ICMA - Market Practice – Rules, Recommendations and Standard Documentation

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.

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Famous quotes containing the words standard, practice and/or market:

    [The Declaration of Independence] meant to set up a standard maxim for free society, which should be familiar to all, and revered by all; constantly looked to, constantly labored for, and even though never perfectly attained, constantly approximated, and thereby constantly spreading and deepening its influence, and augmenting the happiness and value of life to all people of all colors everywhere.
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    To know how to be content, and to be so, protects one from disgrace; to know self-restraint and practice it protects one from shame.
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    Lao-tzu.

    I respect not his labors, his farm where everything has its price, who would carry the landscape, who would carry his God, to market, if he could get anything for him; who goes to market for his god as it is; on whose farm nothing grows free, whose fields bear no crops, whose meadows no flowers, whose trees no fruit, but dollars; who loves not the beauty of his fruits, whose fruits are not ripe for him till they are turned to dollars. Give me the poverty that enjoys true wealth.
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