The GMRA

Since the early 1990s ICMA has devoted considerable resources to developing a standard master agreement for repo transactions in conjunction with the Securities Industry and Financial Markets Association (SIFMA). The first version of the Global Master Repurchase Agreement (GMRA) was published in 1992 and followed by substantially revised versions in 1995, 2000 and 2011. Click on the tabs below to see the Global Master Repurchase Agreements, including related documents, annexes and guidance notes.

 

GMRA legal opinions

Regulators require repo transactions to be documented under robust written legal agreements, such as the GMRA, supported by regularly updated legal opinions, as a condition of recognising the reduction of credit risk by collateral and close-out netting in the calculation of regulatory capital requirements and large exposures. Reasoned legal opinions are required to confirm that, in the event of a legal challenge, the relevant courts and administrative authorities would find that, where a counterparty fails owing to default, bankruptcy, liquidation or any other similar circumstance, the regulated firm’s claims and obligations pursuant to the GMRA would be limited to a net sum under the law of the relevant jurisdiction(s), and which meets certain other requirements. The GMRA legal opinions which ICMA makes available to its members assist them in fulfilling these regulatory requirements are available here. A list of the jurisdictions covered by the opinions is provided below:

 

GMRA LEGAL OPINIONS - JURISDICTION COVERAGE
Anguilla Bermuda Cyprus Germany Israel Malaysia Philippines Slovakia Thailand
Argentina Brazil Czech Republic Greece Italy Malta Poland Slovenia Turkey
Australia British Virgin Islands Denmark Guernsey Japan Mauritius Portugal South Africa United Arab Emirates
Austria Canada England Hong Kong Jersey Mexico Philippines South Korea USA
Bahamas Cayman Islands Estonia Hungary Latvia Netherlands Poland Spain  
Bahrain China Finland India Liechtenstein New Zealand Portugal Sweden  
Barbados Croatia France Indonesia Lithuania Norway Scotland Switzerland  
Belgium Curaçao and Sint Maarten Georgia Ireland Luxembourg Oman Singapore Taiwan  

News & Resources

FAQs on the GMRAs (Members only)

FAQs on the GMRA and Brexit (Members only)

Multilateral tool for upgrading the GMRA
(From the ICMA Quarterly Report Fourth Quarter dated 10 October 2019).

 

GMRA 2011
GMRA 2000
GMRA 1995

GMRA 2011



Click here to download the GMRA 2011

Click here to download the Guidance Notes to the GMRA 2011

 


GMRA 2011 related documents


GMRA 2011 blacklined to show changes from GMRA 2000

Buy/Sell Back Annex to the GMRA 2011

Bills Annex to the GMRA 2011

Agency Annex to the GMRA 2011

Canadian Annex to the GMRA 2011

Equities Annex to the GMRA 2011

Gilts Annex to the GMRA 2011

Italian Annex to the GMRA 2011

Japanese Annex to the GMRA 2011

Russian Annex to the GMRA 2011 (2021 version)*

This version of the Russian Annex replaces the previously published version. Please see the blackline for further information on the changes made.

*Please note that this is provided for information only. The Russian Annex is updated annually and made available within the ICMA GMRA Russian legal opinion.

Russian Translation of the GMRA 2011*
*This translation is provided for information only and intended to serve as an educational reference tool. The official version of the GMRA 2011 is the English language version published above.

SFTR Information statement

 GMRA FATCA language



2011 Global Master Repurchase Agreement (GMRA) Protocol (Revised)

ICMA has published the 2011 Global Master Repurchase Agreement Protocol (Revised) (the Protocol) to enable the parties to a 1995 Global Master Repurchase Agreement (GMRA 1995) or a 2000 Global Master Repurchase Agreement (GMRA 2000) (each an Agreement) to amend the terms of each such Agreement to reflect certain provisions of the 2011 Global Master Repurchase Agreement (GMRA 2011), as published by ICMA (the GMRA 2011), and to enable the parties to a GMRA 1995, a GMRA 2000 or a GMRA 2011 (also an Agreement) to insert a definition of Euro in each such Agreement.

Please click here to see the Protocol document (including Form of Adherence Letter).



Important notices
Until further notice ICMA will accept scanned copies of duly executed Protocol documents emailed to icmaprotocolservices@icmagroup.org, rather than requiring physical delivery as per section 5(g) of the Protocol. Protocol documents sent by email are deemed to have been effectively delivered when ICMA acknowledges receipt. Physical delivery of duly executed documents must follow at a suitable later date.
17 March 2020
ICMA hereby give thirty calendar days’ notice of the amendment of the Closing Date of the 2011 Global Master Repurchase Agreement Protocol (Revised), now designated as 1 September 2021. Should you require further information, please contact: legal@icmagroup.org
29 July 2019
Important notices
 
17 March 2020
Until further notice ICMA will accept scanned copies of duly executed Protocol documents emailed to icmaprotocolservices@icmagroup.org, rather than requiring physical delivery as per section 5(g) of the Protocol. Protocol documents sent by email are deemed to have been effectively delivered when ICMA acknowledges receipt. Physical delivery of duly executed documents must follow at a suitable later date.

