ICMA publishes updated Guide to Best Practice in the European Repo Market

The ICMA European Repo and Collateral Council (ERCC) is the principal industry standards setting body for the European repo market. To this end, the ERCC publishes, and routinely updates, the Guide to Best Practice in the European Repo Market. The Guide provides recommended practices, conventions, and clarifications intended to support the orderly trading and settlement of repos.

The latest version of the Guide, published today, introduces a number of new guidelines intended to address issues that have arisen since the last publication (in December 2018) as the market continues to evolve and develop. These include best practices for the termination of open repos late in the day, the calculation of transaction exposure for forward dated trades, and defining stale prices.

The ERCC will continuously review the Guide and make further updates in line with future market evolution and agreed understanding of best practice.

The ERCC also provides and maintains specific best practices for repo transaction reporting through its Recommendations for Reporting Under SFTR.

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