Linklaters and the International Securities Lending Association (ISLA) have signed a memorandum of understanding (MOU) to automate securities lending documents.
The documents include the Global Master Securities Lending Agreement (GMSLA), the GMSLA Security Interest 2018, the Master Confirmation Annex (MCA) and related documents on the CreateiQ contract automation platform.
The platform, designed by Linklaters, aims to “dramatically reduce” the time to draft and agree documents, while creating and providing real time access to contractual data in structured format.
The announcement comes as the CreateiQ platform experiences a “rapid growth” with more than 200 institutions now using the platform in the financial industry.
The MOU to add ISLA’s documents gives market participants the opportunity to digitise their broader trading documents, including any own account documents, on a single platform.
Speaking on the announcement, CreateiQ board member and Capital Markets Partner at Linklaters Deepak Sitlani says: “We are excited to work with ISLA on this first of its kind automation for securities lending negotiations, which will bring enormous efficiencies to banks and asset managers.
“This is a significant step towards our goal of becoming the comprehensive contracting solution in financial markets.”
Andrew Dyson, CEO of ISLA, adds: “We are delighted to work with Linklaters to develop a digital version of the GMSLA and our other related documents on CreateiQ. One of the biggest challenges for our members is negotiating these documents efficiently and at scale and are pleased that they will now be able to benefit from all the functionality the platform has to offer.”
