Managing Repo under the GMRA - Classroom
New dates TBC - e-mail to register your interest




The recognised market standard master agreement for repo transactions

This course analyses how repo transactions operate within the framework provided by the Global Master Repurchase Agreement (GMRA) and highlights the issues that need to be addressed by users. The GMRA has underpinned the development of the cross border repo markets since its first publication in 1992 with subsequent revised versions in 1995, 2000 and 2011.

The course provides a clear practical context to documentation and underlying issues, starting with a rigorous introduction to the fundamental legal and operational characteristics of repo, transactional uses and markets. The main body of the course involves a detailed review of this master agreement and how it structures risk and operational management. The course 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, and new regulation.

Learning Outcomes

By completing this course you will be able to:

  • Explain why master agreements are necessary in general and the advantages of using GMRA in particular.
  • Understand how the GMRA is organized and be able to navigate their way around the document to find provisions relevant to particular issues.
  • Become aware of the ICMA’s Guide to Best Practice in the European Repo Market and its role in relation to the GMRA and market procedures.
  • Understand the dual nature of repo as a sale-and-repurchase legal structure performing the economic functions of a secured loan and apply this insight by answering questions about repo from first principles.
  • Compare and contrast repurchase transactions and buy/sell-backs.
  • Appreciate the flexibility of the GMRA to allow the varied structuring of repos.
  • Explain the role of haircuts and initial margins, compare and contrast them, and apply them to exposure calculations.
  • Demonstrate, by reference to the GMRA, the calculation of transaction and net exposures, including net margin, and the concepts of Repricing and Adjustment.
  • Outline, by reference to the GMRA, the post-trade operational procedures and contingency provisions in the GMRA for substitution of collateral, corporate events and failed settlement.
  • Explain, by reference, the default procedures under the GMRA.
  • Recognize the key legal issues affecting repos, including legal cases, issues that might arise from the use of the GMRA in foreign jurisdictions and the potential impact of Brexit; and they should know how to use legal opinions.
  • Understand the role of tri-party collateral management, what tri-party agents do and do not do, and how use of a tri-party agent affects use of the GMRA.
  • Understand what is meant by central clearing, the role of a CCP and how use of a CCP affects use of the GMRA.
  • Identify and outline the key capital, leverage, liquidity regulations applying to repos in Europe as well as settlement and reporting requirements.
  • Explain the potential impact of sustainability requirements on the use of collateral in repo.

Who should attend?

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

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 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

Course Trainer

Richard Comotto

Day One

 09:00    Repo: introduction

Richard Comotto, ICMA

  • Basic mechanics, some terminology
  • Legal and economic characteristics of repo (including management of collateral income & basic accounting consequences)

10:30    Break

10:45    Repo: introduction (continued)

  • Core uses of repo: funding long positions; covering short positions

11:15   Repo: structures and market segments

Richard Comotto, ICMA

  • Repurchase transactions v buy/sell-backs

12:30    Lunch

13:15   Repo: structures and market segments (continued)

Richard Comotto, ICMA

  • Main types of repurchase transaction
  • fixed-rate
  • floating-rate
  • open
  • forward
  • evergreens, extendibles
  • GC, specifics & specials

14:00   Repo: risk management
Richard Comotto, ICMA

  • Initial margin & haircut
  • Margin maintenance
  • Default procedures

15:00    Break

15:15   Repo: risk management (continued)

Richard Comotto, ICMA

16:30   Repo: operational management

Richard Comotto, ICMA

  • Custody (delivery, HIC, tri-party)
  • Failure to deliver

17.30    Networking drinks reception

18.00    Close of day 1   

Day Two

08:30    Arrival coffee

09:00  Securities lending & borrowing: introduction

Richard Comotto, ICMA

  • Basic mechanics
  • Legal structure
  • Economic operation

10:30    Break

10:45   Securities lending & borrowing: introduction (continued)

  • Core uses of securities lending and borrowing
  • Fees
  • Collateral
  • Securities lending versus repo

10:45  Securities lending & borrowing: risk management

Richard Comotto, ICMA

  • 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

  • Manufactured 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 & market
  • 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 Articles 13-15
  • Practical issues arising out of close-outs
  • Valuations issues in margining and determination of Default Market Value
  • Use of security structures
  • Re-characterisation risk
  • Substitution of collateral
  • Restructuring/voting rights
  • Illegality/disruption events
  • Brexit
  • BRRD

16:30   GMRA developments

Deena Seoudy, ICMA

  • Legal opinions
  • Pledged margin
  • Brexit & the GMRA
  • CSDR

17:30   Close of day 2


Day Three

09:00   Accounting for repo

  • 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

10:00    Break

10:15   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

11:30   CCP for repo


  • The role of CCP in the repo market
  • The structure and operation of CCP
  • Regulatory mandates
  • Legal relationship with users

12:30    Lunch

13:15   Securities financing transactions tax issues


  • Key tax issues and risks
  • How tax is reflected in documentation
  • Practical issues and recent developments

14:15   Regulatory Overview

Richard Comotto, ICMA

  • Basel risk-weighted capital
  • Leverage Ratio
  • LCR
  • NSFR

16:00   Close of day 3

Close of course

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

Classroom course

Our classroom courses are delivered in-person at a confirmed location.

The Managing the Repo under the GMRA course will be delivered in-person at the ICMA London offices across two full-days. Tea, coffee and light refreshments will be provided during the course but please note these courses are not catered. If you have any dietary requirements please let us know when you complete the registration form.

Delegates will be given access to our learning management system and the course materials before the live sessions, and will have access to those for a total of three months. During these three months you will have the option to keep working through the course materials at your own pace.

Location Address

110 Cannon Street

Classroom course fees*

ICMA Members: EUR 2,150 + VAT (if applicable)
Non-members: EUR 2,500 + VAT (if applicable)

*Our prices do not include travel/accommodation. Please do not book any logistics until you receive email confirmation that the course will go ahead. This will be provided 4 weeks in advance of the start date.

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

Please note:
  • All payments must be made in Euro.


Should you have any queries, please contact


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