Training

• Training Overview
• Public Training
• In-House Training
• 1992 ISDA® Master Agreement
• 2002 ISDA® Master Agreement
• Collateral and the ISDA® Credit Support Annex under English Law
• ISDA® Master Agreement and Credit Support Documentation for Risk Officers
• Everything you need to know about the 2002 ISDA and CSA and were afraid to ask
• An Introduction to Repo Documentation (GMRA 2000)
• An Introduction to Repos and the GMRA 2011
• Securities Lending and the GMSLA 2000
• Securities Lending and the GMSLA 2010
• Legal and documentation aspects of credit derivatives
• An Introduction to the European Master Agreement
• Online Training

Training

An Introduction to Repo Documentation (GMRA 2000)

One day course

1. The nature of and types of repo

• What is a repo?
• How do they work?
• Types of repo.

2. Typical Repo Uses

• From the Seller's viewpoint
• From the Buyer's viewpoint
• Use by Central Banks.

3. Buy/sellbacks

• Differences between repos and buy/sellbacks.

4. Legal issues affecting repos

• Nature of the transaction
• Ownership of the securities
• Drawbacks of recharacterisation as a secured loan
• English law legal opinion by Richard Sykes QC
• ICMA legal opinions.

5. Repo Documentation

• History of the TBMA/ISMA Global Master Repurchase Agreement (2000) (the "GMRA 2000")
• Contents of the GMRA 2000
• Paragraph by paragraph analysis of the GMRA 2000**
• The GMRA 2000 Annexes  
• Study of relevant Annexes of the client's choice.
• A review of the client's own Annex I to the GMRA 2000.

6. Main differences between the GMRA 2000 and the GMRA 2011

7. Practical negotiation exercise.

Training is charged at an agreed daily rate plus Value Added Tax.

** Accounts for 75% of the course.