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 and 2000. The fourth version of the GMRA - the GMRA 2011 - reflecting markets developments since 2000 - was published in May 2011.

Since 1992, a number of annexes to the GMRA adapting it to suit different jurisdictions and markets have been produced.

ICMA obtains and annually updates opinions from numerous jurisdictions worldwide on the GMRA 1995 and 2000 versions and the GMRA 1995 as amended by the Amendment Agreement.  The 2011 opinions also include coverage of the GMRA 2011 and the GMRA 1995 and 2000 versions as amended by the 2011 ICMA GMRA Protocol.

GMRA 2000 and related documents

A number of documents relating to the GMRA are available for download below. Further related documentation, such as annexes to the GMRA 2000, is contained elsewhere within the legal and regulatory area of the web site.

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GMRA 2000

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GMRA 2000 blacklined to show changes from GMRA 1995

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Guidance notes to the GMRA 2000

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French translation of the guidance notes to the GMRA 2000

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German translation of the guidance notes to the GMRA 2000

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Italian translation of the guidance notes to the GMRA 2000

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Spanish translation of the guidance notes to the GMRA 2000

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Amendment agreement to the GMRA 1995

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List of annexes to the GMRA 2000

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Form of mini close-out notice

Click here to view a list of the 2011 GMRA legal opinions.

The ICMA Global Master Agreements for Repo and Securities Lending Workshop