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ICMA Intensive one-day workshop: Repo & the European repo market

Date and Venue

Date: 27 September 2019
Time: 09.00-18.00 Registration opens at 08.45

International Capital Market Association (ICMA) Limited
23 College Hill


Short but comprehensive and therefore intensive training for those requiring a detailed familiarisation with repo and the repo market who do not have two or three days to spare. Suitable for staff from all departments of firms active in the repo market as well as for those firms who support repo market participants such as legal advice and technology.

Over a full day, the workshop will cover the following:
  • Explaining the legal and economic essence of a repo, building a well-grounded understanding which will provide delegates with insight into post-trade transaction and collateral management procedures and other features of repo, as well as enabling them to work from first principles in order to analyse and address day-to-day issues arising in their repo business;
  • recognising the benefits but also the constraints on collateral as a hedge for credit and liquidity risks, and the consequences for the behaviour of the repo market in crisis;
  • familiarising delegates with the core procedures for collateral management including the use of collateral after a default and the problem of collateral not being delivered;
  • differentiating the two basic species of repo and the variants of the repurchase transaction as well as explaining the relationship of repo to securities lending;
  • comparing and contrasting the two segments of the repo market (GC and specials) and highlight the drivers of the repo rate in both;
  • explaining the function and basic construction of the GMRA, which is the standard global master agreement for repo;
  • offering a perspective on the technology that currently supports each stage in the life-cycle of a repo in Europe;
  • setting out the regulatory context that shapes repo activity in Europe and weigh the impact.
There are no qualifications or other prerequisites for attending but it would be helpful to understand the basic mechanics of a bond.


This course is open to all ICMA members and interested financial market participants; however registration in advance is essential.

Delegate Fees

ICMA Members: EUR 780.00 + VAT
Non-members: EUR 1,020.00 + VAT

For security reasons, delegates who have not registered in advance will not be admitted to this workshop.

If you have any queries regarding this event please contact ICMA Events Team.


08.45     Registration, Tea & Coffee

09.00    What is a repo?
-    basic mechanics & collateral criteria
-    terminology
-    legal structure (why title transfer v security interest, what is equivalent collateral, re-characterization risk)
-    economic operation (distribution of collateral risk/return including collateral income & corporate events/actions)
-    accounting consequences
-    core uses: financing long and covering short positions in securities

10.30    Break

10.45    Types of repo
-    repurchase transactions v buy/sell-backs
-    variants of repurchase transactions
-    floating-rate repo
-    open & evergreen repo
-    forward repo

11.45    GC and specials markets
-    general collateral: OTC & ATS/CCP definitions
-    GC repo rate & spreads to other money market instruments
-    specifics & specials: OTC & ATS/CCP definitions
-    specials rates
-    what makes collateral go special?

12.30    Lunch

13.15    How is repo used
­-   bond valuation
­-   secondary market
­-   primary market
­-   collateral transformation
­-   interest rate swaps & bond futures

14.15    European repo market infrastructure
-    trading venues
-    matching
-    clearing
-    collateral management delegating collateral management (delivery v HIC v tri-party)
-    market infrastructural models: OTC, traditional triparty, Swiss triparty, bilateral electronic, anonymous electronic, OTC post-trade clearing, GC financing

15.00   Break

15.15    The GMRA
-    what is a master repurchase agreement
-    what does the GMRA do?
-    architecture of the GMRA: main text, annexes & confirmations
-    negotiating a GMRA
-    legal opinions

16.00    Collateral management under the GMRA
-    initial margin & haircut
-    marking to market & margin maintenance (variation margining) under the GMRA
-    what happens in a default under the GMRA?
-    what happens if there is a failure to deliver collateral?

17.00    Regulation

-    Basel III risk-weighted capital
-    Basel III Leverage Ratio
-    Basel III LCR & NSFR
-    EU SFTR

18.00    End of course

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

Delegate Fees

ICMA Members: EUR 780.00 + VAT
Non-members: EUR 1,020.00 + VAT

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

Register on-line for the ICMA Intensive one-day workshop: Repo & the European repo market, being held in London on 27 September 2019

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Terms and Conditions

I understand that my reservation for the above course shall be accepted and confirmed if ICMA sends me a respective confirmation in writing within 3 business days from receipt of my payment. I also understand that if ICMA does not send me such confirmation within the specified period my reservation could not be considered and that the course fee will be refunded to me in full.


I agree that ICMA shall have the right to cancel courses and workshops at its own discretion for any reason (including e.g. if a sufficient minimum number of participants is not reached before the start date of the relevant course). In the event of such cancellation, the course fee will be refunded to me in full. I agree that ICMA shall not be liable for any expenses incurred by me, my employer, or anyone else on my behalf, due to the cancellation.

In case I want to cancel my reservation for this course I shall notify ICMA (attention Events Team) in writing without delay. I agree to the following cancellation fees being applied by ICMA:

until the 30th business day before the start date of the relevant course = 10%
from the 29th business day to the 15th business day before the start date of the relevant course = 50%
from the 14th business day to the last business day before the start date of the relevant course = 75%
on or after the start date of the relevant course = 100%

I agree that if I fail to attend this course no refund of the course fee shall take place.

I understand that substitutions can be made at no charge subject to the condition that ICMA (attention Events Team) is notified accordingly in writing and provided with the details of the substitute (see 1. above) not later than 48 hours before the relevant course commences.

I agree that ICMA and its affiliate entities may retain the information supplied on this form on a database and use it for the purpose of course and event administration, and, UNLESS I have ticked the relevant boxes above, to compile a delegate list (including my name and that of my employer) to be distributed at the event in hard copy or to other registered delegates in electronic form as well as for the purposes of advertising future courses and events and promoting ICMA.

Delegate Fees

ICMA Member & Green Bond Principles Members & Observers: £1,750 + 20% VAT
Non Member: £2,275 + 20% VAT

ICMA Members:  EUR 780.00 + VAT

Non Members:  EUR 1,020.00 + VAT

*Accomodation is not included in the price and delegates must arrange their own accomodation.

Please tick here to agree to the terms and conditions