Online Self-Study
Start date: 1 July
Duration: 6 weeks (recommended)

Online Self-Study
Start date: 1 August
Duration: 6 weeks (recommended)


In collaboration with:


The Introduction to the Global Master Repurchase Agreement is an introductory level programme suitable for anyone seeking a sound foundation in repurchase transactions and the ICMA Global Master Repurchase Agreement, or GMRA.

The syllabus provides an overview of the structure and purpose of repurchase transactions. It also describes the economic effects of repo and the underlying fundamental concepts. In addition, the course explains the key provisions and features of the GMRA, considers the benefits of using a master agreement, identifies potential areas of risk, and examines relevant case law.

Learning Outcomes

By completing the programme you will:

  • gain an understanding of the economic effect of repurchase transactions, how they can be used and the parties and documents involved;
  • develop a sound grasp of the fundamental legal concepts underpinning repurchase transactions under English law;
  • become familiar with the structure, architecture, and key provisions of the GMRA;
  • develop an understanding of the benefits of using the GMRA to document repurchase transactions;
  • develop an understanding of key legal issues relating to recharacterisation and close-out netting;
  • develop an understanding of practical issues for consideration upon default and close-out;
  • become familiar with the UK and EU regulatory framework applicable to repurchase transactions;
  • develop an understanding of the structure of relevant legal opinions, their purpose, and their content; and
  • become familiar with key English case law on the GMRA and the legal issues stemming from it.

Who should attend?   

The course has been developed for individuals who are either just entering the repo market or have limited experience of repo and the GMRA and wish to develop a clearer understanding of how repo transactions and the related documentation work.

Basic legal knowledge would be helpful but no prior study or work experience is required.

Frequently Asked Questions

This course answers questions including:

What is the GMRA?

What does a GMRA look like?

What is a master agreement?


Certification and Programme Recognition

This course is certified by ICMA and accredited by CPD® Certification Service.

ICMA recommends that 20 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

A Certificate of Attendance will be awarded to those who meet the minimum attendance requirements for this course.

ICMA is a member of the CPD® Certification Service, an FCA-approved qualifications provider and approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT).

Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at

The syllabus content is divided into several key topic areas:

Repurchase transactions – an overview of documentation and regulation

  • summary of repo
  • uses of repo
  • GMRA 2000 and 2011
  • SFTR (UK and EU)
  • CSDR
  • the BRRD

Architecture of the GMRA and benefits of use

  • explanation of documentation architecture
  • reduction of counterparty credit risk
  • market standard benefits
  • margining
  • close-out netting

Key provisions, fundamental concepts and recharacterisation risks

  • title transfer
  • recharacterisation risk
  • events of default
  • mini close-out
  • notices
  • income payments


  • purpose
  • margining methods
  • haircuts and initial margin
  • eligible margin
  • margin calculations
  • process

Close-out netting

  • purpose of close-out netting
  • enforceability considerations
  • interaction with insolvency law
  • opinions (purpose and structure)
  • mechanics
  • set-off

Practical issues arising from default and close-out; case law

  • notices
  • valuations
Securities Lending & Borrowing (SLB) – The Fundamentals 
What is Securities Lending?
The Purpose: Why Do Lenders Lend & Borrowers Borrow?
Participants & Structure
Trading Strategies
SLB Trade Lifecycle - An Overview
Short Selling, Naked Short Selling
Locates, Trade Execution & Fails
Corporate Events
The Marketplace – Participants & Stakeholders
Lenders, Borrowers and Intermediaries 
The Lender’s Perspective: Motivations and Considerations
The Borrower’s Perspective: Motivations and Considerations
Global custodians
Third-party lending agents
Central counterparties
SLB Trade Lifecycle
Pre-trading, Locates
Trade execution
Mark to Market 
Margin calls
Recall/return of lent settlements
Fees & Billing
Assets & Collateral
Equity vs Fixed Income 
Fundamental collateral concepts
Margin: Purpose & use 
Types of collateral
Legal Documentation
Securities lending agency agreement
Updating Books & Records
Securities bookkeeping: Definition & purpose
Importance of updating books & records
Updating books and records for lent/borrowed securities, cash and non-cash collateral, fees and rebates
SLB and Corporate Actions
Corporate actions: Overview 
*Cash dividends
*Lent securities
*Short sale proceeds
*Lent/borrowed equity
Withholding tax
Risks in Securities Lending & Borrowing 
Market Risk
Credit Risk
Operational Risk
Legal Risk
Reputational Risk 
EU short selling & financial transactions tax
Reporting to a central trade repository
Recent SLB Scandals & Controversies
The Lehman saga uncover

Online Course

Delegates who sign up to online courses will have access for 3 months to enable them to take advantage of the additional online resources, discussion boards and other functions of our new digital learning platform.

Online courses start at the beginning of each month – please note that payment must be received BEFORE access to these courses are provided.

Online course fees

ICMA Members: EUR 1,300 (VAT not applicable)

ICMA Non-members: EUR 1,900 (VAT not applicable)

Costs include full access to the online campus, associated learning materials and the examination fee.

Please note that:

  • Payment for online courses must be received before the start of the course.
  • All payments must be made in Euro.

As an indicative guide, we would recommend a total of 20 study hours is required to go through the material. Please note this is an approximate guide only.


Should you have any queries, please contact

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