Introducing ISLA Americas’ 2nd Annual Íø±¬³Ô¹Ï Finance & Collateral Management Conference, and the first to be held in person following last year’s cancellation, what are you most looking forward to? How will the event differ from its predecessor, the RMA?
ISLA Americas has grown rapidly since its launch, and that growth has been driven by the membership. We have seen US, Canadian, and Latin American institutions come together with a genuine appetite to build a stronger, more connected marketplace.
Today, ISLA Americas is running multiple working groups from legal and tax to operations, technology, and new groups that give the membership a voice in shaping markets. These forums are not theoretical; they are problem-solving tables where global and local stakeholders sit together and push for practical and implementable solutions.
One noticeable difference in this year’s ISLA conference, from previous years, is the effort being made to include all members of the securities financing ecosystem, with a specific focus on beneficial owner participation. Our businesses are constantly evolving, and fostering inclusivity is an integral part of that evolution.  Â
At this year’s conference, ISLA Americas has shown its commitment to the inclusion of beneficial owners by offering complimentary registration, as well as hosting a closed-door session at the start of the conference for those attending.
The broader ISLA global community, which stretches across the Americas, EMEA, and beyond, gives its membership access to a connected platform that amplifies their voice, shares lessons across regions, and ensures that change is shaped not just locally but globally. That is the true value of ISLA: it is a community that not only adapts with the market but helps define its future.
The programme for the event is rooted in the industry’s most pressing challenges and opportunities. From your perspective, what key moments or movements in 2025 are shaping the securities finance market?
2025 has emerged as a year of significant opportunity. It opened on the heels of notably high year-end funding levels, which created favourable conditions for those positioned to provide liquidity. As the year continued to unfold and capital markets activity gained momentum, securities lending revenues reached new heights.
In fact, S&P Global reports that revenues in just the first two months of Q3 2025 surpassed the total for the entire Q3 of the previous year (US$1.3 billion versus US$1.06 billion). While the industry continues to face challenges, they feel less daunting when set against such strong momentum and growth.
Additionally, the pace of change in Latin America is accelerating. T+1 adoption, in places like Argentina, Mexico, and Peru, is a great example of how quickly markets can align with global standards. Beyond T+1, the US market is also looking at an extended 22-hour trading day, which has the potential to reshape liquidity and collateral flows.
For securities lending, the question will become: how do you align lending and collateral operations with a market that doesn’t sleep? ISLA Americas has been working on a white paper that will be published soon, and is actively engaging with the membership to ensure operational readiness. It is not just about keeping the lights on longer; it is about rethinking the processes so they are resilient in a near-continuous cycle.
And last but not least, the global regulatory and macro environment is also shifting under everyone’s feet. There is an undercurrent of uncertainty — from US tax proposals that could reshape cross-border flows to questions about how deregulation and re-regulation will play out. Institutions are in a stage of triaging: preparing for the near-term operationally with critical rules like 10c-1a while continuing to evaluate the capital and liquidity impacts of Basel III. At the same time, rules like 13f-2 around short sale transparency feed into broader market debates about openness and investor protection.
15c3-3 is another rule that not only touches customer protection and broker-dealer obligations but also intersects with discussions on 10c-1a and the US Treasury clearing mandate. Together, these issues form a web of interconnected requirements that participants need to manage holistically. Even where there is political discussion of deregulation, firms are not taking their foot off the gas, they are investing because the cost of being unprepared is simply too high.
The agenda for this year’s event is shaping up to be very interesting. In particular, two distinct panels will explore the use of ETFs and derivatives within securities finance. Can you explore the significance of these two sessions?
Íø±¬³Ô¹Ï finance is not just about lending shares anymore. It is about navigating an ecosystem where exchange traded funds (ETFs) and derivatives increasingly drive liquidity, collateral, and risk management decisions. As the line between the financing markets, cash securities, ETFs, and derivatives continues to blur, our industry needs to stay current with how these markets interact.
Having an in-depth understanding of ETFs and derivatives is increasingly critical because these instruments are central to modern financial markets and directly impact financing, risk management, and trading strategies. ETFs are among the most actively traded products globally, and they play a major role in equity and fixed income market liquidity.Â
The growth in ETF participation has changed the supply landscape, the short-side demand profile, and funding requirements. Derivatives are no longer just limited to synthetic sourcing and funding — they have become part of the broader conversation in the securities finance chain, including price discovery, collateral requirements, and financial resource management. We are excited to offer these brand-new panels on this year’s conference agenda and very fortunate for leading industry experts to share their insights.
Reviewing the three-day event, which panels would you consider a must-see for those navigating the current financial landscape?
The agenda reflects both where the industry stands today and where it is heading. As co-chairs, we aimed to weave together the themes of regulation, innovation, and market access throughout the programme.
On Tuesday, sessions like ‘Rules of Engagement’ take on Basel III, 10c-1a, 13f-2, 15c3-3, and tax developments — issues that cut to the core of balance sheet usage, transparency, and market functioning. Later in the day, ‘Innovation at the Edge’ and ‘Holding Court’ bring AI, tokenisation, and interoperability/resiliency planning into focus — not as abstract concepts, but as real forces reshaping trading flows, collateral mobility, and risk management.
On Wednesday, the day begins with a keynote address from Michael Wilson, chief investment officer and chief US equity strategist for Morgan Stanley. As one of the industry’s most influential voices, his outlook for the remainder of the year will be especially valuable for attendees as they prepare for year-end and navigate the path forward.
The spotlight then shifts to Latin America with ‘Blueprints for LATAM’, a session that is quite timely given the progress in Brazil, Mexico, and across the Nuam Exchange markets. That is followed by panels on ETFs and retail participation (‘Retail Rising’), both of which are pressing topics for beneficial owners and borrowers alike.
By Thursday, the conference conversations are looking ahead. ‘Building Tomorrow’s Market’ explores convergence across asset classes; ‘Modernizing Liquidity’ dives into US Treasury Clearing, fixed income, and cash reinvestment; and ‘The Evolution of Derivatives’ explores the evolving intersection between synthetics and securities lending. The programme closes with a bold look forward: ‘10 Predictions for Íø±¬³Ô¹Ï Finance in 2030’.
The common thread is clear: our industry is balancing immediate regulatory and operational demands with longer-term questions of innovation, resilience, and access. That balance is what makes this year’s programme so powerful.
Looking forward, what would you consider your top three predictions for securities finance in 2030?
This year’s industry leaders panel closes the conference with that very question. Featuring a variety of perspectives — beneficial owners, lenders, and borrowers — we look forward to their insights in shaping the close of this year and the path forward.
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Nancy Steiker
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