part of 2014, reporting increases in fund assets serviced in Ireland and the Channel Islands...
Trans-World Compliance launches FATCA One
11 December 2014 | Maryland | Reporter: Stephen Durham
TWC is to release new software that will allow organisations worldwide to easily manage and simplify the compliance and regulatory requirements for FATCA and related legislation worldwide...
SAS offers solutions for Jordan Islamic Bank
11 December 2014 | Amman | Reporter: Stephanie Palmer
SAS is collaborating with Jordan Islamic Bank to provide solutions for enterprise governance, risk and compliance, anti money-laundering, and the foreign account tax compliance act (FATCA)...
Ajman Bank chooses Corona
26 November 2014 | London | Reporter: Stephen Durham
Islamic financial services institution Ajman Bank has implemented SmartStream’s Corona solution...
SWIFT rulebook to enable STP in Islamic finance
09 September 2014 | Kuala Lumpur | Reporter: Catherine Van de Stouwe
Along with the Association of Islamic Banking Institutions Malaysia (AIBIM) and the Malaysian Islamic financial community, SWIFT is launching a new rulebook for the use of SWIFT MT messages for Islamic finance...
SunGard solution for Islamic Bank of Egypt
12 August 2014 | Cairo | Reporter: Catherine Van de Stouwe
Faisal Islamic Bank of Egypt has selected SunGard’s suite of enterprise risk management solutions to help build a new operational framework for improved risk exposure, reporting and Basel compliance...
Multifonds reveals industry is positive for AIFMD
23 June 2014 | Luxembourg | Reporter: Catherine Van de Stouwe
Multifonds’s latest survey on the impact of the Alternative Investment Fund Managers Directive (AIFMD) on the fund industry has shown a positive attitude to the legislation despite the 22 July authorisation deadline...
First Names ties up Mercator purchase
04 April 2014 | Guernsey | Reporter: Georgina Lavers
First Names Group has completed its acquisition of Mercator in Guernsey, in a move that has made the group the largest trust, funds and corporate services provider in the Channel Islands...
Labuan enters MOU with INCEIF
27 January 2014 | Kuala Lumpur | Reporter: Daniel Jackson
The Labuan International Business and Financial Centre (LIBFC) and INCEIF, the Global University of Islamic Finance, have signed a memorandum of understanding...
Swiss FATCA cooperation on its way
13 September 2013 | Zurich | Reporter: Georgina Lavers
Swiss banks will cooperate with the US Internal Revenue Service under FATCA legislation...
Cayman stock exchange issues new rules
20 August 2013 | George Town | Reporter: Jenna Jones
The Cayman Islands Stock Exchange (CSX) has issued new listing rules for equities and investment funds...
CIBC Mellon services university's assets
08 August 2013 | Charlottetown | Reporter: Georgina Lavers
CIBC Mellon has been selected to provide asset servicing for the pension plan for employees of the University of Prince Edward Island and the UPEI endowment funds...
First Names Group picks up second purchase
18 July 2013 | Jersey | Reporter: Georgina Lavers
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First Names Group has completed its acquisition of The Basel Group following exchange of contracts and regulatory approval in Jersey and the British Virgin Islands...
Prague broker connects to SunGard
03 June 2013 | Prague | Reporter: Georgina Lavers
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WOOD & Company Financial Services, a Prague-based broker with additional offices in Warsaw, London and Bratislava, joined the SunGard global network (SGN) for international trading and connectivity...
NASDAQ Dubai prepares for Sukuk bonds
28 May 2013 | Dubai | Reporter: Georgina Lavers
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NASDAQ Dubai, the Middle East’s international financial exchange, is preparing to open a platform on which investors can trade Sukuk (Islamic bonds) and conventional bonds...
CACEIS is the new hangar for LHI Leasing's aircraft
22 May 2013 | Düsseldorf | Reporter: Mark Dugdale
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LHI Leasing has chosen CACEIS to provide depository services for its closed-end funds ahead of the introduction of European legislation...
Greater tax transparency needed, says Guernsey chief minister
15 May 2013 | St Peter Port | Reporter: Jenna Jones
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Guernsey’s chief minister, Peter Harwood, has set out the island’s leadership and track record on tax transparency, ahead of the G8 and G20 meetings on the subject...
