CIBC Mellon, Northern Trust, RBC Dexia and State Street have announced the formation of the Canadian Securities Lending Association in order to advocate on behalf of all securities lending market participants in Canada.
CIBC Mellon, Northern Trust, RBC Dexia and State Street, (the founding member) jointly said that the Canadian Securities Lending Association (CASLA) seeks 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 an efficient and secure marketplace.
CASLA will advocate for the common interests of securities lending market participants, including custodian banks, beneficial owners, asset managers and broker-dealers.
The founding members in a joint statement, said: This is a major step forward in the continuing development of the Canadian securities lending market. We are pleased that our industry now has a collective voice in Canada and will continue to develop strong linkages with similar global associations.
