Securities Lending and the GMSLA 2010

Course Description
Course Outline
Learning Objectives
Who Should Attend

Course Description

Securities lending is a well established and lucrative business. In the wake of the 2008 financial crisis, the International Securities Lending Association (ISLA) reviewed and significantly updated its European market standard documentation and in January 2010 published the GMSLA 2010.

Learn on this 1 day in-depth training course about the securities lending market and the GMSLA 2010; how it differs from the GMSLA 2000 and how it works in practice.

By the end of the course delegates should have obtained a thorough understanding of the GMSLA 2010 and will do a practical negotiation exercise to reinforce their knowledge.

Course Outline

Download a copy of the sample course outline

One day training course

Introduction
The European securities lending market
Differences between repos and securities loans
Nature of securities lending
The importance of intermediaries
Lender’s and Borrower’s main concerns
Elements of a securities lending deal including
- Confirmations
- Delivery failures
- Corporate actions
Risks with securities lending
Market documentation
Main differences between the GMSLA 2000 and the GMSLA 2010
In-depth review of GMSLA 2010 Paragraphs 1-27 and its Schedule
Practical Negotiation Exercise

Training is charged at an agreed rate plus Value Added Tax.

Learning Objectives

Review in-depth all the provisions of the GMSLA 2010 and its Schedule.
Understand clearly the principal differences between the 2000 and 2010 versions of the Global Master Securities Lending Agreement.
Gain an understanding of the securities lending market.
Understand the differences between repos and securities loans.
Explore the risks related to securities lending.

Who Should Attend

Legal Counsel
Documentation specialists
Treasury staff
Risk Managers
Middle Office & Back Office Managers
Collateral Management specialists