Clifford Chance advises on the publication of new Digital Bonds Annexes for the 2010 and 2018 Global Master Securities Lending Agreement and the Global Master Repurchase Agreement 2011

Global law firm Clifford Chance has advised the International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA) on the development and publication of a new Digital Bonds Annex for the 2010 and 2018 Global Master Securities Lending Agreement (GMSLA) and the Global Master Repurchase Agreement 2011 (GMRA).

The Digital Bonds Annexes, published as part of a collaborative project between ISLA, ICMA and Clifford Chance, marks a significant milestone in the integration of natively issued digital bonds into established securities financing frameworks. The annexes provide a standardised template and set of terms for securities financing transactions involving digital bonds, ensuring that the legal framework keeps pace with technological advances in the financial markets.

The publication follows strong demand from market participants and was developed by the ISLA Digital Steering Group and the ISLA Digital Assets Legal Working Group, with Clifford Chance acting as appointed counsel.

Michael Brown, partner at Clifford Chance, commented:
“We are delighted to have assisted ICMA and ISLA with the development of the Digital Bonds Annex. The publication of the annex is a significant milestone for the integration of natively issued digital bonds into established securities financing frameworks, and we were pleased to support the working groups in delivering documentation that enables continued innovation in the market.”

Alex Tollast, counsel at Clifford Chance, added:
“It has been a privilege to work alongside ICMA and ISLA on this important project. It is wrong to think of digital bonds through the prism of primary markets only – there is great potential for the product in the world of securities financing.”

The team was led by partner Michael Brown and counsel Alex Tollast.

Press contact: Chanelle Mutawe