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ISLA: Associations align on global priorities
17 June 2026 Portugal
Image: stock.adobe.com/Mapics
Collaboration between global securities finance associations is becoming increasingly important as the industry responds to regulatory change, market development, and shifting sources of liquidity, according to speakers on the opening day of the conference.
The ‘Importance of Global Alliance: Aligning Priorities & Making Collaborative Progress’ panel was moderated by Ed Oliver, managing director, product development, eSecLending. He was joined by Ina Budh-Raja, CEO of the International Securities Lending Association (ISLA); Fran Garritt, CEO and president of ISLA Americas; Hitesh Harduth, chairman of the South African Securities Lending Association (SASLA); and Roanna Kim, president of the Canadian Securities Lending Association (CASLA).
Opening the discussion, the panel reflected on a range of shared priorities across regions, including T+1 settlement, regulatory reporting, tax reform, digital assets, Islamic finance, market liquidity, and the growth of securities finance in emerging markets.
One speaker noted that South Africa is facing many of the same themes being discussed globally, including the transition from T+3 to T+1, the development of domestic reporting requirements, and growing interest in digital markets. The panel as a whole, noted that SASLA is also looking beyond South Africa, with increasing engagement across the African continent as markets such as Kenya, Nigeria, Botswana, Ghana, and Uganda, explore securities lending frameworks.
The panel agreed that advocacy with regulators remains a core function of industry associations, particularly in helping policymakers understand the role securities finance plays in supporting market liquidity.
One panellist said the industry’s relationship with regulators has improved over time as associations have taken a more educational approach, helping to avoid misconceptions around securities finance and its purpose. Another speaker described this as a “constant education process”, particularly because securities lending remains a relatively niche part of the wider capital markets discussion.
In the US, the panel highlighted advocacy around T+1, the Securities and Exchange Commission (SEC) rule 15c3-3, and Basel, noting that political and regulatory change can alter the pace and tone of engagement. A speaker suggested that arguments linked to market competitiveness are increasingly effective, particularly where regulatory constraints may place one jurisdiction at a disadvantage.
The panel also discussed the importance of sharing experience between associations as newer or developing markets seek to establish securities lending frameworks. Speakers noted that global alliances can help markets avoid repeating mistakes, and costs, already seen elsewhere.
One panelisted added that associations can provide practical blueprints for market development, including guidance on which structures may accelerate growth and which may create unnecessary roadblocks.
Regulatory reporting was cited as a clear example of where collaboration can reduce duplication and cost. The panel highlighted that as South Africa’s reporting regime is expected to go live around late 2028 or 2029, it will give the market time to draw lessons from other jurisdictions.
The discussion then turned to talent, inclusion, and wellbeing. Several speakers highlighted recent conference initiatives designed to support emerging leaders, encourage wider participation, and address mental health within the industry.
CASLA’s annual conference was cited as one example, with a specific Women in Securities Finance panel, mental health programming, and a dedicated emerging talent committee. The aim of these initiatives, it was said, is to help build confidence among younger professionals and create a stronger future leadership pipeline.
Speakers warned that the industry faces a knowledge-transfer challenge as senior professionals retire and the middle-management layer becomes less populated. This is creating a greater need for structured education, particularly as new topics such as AI, tokenisation, and digital assets, reshape the skills required in securities finance.
Retail participation was another key theme. The panel noted that fully paid lending, ETFs, app-based neobrokers, and wider retail investor engagement are changing the supply side of the market.
One speaker said the supply dynamic has changed dramatically over the past 20 years, moving beyond traditional pension funds and mutual funds to include a wider range of beneficial owners, retail investors, and broker-to-broker activity.
The panel highlighted that this growth should be encouraged, but within clear standards of best practice, regulatory compliance, and investor protection. ISLA’s work on retail lending guidance and the Money Markets Code was highlighted as part of this broader effort.
The discussion closed by considering how members can get the most value from their associations. The speakers agreed that membership alone is not enough, and that firms need to participate actively in working groups, events, surveys, advocacy, and professional development initiatives.
The panel concluded that global collaboration between associations is already helping the industry respond more effectively to regulatory change, support market development, and build common standards across jurisdictions.
