(Global) Master Repurchase Agreements

Master repurchase agreements are agreements for the purchase and sale of securities that have the economic effect of permitting a seller of securities to receive a collateralized loan from the buyer of such securities. Industry associations make available preprinted forms of these agreements that are customizable with menu type elections and additional annexes, to address specific issues raised by the particular types of securities intended to be traded.

The 1996 Master Repurchase Agreement (MRA) published by the Securities Industry and Financial Markets Association (SIFMA) is widely used in the United States for trading overnight US government bonds. The Global Master Repurchase Agreements (GMRA) is used for trading the securities of other countries around the world. The GMRA’s main publisher is the International Capital Market Association, with input from other organization, including SIFMA. The first version of the GMRA was published in 1992 and followed by substantially revised versions in 1995, 2000 and 2011. The 2000 and 2011 versions are widely in use.