Coming to America
06 August 2024
ISLA’s Ina Budh-Raja and Mark Whipple speak to Carmella Haswell about the behind-the-scenes journey to create a new entity, ISLA Americas, and its work to navigate the environment in the US
Image: stock.adobe/Saowanee
The International Securities Lending Association (ISLA) has expanded its coverage and activities in the US with the creation of an affiliate entity in Q2 2024, known as ISLA Americas. The move will see the organisation take over the Risk Management Association’s (RMA’s) Securities Finance and Collateral Management Conference in October and welcomes members of the RMA Securities Lending Council to its board.
With a notable increase in demand to produce a more cohesive output, the association believes this move reflects the multi-jurisdictional operating models employed by ISLA members and a growing desire to provide one global advocacy voice across EMEA and the Americas.
The core of ISLA Americas was founded out of the RMA Securities Lending Council, where its chair, Mark Whipple, will now lead the newly formed board of directors for ISLA Americas. Leveraging ISLA’s brand and infrastructure will help the team to scale its offering regionally, according to Whipple.
He adds: “Just as ISLA in EMEA has helped to develop new opportunities in the Middle East, and in other markets that did not have access to traditional securities finance, our hope is to replicate this across the broader Americas region.”
As a new entity, the team at ISLA Americas plans to draw upon the existing playbook that Ina Budh-Raja (ISLA chair in EMEA) and the board created for Europe, the Middle East and Africa. With this, and Whipple’s experience at the RMA, the entity will look to better navigate the environment in the US.
From the ground up
Earlier in the year, work began on creating the infrastructure required to support the association on its path to a new entity.
Using the adage “crawl, walk, run…”, Whipple indicates that the move to establish an entity proved more complicated than originally anticipated, with regulatory nuances and rules hindering the process.
Budh-Raja explains: “What we had thought may be a straightforward process to broaden the reach of ISLA into the Americas, has proven to be a very nuanced process, addressing the multitude of legal and tax requirements to reflect both UK and US frameworks impacting not-for-profit trade associations, as well ensuring the consistent, harmonised integrity of the ISLA brand and mission, which the market knows and trusts today.”
The move to build the entity consisted of creating cross-board working groups focused on membership and organisational structure. The team also looked to cross pollinate both boards with two regional members to ensure consistency across the global organisation.
Expanding on this point, Budh-Raja explains that she and ISLA’s treasurer in EMEA, Phil Winter, are now directors on the boards of both entities. And, as of 10 July, ISLA formally expanded the UK board to welcome ISLA Americas board members Whipple and Justin Aldridge (ISLA Americas vice-chair) as UK directors to ensure strategic alignment as it moves forward.
With ISLA now representing regions comprising over 80 per cent of global lending volumes — according to EquiLend Data & Analytics, July 2024 — the association is now focused on supporting the industry as it continues to transform, with business strategies now more complex and global.
Budh-Raja interjects that as the market evolves, it is incumbent for the association to evolve alongside its members, to create the foundation of support required by the industry. It is key to deliver regulatory advocacy, market education, policy-level engagement, standard setting, solutioning for challenges, and to unlock new opportunities on a cross-regional and cross-border level.
“Looking back over the last nine months or so, I think all involved will agree that it has been a complex journey to get to this point and we are now delighted to have established the ISLA Americas entity,” she adds, “and look forward to seeing it evolve as we move forward to operationalise the entity to deliver true benefits to members across the securities finance industry.”
A flagship event
Known as the flagship securities finance conference in the US, the October event is a huge part of the financial foundation needed to serve membership for ISLA Americas.
For Whipple, the goal is to build on the RMA’s legacy by broadening the reach both geographically and institutionally. He continues: “For historical members of the RMA, and new future members of ISLA Americas, the conference provides a place where people come together to share ideas, engage in thought leadership and promote the industry.”
Now referred to as the ISLA Americas Securities Finance Conference, the first official event under the new entity will take place in Naples, Florida, from 14-17 October.
“The 2024 conference will be all-encompassing, bringing together participants across the full securities finance value chain, with a strong, holistic agenda echoing the wide angle through which ISLA operates in serving its members across regions,” says Budh-Raja.
