The repo product plays a vital and central role in the modern financial ecosystem by providing liquidity, marketability and in offering opportunities for the mitigation of credit risk.
Since the early 1990’s, ICMA has played a significant role in promoting the interests and activities of the international repo market, and of the product itself. This includes the development of the Global Master Repurchase Agreement (GMRA), which has become the principal master agreement for cross-border repos globally, as well as for many domestic repo markets.
The ICMA European Repo Council (ERC) was established in December 1999, to represent the cross-border repo market in Europe. In 2015, the ERC’s name was changed to European Repo and Collateral Council (ERCC) in recognition of the increasingly intimate relationship between repo and collateral and the group’s substantial focus on collateral.
The ICMA ERCC is today the main industry representative body for repo and collateral markets, developing consensus solutions for issues arising in a rapidly evolving marketplace and consolidating and codifying best market practice. The Council also plays a significant role in nurturing the development of the repo market and supporting its wider use in Europe and globally by providing educational courses and market information, such as the bi-annual survey of the European repo market which has become established over the past two decades as the authoritative indicator of market size and structure and the dominant trends.
The ICMA ERCC Committee is the governing board of the ERCC which is elected on an annual basis by all ERCC member firms.
Membership of the ERCC is open to ICMA members who transact repo and associated collateral business in Europe. The ICMA ERCC currently has around 100 members, comprising the majority of firms actively involved in this market.
If you have any questions or would like to get involved in the ERCC, please contact us at firstname.lastname@example.org.
ICMA ERCC Governance
- ICMA ERCC members and General Meetings
- ICMA ERCC Committee
- ICMA ERCC Operations Group
- ICMA International Repo and Collateral Council and Committee
- Global Master Repurchase Agreement (GMRA)
- ICMA GMRA Legal opinions (Members only)
- Information Statement Securities Financing Transactions Regulation
- Resolution Stays
- FAQs on the GMRAs (Members only)
ICMA ERCC Publications
- ICMA ERCC reports
- ICMA ERCC position papers and responses to public consultations
- ICMA ERCC Guide to best practice in the European Repo Market
- ICMA ERCC Recommendations for Reporting under SFTR
- FAQs on Repo
- SFTR Public Data
- ICMA repo survey
- Euro Repo Funds Rate
- GBP Money Market Rates
- USD Repo Rates
- FX Basis Swaps
- LIBOR-OIS Spreads (‘LOIS’)
- SFT Regulation (SFTR)
- MiFID II/R and SFTs
- CSDR settlement discipline, including implications for repo
Repo and Sustainability
- Latest ICMA ERCC News
- Sanctions on Russia: Considerations for repo and secondary trading (Members only)
- ICMA Guide to Asia Repo Markets
ICMA ERCC Repo and Collateral Newsletter
A monthly market update is sent to repo and collateral market contacts, sign up to the mailing list by ticking the repo and collateral markets box (ICMA members only).
Email the ICMA ERCC secretariat
Senior Director, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
Direct line: +44 20 7213 0335
Director, Market Practice and Regulatory Policy, secretary to the ICMA European Repo and Collateral Council and Committee (ERCC) and ERCC Operations Group.
Direct line: +44 20 7213 0333