UK:
New ICMA Guide To Best Practice In The European Repo Market
30 January 2018
Fieldfisher
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In December 2017, ICMA updated its decade old repo trading
practice guidelines in a brand new document that significantly updates the
old guidelines and consolidates them with various other ICMA
publications. The new guide sets out best practice in initiating,
margining and managing the life cycle of a repo. It also contains
various annexes that (i) assist in understanding repo and the repo
market; (ii) contain a useful glossary of repo terms; (iii) explain
open, evergreen and extendible repo; and (iv) provide suggested
forms of mini close-out notice and confirmation.
There is no substitute for a thorough review of the new guide.
Nevertheless, and for the benefit of negotiators, we include in the
table below a selection of best practice recommendations that
immediately impact the documentation of repo using a standard form
GMRA and/or confirmations thereunder. Some of these are motivated
by recent case law and others by developments in market practice.
They are over and above the usual negotiating points that arise
under a GMRA. For further reading and background, see Repo and
Stock Lending: A Practitioner's Guide (Globe Law and Business
2015).
Please click here to view the table.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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