Located at the Ritz Carlton, registration for the event is now open and limited discounted Early Bird tickets are available until 16 August. In addition, and as part of ISLA Americas’ focus on attracting new to the industry, first time attendees, the association will offer up to 50 ISLA Connects delegate passes at a discounted rate.
With inclusion at the heart of this initiative, ISLA Connects was conceived by the UK board along with the ISLA team, aimed at bringing together the diverse skill sets which are necessary to support the evolution of the industry, as well as providing market education to new entrants and those looking to expand their skills.
Thinking ahead, Budh-Raja says ISLA now has the potential to support the future pipeline of talent for the securities finance industry in the Americas, as it has been doing in EMEA with the introduction of ISLA Connects. The association plans to launch a similar model of this initiative in the Americas through the new entity.
Looking ahead
“With so much going on in our industry, ISLA can be that guiding force for the industry in the Americas and EMEA. ISLA as a collective, is committed to servicing the broader industry because things aren’t getting easier,” Whipple states.
The landscape continues to evolve with the advent of non-traditional borrowers, increased direct engagement from beneficial owners, the rise of retail supply, increased regulatory complexity and the blurring of lines between traditional and digital assets.
Whipple indicates that the ability to coordinate across these issues, with partners across the pond, gives ISLA Americas the foundation to grow and better serve its members.
In agreement, Budh-Raja says ISLA will now be better positioned to serve its members, navigating significant regulatory change on numerous levels, as well as the digital transformation and the influx of new market participants.
“We now have the ability to more proactively address new markets, such as Latin America, new liquidity pools such as the retail aggregators sector, and new ways of doing business such as tokenisation,” she adds.
In her conclusion, Budh-Raja feels it important to highlight that “none of the active cohesion could possibly have been achieved without the combined passion of the people involved in getting this done”.
To that end, she offers a sincere thanks to Whipple and the Americas directors, the UK board of directors and board executive committee members, the ISLA team in EMEA led by CEO Andy Dyson, and all of those involved in providing support to this effort over the course of the project, as well as more recently, the US head of business and executive director, Fran Garritt.
She continues: “And from my own perspective, a special thanks to all at Bank of New York (BNY) for the tremendous support and shared vision. This has been a huge team effort, the outcome of which will now shape the securities finance industry across both regions for many decades to come.”
In 2025, with the entity launch and conference in the rearview, ISLA Americas will be “off and running” in terms of increased membership and outreach, says Whipple, expanding from what was a more US focus to a more regional focus.
With a notable increase in demand to produce a more cohesive output, the association believes this move reflects the multi-jurisdictional operating models employed by ISLA members and a growing desire to provide one global advocacy voice across EMEA and the Americas.
The core of ISLA Americas was founded out of the RMA Securities Lending Council, where its chair, Mark Whipple, will now lead the newly formed board of directors for ISLA Americas. Leveraging ISLA’s brand and infrastructure will help the team to scale its offering regionally, according to Whipple.
He adds: “Just as ISLA in EMEA has helped to develop new opportunities in the Middle East, and in other markets that did not have access to traditional securities finance, our hope is to replicate this across the broader Americas region.”
As a new entity, the team at ISLA Americas plans to draw upon the existing playbook that Ina Budh-Raja (ISLA chair in EMEA) and the board created for Europe, the Middle East and Africa. With this, and Whipple’s experience at the RMA, the entity will look to better navigate the environment in the US.
From the ground up
Earlier in the year, work began on creating the infrastructure required to support the association on its path to a new entity.
Using the adage “crawl, walk, run…”, Whipple indicates that the move to establish an entity proved more complicated than originally anticipated, with regulatory nuances and rules hindering the process.
Budh-Raja explains: “What we had thought may be a straightforward process to broaden the reach of ISLA into the Americas, has proven to be a very nuanced process, addressing the multitude of legal and tax requirements to reflect both UK and US frameworks impacting not-for-profit trade associations, as well ensuring the consistent, harmonised integrity of the ISLA brand and mission, which the market knows and trusts today.”
The move to build the entity consisted of creating cross-board working groups focused on membership and organisational structure. The team also looked to cross pollinate both boards with two regional members to ensure consistency across the global organisation.
