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ICMA Workshop: GMRA Masterclass – a clause-by-clause analysis & Annex I negotiation
 
Date and Venue

Date: 11-12 October 2018

Time - Day 1: 09.00-18.00
Time - Day 2:
09.00-16.45

Venue:
International Capital Market Association (ICMA) Limited
23 College Hill
London
EC4R 2RP

Workshop Overview


This two-day advanced-level workshop systematically reviews the Global Master Repurchase Agreement (GMRA) 2011 clause by clause, giving a thorough grounding in all of its key provisions and the most commonly-used Annexes. An experienced repo negotiator conducts a case study of a typical negotiation of Annex I, offering hints and tips on the most effective approach for both sell-side and buy-side counterparties.

The course is aimed at legal and documentation professionals, credit risk analysts and default management teams within financial institutions, law firms and others active in the repo market who work with the GMRA on a daily basis.

The course assumes that participants have completed the intermediate-level ICMA Repo and Securities Lending Workshop and therefore have mastered the core commercial, operational and legal aspects of repo and the GMRA.

Delegate Fees

ICMA Members: £950 + VAT
Non-members: £1,850 + VAT

Delegate fees are payable, in advance of the course start date, by invoice or credit card (Visa, MasterCard).
Registration is now closed, for any enquiries please contact Leigh Anne Cooke.

Please do not book your travel until advised to do so by ICMA. We will inform you when the course is confirmed to go ahead.






Day One

09.00    Registration

09:15    GMRA architecture
Christopher Georgiou, Managing Director, Apollo Legal
A refresher on the GMRA architecture comprised of the master agreement, Annexes, confirmations and Protocols

09:30    GMRA 2011 clause-by-clause analysis: (1) The framework
Christopher Georgiou, Managing Director, Apollo Legal
An analysis of the scope and coverage of the GMRA, the key definitions and their implications, the standard representations and warranties and the main GMRA boilerplate provisions
  • Paragraph 1 (Applicability)
  • Paragraph 2 (Definitions)
  • Paragraph 9 (Representations)
  • Paragraph 13 (Single Agreement)
  • Paragraph 14 (Notices and Other Communications)
  • Paragraph 15 (Entire Agreement; Severability)
  • Paragraph 16 (Non-assignability; Termination)
  • Paragraph 17 (Governing Law)
  • Paragraph 18 (No Waivers, etc.)
  • Paragraph 19 (Waiver of Immunity)
  • Paragraph 20 (Recording)
  • Paragraph 21 (Third Party Rights)

10:45    Break

11:05    GMRA 2011 clause-by-clause analysis: (2) Transaction execution and scheduled payments/deliveries
Christopher Georgiou, Managing Director, Apollo Legal
A contractual analysis of the GMRA’s provisions on the entry into, confirmation and settlement of transactions, standard payment and delivery provisions, income payments and SFTR disclosure compliance
  • Paragraph 3 (Initiation; Confirmation; Termination)
  • Paragraph 6 (Payment and Transfer)
  • Paragraph 7 (Contractual Currency)
  • Paragraph 5 (Income Payments)
  • SFTR Information Statement
12:30    Lunch

13:30    GMRA 2011 clause-by-clause analysis: (3) Margin maintenance and substitution
Christopher Georgiou, Managing Director, Apollo Legal
In this section, we will focus on the contractual requirements for making and satisfying margin calls and the alternatives of repricing and adjustment, followed by a review of the substitution provisions

  • Paragraph 4 (Margin Maintenance)
  • Paragraph 8 (Substitution)
15:00    Break

15:20   
GMRA 2011 clause-by-clause analysis: (4) Events of Default and termination events
Christopher Georgiou, Managing Director, Apollo Legal
A detailed contractual analysis of the GMRA’s Events of Default, the Default Market Value concept, mini close-outs and set-off

  • Paragraph 10 (Events of Default)
  • 2011 GMRA Protocol (Revised)
  • Paragraph 11 (Tax Event)
  • Paragraph 12 (Interest)
  • Paragraph 14 (Notices and Other Communications – Special Default Notices)
17:00    Networking drinks reception

18.00    Close of Day 1




Day Two

09.00    Arrival coffee

09:15    GMRA 2011 Annexes: standard Annex I and Annex II and introduction to GMRA 2011 Annexes
 
Christopher Georgiou, Managing Director, Apollo Legal
In this session we will walk through the standard Annex I and Annex II to the GMRA, also discussing key negotiating points, and will introduce the separate published GMRA 2011 Annexes (Agency Annex & Addendum, Bills Annex, Buy/Sell Back Annex, Canadian Annex, Equities Annex, Gilts Annex, Italian Annex, Russian Annex)

10:45    Break

11:00    GMRA 2011 Annexes: key Annexes in depth 
Christopher Georgiou, Managing Director, Apollo Legal
An in-depth review of the most frequently-used GMRA 2011 Annexes 
  • Buy/Sell Back Annex
  • Equities Annex
  • Agency Annex
12:30    Lunch

13:30    Tri-party repo 
Christopher Georgiou, Managing Director, Apollo Legal
We will cover the typical structure and content of tri-party repo documentation and its relationship with the GMRA


15:00    Break

15:15   
Netting opinions
Christopher Georgiou, Managing Director, Apollo Legal
In this session, we will consider netting opinions: What are they for? How should you review them? When should you seek a bespoke or top-up opinion?

16:45    Close of Day 2

Close of course

Please note that ICMA reserves the right to make changes to this agenda




Registration & Delegate Fees

ICMA Members: £950 + VAT
Non-members: £1,850 + VAT

The course is aimed at legal and documentation professionals, credit risk analysts and default management teams within financial institutions, law firms and others active in the repo market who work with the GMRA on a daily basis.

The course assumes that participants will have completed the intermediate-level ICMA Repo and Securities Lending Workshop and will therefore have mastered the core commercial, operational and legal aspects of repo and the GMRA.

Registration in advance is essential. Delegate fees are payable, in advance of the course start date, by invoice or credit card (Visa, MasterCard).

Please do not book your travel until advised to do so by ICMA. We will inform you when the course is confirmed to go ahead.