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ISDA® is a registered trade mark of the International Swaps and Derivatives Association, Inc.
This programme is neither sponsored by nor affiliated with the International Swaps and Derivatives Association, Inc.

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The 2011 Global Master Repurchase Agreement
(4.5 CPD points)

Audience: This course benefits the legal teams involved in negotiating this agreement, the credit teams involved in assessing credit risk on these transactions as well as the trading teams who trade repo. Collateral personnel may also be interested in this course in terms of how the margining process works.

  • What is a repo: classic repo; buy-/sell-back and securities lending transaction

  • Why use repo?

  • Background to the legal documentation

  • Benefits of using a GMRA

  • Legal aspects of a repo

  • Risks and rewards: credit risks involved

  • New or different definitions used in the 2011 GMRA

  • Margin and margin maintenance

  • Collateral and haircuts: initial margin and haircut approach (and how they relate to Transaction Exposure)

  • Re-pricing

  • Adjustment

  • Income payments

  • Default mechanisms in the GMRA

  • Buy-in, mini close-out and set-off

  • The use of the GMRA in South Africa

  • Re-characterisation risks

Outcomes: Delegates will gain a solid understanding of the 2011 GMRA, the margining process as well as how this agreement works in the context of SA law. Negotiation points of the agreement will also be discussed to give the delegates a good understanding of how to effectively negotiate the agreement.

Duration: 6 hours (9am – 3pm)

Cost: R6 800 per person (excluding VAT)

This course was approved in 2019 by the Financial Planning Institute of Southern Africa as a CPD programme, earning delegates 6 points on completion. Do let us know if you require these points in 2020!