ISLA Americas Briefing | New York 2026

Ina Budh-Raja joined ISLA in December 2025 as Chief Executive Officer responsible for the development of ISLA’s growth strategy and overseeing its core activities to help build a more transparent, efficient, resilient and reputationally robust foundation for the market.

Prior to ISLA, Ina spent 7 years at BNY, across a number of roles including Global Head of Securities Finance Regulatory Strategy, Public Policy & Industry Affairs, where she was responsible for leading the business’ efforts to identify new opportunities in a changing regulatory environment. Prior to BNY, Ina held both commercial and legal roles across the industry over 20 years, including as managing counsel for securities finance at State Street and Deutsche Bank, covering the agency lending, principal lending, equity finance and money markets desks. Ina is a qualified lawyer with an active practicing certificate (Law Society of England & Wales) and is also a member of the Bank of England Money Markets and Securities Lending Committees and is Co-Chair of the Bank of England UK Money Markets Code Sub-Committee.

Ina was a Director on the ISLA Board from 2019-2022 and was subsequently appointed as Chair of the Board of ISLA from 2022-2025, during which time the organisation grew significantly, with Ina playing a considerable role in the establishment of ISLA’s affiliate, ISLA Americas. She also championed the launch of ISLA’s future talent initiative, ISLA Connects. As well as being ISLA’s first female Chair and CEO, Ina is co-lead of the London chapter of Women in Securities Finance.

Ryan is a Senior Vice President on the North America trading desk whose responsibilities include supervising the lending of DTC eligible securities, including US Equities and Corporate Bonds as well as ETF and Corporate Event Driven names.  He has worked in the banking industry since 2007 and has spent the majority of his career in Securities Lending.  Ryan joined Citi in 2011 as a Client Executive within Agency Securities Lending (ASL) before rotating to the trading desk in 2013 and ultimately to his current role in June 2025.

Ryan graduated from West Virginia University with a B.A in 2006.

Kathleen Duggan is the Head of Sourcing and Resource Optimization for Securities Lending at Morgan Stanley.  She is primarily responsible for Institutional Client Relationship Management and the optimization of the Securities Lending sourcing book.  Kathleen works in close collaboration with financing businesses across the firm to provide clients with holistic coverage.

Kathleen has been with Morgan Stanley for twenty years, beginning her career in North American Operations.  In 2009, she transferred to the International Securities Lending trading desk where she was primarily responsible for Trading and Hedge Fund coverage for Asia and Europe.  After four years, she transitioned to North American trading, fulfilling a variety of different roles.  In her current position, Kathleen focuses on finding efficient trading solutions through new product development and the execution of transactions optimized for financial resources.

As an active participant in the Securities Lending community, Kathleen is honored to serve as Co-Chair of this year’s conference and looks forward to shaping meaningful discussions that will help advance our industry.

Spanning almost 25-years on the sell-side, in the public sector, and on the buy-side, John brings passion and detailed expertise to various facets of the financial system plumbing.  John’s role varied from back-to-front offices in money market trading and sales at primary dealers, trader/subject matter expert analyst work at the Federal Reserve Bank of New York during and after the Great Financial Crisis, to senior hedge fund financing and treasury positions at large hedge funds over the past 12-years.

In his current role at Garda, John leads the Team that funds the Firm’s US Treasury, Canadian Government, agency MBS, and USD-denominated credit and EM portfolios.

His focus is ensuring resolute term financing of the 21-year old Firm’s balance sheet, providing thought leadership to the Investment Team and senior management on emerging themes in secured funding and financial system infrastructure, and helping nurture the Firm’s culture so that Garda’s core values fuel performance.

John resides in Northern New Jersey with his wife, three sons, and dog. When not emersed in spreadsheets, and/or reading the latest clearing mandate proposals, he enjoys playing hockey, golf, and guitar.

