The ICMA GMRA explainer - August 2022The repo product plays a vital and central role in the modern financial ecosystem by providing liquidity, marketability and in offering opportunities for the mitigation of credit risk.

Since the early 1990’s, ICMA has played a significant role in promoting the interests and activities of the international repo market, and of the product itself. This includes the development of the Global Master Repurchase Agreement (GMRA), which has become the principal master agreement for cross-border repos globally, as well as for many domestic repo markets.

The ICMA European Repo and Collateral Council (ERCC) was established in 1999 as the main representative body for the cross-border repo and collateral market in Europe. The ERCC aims to develop consensus solutions for issues arising in a rapidly evolving marketplace and consolidates and codifies best market practice. Membership of the ERCC is open to ICMA members who are active in repo and associated collateral business in Europe. The ICMA ERCC currently has around 120 members, comprising the majority of firms actively involved in this market.

In September 2022, in recognition of the increasingly global nature of much of ICMA’s repo and collateral work, ICMA established the Global Repo and Collateral Forum (GRCF). The GRCF is open to ICMA members around the world with an interest in repo and collateral and will complement the existing governance framework centred around the ERCC.

For further details on the ERCC and to get involved please contact If you would like to sign up to the GRCF or have any related questions please send an email to

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ICMA ERCC Repo and Collateral Newsletter

A monthly market update is sent to repo and collateral market contacts, sign up to the mailing list by ticking the repo and collateral markets box (ICMA members only).

See also: Latest ICMA News related to repo and collateral


Email the ICMA ERCC secretariat

Andy Hill
Deputy Head, Market Practice and Regulatory Policy; secretary to the Secondary Market Practices Committee and also responsible for overseeing repo policy.
Direct line: +44 20 7213 0335

Alexander Westphal
Senior Director, Market Practice and Regulatory Policy, secretary to the ICMA European Repo and Collateral Council and Committee (ERCC) and ERCC Operations Group.
Direct line: +44 20 7213 0333

Zhan Chen
Associate Director, Market Practice and Regulatory Policy
Direct line: +44 20 3917 3879

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