A Practical Guide to Using Repo Master Agreements 3rd Edition by Paul Harding, Christian Johnson 0857195867 9780857195869

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ISBN 10: 0857195867

ISBN 13: 9780857195869

Author: Paul Harding; Christian Johnson

Fully revised and updated third edition A Practical Guide to Using Repo Master Agreements is the essential book for all who need to know about the international repo market and its products, the important legal, credit and regulatory issues in this space, and most of all need to understand the contents of repo master agreements so that they can negotiate them safely and confidently. The book is written by two of the world’s leading commentators on the subject, Paul C Harding and Christian A Johnson and its coverage is comprehensive. This new third edition principally offers readers a detailed guide to the most widely used European and US repo master agreements through a clause-by-clause text and commentary on each master agreement. This commentary is written in clear English for a good, swift understanding of the implications of each provision. The full texts of each repo master agreement are reproduced in the appendices with the kind permission of the trade associations concerned. Triparty repo is an important part of the US repo market and clause-by-clause commentary and a full text of the Bank of New York Mellon Tri-party Custodial Repo Agreement (2016) is also provided. This third edition has been updated to include: — The new, updated Bank of New York Mellon Tri-party Custodial Repo Agreement (2016). — A summary of recent developments in the European and US repo markets since 2012. — Fresh examples of clauses parties seek to negotiate in these agreements. — A comprehensive and easy-to-navigate table of contents to find items of greatest interest quickly. This book is principally aimed at lawyers and paralegals who negotiate ICMA and SIFMA repo master agreements. Other professionals in the European and US securities markets will also find this book useful. These could include traders, credit officers and regulators as well as academics specialising in financial securities. Such professionals may work for commercial or investment banks, law firms, treasury units, central banks, pension funds and fund managers. Such is the broad potential appeal of this must-have book which caters for the novice and seasoned negotiator alike.

A Practical Guide to Using Repo Master Agreements 3rd Table of contents:

Chapter 1. Introduction to the Repo Markets

• Origins and size of the repo market
• The European market
• The US market
• Total market size
• The growth of the market
• Market disasters
• Other matters
• International Capital Market Association
• Securities Lending and Repo Committee
• Securities Industry and Financial Markets Association

Chapter 2. Legal Issues Affecting Repos

• English perspective
• Legal nature of a repo transaction
• The right to deal with the securities
• The right to the coupon
• The right to substitution
• Proceeds on enforcement
• Disadvantages of recharacterisation as a secured loan
• Applicable laws
• The Sykes opinion
• The GMRA 2000 English law opinion
• US perspective
• Enforcement of New York choice of law

Chapter 3. Commentary on the TBMA/ISMA Global Master Repurchase Agreement

• Evolution of the GMRA 2000
• Structure of the GMRA 2000
• Paragraph-by-paragraph analysis of the GMRA 2000
• GMRA 2000 Annexes I and II
• Annex I Part 1
• Annex I Part 2
• Commentary
• Annex II

Chapter 4. Commentary on the SIFMA/ICMA Global Master Repurchase Agreement

• Background
• Structure of the GMRA 2011
• Paragraph-by-paragraph analysis of the GMRA 2011
• GMRA 2011 Annexes I and II
• Summary of changes in the GMRA 2011 from the GMRA 2000

Chapter 5. Commentary on the Master Repurchase Agreement (September 1996 version)

• Evolution of the Agreement
• Structure of the Agreement
• Paragraph-by-paragraph analysis of the Agreement
• Annex I
• Annex II
• Annex III
• Annex IV
• Annex V
• Annex VI
• Annex VII
• Annex VIII
• Annex IX

Chapter 6. Tri-party Custodial Repo Agreements

• Introduction
• Paragraph-by-paragraph commentary
• Schedule I
• Schedule II
• Schedule III
• Schedule IV
• Appendix I

Chapter 7. Recent Market Developments

• Shadow banking concerns
• Basel III
• EU Financial Transactions Tax
• EU Central Securities Depositories Regulation
• Brexit
• Recent developments in the US
• Tri-Party Repo Infrastructure Reforms
• Federal Reserve Bank’s Reverse Repo Program
• FATCA

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