Session dates: 9, 10 & 11 October
10:00 - 18:00 CEST | Time Zone Converter

Course access period: 3 months

(please complete and return the registration form to


This course provides a solid and broad understanding of all key aspects of repo and securities lending and of the trading and post-trade management of these instruments within the frameworks provided by the GMRA and GMSLA. It is presented by a unique combination of experts with first-hand experience of all dimensions of repo and securities lending.

Although designed primarily for legal and documentation staff, the breadth of the course rigor provided by the documentary framework has made it very popular with staff with varied professional backgrounds and experience from a wide range of different types of institutions.

The GMRA-GMSLA workshop has been running since 2009.

Learning Outcomes

By completing this course you will be able to:

Delegates should:

  • Understand why master agreements are necessary in general and the particular advantages of the GMRA and GMSLA.
  • Demonstrate a working knowledge of how the GMRA and GMSLA are organized by being able to navigate their way around the documents to find the provisions relevant to particular issues.
  • Be aware of the ICMA’s Guide to Best Practice in the European Repo Market and its role in relation to the GMRA, and the parallel role of ISLA’s market guidance.
  • Appreciate the importance of the title transfer of collateral for repo but understand why there is a choice of collateralization for securities lending.
  • From an understanding of the dual nature of repo as a sale-and-repurchase legal structure performing the economic functions of a secured loan, be able to apply this insight by answering questions about repo from first principles.
  • Be able to identify the differences between repo and securities lending and between repo and derivatives.
  • Be able to compare and contrast repurchase transactions and buy/sell-backs and describe the alternative types of securities loan.
  • Understand the business focus of the standard GMRA and the use of Annexes to amend standard provisions to tailor the agreement to specific business, legal and operational needs as well as the use of the forthcoming ICMA and ISLA Clause Taxonomies and Libraries.
  • Be able to explain the difference between haircuts and initial margins, and apply them to exposure calculations.
  • Be able to outline the calculation of Transaction and Net Exposures, including Net Margin, and the concepts of Repricing and Adjustment, and the structure of net exposure calculations under the GMSLA.
  • Identify and follow the post-trade operational and risk management provisions in the GMRA and GMSLA, including those relating to the substitution of collateral, corporate events and failed settlement.
  • Be able to outline the default procedures under the GMRA and GMSLA.
  • Recognize the key legal issues affecting repos, available legal precedent, issues that might arise from the use of the GMRA and GMSLA in foreign jurisdictions and how to use legal opinions.
  • Understand the role of tri-party collateral management, what tri-party agents do and do not do, and how use of a tri-party agent affects use of the GMRA and GMSLA.
  • Understand what is meant by central clearing, the role of a CCP and how use of a CCP affects use of the GMRA.
  • Be able to outline the principles of accounting for repo and securities lending.
  • Be able to outline the key capital, leverage, liquidity regulations applying to repos and securities lending in Europe as well as settlement and reporting requirements.
  • Be aware of the potential impact of sustainability requirements on the use of collateral in repo and securities lending.

Who should attend?

Although designed primarily for legal and documentation staff, the breadth of the course rigor provided by the documentary framework has made it very popular with staff with varied professional backgrounds and experience from a wide range of different types of institutions, including:

  • Legal and documentation staff incl. legtech and fintech developers
  • Risk management, regulatory, compliance, accounting and audit staff in both sell-side and buyside firms
  • Regulators, policymakers and central bankers
  • SFT desk and liquidity/treasury managers and dealers.
  • Repo and securities lending market service and infrastructure-providers.

Certification and Programme Recognition

ICMA is a member of the CPD® Certification Service, an FCA-approved qualifications provider and approved by the Securities & Futures Commission of Hong Kong as provider of Continuous Professional Training (CPT).

This course is certified by ICMA.

ICMA recommends that 30 learning hours can be associated with this course, based on attended/undertaken hours of study required to successfully complete the learning outcomes.

A Certificate of Attendance will be awarded to those who meet the minimum attendance requirements for this course.

Please note that your course certificate of attendance or completion should be sufficient to satisfy any professional development requirements – if you require further evidence, please contact us at

Course Trainer

Richard Comotto

Day One

Repo: introduction

  • Basic mechanics, some terminology
  • Legal and economic characteristics of repo (including management of collateral income & basic accounting consequences)
  • Repurchase transactions v buy/sell-backs

Repo: structures and market segments

  • Main types of repurchase transaction
    • fixed-rate
    • floating-rate
    • open
    • forward
    • evergreens, extendibles
    • GC, specifics & specials

Repo: risk management

  • Initial margin & haircut
  • Margin maintenance

 Repo: operational management

  • Custody (delivery, HIC, tri-party)
  • Failure to deliver

The Securities Lending Market

  • The role os ISLA
  • Overview of securities lending activity & market
  • Some legal and regulatory developments in securities lending

Day Two

Securities lending & borrowing: introduction

  • Basic mechanics
  • Legal Structure
  • Economic operation
  • Core uses of securities lending and borrowing

 Legal and documentation issues in repo and securities lending

  • Documentation and architecture
  • Title transfer and re-characterisation risk
  • Close-out netting and legal opinions
  • Set-off
  • Automatic Early Termination
  • Events of Default and Termination Events (including a comparison with the ISDA Master Agreement)
  • Case law and practical issues on close-out
  • Corporate events and voting rights
  • Representations
  • Sanctions
  • SFTs under the ISDA Master Agreement

 Securities lending & borrowing: operational management

  • Manufactured payments
  • Corporate actions
  • Voting rights
  • Substitution
  • Delivery
  • Fails
  • Delegation of collateral management
  • Fees
  • Collateral
  • Securities Lending versus repo

Securities lending & borrowing: risk management

  • Risks in securities lending
  • Risk management
  • Counterparty selection
  • Borrower indemnification
  • Collateral selection
  • Initial margin
  • Margin maintenance (variation margining)
  • Cash collateral reinvestment
  • Delegation of collateral management

Day Three

 CCP for repo

  • The role of CCP in the repo market
  • The structure and operation of CCP
  • Regulatory mandates
  • Legal relationship with users

 Triparty repo and securities lending

  • Why use triparty?
  • How does triparty work?
  • Triparty securities lending
  • The triparty landscape

GMRA developments

  • ICMA legal opinions
  • Clause Library and Taxonomy
  • Template Notices and Agreements
  • Master Confirmation for evergreens and extendibles
  • Digital Assets under the GMRA

Regulatory Overview

  • Basel risk-weighted capital
  • Leverage Ratio
  • LCR
  • NSFR

CSDR settlement discipline - update

Please note that ICMA reserves the right to make changes to this agenda

Classroom course

Our classroom courses are delivered in-person at a confirmed location.

The Repo & Securities Lending under the GMRA-GMSLA course will be delivered in-person at the ICMA London offices across three full-days. Tea, coffee and light refreshments will be provided during the course but please note these courses are not catered. If you have any dietary requirements please let us know when you complete the registration form.

Delegates will be given access to our learning management system and the course materials before the live sessions, and will have access to those for a total of three months. During these three months you will have the option to keep working through the course materials at your own pace.

Location Address


Classroom course fees*

ICMA Members: EUR 3,300 + VAT (if applicable)
Non-members: EUR 4,100 + VAT (if applicable)

*Our prices do not include travel/accommodation. Please do not book any logistics until you receive email confirmation that the course will go ahead. This will be provided 4 weeks in advance of the start date.

For security reasons, delegates who have not registered in advance will not be admitted to the sessions.

Please note:
  • All payments must be made in Euro.


Should you have any queries, please contact


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