Quick Find:
- COVID-19 Market Updates :
- Primary markets :
- ICMA Primary Market Handbook - Home
- Primary market committees
- Primary market topics
- Accounting and auditing
- Benchmark reform and transition to risk-free rates
- Collective action clauses
- MiFID II/R in primary markets
- Primary markets conduct (non-MiFID)
- Dialogue with investors
- Initial disclosure (Prospectus and PRIIPs)
- Market infrastructure and asset servicing
- Market abuse regulation (MAR) - primary market aspects
- Periodic reporting / continuing obligations
- Taxation (Primary markets)
- Other ICMA primary market advocacy materials
- Primary market products
- Bank capital
- ICMA Euro Commercial Paper
- Green bonds
- Infrastructure financing
- Islamic finance
- Private placements
- Characteristics of ECPP product and market
- The European Corporate Debt Private Placement Market Guide
- Model transaction documentation
- ECPP Working Group
- Press releases
- Contact
- Retail structured products
- Securitisation
- Sovereign Debt
- Covered bonds (asset management perspective)
- Securitisation (asset management perspective)
- Secondary markets :
- ICMA’s rules and recommendations for the secondary market
- Secondary Market Practices Committee (SMPC) and related Working Groups
- Central Bank corporate bond purchase programmes
- Electronic trading
- Market transparency
- Market data
- Market liquidity
- Secondary markets regulation
- Euro safe assets
- Bond market size
- Secondary market initiatives
- Archive
- Repo and collateral markets :
- Asset management :
- Green, Social and Sustainability bonds :
- FinTech and market electronification :
- Market infrastructure :
- Other projects :
- Benchmark reform and transition to risk-free rates :
- Brexit :
- ICMA Quarterly Report :
- ICMA Legal & Regulatory Helpdesk :
- ICMA regulatory grid and practical initiatives :
- Contacts :
- Market Practice & Regulatory Policy
- Repo and collateral markets
Repo and collateral markets
The repo product plays a vital and central role in the modern financial ecosystem by providing liquidity, marketability and in offering opportunities for the mitigation of credit risk. Since the early 1990’s, ICMA has played a significant role in promoting the interests and activities of the international repo market, and of the product itself. This includes the development of the Global Master Repurchase Agreement (GMRA), which has become the principal master agreement for cross-border repos globally, as well as for many domestic repo markets.
The ICMA European Repo Council (ERC) was established in December 1999, to represent the cross-border repo market in Europe. In 2015, the ERC’s name was changed to European Repo and Collateral Council (ERCC) in recognition of the increasingly intimate relationship between repo and collateral and the group’s substantial focus on collateral.
The ICMA ERCC is today the main industry representative body for repo and collateral markets, developing consensus solutions for issues arising in a rapidly evolving marketplace and consolidating and codifying best market practice. The Council also plays a significant role in nurturing the development of the repo market and supporting its wider use in Europe and globally by providing educational courses and market information, such as the bi-annual survey of the European repo market which has become established over the past two decades as the authoritative indicator of market size and structure and the dominant trends.
The ICMA ERCC Committee is the governing board of the ERCC which is elected on an annual basis by all ERCC member firms.
Membership of the ERCC is open to ICMA members who transact repo and associated collateral business in Europe. The ICMA ERCC currently has around 100 members, comprising the majority of firms actively involved in this market.
For more information on the ICMA ERCC download the ERCC brochure or contact ercc@icmagroup.org
ICMA ERCC Governance
- ICMA ERCC members and General Meetings
- ICMA ERCC Committee
- ICMA ERCC Operations Group
- ICMA International Repo and Collateral Council and Committee
Legal documentation
- Global Master Repurchase Agreement (GMRA)
- ICMA GMRA Legal opinions (Members only)
- Information Statement Securities Financing Transactions Regulation
- Resolution Stays
- FAQs on the GMRAs (Members only)
ICMA ERCC Publications
- ICMA ERCC reports
- ICMA ERCC position papers and responses to public consultations
- ICMA ERCC Guide to best practice in the European Repo Market
- ICMA repo survey
- FAQs on Repo
Regulation
FinTech
- ICMA Ops FinTech mapping directory
- ERCC Ops FinTech Working Group
- Common Domain Model (CDM)
- ICMA Repo Trading Technology Directory
Other resources
Contacts:
Email the ICMA ERCC secretariat
Andy Hill
Senior Director, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
Direct line: +44 20 7213 0335
Alexander Westphal
Director, Market Practice and Regulatory Policy, secretary to the ICMA European Repo and Collateral Council and Committee (ERCC) and ERCC Operations Group.
Direct line: +44 20 7213 0333
