I have recently been asked if Global PSSL intends to collaborate with the new working group established by some of the Securities Lending trade associations. As of today, Global PSSL has not been invited to participate in the formative discussions for that working group. I always emphasise that Global PSSL is not a trade association. We are a not-for-profit organisation with a public community interest at heart, whereas trade associations represent the commercial interests of their members. These two concepts cannot be conflated; Global PSSL is only legally authorised to work towards the public community interest.
Historically, Global PSSL has always attempted to include the entire community of Securities Lending practitioners. Encouraged by several beneficial owners in the past, I have involved trade associations as part of The Global Principles for Sustainable Securities Lending process, even before publishing the first draft of the Principles in early 2020. And I have included many companies which belong to those trade associations in our internal meetings throughout 2020 and 2021.
Since 2018 we have worked with the whole community of Securities Lending practitioners to establish an independent and authoritative set of principles. I would like to reiterate that Global PSSL is an authentic, holistic, inclusive and far-reaching market standard. We encourage and welcome input and feedback from regional securities lending associations – just as we do from pension funds, institutional investors, academics, regulators, or exchanges. In this respect, nothing has changed.
Having addressed this, I am excited that Global PSSL has reached a new level by adding signatories beyond our original opening group. I strongly believe that organisations have become increasingly appreciative of the importance of making such direct commitments, and we look forward to continuing the rapidly expanding adoption of the Global Principles for Sustainable Securities Lending.
Dr Radek Stech
Founder and CEO
About Global PSSL
The Global Principles for Sustainable Securities Lending (Global PSSL) is the fundamental global mechanism for aligning securities lending with sustainable finance. This voluntary initiative has been developed through years of research based engagement between Dr Radek Stech, representing the SFLS Network at Exeter Law School, prominent beneficial owners and several agent lenders and other stakeholders committed to positive change.
In order to preserve its impartiality, the Global PSSL framework is based within its own independent community interest company, led by Dr Stech.