This workshop is organised by the International Capital Market
Association (ICMA) and the International Securities Lending Association
(ISLA). It analyses how repo and securities lending transactions
operate within the framework provided by the Global Master Repurchase
Agreement (GMRA) and the Global Master Securities Lending Agreement
(GMSLA), and highlights the issues that need to be addressed by users.
These two separate but increasingly overlapping master agreements are
the essential underpinnings of the cross-border repo and securities
lending markets.
In order to provide a clear practical context
to documentation and underlying issues, the workshop starts with a
rigorous introduction to the fundamental legal and operational
characteristics of repo and securities lending instruments,
transactional uses and markets. The main body of the workshop is a
detailed review and comparison of both legal agreements and how they
structure risk and operational management. The workshop also examines
the role of and special issues posed by key market infrastructures such
as electronic trading venues, triparty collateral management and
central clearing through CCPs, as well as the impact of accounting and
tax treatments, and new regulation.
The workshop uses the GMRA
and GMSLA as a framework to provide a structured approach to
understanding instruments, usage and markets. No legal expertise is
required. The workshop can therefore be useful, not just for legal and
documentation staff, but also for front office, risk management,
operational, compliance, audit and regulatory personnel.
The
workshop is introduced and co-ordinated by Richard Comotto, who is the
author of ICMA’s European repo survey, its Guide to Best Practice in
the European Repo Market and its Repo FAQs. Other speakers are legal
and documentation professionals, and operational specialists from ICMA,
ISLA, Ashurst LLP, HSBC, LCH Limited and Euroclear.