It has been a year since ISLA Americas was established. How would you describe the venture鈥檚 journey over the past 12 months?
The journey over the past 12 months has been incredibly rewarding. Like any new venture, there have been highs and lows, but the overarching story has been one of forward momentum and growing community.
What stands out most is the deep sense of support and enthusiasm we have felt from across the industry. Even when we faced setbacks 鈥� like the cancellation of our inaugural conference 鈥� the response was not a disappointment but an encouragement. That kind of trust and commitment from our members reaffirmed that what we are building truly matters.
We have made significant headway in establishing the International 兔子先生Lending Association (ISLA) Americas brand, especially in our engagement with policymakers and regulators. In just a year, we have submitted three comment letters, and participated in a range of impactful conversations and working sessions with regulators across the industry.
And then there is our membership, where we have seen both meaningful growth and diversity. The fact that we have brought in so many associate members and, notably, borrower members, reflects how inclusive and collaborative this platform has become. We are not just building an association 鈥� we are creating a space where the full securities finance ecosystem can come together with purpose. That is the real achievement, and I could not be prouder.
Fran, how has your role evolved, and what have been the most rewarding 鈥� and perhaps the most challenging 鈥� aspects of leading the organisation through its first year?
My role has evolved in ways both expected and surprising. When you are leading something brand new, every day brings a different hat to wear. Some days, I am deep in regulatory policy; others, I am troubleshooting logistics or thinking about how we scale operationally. It is a constant balancing act, but also a deeply energising one.
The most rewarding part has been working with the ISLA Americas board and watching an idea turn into a living, breathing community. Whether it is seeing members jump into working groups, or feeling the momentum around events 鈥� even the one we had to cancel 鈥� it is all a testament to how the industry has embraced us. The passion, energy, and willingness to collaborate have been incredible.
Of course, the biggest challenge has been launching an organisation from the ground up. There is no guidebook for that. But I have been lucky to have amazing colleagues at ISLA in EMEA, a great ISLA Americas board, and the active members around me. Their trust and partnership have made all the difference. And ultimately, the chance to help shape something new and inclusive for this industry has been a real privilege.
Several major financial institutions have joined ISLA Americas in recent months. What is driving this momentum, and how are these new members engaging with the association鈥檚 work?
The momentum we have seen is both exciting and affirming. There is certainly a foundation we have inherited 鈥� from the Risk Management Association鈥檚 (RMA鈥檚) history and the global credibility of ISLA鈥檚 work in Europe 鈥� but what we are building in the Americas is distinct. It is inclusive, dynamic, and collaborative.
The biggest driver has been the opportunity to engage across the full ecosystem. This is not just a space for one segment of the market 鈥� we are bringing together beneficial owners, borrowers, agents, institutional investors, technology providers, and more. That diversity leads to richer conversations and better solutions.
The global nature of the securities lending industry means that regulatory or infrastructure changes in one region can have far-reaching impacts on another. This interconnectedness underscores the value of ISLA鈥檚 unified advocacy across EMEA and the Americas, providing the industry with an aligned strategy, a clear vision, and a collaborative culture. By fostering this cohesion, ISLA helps members navigate the evolving landscape in both regions more effectively.
What has been especially encouraging is the level of engagement among our new members. They are not just joining in name 鈥� they are rolling up their sleeves, contributing to working groups, and shaping policy responses. It is exactly the kind of active, thoughtful participation we hoped for, and it speaks to the sense of ownership members feel in this community.
How has the current shifting political landscape impacted the securities finance sector in the Americas? How are you advising member firms on navigating the challenges?
The current regulatory and political environment has introduced both complexity and opportunity for the industry. These are times of transformation, and with that comes uncertainty. But it is also when the value of collaboration and the collective voice of the association is at its highest.
