Get Sifma Master Securities Loan Agreement 1993-2024

Under the 2000 GMRA the presentation of a petition for the winding up of a party, or the appointment of a liquidator, triggers an automatic close out. Now, under the 2011 GMRA, the parties have to elect whether they want this event to lead to an automatic close out – now termed an Automatic Early Termination.

The ICMA Global Master Repurchase Agreement (GMRA) is recognised as the market standard master agreement for repo transactions, a market with a notional value in excess of EUR 30 trillion globally. ICMA has published several versions of the GMRA; the GMRA 1995, GMRA 2000 and the GMRA 2011.

The Master Repurchase Agreement (MRA), published by the Securities Industry and Financial Markets Association (SIFMA), is the primary form of standardized repo agreement used in US repurchase (repo) transactions.

GMRA is the acronym for the Global Master Repurchase Agreement. It is a model legal agreement designed for parties transacting repos and is published by the International Capital Market Association (ICMA), which is the body representing the cross-border bond and repo markets in Europe.

Master Securities. Loan Agreement. This Agreement sets forth the terms and conditions under which one party (“Lender”) may, from time to time, lend to the other party (“Borrower”) certain securities against a pledge of collateral.

Master Securities Loan Agreement (MSLA) An agreement for use when parties may enter into transactions in which one party (a “Lender”) will lend to the other party (a “Borrower”) certain securities against a transfer of collateral.

However, in the MRA, there is no cure period for a margin default, whereas the GMRA provides for notice to be given to the party who has failed to satisfy the call before an event of default can be triggered. The GMRA contains a provision for a recipient of cash margin to pay interest on the cash to the paying party.

The collateral can be in the form of either cash, bonds, shares or letter of credit (LOC).