Investment Operations

ICMA Publishes 2019 Legal Opinions on Global Master Repo Agreement

The International Capital Market Association (ICMA) today published the 2019 updates to the ICMA GMRA legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement for international repo transactions. Updates have been obtained only for jurisdictions that are not EU member states, but ICMA sais that once there is sufficient clarity on the arrangements for the United Kingdom leaving the European Union, it will schedule the update of the EU member state opinions, including the legal opinions for England and Scotland.

The GMRA is the most widely used standard agreement for international repo transactions and is the basis for repo agreements in many national markets. The first version of the GMRA was published in 1992 and was followed by substantially revised versions in 1995, 2000 and 2011. ICMA has continued to obtain and update opinions on the GMRA 1995, 2000 and 2011 versions for the benefit of its members. ICMA’s European Repo and Collateral Committee recently decided to discontinue coverage of the GMRA 1995 in the ICMA GMRA legal opinions from 2019 onwards.

The legal opinions cover the use of the GMRA in close to 70 jurisdictions worldwide, and this considerable body of legal work is made available to ICMA members as a part of their membership of the association.