Course Outline
Download a copy of the sample course outline
One day course
1. The nature of and types of repo
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What are repos?
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How do they work?
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Types of repo
2. Typical Repo Uses
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From the Seller's viewpoint
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From the Buyer's viewpoint
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Use by Central Banks.
3. Buy/sellbacks
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Differences between repos and buy/sellbacks.
4. Legal issues affecting repos
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Nature of the transaction
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Ownership of the securities
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Drawbacks of recharacterisation as a secured loan
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English law legal opinion by Richard Sykes QC
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ICMA legal opinions.
5. Repo Documentation
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History of the Global Master Repurchase Agreement (2011) (the “GMRA 2011”)
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Comparison between the GMRA 2000 and GMRA 2011
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Paragraph by paragraph analysis of the GMRA 2011**
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A review of the Institution’s own Annex I to the GMRA 2011
6. Practical negotiation exercise
Training is charged at an agreed daily rate plus Value Added Tax.
**Accounts for 70% of the course.