The GMRA
Since the early 1990s ICMA has devoted considerable resources to developing a standard master agreement for repo transactions in conjunction with the Securities Industry and Financial Markets Association (SIFMA). The first version of the Global Master Repurchase Agreement (GMRA) was published in 1992 and followed by substantially revised versions in 1995, 2000 and 2011. Click on the tabs below to see the Global Master Repurchase Agreements, including related documents, annexes and guidance notes.
ICMA GMRA legal opinions
Find out more about the GMRA legal opinions here.
News & Resources
FAQs on the GMRAs (Members only)
FAQs on the GMRA and Brexit (Members only)
Multilateral tool for upgrading the GMRA
(From the ICMA Quarterly Report Fourth Quarter dated 10 October 2019).
GMRA 2011
Click here to download the GMRA 2011
Click here to download the Guidance Notes to the GMRA 2011
GMRA 2011 related documents
GMRA 2011 blacklined to show changes from GMRA 2000
Buy/Sell Back Annex to the GMRA 2011
Bills Annex to the GMRA 2011
Agency Annex to the GMRA 2011
Canadian Annex to the GMRA 2011
Chinese Translation of the GMRA 2011*
*This translation is provided for information only and intended to serve as an educational reference tool. The official version of the GMRA 2011 is the English language version published above.
Equities Annex to the GMRA 2011
Gilts Annex to the GMRA 2011
GMRA FATCA language
Italian Annex to the GMRA 2011
Japanese Annex to the GMRA 2011
Russian Annex to the GMRA 2011 (2021 version)*
This version of the Russian Annex replaces the previously published version. Please see the blackline for further information on the changes made.
*Please note that this is provided for information only. The Russian Annex is updated annually and made available within the ICMA GMRA Russian legal opinion.
Russian Translation of the GMRA 2011*
*This translation is provided for information only and intended to serve as an educational reference tool. The official version of the GMRA 2011 is the English language version published above.
SFTR Information statement
2011 Global Master Repurchase Agreement (GMRA) Protocol (Revised)
ICMA has published the 2011 Global Master Repurchase Agreement Protocol (Revised) (the Protocol) to enable the parties to a 1995 Global Master Repurchase Agreement (GMRA 1995) or a 2000 Global Master Repurchase Agreement (GMRA 2000) (each an Agreement) to amend the terms of each such Agreement to reflect certain provisions of the 2011 Global Master Repurchase Agreement (GMRA 2011), as published by ICMA (the GMRA 2011), and to enable the parties to a GMRA 1995, a GMRA 2000 or a GMRA 2011 (also an Agreement) to insert a definition of Euro in each such Agreement.
Please click here to see the Protocol document (including Form of Adherence Letter).
21 September 2021
Table of Adhering Parties
| Last updated: 3 December 2020 | No. of Adhering Parties: 17 | ||||||
| Election | |||||||
| Name of Adhering Party | Annex 1* | Annex 2* | Annex 3* | Annex 4* | Annex 5* | Adherence date | Party Specific Cut-off Date |
| NatWest Markets plc (formerly The Royal Bank of Scotland plc) | x | x | x | x | x | 11 Oct 2013 | |
| NatWest Markets N.V. (formerly The Royal Bank of Scotland N.V.) | x | x | x | x | x | 31 Oct 2013 | |
| National Westminster Bank Plc | x | x | x | x | x | 31 Oct 2013 | |
| Daiwa Capital Markets Singapore Limited | x | x | x | x | x | 19 Jan 2015 | |
| Daiwa Capital Markets Europe Limited | x | x | x | x | 13 Feb 2015 | ||
| Société Générale | x | x | x | x | x | 19 May 2015 | |
| KBC Bank | x | x | x | x | x | 28 Jan 2016 | |
| KBC Investments Limited | x | x | x | x | x | 28 Jan 2016 | |
| CBC Banque S.A. | x | x | x | x | x | 28 Jan 2016 | |
| Daiwa Securities Co. Ltd | x | x | x | x | x | 23 Mar 2018 | |
| Standard Chartered Bank | x | x | x | x | x | 6 Sep 2018 | |
| HSBC Bank plc | x | x | x | x | 24 Sep 2018 | ||
| HSBC France | x | x | x | x | 24 Sep 2018 | ||
| The Hongkong and Shanghai Banking Corporation Limited | x | x | x | x | 28 Nov 2018 | ||
| Societe Generale International Limited | x | x | x | x | x | 11 Dec 2019 | |
| CIMB Bank Berhad | x | x | x | x | x | 21 Oct 2020 | |
| Caixa Geral de Depósitos, S.A. | x | x | x | x | x | 3 Dec 2020 | |
*Key to annexes
Annex 1: GMRA 1995 - Close-out amendments
Annex 2: GMRA 2000 - Close-out amendments
Annex 3: Set-off
Annex 4: Euro definition
Annex 5: Changes to LIBOR references
Neither ICMA nor any of its officers, servants or agents will incur any liability to any Adhering Party or any other person or be responsible for any loss, damage, expense or claim whatsoever suffered or incurred by any Adhering Party or any other person as a result of performing or failing to perform any of its functions under the Protocol except to the extent that such liability, loss, damage, claim or expense is shown to be attributable to the fraud or wilful default of ICMA. Neither ICMA nor any of its officers, servants or agents shall be liable for any loss of business, profit or consequential damage of any kind whatsoever. Without limiting the generality of paragraph 5 (f) of the Protocol (Governing law and jurisdiction), paragraph 5 (h) of the Protocol (Limitation of liability), the Protocol and any non-contractual obligations arising out of or in connection with any of the foregoing shall be governed by, and interpreted in accordance with, the laws of England.
