1992: the first global master industry standard repurchase agreement Uses of Repos in Practice: Financing a Long Position • Dealers do not own all their inventory outright. Agreement, and accordingly the Buy/Sell Back Annex shall not apply. A tri-‐party repo differs from a bilateral repo in that a third party — a triparty custodian … Many of the terms used in the market to describe repos are taken from standard legal agreements, such as the Global Master Repurchase Agreement (GMRA), repurchase agreement The second type of repo — and one utilized by BofA Global Capital Management and other cash asset managers — is the tri-‐party repurchase agreement. • They can finance the purchase of a Treasury by simultaneously entering into a repo using the same Treasury as collateral. 3 GLOBAL MASTER REPURCHASE AGREEMENT The GMRA is a master agreement used globally and published by the International Capital Market Association. MASTER REPURCHASE AGREEMENT FOR THE ZAMBIAN MARKET March 2010 - 3- 1.4. (b) This Annex applies to any Repurchase … Transactions in Net Paying Securities may not be effected under this Agreement. (a) The purpose of this Annex is to supplement the Global Master Repurchase Agreement in order to take into account the specific characteristics of the Tanzania repurchase market and comply with the requirements of laws of Tanzania. Agency Transactions may not be effected under this Agreement, and accordingly the Agency Annex shall not apply. If Transactions are to be effected under this Agreement by either party as an agent, this shall be specified in Annex I hereto, and the provisions of the Agency Annex shall apply to such Agency Transactions. GLOBAL MASTER REPURCHASE AGREEMENT (2011 VERSION) These guidance notes: • are designed to assist users of the Global Master Repurchase Agreement (2011 Version) (the "Agreement") in completing the Agreement and in arranging transactions under the Agreement; • do not form part of the Agreement… Box, CH-8033, Zurich www.isma.org 2000 VERSION VERSI TAHUN 2000 TBMA/ISMA GLOBAL MASTER REPURCHASE AGREEMENT TBMA/ISMA This Practice Note gives an introduction to repo (repurchase transactions) and the Global Master Repurchase Agreement (GMRA), the most commonly used agreement in the UK and EU repo markets. Consequently, the two legs of a repurchase agreement are part of a single legal contract, whereas the two legs of a traditional, undocumented buy/sell-back are implicitly separate contracts. 1.4 Paragraph 2. terms of each such Agreement to reflect certain provisions of the 2011 Global Master Repurchase Agreement, 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. London www.bondmarkets.com International Securities Market Association Rigistrasse 60, P.O. 1.3 Paragraph 1(d). 1.2 Paragraph l(c)(ii). 2. Ł are designed to assist users of the TBMA/ISMA Global Master Repurchase Agreement (2000 Version) (the "Agreement") in completing the Agreement and in arranging transactions under the Agreement; Ł do not form part of the Agreement; and Ł summarise the key provisions of the Agreement … The Master Repurchase Agreement (MRA), published by the Securities Industry and Financial Markets Association (SIFMA), is the primary form of standardized repo agreement used in US repurchase (repo) transactions.The latest version of the MRA was published in 1996 by SIFMA, then known as the Bond Market Association (BMA), and can be found on the SIFMA website. Maintained • Found in: Banking & Finance, Financial Services. An introduction to repo and the Global Master Repurchase Agreement (GMRA) Practice notes.