Market Practice – Rules, Recommendations and Standard Documentation
All ICMA members have access to the ICMA Primary Market Handbook (IPMA Handbook), ICMA’s rules and recommendations for the secondary market and the legal opinions on the Global Master Repurchase Agreement.
Primary market The ICMA Primary Market Handbook (IPMA Handbook) is a comprehensive document covering the issuance of a broad range of international securities, continuously responding to market developments when guidance is required. It is the most widely used issuing framework in the international debt markets worldwide.
Secondary market ICMA’s rules and recommendations for the secondary market form a reliable framework for trading debt and related securities (both between members as well as between members and other professional market participants) and for the clearing and settlement of trades in such securities.
Repo In the rapidly expanding cross-border repo market ICMA has been an active force in standardising documentation. The Global Master Repurchase Agreement (GMRA) is the most predominantly used standard master agreement for repo transactions in the cross-border repo market. The 1995, 2000 and 2011 versions of the GMRA, developed by the Association, are underpinned by legal opinions from 62 jurisdictions which address the enforceability of the netting provisions of the GMRA, and the validity of the agreement as a whole. ICMA provides its members with guidance on the GMRA and is the sole provider of industry standard legal opinions on the agreement.
Read more about this topic: ICMA
Famous quotes containing the words market, practice and/or standard:
“I refuse to be. In
the madhouse of the inhuman
I refuse to live.
With the wolves of the market place
I refuse to howl ...”
—Marina Tsvetaeva (1892–1941)
“The classroom, with all its limitations, remains a location of possibility. In that field of possibility we have the opportunity to labor for freedom, to demand of ourselves and our comrades, an openness of mind and heart that allows us to face reality even as we collectively imagine ways to move beyond boundaries, to transgress. This is education as the practice of freedom.”
—bell hooks (b. c. 1955)
“Where shall we look for standard English but to the words of a standard man?”
—Henry David Thoreau (1817–1862)