Since the early 1990s, ICMA has played a significant role in promoting the interests and activities of the international repo market, and of the product itself.
Through the promulgation of the Global Master Repurchase Agreement (GMRA), which has become the standard in the international market, ICMA was instrumental in the creation of sound legal documentation for the international repo market.
To address the ongoing needs of its members active in this market, ICMA also created a special interest committee within the framework of ICMA's Council of Reporting Dealers (CRD), the CRD repo sub-committee. This sub-committee made a significant contribution towards promoting repo as a product and guiding the development of the market through its evolving trading practices.
When the pace of change in the European repo market - particularly evident towards the latter part of the 1990s - signalled a desirability for ICMA's repo dealing community to have its own and separate framework in ICMA's Rule Book, ICMA's board decided, in December 1999, that the CRD repo sub-committee should be transformed into a new body operating under ICMA's auspices, to be known as the International Repo Council. In this context, in June 2000 the board enacted new section 1000 which, among other things, determines the structure and composition of the Council.
Then, on 4 December 2015, ICMA’s board decided to change the name of the International Repo Council to the International Repo and Collateral Council (IRCC). This change was made in order to recognise the increasingly intimate relationship between repo and collateral and the substantial focus on collateral by the ICMA IRCC’s regional council – the ICMA European Repo Council (now re-named the European Repo and Collateral Council).
The structure of the ICMA IRCC and its bodies
The ICMA IRCC comprises those ICMA members active in the international repo market that have been admitted to the council. The governing board of the ICMA IRCC is the ICMA International Repo and Collateral Committee (IRCC Committee). The ICMA IRCC Committee consists of two representatives appointed by each regional council, which in turn comprise those ICMA IRCC members that are active in the repo market of a particular geographic area. The current representatives are Gareth Allen and Emma Cooper, respectively the chair and vice-chair of the ICMA IRCC Committee.
The regional councils are established by the ICMA IRCC Committee for those geographic regions in which the committee considers there to be a reasonable number of ICMA members active in the repo market and there to be a reasonable level of repo dealing. Each regional council has its own regional constitution, regional repo and collateral committee and, if considered appropriate, area specific trading guidelines and recommendations. Trading guidelines and recommendations of a regional repo and collateral council must be approved by the ICMA IRCC Committee before becoming effective. There is currently only one regional repo council - the ICMA European Repo Council (now re-named the European Repo and Collateral Council).
Membership of the ICMA IRCC
Membership of the ICMA IRCC and regional repo and collateral councils is open to an ICMA member who has commenced, or has undertaken to commence a dedicated repo and/or collateral activity, is willing to abide by the rules applicable to members of the ICMA IRCC and has sufficient professional expertise, financial standing and technical resources to meet its obligations as a member of the ICMA IRCC. Membership of the ICMA IRCC is granted by the ICMA IRCC Committee, which also consults with the relevant regional repo and collateral committees before deciding whether to grant membership.
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