Bogdan Fleschiu is the Global Head of Equities FRM at J.P. Morgan and is on the Markets FRM management team.  He leads the cross-asset optimization of balance sheet, capital, liquidity and funding activities across Global Equities, Prime Finance and Global Clearing.  Bogdan also advises JPM’s clients and counterparties on the regulatory environment’s impact on financing, counterparty management and balance sheet optimization.  He has co-authored white papers on the design and implementation of the strategic hedge fund treasury function.  Prior to that, Bogdan was a member of the Senior Client Coverage team, served as the COO / Client Strategist for the Prime Brokerage Sales team, and helped build the equity financing platform.  Bogdan holds JD & MBA degrees from Vanderbilt University, as well as BA degrees from the University of Richmond.

Reporting to the ISLA Americas’ Board, chaired by Mark Whipple, Global Head of Securities Lending, Invesco, Fran is responsible for the overall management of the ISLA Americas’ business. Fran oversees all day-to-day operational activities and functions, including events, infrastructure, facilities management, and membership, while working with relevant counterpart(s) across EMEA and the US, to ensure overall strategic alignment with ISLA’s broader aims and objectives.

Fran brings over two decades of association management experience, having previously held various leadership roles at the Risk Management Association (RMA), including his most recent role as Head of Financial Risk Management and Securities Lending, where he oversaw the delivery of the Annual Securities Finance & Collateral Management Conference.

Rebecca Goldenberg is the Head of Americas Product for Agency Securities Finance at J.P. Morgan, where she leads strategic initiatives across the region and plays a key role in shaping the firm’s securities finance product offering. In this capacity, she oversees the development and execution of client-focused solutions, ensures alignment with global regulatory and market developments, and drives connectivity across Securities Services and the broader firm.

With deep expertise spanning trading, sales, operations, technology, and client management, Rebecca is a leader within the business and a trusted advisor to clients navigating the evolving landscape of agency lending. She is an active contributor to industry dialogue and regulatory advocacy, serving on key working groups including the ISLA Americas Legal, Tax, and Regulatory Committee, the 10c-1 Working Group, and the U.S. Treasury Clearing Working Group.

Prior to her current role, Rebecca held product development roles at J.P. Morgan Asset Management, where she supported institutional and retail product strategies across ETFs and equity solutions. She began her career at BlackRock, spending nearly a decade in both the Retail Product and Legal & Compliance divisions.

Rebecca holds a Bachelor of Arts from Wellesley College.

Chris Grier is a Director and the Head of the US ETF book within Equity Finance at  Barclays.  He leads a team responsible for providing ETF borrow liquidity to franchise clients, as well as managing positioning, pricing, and risk for the ETF book. His role involves daily engagement with institutional lenders and intersects with several other divisions across the firm, including Delta One, Equities Trading, and the Fixed Income ETF desks.  Chris joined Barclays in 2017, following prior experiences in Municipal Trading and Equity Finance at Goldman Sachs and experience as a CPA at PricewaterhouseCoopers.  Chris holds a B.S. degree in Accounting from Villanova University and a MAcc (Masters in Accounting) from the University of Southern California. 

Mo Haghbin joined ProShares as a member of the firm’s management team and assumed leadership for the strategic products business in 2025. In his role, Mr. Haghbin is responsible for the growth and expansion of ProShares’ Strategic ETFs. This includes setting the product strategy and managing a broad lineup of products that seek to deliver growth, income and diversification for clients. In addition, he leads the sales and investment strategy teams responsible for educating financial professionals and the public on the firm’s ETFs.

Mr. Haghbin previously served as Global Head of Investment Solutions at Invesco, which he joined when the firm combined with OppenheimerFunds. Prior to Invesco and Oppenheimer, Mr. Haghbin worked at BlackRock, where he held various product strategy, product development, and business management roles. He also led the derivative product services team at Barclays Global Investors, which BlackRock later acquired.

