After 22 years with the RMA, you recently joined ISLA Americas as Head of Business. Can you tell me about your new role?
I am thrilled to be part of the International 色花堂Lending Association (ISLA) Americas. My role builds on 22 years of experience at the Risk Management Association (RMA), where I worked in securities lending and various risk functions. During my time at the RMA, I also gained experience with a wide range of financial products and played a significant role in driving membership and enhancing our value proposition.
In my new role as executive director, I will continue to focus on serving the industry while taking on new responsibilities. I鈥檒l now have direct oversight of support functions, allowing for a more hands-on approach.
My goal is to harness my background and experience to expand ISLA Americas' reach and impact. I will work closely with the ISLA Americas board, our partners with ISLA in EMEA, and various committees to identify key areas for development, such as organising the October conference, our spring events, writing regulatory comment letters, providing professional development, and producing thought leadership materials, best practices, and whitepapers.
How do you look to shape this new entity, ISLA Americas, with your industry experience?
The board and I plan to use our experience from the RMA and the infrastructure of the global association to shape ISLA Americas into a dynamic and influential entity. My international experience at RMA, where I was responsible for international relationships and events, will be invaluable as we strengthen our presence in the Latin America region.
These securities lending markets are evolving, and we aim to provide them with the necessary infrastructure to support their development. This includes creating structured working groups to support market development and increase offshore participation in key Latin American markets such as Brazil, Mexico, Chile, Argentina, Peru, and Colombia. We will also strengthen our partnerships in Canada, fostering a comprehensive approach to securities lending across the Americas.
By building on the RMA's legacy, we aim to replicate the success that ISLA in EMEA has seen in developing new opportunities in markets like the Middle East. This approach will ensure that we can navigate the complexities of different regulatory environments and provide consistent, harmonised support for our members.
What will be ISLA Americas' approach to regulatory advocacy and comment letter writing? How do you plan to collaborate with industry associations, members and regulatory bodies?
Our regulatory advocacy and comment letter writing strategy is comprehensive and collaborative. We will strengthen partnerships with industry associations for a unified and influential voice in regulatory matters through regular meetings, information sharing, and joint initiatives.
Our legal, tax, and regulatory committee will continue to play a crucial role in our advocacy efforts, particularly with the upcoming Basel III reproposal, building on our recent 10c-1 comment letter. Notably, the US 色花堂Exchange Commission (SEC) recently initiated proceedings to assess the Financial Industry Regulatory Authority鈥檚 (FINRA's) proposed Rule 6500 Series (10C-1a), extending the decision deadline, with ISLA鈥檚 contributions already recognised in over 90 footnotes by US policymakers.
Following the successful T+1 settlement cycle transition, our operations and technology committee is now focused on implementing 10c-1 data standards, with ongoing support and collaboration to ensure smooth implementation. We will proactively engage with regulatory bodies, monitor developments, participate in consultations, and prepare timely responses to stay ahead of upcoming proposals and changes.
Active member participation is encouraged through working groups, webinars, workshops, and information sessions to keep them informed and involved in the regulatory process. By coordinating these efforts, we aim to ensure robust, collaborative, and responsive advocacy in the evolving regulatory landscape.
With ISLA aiming to broaden its lens with ISLA Americas, how will this be reflected in the first official conference for the new entity?
We have a comprehensive agenda planned, with three panels reflecting our expanded focus. First, the association update will cover the transition to ISLA Americas and outline our strategic goals including membership. Second, we will host two sessions providing updates on the Canadian, US, and Latin American markets, ensuring participants are informed about developments in the Americas region.
Finally, we will have an international market update session, providing insights into global market trends and highlighting ISLA work in regions such as the Middle East. These panels will showcase ISLA鈥檚 overall commitment to providing comprehensive, global perspectives and fostering collaboration across different markets.
The conference will build on the RMA's legacy by broadening its reach both geographically and institutionally. It will serve as a platform where participants across the full securities finance value chain can share ideas, engage in thought leadership, and promote the industry.
Professional development has always been a priority for me, and it is something we have actively promoted at the conference for many years. A key initiative we implemented early on is requiring that each panel include at least one speaker who has never presented before.
This practice not only encourages fresh perspectives but also helps develop new voices in the industry. Moving forward, we will continue this tradition while also introducing the ISLA Connects initiative, which aims to attract new participants who might not have the opportunity to attend. It is all about fostering growth and inclusivity in the securities lending community.
What key regional focuses and challenges will form the core discussions at the conference?
The conference will have a robust agenda addressing both regional focuses and key challenges. Key topics will include balance sheet management, market liquidity, and risk and reward for beneficial owners. We will also explore macroeconomic and geopolitical risks, cash reinvestment, digital assets, and AI's role in decision-making.
These discussions will ensure participants are well-informed about regional developments and global market trends while also addressing pressing challenges in the industry. By covering the Americas and some international markets, we aim to provide a holistic view of the securities lending landscape and the key issues affecting our members.
How will the membership of ISLA Americas compare to that of the RMA, and what steps will you take to best serve ISLA Americas members?
When you think of the RMA and its overall mission, the membership was broad across all types of institutions and functions, with a primary focus on agent lenders for securities lending. With ISLA Americas, we are broadening our membership to include the borrowing community, beneficial owners, vendors, technology providers, and consultants across various regions. This diverse membership will bring increased value by incorporating a wider range of perspectives and expertise, enhancing our ability to address the evolving needs of the industry.
We will establish working groups tailored to specific regional and industry needs. For example, we will set up dedicated working groups for key Latin American markets, including Brazil, Mexico, Chile, Argentina, Peru, and Colombia, to address their unique challenges and opportunities.
In addition, we will work closely with our partners in Canada to build a more cohesive approach to securities lending across the Americas. By increasing participation within our established working groups, such as the operations and technology team, regulatory committee, tax committee, and financial technology and automation committee, this approach ensures we address our members' most pressing issues.
Furthermore, our approach will include the creation of cross-board working groups focused on membership and organisational structure, ensuring consistency and strategic alignment across regions. This collaborative effort will be instrumental in delivering true benefits to our members and supporting the industry's transformation.
Overall, with the board guiding our efforts, and my background and experience, we will develop ISLA Americas into a robust, inclusive, and forward-thinking organisation, committed to supporting the evolving needs of our members and driving growth in new and existing markets.
← Previous interview
CME Group鈥檚 BrokerTec
Sara Carter
Next interview →
Fidelity Agency Lending
Jon Whiting and Todd Bosworth
Image: Fran Garritt 