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 Master Confirmation Annex (Members only)     

The Master Confirmation Annex 2011 version and 2000 version provides a standardised set of terms which can be used to document ‘non-standard’ trade types, such as evergreens and extendables.

GMRA Template Notices and Agreements (Members only)             

The template form of GMRA Amendment Agreement, GMRA Termination Notice, Mini close-out notice 2011 version and 2000 version and the Default notice 2011 version and 2000 version have been produced to provide a reference point for parties who have not otherwise developed their own. The use of these templates is not mandatory, and members may use and/or adapt them as they deem necessary.

ICMA GMRA legal opinions

Find out more about the GMRA legal opinions here.

ICMA GMRA Clause Library and Taxonomy

ICMA has created for its members the GMRA Clause Library and Taxonomy, a catalogue of GMRA clauses and their negotiated business outcomes, along with a library of model wordings that could be used to draft for such outcomes in a standardised manner across market participants.

News & Resources

FAQs on the GMRAs (Members only)

FAQs on the GMRA and Brexit (Members only)

 

GMRA 2011
GMRA 2000
GMRA 1995
GMRA 2011

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

Chinese 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.

Equities Annex to the GMRA 2011

Gilts Annex to the GMRA 2011

GMRA FATCA language

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
 



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

In 2013, ICMA 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. In accordance with its terms, the Protocol closed on 1 September 2023 and adherence is no longer possible.

Please click here for further information on the Protocol and Adhering Parties.

GMRA 2000

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

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

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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