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Global Master Repurchase Agreement (GMRA)

 

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 GMRA was published in 1992 and followed by substantially revised versions in 1995, 2000 and 2011.

ICMA obtains and annually updates opinions from numerous jurisdictions worldwide on the GMRA 1995, 2000 and 2011 versions. Click here to view a list of the GMRA legal opinions.

Click on the tabs below to see the Global Master Repurchase Agreements, including related documents, annexes and guidance notes.

 
>GMRA 2011
>NEW: 2011 Global Master Repurchase Agreement (GMRA) Protocol (Revised)
>Related documents




GMRA 2011 

Click here to download the GMRA 2011




NEW: 2011 Global Master Repurchase Agreement (GMRA) Protocol (Revised)

ICMA has published the 2011 Global Master Repurchase Agreement Protocol (Revised) (the Protocol) to enable the parties to a 1995 Global Master Repurchase Agreement (GMRA 1995) or a 2000 Global Master Repurchase Agreement (GMRA 2000) (each an Agreement) to amend the terms of each such Agreement to reflect certain provisions of the 2011 Global Master Repurchase Agreement (GMRA 2011), as published by ICMA (the GMRA 2011), and to enable the parties to a GMRA 1995, a GMRA 2000 or a GMRA 2011 (also an Agreement) to insert a definition of Euro in each such Agreement.

Please click here to see the Protocol document (including Form of Adherence Letter).

Table of Adhering Parties

Last updated:
31 Oct 2013
No. of Adhering Parties: 3
  Election  
Name of Adhering Party Annex 1*
Annex 2*
Annex 3*
Annex 4*
Annex 5*
Adherence date Party Specific Cut-off Date
The Royal Bank of Scotland plc x x x x x 11 Oct 2013  
The Royal Bank of Scotland N.V. x x x x x 31 Oct
2013
 
National Westminster Bank Plc x x x x x 31 Oct 2013  
               
               

*Key to annexes

Annex 1: GMRA 1995 - Close-out amendments
Annex 2: GMRA 2000 - Close-out amendments
Annex 3: Set-off
Annex 4: Euro definition
Annex 5: Changes to LIBOR references


Important notices

Neither ICMA nor any of its officers, servants or agents will incur any liability to any Adhering Party or any other person or be responsible for any loss, damage, expense or claim whatsoever suffered or incurred by any Adhering Party or any other person as a result of performing or failing to perform any of its functions under the Protocol except to the extent that such liability, loss, damage, claim or expense is shown to be attributable to the fraud or wilful default of ICMA. Neither ICMA nor any of its officers, servants or agents shall be liable for any loss of business, profit or consequential damage of any kind whatsoever. Without limiting the generality of paragraph 5 (f) of the Protocol (Governing law and jurisdiction), paragraph 5 (h) of the Protocol (Limitation of liability), the Protocol and any non-contractual obligations arising out of or in connection with any of the foregoing shall be governed by, and interpreted in accordance with, the laws of England.

For further information, email ICMA Protocol Services.




Related documents 

Documents relating to the GMRA 2011 are available for download below.

GMRA 2011 blacklined to show changes from GMRA 2000

Guidance Notes to the GMRA 2011

Buy/Sell Back Annex to the GMRA 2011

Bills Annex to the GMRA 2011

Agency Annex to the GMRA 2011

Equities Annex to the GMRA 2011

NEW: Russian Annex to the GMRA 2011

NEW: Canadian Annex to the GMRA 2011

Russian Translation of the GMRA 2011*
*This translation is provided for information only and intended to serve as an educational reference tool. The official version of the GMRA 2011 is the English language version published above.

 


     
The ICMA and ISLA Global Master Agreements for Repo and Securities Lending Workshop
 
Click here for more information on the ICMA and ISLA Global Master Agreements for Repo and Securities Lending Workshop.
GMRA 2000 and related documents

Documents relating to the GMRA 2000 are available for download below.

GMRA 2000

GMRA 2000 blacklined to show changes from GMRA 1995

Guidance notes to the GMRA 2000

French translation of the guidance notes to the GMRA 2000

German translation of the guidance notes to the GMRA 2000

Italian translation of the guidance notes to the GMRA 2000

Spanish translation of the guidance notes to the GMRA 2000

Amendment agreement to the GMRA 1995

List of annexes to the GMRA 2000

Form of mini close-out notice



GMRA 2000 - annexes (and associated guidance notes)

A number of annexes to the GMRA adapting it to suit different jurisdictions and markets have been produced. The annexes published jointly by ICMA and SIFMA, the annexes published by ICMA alone and the annexes published by other bodies are listed separately below for downloading.

List of annexes to the GMRA 2000


Annexes to the GMRA 2000 published jointly by ICMA and SIFMA

Agency Annex (and addendum for multiple principal transactions with guidance notes)

Bills of Exchange Annex with guidance notes

Buy/Sell Back Annex

Canadian Annex

Equities Annex with guidance notes

Italian Annex with guidance notes*

Netherlands Annex with guidance notes

*The October 2000 version of the Italian Annex and guidance notes which was originally made available for downloading contained some erroneous references and on May 30, 2001 has been replaced by the corrected May 2001 version.  


Annexes to the GMRA 2000 published by ICMA alone

South African Annex

Thailand Annex

NEW: Russian Annex

 

Annexes to the GMRA 2000 published by other bodies

AFMA Annex I published by the Australian Financial Markets Association (AFMA) with supplemental legal opinion

Gilts Annex with respective notes published by the Bank of England

Japanese Securities Annex published by the Japanese Securities Dealers Association


GMRA 1995 and related documents

Documents relating to the GMRA 1995 are available for download below.

GMRA 1995

Guidance notes to the GMRA 1995

List of annexes to the GMRA 1995



GMRA 1995 - annexes (and associated guidance notes) 

A number of annexes to the GMRA 1995 adapting it to suit different jurisdictions and markets have been produced. The annexes published by ICMA alone and the annexes published by other bodies are listed separately below for downloading.

List of annexes to the GMRA 1995 


Annexes to the GMRA 1995 published by ICMA
 

Bills of Exchange Annex

EMU Annex with guidance notes

Equities Annex with guidance notes

FASB 125 Annex with guidance notes

Italian Annex with guidance notes

Language for inclusion of US treasuries under the GMRA

Netherlands Annex

Net paying securities annex with guidance notes

South African Annex

NEW: Russian Annex


Annexes to the GMRA 1995 published by other bodies

AFMA Annex I published by the Australian Financial Markets Association (AFMA) with supplemental legal opinion

Swiss Annex published by the Swiss National Bank

Japanese Securities Annex published by the Japanese Securities Dealers Association


 
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