The International Capital Market Association (ICMA) has released the 2011 version of the Global Master Repurchase Agreement (GMRA), Fundamentals reports. The move follows a review of the previous version from 2000 by the ICMA European Repo Committee.

The new version includes amending the methodology in calling an event of default, expanding the definition of an act of insolvency and providing more flexibility in default valuation time. The association has also introduced the concept of margin percentage and a set-off clause in the new agreement. GMRA is a legal agreement used for documenting transactions in the cross-border repo market.

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