The Global Master Repurchase Agreement (GMRA) is the primary standard agreement used globally for documenting repurchase (repo) transactions and reverse repo transactions in the securities financing markets. This version, governed by Hong Kong law, is specifically adapted to comply with Hong Kong legal and regulatory requirements while maintaining international market standards. The agreement is used when parties wish to enter into repos on an ongoing basis, providing a robust framework for these transactions including provisions for margin maintenance, default handling, close-out netting, and various transaction types. It incorporates specific considerations for Hong Kong's financial markets and regulatory environment, making it suitable for financial institutions operating in or through Hong Kong.
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1. Parties: Identification of the contracting parties and their legal status
2. Background: Context of the agreement and general purpose of entering into repo transactions
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. Initiation and Confirmation: Procedures for entering into transactions and confirmation requirements
5. Margin Maintenance: Provisions for calculating and maintaining margin, including margin ratios and transfer thresholds
6. Income Payments: Treatment of income on purchased securities and manufactured payments
7. Payment and Transfer: Mechanics of payments and securities transfers, including timing and settlement
8. Contractual Currency: Specification of payment currencies and currency conversion provisions
9. Substitution: Rights and procedures for substituting purchased securities
10. Representations: Basic representations and warranties of the parties
11. Events of Default: Definition of default events and consequences
12. Tax Event: Provisions dealing with tax-related events and consequences
13. Interest on Defaulted Obligations: Interest calculations and payments on defaulted obligations
14. Single Agreement: Provision establishing all transactions as part of a single agreement
15. Notices and Other Communications: Communication procedures and requirements
16. Entire Agreement and Severability: Integration clause and severability provisions
17. Non-assignability: Restrictions on assignment of rights and obligations
18. Governing Law: Choice of Hong Kong law and jurisdiction provisions
19. No Waivers: Non-waiver provisions protecting parties' rights
20. Recording: Consent to recording of communications
1. Agency Transactions: Additional provisions for transactions where one party acts as agent, used when parties may act in agency capacity
2. Buy/Sell Back Transactions: Specific provisions for buy/sell back transactions, included when parties intend to enter into such transactions
3. Forward Transactions: Provisions specific to forward transactions, used when parties plan to enter into forward-starting repos
4. Electronic Trading: Provisions for electronic trading platforms and systems, included when parties use electronic trading
5. Mini Close-Out: Provisions for dealing with fails on individual transactions, optional alternative to full close-out
6. Custody Arrangements: Additional provisions for third-party custody arrangements, used when involving external custodians
7. Force Majeure: Extended force majeure provisions, included based on jurisdictional requirements or party preference
8. Resolution Stay: Provisions relating to resolution stays under banking regulations, included when dealing with regulated financial institutions
1. Schedule 1: Form of Confirmation: Standard form for transaction confirmations
2. Schedule 2: Form of Buy/Sell Back Confirmation: Standard form for buy/sell back transaction confirmations
3. Schedule 3: Hong Kong Supplemental Terms: Jurisdiction-specific terms required under Hong Kong law
4. Schedule 4: Agency Terms: Detailed terms applicable to agency transactions
5. Schedule 5: Buy/Sell Back Terms: Detailed terms applicable to buy/sell back transactions
6. Schedule 6: Forward Transactions Terms: Detailed terms applicable to forward transactions
7. Appendix A: Eligible Securities: List and characteristics of securities eligible for transactions
8. Appendix B: Market Practices: Specific market practices and conventions applicable in Hong Kong
9. Appendix C: Systems and Operations: Operational procedures and systems requirements
10. Appendix D: Forms of Power of Attorney: Standard forms for powers of attorney when required
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