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Both a vital monetary policy tool and an important money market instrument, the global repo market is estimated to account for EUR 15 trillion in outstandings with an approximate EUR 3 trillion daily turnover.

The International Capital Markets Association (ICMA)’s GMRA is the standard master agreement for cross-border repos globally, as well as for the majority of domestic repo markets. The following guide is intended as a basic introduction to the 2011 GMRA.

DRS has long-standing expertise in the GMRA – its specialist teams act for a number of major financial institutions, from initial playbook-building, through document negotiation to final legal data upload.

This page will take you through everything you need to know about the GMRA from A-Z.

A

Automatic Early Termination

GMRA A-Z: Adjustment Date

GMRA A-Z: Act of Insolvency

Appropriate Market

Applicable Rate

B

Buy/Sell Back Transaction

Business Day

Base currency

C

Close-out netting

GMRA A-Z: Contractual Currency

GMRA: A-Z Confirmation

GMRA A-Z: Cash Margin

GMRA A-Z: Cash Equivalent Amount

Credit risk

D

Default Notice

Default Market Value

Distribution(s)

Defaulting Party

F

Fungible

H

Haircut

I

Income Payment Date

ICMA

L

Lien

M

Market Value

Margin Transfer

Margin Ratio

Market Risk

N

New Purchased Securities

Net Margin

Net Exposure

Net Value

P

Purchase Price

Purchase Date

Payment Netting

S

Spot Rate

Single Agreement

Securities

T

Tax Event

Time of the essence

Termination

Term

TARGET2

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