- ICMA European Repo Council changes its name to reflect increasing focus on collateral
ICMA European Repo Council changes its name to reflect increasing focus on collateral7 December 2015 The European Repo Council (ERC) was established by ICMA in December 1999, to represent the cross-border repo market in Europe. Since then it has continued to consolidate and codify best market practice, supporting the development of a robust European repo market with measures including the development of the Global Master Repurchase Agreement (GMRA) and the publication of the ICMA ERC Guide to Best Practice in the European Repo Market; dissemination of market data through semi-annual surveys of the European repo market; and provision of education through courses on repo and collateral.
The repo market is the main means by which collateral is sourced, priced and circulated. In the current environment, where post-crisis regulation has encouraged the increased use of high quality collateral to reduce risks in the financial system, the ERC has increasingly focused its efforts on working with the authorities to create an efficient collateral market. In recognition of this evolution of the market and the way in which the ICMA ERC now operates, the ICMA Board has changed the name of the ICMA ERC to the ICMA European Repo and Collateral Council (ERCC) with immediate effect.