ICMA publishes 2018 legal opinions on global master repo agreement

The International Capital Market Association (ICMA) published the 2018 updates to the ICMA GMRA legal opinions which support the Global Master Repurchase Agreement (GMRA), the standard agreement for international repo transactions. The 2018 opinions cover the use of the GMRA in over 60 jurisdictions worldwide.

The 2018 opinions cover both the enforceability of the netting provisions of the GMRA as well as the validity of the GMRA as a whole (subject to certain limitations). While all 2018 opinions cover, as a minimum, companies, banks and securities dealers, the opinions for 49 jurisdictions additionally cover insurance companies, hedge funds and mutual funds as parties to the GMRA, where relevant.

Access the GMRA legal opinions

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