The Overnight Reverse Repurchase Agreement is a critical financial instrument used in the Australian market for short-term secured lending transactions. This document is employed when financial institutions need to manage their liquidity positions, engage in short-term funding arrangements, or participate in monetary policy operations. The agreement details the terms and conditions for the purchase and subsequent resale of securities, typically occurring within a 24-hour period. It incorporates essential elements such as pricing mechanisms, eligible securities criteria, margin requirements, and default procedures, all aligned with Australian regulatory requirements including the Corporations Act 2001 and Banking Act 1959. The document is particularly relevant in the context of Australian financial markets operations and interbank lending activities.
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1. Parties: Identification of the parties entering into the agreement, including their legal status and contact details
2. Background: Context of the agreement and the parties' intentions to enter into reverse repurchase transactions
3. Definitions: Definitions of key terms used throughout the agreement
4. Scope and Purpose: Overview of the reverse repurchase transaction structure and general framework
5. Purchase and Sale: Core transaction terms including pricing, settlement dates, and transfer of securities
6. Securities Eligibility: Criteria for eligible securities and valuation methods
7. Margin Maintenance: Requirements for initial margin, margin calls, and margin threshold amounts
8. Income Payments: Treatment of income on purchased securities during the transaction period
9. Representations and Warranties: Standard representations and warranties from both parties
10. Events of Default: Definition of default events and consequences
11. Close-out and Netting: Procedures for early termination and calculation of settlement amounts
12. Security Interest: Creation and enforcement of security interests in the purchased securities
13. Notices: Communication procedures between parties
14. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution
1. Tax Provisions: Include when parties are in different tax jurisdictions or specific tax treatment is required
2. Agency Provisions: Include when one party acts as agent for multiple principals
3. Electronic Trading: Include when transactions will be executed through electronic platforms
4. Buy-in Procedures: Include when specific procedures for buying in securities in case of failure to deliver are needed
5. Foreign Exchange Provisions: Include when transactions involve multiple currencies
6. FATCA Compliance: Include when US tax implications need to be addressed
7. Force Majeure: Include when specific market disruption events need to be addressed
1. Schedule 1 - Form of Confirmation: Standard form for confirming individual transactions
2. Schedule 2 - Eligible Securities: Detailed list of acceptable securities and their characteristics
3. Schedule 3 - Margin Percentages: Table of haircuts and margin requirements for different security types
4. Schedule 4 - Operating Procedures: Detailed procedures for execution, settlement, and margin maintenance
5. Schedule 5 - Contact Details: List of authorized personnel and contact information
6. Appendix A - Standard Settlement Instructions: Payment and securities settlement instructions for both parties
7. Appendix B - Forms: Standard forms for notices, margin calls, and other communications
Relevant legal definitions
Act
Applicable Law
APRA
ASIC
Australian Business Day
Authorized Representative
Available Margin Amount
Buyer
Buy-Back Date
Buy-Back Price
Close-out Amount
Confirmation
Default Notice
Distributions
Early Termination Date
Eligible Securities
Event of Default
Exposure
GST
Income
Initial Margin
Interest Rate
Margin Call
Margin Ratio
Margin Securities
Margin Transfer
Market Value
Net Exposure
Notice of Default
Overnight Rate
Pricing Rate
Purchase Date
Purchase Price
Purchased Securities
RBA
Repurchase Date
Repurchase Price
Seller
Settlement Date
Spot Rate
Subsidiary
Substitute Securities
Sydney Business Day
Transaction
Transaction Exposure
Transfer Date
Valuation Date
Valuation Percentage
Valuation Time
Applicable Law
APRA
ASIC
Australian Business Day
Authorized Representative
Available Margin Amount
Buyer
Buy-Back Date
Buy-Back Price
Close-out Amount
Confirmation
Default Notice
Distributions
Early Termination Date
Eligible Securities
Event of Default
Exposure
GST
Income
Initial Margin
Interest Rate
Margin Call
Margin Ratio
Margin Securities
Margin Transfer
Market Value
Net Exposure
Notice of Default
Overnight Rate
Pricing Rate
Purchase Date
Purchase Price
Purchased Securities
RBA
Repurchase Date
Repurchase Price
Seller
Settlement Date
Spot Rate
Subsidiary
Substitute Securities
Sydney Business Day
Transaction
Transaction Exposure
Transfer Date
Valuation Date
Valuation Percentage
Valuation Time
Clauses
Interpretation
Definitions
Purchases and Sales
Transfer of Title
Margin Maintenance
Payment and Transfer
Income Payments
Substitution
Representations and Warranties
Events of Default
Close-out and Netting
Tax Provisions
Security Interest
Set-off Rights
Market Valuations
Price Differential
Risk Management
Settlement
Notices
Term and Termination
Governing Law
Dispute Resolution
Force Majeure
Confidentiality
Assignment and Transfer
Amendments
Severability
Counterparts
Electronic Execution
Agency Provisions
Entire Agreement
Third Party Rights
Recording of Communications
Regulatory Compliance
Anti-Money Laundering
Definitions
Purchases and Sales
Transfer of Title
Margin Maintenance
Payment and Transfer
Income Payments
Substitution
Representations and Warranties
Events of Default
Close-out and Netting
Tax Provisions
Security Interest
Set-off Rights
Market Valuations
Price Differential
Risk Management
Settlement
Notices
Term and Termination
Governing Law
Dispute Resolution
Force Majeure
Confidentiality
Assignment and Transfer
Amendments
Severability
Counterparts
Electronic Execution
Agency Provisions
Entire Agreement
Third Party Rights
Recording of Communications
Regulatory Compliance
Anti-Money Laundering
Relevant Industries
Banking
Financial Services
Investment Management
Securities Trading
Asset Management
Insurance
Public Sector Finance
Treasury Services
Capital Markets
Financial Technology
Relevant Teams
Treasury
Trading
Legal
Compliance
Risk Management
Operations
Settlement
Portfolio Management
Credit Risk
Financial Control
Regulatory Reporting
Collateral Management
Trading Systems
Middle Office
Back Office
Relevant Roles
Treasury Manager
Fixed Income Trader
Repo Desk Manager
Risk Manager
Compliance Officer
Legal Counsel
Operations Manager
Settlement Officer
Portfolio Manager
Credit Risk Analyst
Financial Controller
Securities Operations Officer
Regulatory Reporting Manager
Trading Systems Manager
Collateral Manager
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