As one speaker summarised, associations are working to develop best practice for the industry as a whole, while recognising the specific needs of the markets in which they operate.
The ‘Importance of Global Alliance: Aligning Priorities & Making Collaborative Progress’ panel was moderated by Ed Oliver, managing director, product development, eSecLending. He was joined by Ina Budh-Raja, CEO of the International Securities Lending Association (ISLA); Fran Garritt, CEO and president of ISLA Americas; Hitesh Harduth, chairman of the South African Securities Lending Association (SASLA); and Roanna Kim, president of the Canadian Securities Lending Association (CASLA).
Opening the discussion, the panel reflected on a range of shared priorities across regions, including T+1 settlement, regulatory reporting, tax reform, digital assets, Islamic finance, market liquidity, and the growth of securities finance in emerging markets.
One speaker noted that South Africa is facing many of the same themes being discussed globally, including the transition from T+3 to T+1, the development of domestic reporting requirements, and growing interest in digital markets. The panel as a whole, noted that SASLA is also looking beyond South Africa, with increasing engagement across the African continent as markets such as Kenya, Nigeria, Botswana, Ghana, and Uganda, explore securities lending frameworks.
The panel agreed that advocacy with regulators remains a core function of industry associations, particularly in helping policymakers understand the role securities finance plays in supporting market liquidity.
One panellist said the industry’s relationship with regulators has improved over time as associations have taken a more educational approach, helping to avoid misconceptions around securities finance and its purpose. Another speaker described this as a “constant education process”, particularly because securities lending remains a relatively niche part of the wider capital markets discussion.
In the US, the panel highlighted advocacy around T+1, the Securities and Exchange Commission (SEC) rule 15c3-3, and Basel, noting that political and regulatory change can alter the pace and tone of engagement. A speaker suggested that arguments linked to market competitiveness are increasingly effective, particularly where regulatory constraints may place one jurisdiction at a disadvantage.
The panel also discussed the importance of sharing experience between associations as newer or developing markets seek to establish securities lending frameworks. Speakers noted that global alliances can help markets avoid repeating mistakes, and costs, already seen elsewhere.
One panelisted added that associations can provide practical blueprints for market development, including guidance on which structures may accelerate growth and which may create unnecessary roadblocks.
Regulatory reporting was cited as a clear example of where collaboration can reduce duplication and cost. The panel highlighted that as South Africa’s reporting regime is expected to go live around late 2028 or 2029, it will give the market time to draw lessons from other jurisdictions.
The discussion then turned to talent, inclusion, and wellbeing. Several speakers highlighted recent conference initiatives designed to support emerging leaders, encourage wider participation, and address mental health within the industry.
CASLA’s annual conference was cited as one example, with a specific Women in Securities Finance panel, mental health programming, and a dedicated emerging talent committee. The aim of these initiatives, it was said, is to help build confidence among younger professionals and create a stronger future leadership pipeline.
Speakers warned that the industry faces a knowledge-transfer challenge as senior professionals retire and the middle-management layer becomes less populated. This is creating a greater need for structured education, particularly as new topics such as AI, tokenisation, and digital assets, reshape the skills required in securities finance.
Retail participation was another key theme. The panel noted that fully paid lending, ETFs, app-based neobrokers, and wider retail investor engagement are changing the supply side of the market.
One speaker said the supply dynamic has changed dramatically over the past 20 years, moving beyond traditional pension funds and mutual funds to include a wider range of beneficial owners, retail investors, and broker-to-broker activity.
The panel highlighted that this growth should be encouraged, but within clear standards of best practice, regulatory compliance, and investor protection. ISLA’s work on retail lending guidance and the Money Markets Code was highlighted as part of this broader effort.
The discussion closed by considering how members can get the most value from their associations. The speakers agreed that membership alone is not enough, and that firms need to participate actively in working groups, events, surveys, advocacy, and professional development initiatives.
The panel concluded that global collaboration between associations is already helping the industry respond more effectively to regulatory change, support market development, and build common standards across jurisdictions.
As one speaker summarised, associations are working to develop best practice for the industry as a whole, while recognising the specific needs of the markets in which they operate.
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