ICMA workshop: Repo and securities lending under the GMRA and GMSLA
Date and Venue

Date: 13 - 15 May 2020

Time - Day 1:  09.00-17.30 Followed by a networking drinks reception
Time - Day 2: 
Time - Day 3:  09.00-15.30

Registration opens at 8.45

Location: City of London

Workshop Overview

This workshop is organised by the International Capital Market Association (ICMA) and the International Securities Lending Association (ISLA). It analyses how repo and securities lending transactions operate within the framework provided by the Global Master Repurchase Agreement (GMRA) and the Global Master Securities Lending Agreement (GMSLA), and highlights the issues that need to be addressed by users. These two separate but increasingly overlapping master agreements are the essential underpinnings of the cross-border repo and securities lending markets.

In order to provide a clear practical context to documentation and underlying issues, the workshop starts with a rigorous introduction to the fundamental legal and operational characteristics of repo and securities lending instruments, transactional uses and markets. The main body of the workshop is a detailed review and comparison of both legal agreements and how they structure risk and operational management. The workshop also examines the role of and special issues posed by key market infrastructures such as electronic trading venues, triparty collateral management and central clearing through CCPs, as well as the impact of accounting and tax treatments, and new regulation.

The workshop uses the GMRA and GMSLA as a framework to provide a structured approach to understanding instruments, usage and markets. No legal expertise is required. The workshop can therefore be useful, not just for legal and documentation staff, but also for front office, risk management, operational, compliance, audit and regulatory personnel.

The workshop is introduced and co-ordinated by Richard Comotto, who is the author of ICMA’s European repo survey, its Guide to Best Practice in the European Repo Market and its Repo FAQs. Other speakers are legal and documentation professionals, and operational specialists from ICMA, ISLA, Ashurst LLP, HSBC, LCH Limited and Euroclear.

Delegate Fees

ICMA & ISLA Members: EUR 1,740.00 + 20% VAT
Non Members: EUR 2,280.00 + 20% VAT
  • 5% reduced fee for 5 or more delegates from the same organisation on the same course
  • 10% reduced fee for 10 or more delegates from the same organisation on the same course
Delegate fees are payable, in advance of the course start date, by credit card (Visa, MasterCard) or on receipt of an invoice after registration has been received.


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.

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.

Day One

08.45    Registration

09.00    Repo: introduction
Richard Comotto, ICMA Centre at Reading University
•    Basic mechanics, terminology
•    Legal and economic characteristics of repo (including management of collateral income and accounting consequences)
•    Core uses of repo: funding long positions; covering short positions
•    Risks in repo: credit, liquidity, legal & operational

10.30    Break

10.45    Repo: structures and market segments
Richard Comotto, ICMA Centre at Reading University
•    Repurchase agreements v sell/buy-backs

12.30    Lunch

13.15    Repo: structures and market segments (continued)
•    Main types of repurchase agreement
o    fixed-rate
o    floating-rate
o    open
o    forward
•    GC and specials market segments

14.00    Repo: risk management
Richard Comotto, ICMA Centre at Reading University
•    Initial margin & haircut
•    Margin maintenance
•    Default procedures

15.00    Break

15.15    Repo: risk management (continued)
Richard Comotto, ICMA Centre at Reading University

16.30    Repo: operational management
Richard Comotto, ICMA Centre at Reading University
•    Permission for substitution
•    Custody (delivery, HIC, tri-party)
•    Failure to deliver

17.30    Networking drinks reception

18.00    Close of day 1   
Day Two

.45    Arrival coffee

09.00        Securities lending & borrowing: introduction
Richard Comotto, ICMA Centre at Reading University
•    Basic mechanics
•    Legal structure
•    Economic operation
•    Core uses of securities lending and borrowing
•    Fees
•    Collateral
•    Securities lending versus repo

10.30    Break

    Securities lending & borrowing: risk management
Richard Comotto, ICMA Centre at Reading University
•    Risks in securities lending
•    Risk management
•    Counterparty selection
•    Borrower indemnification
•    Collateral selection
•    Initial margin
•    Margin maintenance (variation margining)
•    Cash collateral reinvestment
•    Default procedures

12.00        Securities lending & borrowing: operational management
Richard Comotto, ICMA Centre at Reading University
•    Compensatory payments
•    Corporate actions
•    Voting rights
•    Substitution
•    Delivery
•    Fails
•    Delegation of collateral management

12.30    Lunch

13.15        The securities lending market
•    The role of ISLA
•    Overview of securities lending activity
•    Some legal and regulatory developments in securities lending

14.15    Break

14.30        Legal and documentation issues in repo and securities lending
Ashurst LLP

•    Documentation architecture of GMRA & GMSLA
•    Introduction to legal and documentation issues
•    Title transfer
•    SFTR
•    Close-out netting
•    Practical issues arising out of closeouts
•    Valuations in margining and determination of Default Market Value
•    Use of security structures
•    Recharacterisation risk
•    Restructuring/voting rights
•    Illegality/disruption events

16.30        GMRA Developments
Lisa Cleary, ICMA

•    Legal opinions
•    Pledged margin
•    Brexit and the GMRA

17.30        Close of day 2
Day Three

08.45    Arrival coffee

09.00    Accounting for repo
Dooshyant Beekarry, Citigroup
•    General approaches under IFRS and US GAAP
•    Application of recognition/recognition rules
•    Measurement of gains/losses: trading book v banking book, GC v specials, securities lending
•    Does it matter if collateral is HFT, AFS & HTM?
•    Trading date or settlement date accounting
•    Sample accounts
•    Accounting for synthetics
•    Netting rules  
10.15    Break

10.30        Triparty repo and securities lending
Euroclear SA/NV
•    Risk mitigation through triparty repo
•    Functional aspect of triparty repo
•    Legal aspect of triparty
•    Triparty Securities Lending
•    The triparty landscape

11.45      CCP for repo
Nigel Bradley, LCH
•    The role of CCP in the repo market
•    The structure and operation of CCP
•    Regulatory mandates
•    Legal relationship with users
12.45    Lunch

13.30        GMRA & GMSLA documentary issues
•    Documentary issues
•    Role of negotiation
•    Case study
•    Mini close-out

14.30        Regulatory Overview
Richard Comotto, ICMA Centre at Reading University
•    Basel risk-weighted capital
•    Leverage Ratio
•    LCR
•    NSFR

15.30        Close of course

Register on-line for the ICMA Workshop: Repo and Securities lending under the GMRA and GMSLA, 13 - 15 May 2020

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Terms and Conditions

I understand that my reservation for the above workshop 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 workshop 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 workshop 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 workshop 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 workshop 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, IF 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.
Delegates should be aware that a photographer may be on site throughout the event. The photographs taken at this event may be used in future promotional materials.

Delegate Fees

ICMA & ISLA Members: EUR 1,740.00 + VAT
Non-members: EUR 2,280.00 + VAT

*Accommodation is not included in the price and delegates must arrange their own accommodation.

Please tick here to agree to the terms and conditions