ISLA publishes new Digital Bond Annexes
30 April 2026 UK
Image: HPMP_Studio/stock.adobe.com
The International Securities Lending Association (ISLA) has published the Digital Bonds Annex, to accompany the Global Master Securities Lending Agreement (GMSLA) documentation site.
Developed by the Digital Steering and Digital Legal working groups in partnership with the International Capital Market Association (ICMA), and with Clifford Chance as appointed counsel, a number of documents were produced.
These documents include: Digital Bonds Annex — GMSLA 2010, Digital Bonds Annex Guidance Note GMSLA 2010, Digital Bonds Annex — GMSLA 2018 (Pledge), and Digital Bonds Annex Guidance Note — GMSLA 2018 (Pledge).
The publication of the Digital Bonds Annex follows the Digital Assets Annex which was published in 2024 to provide a standard template, framework, and set of terms for any transactions in which the loaned securities consist of, or include, asset-backed digital assets or platform transferred securities.
According to the association, the newly published Digital Bonds Annex enables a broader suite of digital asset classes to be covered by the GMSLA, meeting ISLA member demand and ensuring the GMSLA remains at the leading edge of the evolution of distributed ledger technology (DLT)-based securities.
Tina Baker, head of Legal Services at ISLA, states: “Providing standard templates and promoting consistency in legal terms that securities financing transaction (SFT) market participants can use when transacting in digital securities is an important step for the continued growth and adoption of these technologies.”
Michael Brown, partner at Clifford Chance, adds: “The publication of the annexes is a significant milestone for the integration of natively issued digital bonds into established securities financing frameworks and we were delighted to support the working groups deliver documentation to enable continued innovation in the market.”
Developed by the Digital Steering and Digital Legal working groups in partnership with the International Capital Market Association (ICMA), and with Clifford Chance as appointed counsel, a number of documents were produced.
These documents include: Digital Bonds Annex — GMSLA 2010, Digital Bonds Annex Guidance Note GMSLA 2010, Digital Bonds Annex — GMSLA 2018 (Pledge), and Digital Bonds Annex Guidance Note — GMSLA 2018 (Pledge).
The publication of the Digital Bonds Annex follows the Digital Assets Annex which was published in 2024 to provide a standard template, framework, and set of terms for any transactions in which the loaned securities consist of, or include, asset-backed digital assets or platform transferred securities.
According to the association, the newly published Digital Bonds Annex enables a broader suite of digital asset classes to be covered by the GMSLA, meeting ISLA member demand and ensuring the GMSLA remains at the leading edge of the evolution of distributed ledger technology (DLT)-based securities.
Tina Baker, head of Legal Services at ISLA, states: “Providing standard templates and promoting consistency in legal terms that securities financing transaction (SFT) market participants can use when transacting in digital securities is an important step for the continued growth and adoption of these technologies.”
Michael Brown, partner at Clifford Chance, adds: “The publication of the annexes is a significant milestone for the integration of natively issued digital bonds into established securities financing frameworks and we were delighted to support the working groups deliver documentation to enable continued innovation in the market.”
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