CIBC Mellon, Northern Trust, RBC Dexia and State Street have announced the formation of the Canadian Securities Lending Association (CASLA) to advocate on behalf of all securities lending market participants in Canada. The four founding companies account for more than 90% of the Canadian securities lending market.
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 securities lending market in Canada has been active for several years. In securities lending transactions, beneficial owners such as mutual funds, pension funds and other institutional investors lend securities to borrowers often through intermediaries such as custodian banks. At year-end 2008, the Canadian industry had C$886bn available for lending and C$119bn on loan, according to UK-based Data Explorers.
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