Cayman moves forward with FATCA
03 April 2013 | George Town | Reporter: Jenna Jones
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The Cayman Islands government is planning to adopt a model one intergovernmental agreement (IGA) in response to the US Foreign Account Tax Compliance Act (FATCA)...
Maples Fiduciary expands Cayman team
13 February 2013 | Caymans | Reporter: Georgina Lavers
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Maples Fiduciary Services has expanded its investment funds team in the Cayman Islands with the addition of Abali Hoilett as senior vice president and fund director...
General treasurer hires new chief investment officer
18 December 2012 | Rhode Island | Reporter: Jenna Jones
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Rhode Island’s general treasurer, Gina Raimondo has appointed Anne-Marie Fink as the new chief investment officer/deputy treasurer of finance, responsible for managing the state’s $7.3 billion dollar pension fund...
Alfi reveals how to service Islamic funds in Luxembourg
11 December 2012 | Luxembourg | Reporter: Georgina Lavers
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The Association of the Luxembourg Fund Industry (ALFI) published a collection of best practices for setting-up and servicing Islamic funds...
Northern Trust recruits Parker to aid fund admin expansion
30 November 2012 | London | Reporter: Jenna Jones
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Northern Trust has hired Edwin Parker to support the firm’s alternatives business development team as it expands across the UK, Ireland, Luxembourg and the Channel Islands...
Newedge recruits new group CFO
19 September 2012 | Paris | Reporter: Jenna Jones
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Multi-asset brokerage firm Newedge has appointed Ghislaine Mattlinger as group chief financial officer (CFO), and member of the Newedge executive committee...
Maples and Calder adds five lawyers
15 August 2012 | George Town, Grand Town | Reporter: Mark Dugdale
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Maples and Calder has recruited four new associates for its funds team in its Cayman Islands office and a partner in its British Virgin Islands office...
Vistra Fund Services releases new formation product
09 May 2012 | Hong Kong | Reporter: Mark Dugdale
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Fund administration and fund formation firm Vistra Fund Services has launched a Cayman Islands-based umbrella fund structure product...
Dillon Eustace open in Cayman
24 April 2012 | Dublin | Reporter: Justin Lawson
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In response to client needs Dillon Eustace have opened up a fully serviced practice on the Island. The Cayman branch will add to the firm’s existing international office network which includes Asian, European and North American representative offic
Gibraltar to change FA domicile rules
29 February 2012 | Gibraltar | Reporter: Ben Wilkie
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The Gibraltar authorities are set to change the rules that currently require hedge funds to use administrators based on the island...
GlobeOp taps Ridley for board
07 February 2012 | Grand Cayman | Reporter: Anna Reitman
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GlobeOp has appointed Tim Ridley to its Cayman Islands subsidiary board...
ASEAN investment bank launches Islamic securities services
18 October 2011 | Kuala Lumpur | Reporter: Anna Reitman
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CIMB has announced the launch of its Islamic securities services at the IFN 2011 Investors and Issuers Asia Forum...
HSBC launches Islamic securities services
09 March 2011 | Kuala Lumpar | Reporter: Ben Wilkie
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HSBC Securities Services and HSBC Amanah have teamed up to launch HSBC Amanah Securities Services, a new global service for Islamic fund managers...
Suncorp Life updated for Oz tax changes
03 December 2010 | Sydney | Reporter: Ben Wilkie
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Suncorp Life, a division of Suncorp Metway, is now able to support Australia’s new legislation for the Taxation of Financial Arrangements (TOFA)...
Northern Trust wins Shetland mandate
03 December 2010 | London | Reporter: Ben Wilkie
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Northern Trust has been appointed to provide global custody services to USD65 million in council assets for the Shetland Islands Council...
Northern Trust wins US$65 million custody mandate
02 December 2010 | London | Reporter: Justin Lawson
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orthern Trust has been appointed to provide global custody services to US$65 million (approximately GB£41 million) in council assets for the Shetland Islands Council.
IAG establishes fund administration regional headquarters
22 November 2010 | Hong Kong | Reporter: Steven Lafferty
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International Administration Group (IAG), a fund administrator from Guernsey Channel Islands, has announced the opening of its new regional headquarters in Hong Kong to provide administration services to a range of funds