Firms Organize Canadian SecLending Group

April 27, 2009 ( - CIBC Mellon, Northern Trust, RBC Dexia and State Street Corporation have formed the Canadian Securities Lending Association (CASLA) to advocate for securities lending market participants in Canada.

A news release said 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 announcement said

“This is a major step forward in the continuing development of the Canadian securities lending market,” said the founding members in a joint statement. “We are pleased that our industry now has a collective voice in Canada and will continue to develop strong linkages with similar global associations.”

The four founding companies account for more than 90% of the Canadian securities lending market.

Other securities lending associations around the world include the Australian Securities Lending Association (ASLA), International Securities Lending Association (ISLA) in Europe, Pan Asian Securities Lending Association (PASLA), and the Risk Management Association (RMA) in the U.S.