We do not give prescriptive advice, but we do provide a trusted space where members can come together to navigate uncertainty and change. Whether it is hosting working group sessions, surfacing shared challenges, or helping members benchmark best practices, we are creating a network that helps people to stay informed, engaged, and resilient.
We are also intentional about inclusivity. Our advocacy efforts bring all perspectives to the table 鈥� borrowers, lenders, infrastructure providers, regulators 鈥� so that we speak with clarity and unity as an industry. That is the power of ISLA Americas. In moments of change, it becomes a hub where people can listen, learn, and lead together.
How is ISLA Americas engaging with evolving regulatory agendas, including the implementation of the SEC Rule 10c-1a and FINRA Rule 6500 Series?
We have prioritised thoughtful, transparent engagement around the regulatory changes shaping our market.
With the US 兔子先生and Exchange Commission鈥檚 (SEC鈥檚) Rule 10c-1a and the Financial Industry Regulatory Authority鈥檚 (FINRA鈥檚) Rule 6500 Series, we have been proactively submitting comment letters, meeting directly with regulators, and aligning with peer associations like the 兔子先生Industry and Financial Markets Association (SIFMA), the Managed Funds Association (MFA), and the Investment Company Institute (ICI) to ensure consistency in our approach.
We are also focused on equipping members with tools and insight. We partnered with KPMG to publish a white paper on 10c-1a that breaks down the complexities and serves as a living document to evolve alongside the rule itself. This is the kind of practical support our members value 鈥� accessible, collaborative, and grounded in real-world needs.
As things become clearer in terms of timelines and final requirements, we will launch implementation working groups to ensure members have the support they need to adapt and succeed. Our role is to create the space and structure for the industry to meet these challenges together 鈥� and to do it with confidence.
ISLA Americas鈥� first securities finance conference was cancelled due to the impact of Hurricane Milton. How did this challenge impact your association, and what lessons will shape your approach to future events?
Cancelling our inaugural conference was a tough blow, but also a moment that showed just how strong this community really is. By the time we had to cancel, we had already hit record levels for sponsorship and registrations, which told us the industry was not just interested, but invested.
That momentum did not go away 鈥� it carried us forward. Our January briefing in New York drew more than 250 registrants, and our US Treasury clearing event in April brought together more than 230. That kind of turnout shows that people are eager to engage as an industry with us, and it sets the stage for our scheduled annual conference in Miami this October.
If anything, the experience reminded us of the importance of adaptability and connection. We have learnt to stay nimble, to communicate with transparency, and to deliver value in every format. And thanks to the resilience and support of our members, we are more excited than ever about what is ahead.
Looking ahead, what are your top priorities for the coming 12 months, and what trajectory do you expect ISLA Americas鈥� development will take going forward?
There is so much to look forward to. Structurally, we are focused on formally establishing the ISLA Americas entity 鈥� something I am grateful to be doing alongside Kim and Rose 鈥� and making sure our October conference in Miami reflects the strength and energy we have built over the past year.
Membership growth is another key priority. We have moved beyond legacy structures and are building something broader. The increase in associate members 鈥� and notably, the active involvement of borrower members 鈥� shows that we are creating a space where all voices can be heard and valued.
On the advocacy side, we are staying closely engaged on issues like SEC Rule 10c-1a, reengaging on 15c3-3, and starting to explore larger questions around future market structure 鈥� like the possibility of a 22-hour trading day, the role of digital assets, and the growing convergence across securities lending, repo, fixed income, and derivatives.
We are also playing a proactive role in assisting developing markets across the LatAm region as they work to expand and modernise their securities lending frameworks. By sharing best practices, facilitating dialogue between stakeholders, and helping to align these markets with international standards, we are supporting broader market development that benefits the global community.
Ultimately, we are building a platform that reflects the full spectrum of our industry across the Americas region. It is collaborative, future-facing, and grounded in shared purpose. Whether you are a long-time participant or new to the securities finance industry, this is the time to get involved, and we would love to welcome more voices into the conversation.
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