December 2009
CASLA advocating on behalf of securities lending market participants in Canada
A lot has happened in the securities lending world throughout the past year and a half. Perhaps one of the most positive aspects that we can take out of the capital markets’ ebb and flow is the new, comprehensive understanding that market participants have developed of their investment processes – including securities lending.
Many participants took a hard look at how their lending programs were operating, what risk measures were in place, and how their program was impacted by government and industry regulation.
Launched at a timely stage in the industry’s development, the Canadian Securities Lending Association (CASLA) is an industry group that is seeking to enhance the public’s understanding of securities lending, encourage the adoption of best-practices and work with regulators and other industry associations to ensure the operation of an efficient and secure marketplace.
CASLA was the brainchild of Canada’s largest agent lenders – CIBC Mellon, Northern Trust, State Street and RBC Dexia. Made up of industry experts from these agent lenders, along with broad representation from professionals within the Canadian securities lending industry, the association is committed to advocating for the common interests of securities lending participants, including custodian banks, beneficial owners, asset managers and broker-dealers.
Celebrating its eighth-month anniversary at the end of December, CASLA has been rolling with a significant head of steam since its inception, solidifying its board members, officers, and dedicated tax and legal and regulatory subcommittees, and receiving strong industry interest from those wishing to join as members.
In addition, CASLA has been able to demonstrate its leadership world-wide by participating in a number of panel session across the globe, including the International Securities Finance magazine’s Canadian market forum in Toronto held last May and the North American Securities Lending Forum hosted in New York this past June. CASLA will also be participating at the Pan Asian Securities Lending Association (PASLA) conference in Hong Kong in March 2010.
As more and more participants are seeing the value in joining a securities lending program, CASLA is dedicated to supporting their best practices, and to assist in ensuring that securities lending in Canada remains vibrant, positive and strong.
By Rob Chiuch, president, CASLA and executive director and head of trading, global securities lending, CIBC Mellon
* * *
Trade Talk® is provided for general information purposes only and CIBC Mellon Global Securities Services Company, CIBC Mellon Trust Company, CIBC, The Bank of New York Mellon Corporation and their affiliates make no representations or warranties as to its accuracy or completeness. Readers should be aware the content of this publication should not be regarded as legal, tax, accounting, investment, financial or other professional advice nor is it intended for such use.
To print the entire newsletter, download PDF version.