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Global Master Repurchase Agreement

The “Global Master Repurchase Agreement” (or “GMRA” for short) is the industry standard contract for transacting Repurchase Transactions.  It is published by the International Capital Market Association (ICMA).  There have been four versions of the Global Master Repurchase Agreement – the first published in 1992.  The GMRA was subsequently updated in 1995 in order to incorporate lessons learned from the collapse of Barings.  It was further updated in 2000 in an attempt to incorporate the lessons from the Russian and Asian financial crises.  The most recent version of the Global Master Repurchase Agreement was published in 2011.  This update was designed to align the Global Master Repurchase Agreement with other industry standard documentation such as the ISDA Master Agreement and the Global Master Securities Lending Agreement (the “GMSLA).

The GMRA takes the form of a pre-printed framework agreement comprised of 21 sections.  The parties to the GMRA make elections and commercial amendments within Annex I of the GMRA.  The economic terms of each particular Repurchase Transaction are documented separately within a confirmation.

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