The "ICMA ERC Guide to best practice in the European Repo Market", published in March 2014, superseded the repo trading practice guidelines published by the ICMA ERC over a decade ago. The March 2014 version was the ICMA ERC’s first initiative to comprehensively explain best practices and conventions for the European repo market. A separate ICMA ERC guideline, updated in 2012, elaborated best practices and conventions for repo margining. Complementing these guidelines, other repo documentation published by the ICMA included a codification of floating-rate repo conventions; a recommendation on repo matching as a driver for risk reduction; and a recommendation regarding fails in negative interest rate repos. The March 2014 version of the Guide pulled together and updated these previous ICMA publications.
March 2022 version
- ICMA ERCC Guide to Best Practice in the European Repo Market dated March 2022
- Consolidated blackline of amendments to the Guide since it was previously updated in March 2021
March 2021 version
- ICMA ERCC Guide to Best Practice in the European Repo Market dated March 2021
- Consolidated blackline of amendments to the Guide since it was previously updated September 2020
September 2020 version
- ICMA ERCC Guide to Best Practice in the European Repo Market dated September 2020
- Consolidated blackline of amendments to the Guide since it was previously updated in December 2018
December 2018 version
- ICMA ERCC Guide to Best Practice in the European Repo Market dated December 2018
- Consolidated blackline of amendments to the Guide since it was previously updated in December 2017
December 2017 version
- ICMA ERCC Guide to Best Practice in the European Repo Market dated 18 December 2017
- Consolidated blackline of amendments to the Guide since it was previously updated in February 2017
February 2017 version
- ICMA ERCC Guide to Best Practice in the European Repo Market dated 14 February 2017
- Consolidated blackline of amendments to the Guide since it was previously updated in July 2015
July 2015 version
- ICMA ERC Guide to Best Practice in the European Repo Market dated 27 July 2015
- Consolidated blackline of amendments to the ICMA ERC Guide to Best Practice in the European Repo Market since it was originally published in March 2014
October 2014 amendments
Changes to the March 2014 version of the ICMA ERC Guide to best practice in the European Repo Market are detailed in the documents below and were effective, as dated.
20 October 2014
Amendment to the “Interest payments on cash margin” provisions contained in the Repo Margining Best Practices set out in Annex II of the ICMA ERC Guide to best practice in the European Repo Market
- Amendments to the ICMA ERC Guide to Best Practice in the European Repo Market
- Blackline of Amendments to the ICMA ERC Guide to Best Practice in the European Repo Market
2 October 2014
The move to T+2 settlement for European cash bond markets on 6 October 2014 has implications for the European repo market; the ICMA ERC Guide was revised to reflect these.
- Amendments to the ICMA ERC Guide to Best Practice in the European Repo Market
- Blackline of Amendments to the ICMA ERC Guide to Best Practice in the European Repo Market
March 2014
It is the intention of the ICMA ERCC to continually monitor developments in the European Repo Market. Accordingly, the Guide will continue to remain under review and will be amended as warranted by any evolution in the agreed understanding of best practice. Because of this intention to periodically amend the Guide, the most up-to-date version will be available on the ICMA website for download and print. It will be for repo market participants to ensure that they periodically check the ICMA website to ensure that they have the most up-to-date version of the Guide. For the latest version, please click here.
Repo trading practice guidelines from prior to March 2014
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
Further documents or information may be available from the ERCC Secretariat at ercc@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.
* 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:
* This document replaced the original document on 7 November 2013 in order to correct a typographical error in the result of the example calculation of a Repurchase Price on pages 3 and 5 which should be defined as: 25,004,861.10
For further information please contact ercc@icmagroup.org.
To access Frequently Asked Questions on repo, click here.
