ISLA Americas: Evolving regulatory landscapes and emerging markets
15 October 2025 US
Image: Tomas/stock.adobe.com
Opening the 2nd Annual Íø±¬³Ô¹Ï Finance and Collateral Management Conference in Miami, a number of key figureheads for the International Íø±¬³Ô¹Ï Lending Association (ISLA) explored the direction of travel for both the association and its entity ISLA Americas.
Reviewing the market at large, panellists highlighted a stark contrast between two key regions, the US and the EU. While the tone in the US is one of a distinct de-regulatory agenda, the EU is one of simplification.
One panellist stated that while 10c-1 is a hot topic, it appears the US is not the only region revisiting regulatory reporting.
The EU has been reviewing the Íø±¬³Ô¹Ï Finance Transactions Regulation (SFTR) Refit, to address challenges that the industry faces today.
More broadly, there is a call for evidence on the simplification of transaction reporting across the Market in Financial Instruments Regulation (MiFIR), European Market Infrastructure Regulation (EMIR), and SFTR. The potential outcome, the panel heard, could be a unified reporting template across all three frameworks. However, the journey to simplification in this respect was estimated to take between five and seven years.
As a result, ISLA is taking the opportunity to look long term at a more digital reporting landscape and what shape this could possibly take.
Shifting focus to the Middle East, it was noted that the association’s advocacy work here has been second to none, with direct regulatory engagement in, namely, Saudi Arabia, promoting a workable framework for the market, and not just from a stock lending perspective but that of short selling rules.
As part of its work in the region, ISLA will release market guides for Dubai and Abu Dhabi in the next few weeks.
Continuing its efforts in emerging markets, the panel discussed the endgame for Latin America, from an ISLA Americas perspective. The association’s work in this area has been focused on opening up the market and understanding the key issues.
It has been imperative for the association to include its members in the Americas and EMEA on this LatAm journey.
While the team at ISLA has been working continuously to create a more efficient market in LatAm, the association’s core drive is to make the market more commercial and feasible for people to participate.
Therefore, by including ISLA members on the journey from the start, it allows members to better understand international best practices and attract global institutions to the emerging market.
Looking back on the association and its work, the panel also recognised recent structural changes at the organisation, in particular, Andrew Dyson’s decision to step down as CEO.
Receiving an ovation for his 13-year dedication to the association, it was noted that ISLA has transformed from a fairly well run but straightforward organisation into a fairly complex, multi-line beast that delivers outcomes for the benefit of the industry.
During the past decade, the association has been on the front foot of regulation and policy.
A stark reminder of this is the association’s work on the Global Master Íø±¬³Ô¹Ï Lending Agreement (GMSLA), which is now used in most markets, of which look at most types of financing globally — contributing to the association’s ability to ‘move the dial’.
Reviewing the market at large, panellists highlighted a stark contrast between two key regions, the US and the EU. While the tone in the US is one of a distinct de-regulatory agenda, the EU is one of simplification.
One panellist stated that while 10c-1 is a hot topic, it appears the US is not the only region revisiting regulatory reporting.
The EU has been reviewing the Íø±¬³Ô¹Ï Finance Transactions Regulation (SFTR) Refit, to address challenges that the industry faces today.
More broadly, there is a call for evidence on the simplification of transaction reporting across the Market in Financial Instruments Regulation (MiFIR), European Market Infrastructure Regulation (EMIR), and SFTR. The potential outcome, the panel heard, could be a unified reporting template across all three frameworks. However, the journey to simplification in this respect was estimated to take between five and seven years.
As a result, ISLA is taking the opportunity to look long term at a more digital reporting landscape and what shape this could possibly take.
Shifting focus to the Middle East, it was noted that the association’s advocacy work here has been second to none, with direct regulatory engagement in, namely, Saudi Arabia, promoting a workable framework for the market, and not just from a stock lending perspective but that of short selling rules.
As part of its work in the region, ISLA will release market guides for Dubai and Abu Dhabi in the next few weeks.
Continuing its efforts in emerging markets, the panel discussed the endgame for Latin America, from an ISLA Americas perspective. The association’s work in this area has been focused on opening up the market and understanding the key issues.
It has been imperative for the association to include its members in the Americas and EMEA on this LatAm journey.
While the team at ISLA has been working continuously to create a more efficient market in LatAm, the association’s core drive is to make the market more commercial and feasible for people to participate.
Therefore, by including ISLA members on the journey from the start, it allows members to better understand international best practices and attract global institutions to the emerging market.
Looking back on the association and its work, the panel also recognised recent structural changes at the organisation, in particular, Andrew Dyson’s decision to step down as CEO.
Receiving an ovation for his 13-year dedication to the association, it was noted that ISLA has transformed from a fairly well run but straightforward organisation into a fairly complex, multi-line beast that delivers outcomes for the benefit of the industry.
During the past decade, the association has been on the front foot of regulation and policy.
A stark reminder of this is the association’s work on the Global Master Íø±¬³Ô¹Ï Lending Agreement (GMSLA), which is now used in most markets, of which look at most types of financing globally — contributing to the association’s ability to ‘move the dial’.
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