Expanding on this point, Budh-Raja explains that she and ISLA’s treasurer in EMEA, Phil Winter, are now directors on the boards of both entities. And, as of 10 July, ISLA formally expanded the UK board to welcome ISLA Americas board members Whipple and Justin Aldridge (ISLA Americas vice-chair) as UK directors to ensure strategic alignment as it moves forward.
With ISLA now representing regions comprising over 80 per cent of global lending volumes — according to EquiLend Data & Analytics, July 2024 — the association is now focused on supporting the industry as it continues to transform, with business strategies now more complex and global.
Budh-Raja interjects that as the market evolves, it is incumbent for the association to evolve alongside its members, to create the foundation of support required by the industry. It is key to deliver regulatory advocacy, market education, policy-level engagement, standard setting, solutioning for challenges, and to unlock new opportunities on a cross-regional and cross-border level.
“Looking back over the last nine months or so, I think all involved will agree that it has been a complex journey to get to this point and we are now delighted to have established the ISLA Americas entity,” she adds, “and look forward to seeing it evolve as we move forward to operationalise the entity to deliver true benefits to members across the securities finance industry.”
A flagship event
Known as the flagship securities finance conference in the US, the October event is a huge part of the financial foundation needed to serve membership for ISLA Americas.
For Whipple, the goal is to build on the RMA’s legacy by broadening the reach both geographically and institutionally. He continues: “For historical members of the RMA, and new future members of ISLA Americas, the conference provides a place where people come together to share ideas, engage in thought leadership and promote the industry.”
Now referred to as the ISLA Americas Securities Finance Conference, the first official event under the new entity will take place in Naples, Florida, from 14-17 October.
“The 2024 conference will be all-encompassing, bringing together participants across the full securities finance value chain, with a strong, holistic agenda echoing the wide angle through which ISLA operates in serving its members across regions,” says Budh-Raja.
Located at the Ritz Carlton, registration for the event is now open and limited discounted Early Bird tickets are available until 16 August. In addition, and as part of ISLA Americas’ focus on attracting new to the industry, first time attendees, the association will offer up to 50 ISLA Connects delegate passes at a discounted rate.
With inclusion at the heart of this initiative, ISLA Connects was conceived by the UK board along with the ISLA team, aimed at bringing together the diverse skill sets which are necessary to support the evolution of the industry, as well as providing market education to new entrants and those looking to expand their skills.
Thinking ahead, Budh-Raja says ISLA now has the potential to support the future pipeline of talent for the securities finance industry in the Americas, as it has been doing in EMEA with the introduction of ISLA Connects. The association plans to launch a similar model of this initiative in the Americas through the new entity.
Looking ahead
“With so much going on in our industry, ISLA can be that guiding force for the industry in the Americas and EMEA. ISLA as a collective, is committed to servicing the broader industry because things aren’t getting easier,” Whipple states.
The landscape continues to evolve with the advent of non-traditional borrowers, increased direct engagement from beneficial owners, the rise of retail supply, increased regulatory complexity and the blurring of lines between traditional and digital assets.
Whipple indicates that the ability to coordinate across these issues, with partners across the pond, gives ISLA Americas the foundation to grow and better serve its members.
In agreement, Budh-Raja says ISLA will now be better positioned to serve its members, navigating significant regulatory change on numerous levels, as well as the digital transformation and the influx of new market participants.
“We now have the ability to more proactively address new markets, such as Latin America, new liquidity pools such as the retail aggregators sector, and new ways of doing business such as tokenisation,” she adds.
In her conclusion, Budh-Raja feels it important to highlight that “none of the active cohesion could possibly have been achieved without the combined passion of the people involved in getting this done”.
To that end, she offers a sincere thanks to Whipple and the Americas directors, the UK board of directors and board executive committee members, the ISLA team in EMEA led by CEO Andy Dyson, and all of those involved in providing support to this effort over the course of the project, as well as more recently, the US head of business and executive director, Fran Garritt.
She continues: “And from my own perspective, a special thanks to all at Bank of New York (BNY) for the tremendous support and shared vision. This has been a huge team effort, the outcome of which will now shape the securities finance industry across both regions for many decades to come.”
In 2025, with the entity launch and conference in the rearview, ISLA Americas will be “off and running” in terms of increased membership and outreach, says Whipple, expanding from what was a more US focus to a more regional focus.
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