Mr. Haghbin earned a bachelor’s degree in business administration from the University of Colorado. He is a frequent industry speaker and subject matter contributor to global financial publications and media outlets such as The Wall Street Journal, The New York Times, Barron’s, Bloomberg, and the Financial Times. He is a Chartered Financial Analyst® (CFA) charterholder and a Chartered Alternative Investment Analyst (CAIA) charterholder.

Jerry currently oversees NAM Funding and FRM for Equities and Prime Brokerage at Citigroup. Prior to joining Citigroup in 2023, he spent 15 years at Bank of America Merrill Lynch within Equity Finance and Fixed Income Repo.

Chuck Mack is a Senior Vice President – North American Markets at Nasdaq. With over two decades of experience in financial markets, Chuck has led strategic direction across asset classes for Nasdaq’s North American markets business. He’s also responsible for public policy, innovation, and capital allocation. He previously headed Nasdaq’s US Equities business where he was responsible for the management, operation and strategic direction for Nasdaq’s US Equities Transaction Business across three U.S. equities exchanges – Nasdaq, BX and PSX. Chuck holds a Bachelor of Arts and a Master of Business Administration from Rutgers University.

Shane Parks is a Director of Securities Finance Business Development at BNY. Shane joined the bank in July 2023 after nearly 7 years of experience at Morgan Stanley in various roles within their Securities Finance division, including strategy, sales, and trading. His expertise are in financing structures, balance sheet management, resource optimization, and strategic client engagement.

In his current role at BNY, Shane is responsible for the North American business development effort, with a focus on engaging new clients and complementing the bank’s existing program – which serves over 400 institutional clients, including public institutions, 40′ act funds, insurance clients, and corporations. Shane is also responsible for managing the securities finance relationships between BNY and the community of borrowers. Shane’s mission is to deliver securities finance solutions while enabling organizations to partner on strategic priorities.

Jarrod Polseno is the global head of agency lending trading for Securities Finance, overseeing all flow and electronic trading on behalf of our agency lending clients. Mr. Polseno has over 19 years of experience in securities lending, most recently serving as the global head of credit and emerging markets trading as well as global head of financial resource management for Securities Finance. Prior to that role he held positions in government bond and repo trading.

Mr. Polseno holds a Bachelor of Science in finance from the University of Massachusetts – Dartmouth.

State Street provides experienced securities lending capabilities and supplies liquidity across more than 45 markets, worldwide, via Securities Finance offices and trading desks located throughout the Americas, Europe/Middle East/Africa and Asia/Pacific regions.

Steven joined Morgan Stanley in 1996 spending the first 10 years of his career in Operations before transitioning to the Securities Lending desk where he has held a number of roles across the business. Steven’s expertise and leadership further strengthen ISLA Americas’ mission, and his appointment reflects the organization’s commitment to borrower engagement, cross-border collaboration, and a more unified global strategy alongside ISLA.

Michael is head of Supply for US Securities Lending in Prime Services. Previously, he worked in a sales-trading capacity on the US Demand team covering hedge funds in Securities Lending. From 2006 to 2012. Mike worked in both the Tokyo and London offices in various Securities Lending capacities. He joined Goldman Sachs as an analyst in New York in 2004 and was named managing director in 2017. 

Mike previously served on the Board of EquiLend, a financial technology company that specializes in the global securities finance marketplace. He currently serves as Treasurer of the New Jersey Golf Foundation, an organization committed to impacting lives and communities through golf with a focus on three core pillars: youth, military and special needs. 

Mike earned a BS in Finance, cum laude, from Boston College in 2004. 

Brian Steele is Managing Director, President, Clearing & Securities Services at DTCC where he is responsible for leading the firm’s clearing and securities services businesses, including Equity Clearing and Settlement, Fixed Income Clearing, Wealth Management Services, Asset Services, Institutional Trade Processing (ITP) and Repository & Derivatives Services (RDS). He is a member of the DTCC Executive Committee, Management Risk Committee and the Investment Management Committee. In addition, he serves as Chair of the ITP Board of Managers, Chair of the Deriv Serv Board, is a board member of the International Securities Services Association (ISSA) and participates as a member of the World Economic Forum Steering Committee.

