Since the early 1990s ICMA has devoted considerable resources to developing a standard master agreement for repo transactions in conjunction with the Securities Industry and Financial Markets Association (SIFMA). The first version of the Global Master Repurchase Agreement (GMRA) was published in 1992 and followed by substantially revised versions in 1995, 2000 and 2011. Click on the tabs below to see the Global Master Repurchase Agreements, including related documents, annexes and guidance notes.
GMRA Digital Assets Annex
The GMRA Digital Assets Annex provides a standard framework and set of terms which can be used to document repo transactions that are collateralised by, or has the (re)purchase price paid in, digital cash, digital securities including tokenised traditional securities or asset backed digital assets. The GMRA Digital Assets Annex and accompanying guidance notes can be downloaded here.
GMRA Master Confirmation Annex (Members only)
The Master Confirmation Annex 2011 version and 2000 version provides a standardised set of terms which can be used to document ‘non-standard’ trade types, such as evergreens and extendables.
GMRA Template Notices and Agreements (Members only)
The template form of GMRA Amendment Agreement, GMRA Termination Notice, Mini close-out notice 2011 version and 2000 version and the Default notice 2011 version and 2000 version have been produced to provide a reference point for parties who have not otherwise developed their own. The use of these templates is not mandatory, and members may use and/or adapt them as they deem necessary.
ICMA GMRA legal opinions
Find out more about the GMRA legal opinions here.
ICMA GMRA Clause Library and Taxonomy
ICMA has created for its members the GMRA Clause Library and Taxonomy, a catalogue of GMRA clauses and their negotiated business outcomes, along with a library of model wordings that could be used to draft for such outcomes in a standardised manner across market participants.
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