Ina Budh-Raja joined ISLA in December 2025 as Chief Executive Officer responsible for the development of ISLA’s growth strategy and overseeing its core activities to help build a more transparent, efficient, resilient and reputationally robust foundation for the market.

Prior to ISLA, Ina spent 7 years at BNY, across a number of roles including Global Head of Securities Finance Regulatory Strategy, Public Policy & Industry Affairs, where she was responsible for leading the business’ efforts to identify new opportunities in a changing regulatory environment. Prior to BNY, Ina held both commercial and legal roles across the industry over 20 years, including as managing counsel for securities finance at State Street and Deutsche Bank, covering the agency lending, principal lending, equity finance and money markets desks. Ina is a qualified lawyer with an active practicing certificate (Law Society of England & Wales) and is also a member of the Bank of England Money Markets and Securities Lending Committees and is Co-Chair of the Bank of England UK Money Markets Code Sub-Committee.

Ina was a Director on the ISLA Board from 2019-2022 and was subsequently appointed as Chair of the Board of ISLA from 2022-2025, during which time the organisation grew significantly, with Ina playing a considerable role in the establishment of ISLA’s affiliate, ISLA Americas. She also championed the launch of ISLA’s future talent initiative, ISLA Connects. As well as being ISLA’s first female Chair and CEO, Ina is co-lead of the London chapter of Women in Securities Finance.

Corentin Couvidat is a member of BlackRock’s Government Affairs and Public Policy team. Based in Paris, Corentin is responsible for engaging a wide set of stakeholders (public authorities, clients, media, NGOs, think tanks, trade associations…) on issues impacting savings, investments, and capital markets. He also serves on the French AMF’s post-trade consultative committee.

Corentin joined BlackRock in 2021 from Natixis Investment Managers, where he was in charge of EU Regulatory Affairs. Prior to that, Corentin was a public affairs consultant at FleishmanHillard in Brussels, where he advised leading global organisations on their public affairs and corporate reputation strategies.

Corentin graduated in Financial Law and European Studies from Paris Dauphine University and Sciences Po Strasbourg respectively.

Adrian joined ISLA in January 2019 as Head of Market Structure, Digital & RegTech. In this role, he manages the associations work on regulation, technology, and market practices of the EMEA Securities Lending markets.

Adrian has over 30 years of experience in financial services including diverse roles in product development, business analysis, IT development, trading, and operations at BNP Paribas, Barclays and BNY. Prior to joining ISLA Adrian was head of product development for SFTR at IHS Market.

Tony joined ISLA in September 2023 as a Regulatory & Markets Consultant, and in April 2024 Tony accepted a permanent position at ISLA as Director of Market Practice.

Based in London, and working closely with a cross-section of industry stakeholders, Tony is focused on supporting the continuous alignment and further development of ISLA Best Practices. This considers, amongst other things, aspects such as legal frameworks and constructs, digital and technology, market operating models, peer associations’ standards, as well as regulatory impacts (including T+1).

Tony brings with him over 30 years of financial markets experience working in senior operational roles across the buy and sell side. Prior to joining ISLA, Tony was most recently the SFTR SME at MUFG Securities EMEA Plc.

Catherine Lebougre started her career at Paribas in 1989 as an economist, focusing in particular on France and Italy, before covering the Asia region (Japan, China, and emerging Asian countries). She then moved into asset management (Crédit Lyonnais AM, then Amundi), initially as an analyst on emerging markets across both fixed income and equities, and later as a product specialist in fixed income management. In 2014, Catherine joined the Economic Studies team at Crédit Agricole, where she focuses primarily on the economic and financial scenarios as well as stress tests, while continuing to cover Latin America. She holds a degree in Economics from the University of Paris I-Panthéon-Sorbonne (DEA in Macroeconomic Analysis, DESS in Banking and Finance).

Farrah joined ISLA in September 2019 and in August 2026 became Global Head of Advocacy, Public Policy & Regulatory Strategy.

Farrah provides invaluable support to this strategically important part of the Association’s focus, by working with the various workstream coordinators to monitor and assess EMEA financial regulations, including Tax, that have potential to impact the securities lending market.

Farrah reviews regulatory implementation, consultations and manages industry working groups, whilst monitoring updates from policy makers & National Competent Authorities to maintain best practice documentation.

Prior to ISLA, Farrah occupied client service and desk support roles within derivatives and securities lending middle office, as well as in asset servicing operations, for J.P Morgan Chase.

Michel Osterlind joined Societe Generale in 2013 as a trader within our secured financing team in London. In 2021 he relocated to Stockholm and contributed to the expansion of our Nordic franchise. Appointed Head of SFS Financing Europe, effective 1st of August, 2022 in Paris.

François Reboul began his career in 1991 in Indosuez Capital Markets division.

He held various trading positions in Paris, Johannesburg and London for Credit Agricole Indosuez and then Calyon.

In 2005, he joined CACIB Treasury as head of Paris desk, before taking responsibility for the EMEA zone in 2007 and the global scope in 2012.

In 2013, he joined the Global Markets Trading division as Chief Business Officer and then took responsibility for ALM within Global Markets.

Since 2017, François Reboul has joined CACEIS where he currently holds the role of Global Head of Execution desks. He is a member of CACEIS management committee.

François Reboul is a graduate of the Bordeaux business school (KEDGE) and has a postgraduate degree in finance from CERAM Business School (SKEMA).

Tom is an Equity Finance specialist and has been supporting financing trading desk globally for over 10 years.

Working at S&P Global Market Intelligence as a ‘Securities Finance Product Specialist’ he delivers market leading, data driven solutions and support to a global client base. His current role involves helping clients to manage securities lending programs, optimize trading performance and enhance decision making across all areas of the industry.

Olivier Zemb joined CACEIS in 2019 as Head of Equity Finance & Collateral Trading in Luxembourg. He started his career in Paris at Fortis Investment Management as a Securities Finance Trader. He has over 20 years of experience in the Securities Finance industry with almost 10 years at BNP Paribas Securities Services in London where he was Head of Global Trading Strategies for the Agency Lending department. Olivier holds a Master 2 Research (DEA) in Markets and Financial Intermediaries from the Toulouse School of Economics.