Brian has nearly 20 years of experience in financial services, serving in a wide range of senior-level roles including Goldman Sachs, where he most recently served as Managing Director of Americas Client Coverage Group and Global Head of Client & Market Solutions. Prior to that, he served as a senior leader in several key global markets and operations-related roles, including Global Head of Market Structure Solutions; Global Head of Equities Execution Services and Settlements; Global Head of Digital Transformation for the Operations Division, and Global Head of Market Solutions for Operations Division.

In addition to his work at DTCC, Brian also served as a board member for Acadia, Traiana, Access Fintech and Droit. Brian holds a bachelor’s degree of Science in Marketing and E-commerce from the Ithaca College.

John is Managing Director and was named Global Head of Securities Finance Client Coverage for BNY Markets in January 2022. John joined BNY in 2000 and, prior to assuming his current responsibilities, held a number of business development positions within BNY’s Markets, Global Collateral Services, Broker/ Dealer Services, Global Client Management and Securities Industry Banking divisions.

Mr. Toomey heads SIFMA’s capital market practice. The Capital Markets Group focuses on the complete breadth of both business and regulatory issues facing SIFMA members in the capital markets. The group covers municipal finance, rates/funding, securitization, derivatives, corporate debt, equities, listed options, and primary markets. In addition, Mr. Toomey has been the principal staff person responding to policy proposals on reforms to the US Treasury market as well as those impacting the Prime Brokerage/Securities Lending dealer community.

Prior to joining SIFMA’s predecessor, the Bond Market Association, in September 2004, Mr. Toomey served from 1995 as Counsel at the Federal Reserve Bank of New York, principally supporting the NY Fed’s Markets Group in connection with US Treasury securities activities, open market operations, primary dealer relationships, and foreign exchange. Immediately prior to joining the NY Fed, Mr. Toomey was a Special Counsel at the Securities and Exchange Commission in the Division of Corporation Finance. Prior to the SEC, he was an Associate at the law firm of Reid & Priest.

Marc-Andre Wilson is the Head of U.S. Prime Services, overseeing prime brokerage, securities borrowing and lending, and synthetic financing. In addition, he leads the global Prime Services Structuring team, responsible for developing and executing securities finance and derivatives transactions for clients and internal arrangements, to optimize returns and the use of financial resources.  

 Marc-Andre holds an HBA from the University of Toronto and an LLB from the University of Ottawa. 

Chen Xu is a corporate counsel and a member of the firm’s Financial Institutions and Special Situations Groups. He is an active thought leader on emerging issues in the bank regulatory space. Mr. Xu’s insights have appeared in the Reuters and the American Banker and he has authored articles on a wide range of bank regulatory topics, including in Lexology: Getting the Deal Through.

Jennifer Xu is a Portfolio Manager at GIC’s Balance Sheet Management Group. She joined GIC in 2020 and is based in the New York office. In her current role, Jennifer manages the team’s synthetic funding portfolio. She is actively involved in exploring structured trading opportunities to optimize financing resource capabilities. She also looks after the physical lending business in the North American regions. Her areas of expertise include synthetic financing, collateral management, and financial resource optimization. Prior to joining GIC, Jennifer was an Index Trader at Deutsche Bank’s Delta One desk. She holds a Master’s degree in Economics from Vanderbilt University and is a Chartered Financial Analyst (CFA) charter holder. 

Salman Zaidi heads the Asset Manager and Insurance ETF coverage channel at Invesco. The team works with model providers, fund managers and insurance general accounts on understanding potential usage of ETFs. Prior to joining Invesco, Salman was a senior product strategist for fixed income ETFs at BlackRock where he was responsible for client engagement, analytics, thought leadership, and commercialization. Prior to BlackRock, Salman spent 12 years in client coverage roles in fixed income, at the securities divisions at Goldman Sachs and Deutsche Bank in San Francisco, New York, and Singapore.