The ICMA GMRA explainer - August 2022The 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

ICMA ERCC Governance

Legal documentation

ICMA ERCC Publications

Market data



Repo and Sustainability

Other resources

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

Andy Hill
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

Alexander Westphal
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

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