Guide · Documentation
Standard Master Agreements in Global Securities Finance
Cross-border securities lending commonly uses the Global Master Securities Lending Agreement (GMSLA), and international repo commonly uses the Global Master Repurchase Agreement (GMRA). These international forms are tailored through schedules and annexes; domestic alternatives such as US market agreements may also apply. Governing law, counterparty capacity and enforceability need separate review in each jurisdiction.
Last reviewed 27 October 2026
What each agreement covers
| GMSLA | GMRA | |
|---|---|---|
| Transaction | Securities loans | Sale and repurchase (repo) and buy/sell-backs |
| Published by | International Securities Lending Association (ISLA) | International Capital Market Association (ICMA), with SIFMA historically |
| Collateral | Cash or securities, title transfer (security interest variants exist) | Purchased securities and margin |
| Close-out | Netting of all loans on default | Netting of all transactions on default |
Schedules and regional annexes
Parties customise the agreement in its schedule: eligible collateral, margin, events of default, base currency and tax provisions. Regional annexes or local-law supplements address specific requirements, such as Japanese gensaki practice, Korean or Taiwanese onshore lending, or local tax withholding. Domestic markets may also use local master agreements alongside the global forms.
Netting and collateral opinions
Close-out netting is only valuable if enforceable on the counterparty's insolvency. Industry associations commission legal opinions on enforceability in many jurisdictions, and members rely on them for credit and capital purposes. Firms should check whether an opinion covers the counterparty type and the agreement version they use.
Negotiation points
- Recall notice periods and treatment of voting rights.
- Manufactured payment and tax gross-up clauses.
- Minimum transfer amounts and margin thresholds.
- Set-off rights between agreements.
- Agency annexes where an agent acts for multiple principals.