Understanding Repo and the GMRA

Six years have now passed since the first edition of our guide to repo and the Global Master Repurchase Agreement. In that time, interest in the repo market has, if anything, intensified with further defaults and litigation, participants ramping up documentation procedures and default procedures, a number of sovereign debt crises and related Eurozone contingency planning and, following on from the wave of regulation engulfing the derivatives market, similar regulation has finally hit the repo market.

This new edition, written by Jonathan Haines and Christopher Georgiou, takes account of these developments and, including several new chapters and fully updated throughout the rest of the guide, aims to provide readers with:

• a general orientation around the repo and securities lending markets
• an understanding of the principal economics and uses of repo
• a user's guide to the 1995, 2000 & 2011 GMRA
• a summary of the 2011 GMRA Annexes
• an overview of tri-party repo
• an overview of recharacterisation risk
• an explanation of netting opinions
• a summary of EU Regulation affecting repo (including SFTR, BRRD, Basel III & CSDR)
• a summary of the Lehman Brothers v. ExxonMobil repo case
• an overview of a default management process
• an overview of the ERCC Best Practice Guide
• tables comparing the different versions of the GMRA and comparing the 2011 GMRA and the 2010 GMSLA
• specimen forms of default notices

How to order

To order your copy of Understanding Repo and the GMRA at £95 each (discounts for multiple orders), or £50 each for ICMA members, please contact Nicola Gardener on +44 (0)20 7859 1013 or email nicola.gardener@ashurst.com