Key Provisions Comparison: GMRA, GMSLA and ISDA Master AgreementKey Provisions Comparison • August 6th, 2024
This Appendix sets out the key provisions of the 2011 version of the Global Master Repurchase Agreement (GMRA), co-published by the Securities Industry and Financial Markets Association and International Capital Market Association, and the January 2010 version of the Global Master Securities Lending Agreement (GMSLA), published by International Securities Lending Association. It also draws out the differences in how the GMRA, GMSLA and the ISDA 2002 Master Agreement and related credit support annexes (CSAs)36 address similar concepts37. Due to the different architecture of the ISDA documentation, product-specific provisions are addressed in the definitional booklets, provisions in the schedules to the ISDA Master Agreement and/or confirmations. High-level proposals have therefore been included for catering (or not catering) for the relevant GMRA/GMSLA provisions in the new SFT schedule provisions and/or SFT definitional booklet.
