Course Outline

Download a copy of the sample course outline

One day course

1. The nature of and types of repo

• What are repos?
• 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 Global Master Repurchase Agreement (2011) (the “GMRA 2011”)
• Comparison between the GMRA 2000 and GMRA 2011
• Paragraph by paragraph analysis of the GMRA 2011**
• 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.

Learning Objectives

Participants will take away with them the following: 

• An understanding of GMRA 2011 and its Annexes.
• Knowledge of the common amendments to Annex I.
• Awareness of the common credit issues related to this documentation.
• An understanding of the repo market and the types of products which are traded.
• Knowledge of legal issues relating to repos and the GMRA 2000.

Who Should Attend 

• Legal Counsel
• Treasury Documentation professionals
• Credit Risk Managers
• Collateral Management specialists
• Repo & Money Market departments
• Middle Office & Back Office Managers