21 September 2021
ICMA hereby give thirty calendar days’ notice of the amendment of the Closing Date of the 2011 Global Master Repurchase Agreement Protocol (Revised), now designated as 1 September 2023. Should you require further information, please contact: legal@icmagroup.org


Table of Adhering Parties

Last updated: 3 December 2020 No. of Adhering Parties: 17
  Election  
Name of Adhering Party Annex 1* Annex 2* Annex 3* Annex 4* Annex 5* Adherence date Party Specific Cut-off Date
NatWest Markets plc (formerly The Royal Bank of Scotland plc) x x x x x 11 Oct 2013  
NatWest Markets N.V. (formerly The Royal Bank of Scotland N.V.) x x x x x 31 Oct 2013  
National Westminster Bank Plc x x x x x 31 Oct 2013  
Daiwa Capital Markets Singapore Limited x x x x x 19 Jan 2015  
Daiwa Capital Markets Europe Limited x x   x x 13 Feb 2015  
Société Générale x x x x x 19 May 2015  
KBC Bank x x x x x 28 Jan 2016  
KBC Investments Limited x x x x x 28 Jan 2016  
CBC Banque S.A. x x x x x 28 Jan 2016  
Daiwa Securities Co. Ltd x x x x x 23 Mar 2018  
Standard Chartered Bank x x x x x 6 Sep 2018  
HSBC Bank plc x x   x x 24 Sep 2018  
HSBC France x x   x x 24 Sep 2018  
The Hongkong and Shanghai Banking Corporation Limited x x   x x 28 Nov 2018  
Societe Generale International Limited x x x x x 11 Dec 2019  
CIMB Bank Berhad x x x x x 21 Oct 2020  
Caixa Geral de Depósitos, S.A. x x x x x 3 Dec 2020  

*Key to annexes
Annex 1: GMRA 1995 - Close-out amendments
Annex 2: GMRA 2000 - Close-out amendments
Annex 3: Set-off
Annex 4: Euro definition
Annex 5: Changes to LIBOR references
Neither ICMA nor any of its officers, servants or agents will incur any liability to any Adhering Party or any other person or be responsible for any loss, damage, expense or claim whatsoever suffered or incurred by any Adhering Party or any other person as a result of performing or failing to perform any of its functions under the Protocol except to the extent that such liability, loss, damage, claim or expense is shown to be attributable to the fraud or wilful default of ICMA. Neither ICMA nor any of its officers, servants or agents shall be liable for any loss of business, profit or consequential damage of any kind whatsoever. Without limiting the generality of paragraph 5 (f) of the Protocol (Governing law and jurisdiction), paragraph 5 (h) of the Protocol (Limitation of liability), the Protocol and any non-contractual obligations arising out of or in connection with any of the foregoing shall be governed by, and interpreted in accordance with, the laws of England.
For further information, email ICMA Protocol Services.


GMRA 2000 and related documents

Documents relating to the GMRA 2000 are available for download below.

GMRA 2000

GMRA 2000 blacklined to show changes from GMRA 1995

Guidance notes to the GMRA 2000

French translation of the guidance notes to the GMRA 2000

German translation of the guidance notes to the GMRA 2000

Italian translation of the guidance notes to the GMRA 2000

Spanish translation of the guidance notes to the GMRA 2000

Amendment agreement to the GMRA 1995

List of annexes to the GMRA 2000

Form of mini close-out notice

Indonesian translation of the GMRA 2000 - bilingual version

GMRA FATCA language


GMRA 2000 - annexes (and associated guidance notes)

A number of annexes to the GMRA adapting it to suit different jurisdictions and markets have been produced. The annexes published jointly by ICMA and SIFMA, the annexes published by ICMA alone and the annexes published by other bodies are listed separately below for downloading.

List of annexes to the GMRA 2000


Annexes to the GMRA 2000 published jointly by ICMA and SIFMA

Agency Annex (and addendum for multiple principal transactions with guidance notes)

Bills of Exchange Annex with guidance notes

Buy/Sell Back Annex

Canadian Annex

Equities Annex with guidance notes

Italian Annex with guidance notes*

Netherlands Annex with guidance notes

*The October 2000 version of the Italian Annex and guidance notes which was originally made available for downloading contained some erroneous references and on May 30, 2001 has been replaced by the corrected May 2001 version.  



Annexes to the GMRA 2000 published by ICMA alone

South African Annex

Thailand Annex

Russian Annex to the GMRA 2000 (2021 version)
*Please note that this is provided for information only. The Russian Annex is updated annually and made available within the ICMA GMRA Russian legal opinion. 


Annexes to the GMRA 2000 published by other bodies

AFMA Annex I published by the Australian Financial Markets Association (AFMA) with supplemental legal opinion

Gilts Annex with respective notes published by the Bank of England

Japanese Securities Annex published by the Japanese Securities Dealers Association

GMRA 1995 and related documents

Documents relating to the GMRA 1995 are available for download below.

GMRA 1995

Guidance notes to the GMRA 1995

List of annexes to the GMRA 1995


GMRA 1995 - annexes (and associated guidance notes) 

A number of annexes to the GMRA 1995 adapting it to suit different jurisdictions and markets have been produced. The annexes published by ICMA alone and the annexes published by other bodies are listed separately below for downloading.

List of annexes to the GMRA 1995


Annexes to the GMRA 1995 published by ICMA

Bills of Exchange Annex

EMU Annex with guidance notes

Equities Annex with guidance notes

FASB 125 Annex with guidance notes

Italian Annex with guidance notes

Language for inclusion of US treasuries under the GMRA

Netherlands Annex

Net paying securities annex with guidance notes

South African Annex

NEW: Russian Annex


Annexes to the GMRA 1995 published by other bodies

AFMA Annex I published by the Australian Financial Markets Association (AFMA) with supplemental legal opinion

Swiss Annex published by the Swiss National Bank

Japanese Securities Annex published by the Japanese Securities Dealers Association

**The ERCC took a decision to discontinue coverage of the GMRA 1995 in the ICMA GMRA legal opinions from 2019 onwards. For further information contact legalhelpdesk@icmagroup.org**

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