Legal Services
Securities lending and borrowing take place globally and are typically governed by industry-standard master agreements, such as the Master Securities Loan Agreement (MSLA) or the Global Master Securities Lending Agreement (GMSLA), the latter of which is developed and maintained by ISLA. These agreements, along with bespoke trade-by-trade confirmations, form the contractual foundation of daily trading activity, ensuring clarity and consistency in market transactions.
The Master Securities Loan Agreement (MSLA)
The Master Securities Loan Agreement (MSLA), published by SIFMA, is the standard agreement for U.S. securities lending transactions. The latest version, originally published in 2000 and amended in 2017, outlines terms for transactions where a Lender loans securities to a Borrower in exchange for collateral.
Access the latest MSLA document here.
The Global Master Securities Lending Agreement (GMSLA)
The Global Master Securities Lending Agreement (GMSLA) is the primary framework for international securities lending and the most widely used agreement outside the U.S. For over 20 years, ISLA has maintained this standard master agreement, supporting cross-border securities lending.
Netting Opinions
ISLA obtains legal opinions, updated annually in a joint exercise with the International Capital Markets Association (ICMA), for 65 jurisdictions globally. Ensuring the enforceability of the netting provision of the GMSLA is a key objective for ISLA.
Only ISLA Americas members who are also members of ISLA can access these opinions through the Aosphere platform here.