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 Digital Assets Annex
The GMRA Digital Assets Annex provides a standard framework and set of terms which can be used to document repo transactions that are collateralised by, or has the (re)purchase price paid in, digital cash, digital securities including tokenised traditional securities or asset backed digital assets. The GMRA Digital Assets Annex and accompanying guidance notes can be downloaded here.
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
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.
Digital Assets Annex to the GMRA 2011
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 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 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**
