Budh-Raja becomes new ISLA CEO
06 October 2025 UK
Image: ISLA
The International Securities Lending Association (ISLA) has appointed Ina Budh-Raja, the association鈥檚 first female chair, as the next CEO.
The news comes months after current CEO Andrew Dyson announced he will step down from the role after 13 years.
Budh-Raja will lead the continued development of ISLA鈥檚 growth strategy and oversee its core activities to help build a more transparent, efficient, and resilient market that reflects the changing needs of members and wider stakeholders across the EMEA region.
At the same time, she will work closely with ISLA Americas to continue alignment across both entities and provide a unique global advocacy voice on behalf of the industry.
Budh-Raja will formally assume the position towards the end of the year, with Dyson continuing as CEO until such time.
She takes on the role having recently held the position of global head of securities finance regulatory strategy, Public Policy & Industry Affairs at BNY.
Here, she was responsible for leading the business鈥� efforts to identify new opportunities in a changing regulatory environment.
Prior to BNY, Budh-Raja held both commercial and legal roles across the industry, including as managing counsel for securities finance at State Street and Deutsche Bank, covering the equity finance and money markets desks, among others.
Known for her work within Women in Securities 麻豆影视传媒, Budh-Raja is currently the co-lead of the London chapter.
In addition to her roles in the industry, Budh-Raja is 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.
Commenting on the announcement, Budh-Raja says: 鈥淭he work of the association, and the support it provides its members, has been instrumental to the development of the securities finance industry and I look forward to bringing my experience to the association at this important juncture for the market.
鈥淚 would also like to thank the outgoing CEO, Andrew Dyson, for his longstanding leadership, and take this opportunity to express my gratitude to BNY for the tremendous opportunities afforded to me over the last seven years. It has been a true privilege to work with such high calibre colleagues and clients.鈥�
As part of the appointment process, Budh-Raja has stepped down from the role as chair of the board of directors, and will be succeeded by the current vice-chair, Alessandro Cozzani, managing director and head of equity funding, EMEA and APAC at Bank of America.
Concurrently, Matthew Neville, managing director and head of agency lending trading, EMEA at State Street, has been appointed vice-chair.
Cozzani comments: 鈥淎fter an extensive recruitment process, we are immensely pleased that Ina has agreed to lead ISLA. She brings significant leadership experience alongside immense energy and passion for securities lending.
鈥淚鈥檓 confident she will provide the strategic leadership necessary to develop the role of the association and drive forward the industry, while representing the long-term interests of its members.
鈥淚 would also like to thank Andrew Dyson for the outstanding contribution he has made during his 13-year tenure at ISLA. We look forward to working closely with Andy during this transitionary period, and to working with Ina in her new role.鈥�
The news comes months after current CEO Andrew Dyson announced he will step down from the role after 13 years.
Budh-Raja will lead the continued development of ISLA鈥檚 growth strategy and oversee its core activities to help build a more transparent, efficient, and resilient market that reflects the changing needs of members and wider stakeholders across the EMEA region.
At the same time, she will work closely with ISLA Americas to continue alignment across both entities and provide a unique global advocacy voice on behalf of the industry.
Budh-Raja will formally assume the position towards the end of the year, with Dyson continuing as CEO until such time.
She takes on the role having recently held the position of global head of securities finance regulatory strategy, Public Policy & Industry Affairs at BNY.
Here, she was responsible for leading the business鈥� efforts to identify new opportunities in a changing regulatory environment.
Prior to BNY, Budh-Raja held both commercial and legal roles across the industry, including as managing counsel for securities finance at State Street and Deutsche Bank, covering the equity finance and money markets desks, among others.
Known for her work within Women in Securities 麻豆影视传媒, Budh-Raja is currently the co-lead of the London chapter.
In addition to her roles in the industry, Budh-Raja is 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.
Commenting on the announcement, Budh-Raja says: 鈥淭he work of the association, and the support it provides its members, has been instrumental to the development of the securities finance industry and I look forward to bringing my experience to the association at this important juncture for the market.
鈥淚 would also like to thank the outgoing CEO, Andrew Dyson, for his longstanding leadership, and take this opportunity to express my gratitude to BNY for the tremendous opportunities afforded to me over the last seven years. It has been a true privilege to work with such high calibre colleagues and clients.鈥�
As part of the appointment process, Budh-Raja has stepped down from the role as chair of the board of directors, and will be succeeded by the current vice-chair, Alessandro Cozzani, managing director and head of equity funding, EMEA and APAC at Bank of America.
Concurrently, Matthew Neville, managing director and head of agency lending trading, EMEA at State Street, has been appointed vice-chair.
Cozzani comments: 鈥淎fter an extensive recruitment process, we are immensely pleased that Ina has agreed to lead ISLA. She brings significant leadership experience alongside immense energy and passion for securities lending.
鈥淚鈥檓 confident she will provide the strategic leadership necessary to develop the role of the association and drive forward the industry, while representing the long-term interests of its members.
鈥淚 would also like to thank Andrew Dyson for the outstanding contribution he has made during his 13-year tenure at ISLA. We look forward to working closely with Andy during this transitionary period, and to working with Ina in her new role.鈥�
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