Repo trading practice guidelines

With the prior approval of the ICMA International Repo Coucil (IRC) Committee, regional committees may enact trading guidelines or recommendations for their regional councils. Such guidelines or recommendations must be in the overall interest of improving efficiency or liquidity in the relevant market.

The following guidelines have so far been adopted with the approval of the IRC Committee

ICMA European Repo Council

25 May 2012
ICMA European Repo Council (ERC) Repo Margining Best Practices 2012*

20 August 2003
Repo Trading Practice Guidelines of 20 August 2003

Other repo documentation

The following documentation has been provided for publication by the International Repo Council and/or its constituent bodies. Users of this information should note that this documentation has not been published under the supervision of ICMA's secretariat and does not, therefore, constitute official ICMA documentation.

Documents for members of the ICMA European Repo Council

12 July 2012
Floating-rate repo conventions

25 July 2011
ERC recommendation on Repo matching as a driver for risk reduction (25 July 2011)

9 November 2007
Resolution by the ERC Committee on the Harmonisation of GMRA mini close-out provisions and ICMA buy-in rules (9 November 2007)

16 November 2004
Recommendation regarding fails in negative interest rate repos, approved by the International Repo Council on 16 November 2004

19 April 2004
Confirmation of second leg of buy/sell back transactions (Letter from the ERC committee chairman to firms active in the repo market, dated 19 April 2004)

Further documents or information may be available from the ERC Secretariat at erc@icmagroup.org

Please note that the formal documentation made available by ICMA, such as the Global Master Repurchase Agreement (GMRA) should be obtained from the relevant pages in this section of this web site.

Copies of the Association's repo market surveys are available in the repo market surveys section of the site.

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* This document replaced the original document on 4 July 2012 in order to correct a typographical error in the definition of a haircut on page 2 which should be defined as: