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Master Repurchase Agreement 1996

The Master Repurchase Agreement 1996: Overview and Key Points

A Master Repurchase Agreement (MRA) is a legal document that governs the commercial transaction of repurchase agreements. The MRA is typically used in the financial industry, specifically in the trading of securities and other financial instruments.

The Master Repurchase Agreement of 1996 (MRA 1996) is a standardized agreement developed by the International Securities Market Association (ISMA) to provide a consistent framework for repurchase agreements globally. It is an updated version of the earlier Master Repurchase Agreement of 1992 (MRA 1992).

The MRA 1996 covers repurchase transactions for securities, such as bonds, notes, and bills, as well as equity securities and other financial instruments. It outlines the obligations and responsibilities of the seller (repo party) and the buyer (reverse repo party) in a repurchase agreement.

Key Points of the Master Repurchase Agreement 1996

1. The MRA 1996 is a legally binding agreement between the repo party and the reverse repo party, outlining the terms and conditions of the repurchase agreement.

2. The agreement specifies the terms of the trade, including the price, quantity, collateral, and settlement date.

3. The collateral pledged by the seller must be of sufficient value to cover the repurchase price agreed upon.

4. The MRA 1996 provides for the substitution of collateral, which means the seller can replace the original collateral with other acceptable securities during the term of the repurchase agreement.

5. The agreement also outlines the procedures for default or termination of the agreement. In the event of default, the reverse repo party has the right to sell the collateral to recover its investment.

6. The MRA 1996 also includes provisions for netting, which allows the parties to offset their obligations in case of default or termination.

7. The agreement is governed by English law.


The Master Repurchase Agreement of 1996 is an important document in the financial industry, providing a standardized framework for repurchase transactions globally. It outlines the terms and conditions of the trade, including the price, quantity, collateral, and settlement date, as well as procedures for default and termination. The MRA 1996 is a legally binding agreement, providing security and clarity for both the repo and reverse repo parties.

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