Capital market participants create their own data representations, arising from the need for legal agreement data for downstream systems, including collateral, risk, pricing, and capital decisions. Consequently, there is a call for consistent data representation. In response, the International Capital Markets Association (ICMA) has published a strategy paper that evaluates steps to promote the standardization of industry-negotiated repo documentation.
The strategy paper evaluates the work done to date on the Global Master Repurchase Agreement Clause Taxonomy and Library (GMRA) project. It outlines the next stages in the project and the role that market participants need to play to make this initiative successful.
ICMA encourages its members to share their ideas and inputs to the project to build on the critical role GMRA documentation plays in repo trading. The organization also urges its members to embrace the enhanced benefits of a digital documentation approach to the GMRA.
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