Course Overview

The financial markets continue to become more sophisticated and trading repo is an essential risk management instrument.

While repo transactions are commonplace in global capital markets, cross-border repo with EMDC markets is not typical while in-country horizontal repo markets are nascent. Interest in repo product is growing in light of market-changing central bank adoptions of essential acts and regulations, such Netting Acts and regulations that support GMRA as the market standard.

Against this backdrop, it’s essential for transacting bank staff; front and back-office to have a solid grasp of the GMRA Master Agreement and its implementation. This course provides a practical step-by-step guide to understanding and applying the GMRA Master Agreement across the life-cycle of a repo transaction.

Who should enrol?

This is a basic to Intermediate Course.

  • Money Market practioners

  • Structured Products Sales Teams

  • Senior Dealers

  • Legal and Compliance Teams

  • Structured Product Sales Teams

Course curriculum

    1. Course objectives

      FREE PREVIEW

    2. Course resources

    1. What is a master agreement?

    2. What is the GMRA

    3. Architecture of the GMRA

    4. ICMA legal opinions

    5. Module 1 | Test your Knowledge

    1. Definition of a repo under the GMRA

    2. Scope of the GMRA

    3. Life cycle of a repo under the GMRA

    4. Module 2 | Test your Knowledge

    1. Life cycle of a repo under the GMRA - Maintenance Margin

    2. Module 3 | Test your Knowledge

    1. Lifecycle of a repo under the GMRA - Income payments

    2. Module 4 | Test your Knowledge

    1. Safeguards - Tax event

    2. Safeguards - Events of default

    3. Safeguards - Interest

    4. Conclusion

    5. Module 5 | Test your Knowledge

About this course

  • $299.00
  • 22 lessons
  • 1.5 hours of video content

Topics covered

  • The purpose and objectives of the GMRA Master Agreement

  • The scope and architecture of the GMRA

  • Life-cycle of a repo under GMRA

  • Safeguards built into the GMRA

  • Terminating a GMRA

Pricing

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Instructor

Meet who you will learn with

Richard Comotto

Course Director

Senior Visiting Fellow at the ICMA Centre at the University of Reading in England since 1999, consultant to the International Capital Market Association (ICMA) and its European Repo and Collateral Council (ERCC), and a technical expert to the International Monetary Fund and other international financial institutions on money market and repo market development as well as to Frontclear. Richard is author of the ICMA’s Repo FAQs and Guide to Best Practice in the European Repo Market, course director for the ICMA’s Professional Repo Market Course and ICMA-ISLA GMRA-GMSLA Legal and Documentation Workshop, and Director of the ICMA semi-annual survey of the European repo market. Richard also acts as an independent consultant and served for 10 years in the Bank of England, including the Bank’s Foreign Exchange Division and on secondment to the IMF in Washington DC.

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