Live sessions: 20, 21 & 22 September
10.00-18.00 CEST | Time Zone Converter

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This course provides a comprehensive overview of the key aspects of repo and securities lending and of the trading and post-trade management of these instruments within the frameworks provided by the GMRA and GMSLA. It is presented by a unique combination of experts with first-hand experience of all dimensions of repo and securities lending.

Learning Outcomes

By completing this course you will be able to:

  • appreciate why master agreements are necessary in general and the advantages of the GMRA and GMSLA
  • navigate the GMRA and GMSLA to find the provisions relevant to particular issues.
  • identify ICMA’s Guide to Best Practice in the European Repo Market and its role in relation to the GMRA, and the parallel role of ISLA’s market guidance
  • appreciate the importance of the title transfer of collateral for repo and why there is a choice of collateralization for securities lending
  • recognise the dual nature of repo as a sale-and-repurchase legal structure performing the economic functions of a secured loan from perspective of first principles.
  • identify the differences between repo and securities lending and between repo and derivatives
  • compare and contrast repurchase transactions and buy/sell-backs and describe the alternative types of securities loan
  • recognise the business focus of the standard GMRA and the use of Annexes to tailor the agreement to specific business, legal and operational needs
  • appreciate the purpose of the forthcoming ICMA and ISLA Clause Taxonomies and Libraries
  • appreciate the difference between haircuts and initial margins and how they’re applied to exposure calculations
  • recognise calculation techniques for Transaction and Net Exposures including Net Margin, the concepts of Repricing and Adjustment, and the structure of net exposure calculations under the GMSLA
  • Identify post-trade operational and risk management provisions in the GMRA and GMSLA, including those relating to the substitution of collateral, corporate events and failed settlement
  • identify the default procedures under the GMRA and GMSLA
  • recognise the key legal issues affecting repos, available legal precedent, issues that might arise from the use of the GMRA and GMSLA in foreign jurisdictions and how to use legal opinions
  • appreciate 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 and GMSLA
  • identify the concept of central clearing, the role of a CCP and how use of a CCP affects use of the GMRA
  • appreciate the generic tax implications of transacting repo and securities lending, and the provisions dealing with taxation in the GMRA and GMSLA
  • identify the principles of accounting for repo and securities lending
  • identify the key capital, leverage, liquidity regulations applying to repos and securities lending in Europe as well as settlement and reporting requirements
  • appreciate the potential impact of sustainability requirements on the use of collateral in repo and securities lending

Who should attend?

Although designed primarily for legal and documentation staff, the breadth of the course rigor provided by the documentary framework has made it very popular with staff with varied professional backgrounds and experience from a wide range of different types of institutions, including:

  • Legal and documentation staff incl. legtech and fintech developers
  • Risk management, regulatory, compliance, accounting and audit staff in both sell-side and buyside firms
  • Regulators, policymakers and central bankers
  • SFT desk and liquidity/treasury managers and dealers.
  • Repo and securities lending market service and infrastructure-providers.

Certification and Programme Recognition

This course is certified by ICMA.

ICMA recommends that 30 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

Repo: introduction

  • Basic mechanics, some terminology
  • Legal and economic characteristics of repo (including management of collateral income & basic accounting consequences)
  • Core uses of repo: funding long positions; covering short positions

Repo: structures and market segments

  • Repurchase transactions v buy/sell-backs
  • Main types of repurchase transaction (fixed-rate; floating-rate; open; forward; evergreens; extendibles; GC, specifics & specials

Repo: risk management

  • Initial margin & haircut
  • Margin maintenance
  • Default procedures

 Repo: operational management

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

Day Two

Securities lending & borrowing: introduction

  • Basic mechanics
  • Legal structure
  • Economic operation
  • Core uses of securities lending and borrowing
  • Fees
  • Collateral
  • Securities lending versus repo

 Securities lending & borrowing: risk management

  • Risks in securities lending
  • Risk management
  • Counterparty selection
  • Borrower indemnification
  • Collateral selection
  • Initial margin
  • Margin maintenance (variation margining)
  • Cash collateral reinvestment
  • Default procedures

 Securities lending & borrowing: operational management

  • Manufactured payments
  • Corporate actions
  • Voting rights
  • Substitution
  • Delivery
  • Fails
  • Delegation of collateral management

 The securities lending market

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

Legal and documentation issues in repo and securities lending

  • 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

 GMRA developments

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


Day Three

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

 Triparty repo and securities lending

  • Risk mitigation through triparty repo
  • Functional aspect of triparty repo
  • Legal aspect of triparty
  • Triparty Securities Lending
  • The triparty landscape

 CCP for repo

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

 Securities financing transactions tax issues

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

 Regulatory Overview

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


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 Repo & Securities Lending under the GMRA-GMSLA course will be delivered in-person at the ICMA London offices across three 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 2,850 + VAT (if applicable)
Non-members: EUR 3,500 + VAT (if applicable)

*Our prices do not include travel/accomodation. Please do not book any logistics until you receive email confirmation that the course will go ahead. This will be provided between 6 weeks and one month 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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