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ARTICLE · 13 JULY 2026

New FBF Documentation For Securities Lending Transactions Introduces Key Enhancements

Jones Day
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The French Banking Federation has published a comprehensively updated master agreement for securities lending transactions, introducing mini close-out mechanisms, enhanced valuation methodologies, and SFTR compliance features. This modernization addresses significant EU regulatory developments and aligns French documentation with international market standards like the GMSLA, providing market participants with robust contractual frameworks for securities lending.

FranceFinance and Banking
Marie-Fleur Rautou
Marie-Fleur Rautou
Alban Caillemer Du Ferrage
Alban Caillemer Du Ferrage
Qian Hu
Qian Hu
Christopher Arnold
Christopher Arnold
Peter Petraro
Peter Petraro
Louise Caillé
Louise Caillé
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In Short

The Situation: The 2007 version of the French Banking Federation ("FBF") master agreement for securities lending transactions (Prêts de Titres) had become outdated in light of significant EU regulatory developments and evolving international market standards.

The Development: In June 2026, the FBF published a comprehensively updated master agreement for securities lending transactions introducing key enhancements, including mini close-out mechanisms, enhanced valuation methodologies, hedging cost provisions, and Securities Financing Transactions Regulation ("SFTR") compliance features.

Looking Ahead: Market participants should evaluate their existing contractual frameworks and consider transitioning to the new documentation, which provides the French securities lending market with robust and internationally aligned terms.

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