ICMA ERCC updates its Repo Best Practice Guide

ICMA’s European Repo and Collateral Council (ERCC) has released an updated version of one of its flagship documents, the Guide to Best Practice in the European Repo Market. The detailed Guide provides recommended practices, conventions, and clarifications intended to support the orderly trading and settlement of repos.

The latest version introduces a number of new and updated guidelines intended to address issues that have arisen since the last publication in March 2021. These include further additions to best practices relating to the use of settlement optimisation tools, such as shaping and auto-borrowing, which were agreed as part of a broader ERCC initiative to support settlement efficiency. But the latest edition also introduces a number of other updates around the trading, margining and lifecycle management of repo trades which have been agreed by the ERCC’s Best Practice Working Group and subsequently endorsed by the ERCC Committee.

For comparison, the updated Guide has been published along with a blackline version which shows all the latest changes. The ERCC will continue to review the Guide and make further updates in line with future market evolution.

Download ICMA Guide to Best Practice in the European Repo Market

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