For further information, email ICMA Protocol Services.
GMRA 2000 and related documents
Documents relating to the GMRA 2000 are available for download below.
GMRA 2000
GMRA 2000 blacklined to show changes from GMRA 1995
Guidance notes to the GMRA 2000
French translation of the guidance notes to the GMRA 2000
German translation of the guidance notes to the GMRA 2000
Italian translation of the guidance notes to the GMRA 2000
Spanish translation of the guidance notes to the GMRA 2000
Amendment agreement to the GMRA 1995
List of annexes to the GMRA 2000
Form of mini close-out notice
Indonesian translation of the GMRA 2000 - bilingual version
GMRA FATCA language
GMRA 2000 - annexes (and associated guidance notes)
A number of annexes to the GMRA adapting it to suit different jurisdictions and markets have been produced. The annexes published jointly by ICMA and SIFMA, the annexes published by ICMA alone and the annexes published by other bodies are listed separately below for downloading.
List of annexes to the GMRA 2000
Annexes to the GMRA 2000 published jointly by ICMA and SIFMA
Agency Annex (and addendum for multiple principal transactions with guidance notes)
Bills of Exchange Annex with guidance notes
Buy/Sell Back Annex
Canadian Annex
Equities Annex with guidance notes
Italian Annex with guidance notes*
Netherlands Annex with guidance notes
*The October 2000 version of the Italian Annex and guidance notes which was originally made available for downloading contained some erroneous references and on May 30, 2001 has been replaced by the corrected May 2001 version.
Annexes to the GMRA 2000 published by ICMA alone
South African Annex
Thailand Annex
Russian Annex to the GMRA 2000 (2021 version)
*Please note that this is provided for information only. The Russian Annex is updated annually and made available within the ICMA GMRA Russian legal opinion.
Annexes to the GMRA 2000 published by other bodies
AFMA Annex I published by the Australian Financial Markets Association (AFMA) with supplemental legal opinion
Gilts Annex with respective notes published by the Bank of England
Japanese Securities Annex published by the Japanese Securities Dealers Association
GMRA 1995 and related documents
Documents relating to the GMRA 1995 are available for download below.
GMRA 1995
Guidance notes to the GMRA 1995
List of annexes to the GMRA 1995
GMRA 1995 - annexes (and associated guidance notes)
A number of annexes to the GMRA 1995 adapting it to suit different jurisdictions and markets have been produced. The annexes published by ICMA alone and the annexes published by other bodies are listed separately below for downloading.
List of annexes to the GMRA 1995
Annexes to the GMRA 1995 published by ICMA
Bills of Exchange Annex
EMU Annex with guidance notes
Equities Annex with guidance notes
FASB 125 Annex with guidance notes
Italian Annex with guidance notes
Language for inclusion of US treasuries under the GMRA
Netherlands Annex
Net paying securities annex with guidance notes
South African Annex
NEW: Russian Annex
Annexes to the GMRA 1995 published by other bodies
AFMA Annex I published by the Australian Financial Markets Association (AFMA) with supplemental legal opinion
Swiss Annex published by the Swiss National Bank
Japanese Securities Annex published by the Japanese Securities Dealers Association
**The ERCC took a decision to discontinue coverage of the GMRA 1995 in the ICMA GMRA legal opinions from 2019 onwards. For further information contact legalhelpdesk@icmagroup.org**
