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GMRA 是全球主回购协议的缩写。它是为回购交易各方设计的法律协议范本，由代表欧洲跨境债券和回购市场的国际资本市场协会（ICMA）发布。GMRA 是全球跨境回购以及许多国内回购市场的主要主协议。
GMRA is the acronym for the Global Master Repurchase Agreement. It is a model legal agreement designed for parties transacting repos and is published by the International Capital Market Association (ICMA), which is the body representing the cross-border bond and repo markets in Europe. The GMRA is the principal master agreement for cross-border repos globally, as well as for many domestic repo markets.
《全球回购协议》于 1992 年首次发布。1995 年对其进行了更新，纳入了巴林兄弟危机的经验教训，2000 年又纳入了俄罗斯和亚洲金融危机的经验教训。最新版本于 2011 年发布。虽然该版本是在 2007 年爆发的大金融危机之后发布的，但它并不是危机暴露出的任何重大缺陷的结果。事实上，《2000 年全球风险评估》表现良好，包括在 2008 年雷曼兄弟违约之后。更新《2000 年全球风险监管协议》主要是为了更紧密地协调《全球风险监管协议》与其他主协议，包括《全球证券借贷主协议》（GMSLA）和《国际掉期衍生品协议》（ISDA）主协议，以及反映 2000 年以来市场实践和一般法律发展变化的需要。此外，还借此机会澄清了某些条款和条件。
The GMRA was first published in 1992. It was updated in 1995 to incorporate lessons learned in the Baring Brothers crisis and, in 2000, to incorporate lessons from the Russian and Asian financial crises. The latest version was published in 2011. Although this version followed the Great Financial Crisis that erupted in 2007, it was not the result of any material shortcomings exposed by the crisis. Indeed, the GMRA 2000 performed well, including following the Lehman Brothers default in 2008. Rather, the updating mainly reflected the desire to harmonise the GMRA more closely with other master agreements, including the Global Master Securities Lending Agreement (GMSLA) and the ISDA Master Agreement, and the need to reflect changes in market practice and general legal developments since 2000. The opportunity was also taken to clarify certain terms and conditions.
《全球回购协议》由一份预先印制的主协议和附件一组成，前者包含标准回购市场通用的标准条款，后者列出了各方为执行协议而需要做出的具体选择（如确定最短交付期），并提供了记录补充条款和条件的地方，如果各方希望定制主协议以反映他们之间业务关系的特殊性的话。每笔交易的具体商业条款都记录在确认书中，确认书的范本见《全球回购协议》附件二。
The GMRA consists of a pre-printed master agreement that contains standard provisions, which are generic to the market in standard repo, and Annex I, which lists specific choices that need to be made by the parties to operationalize the agreement (eg fixing minimum delivery periods) and provides somewhere to record supplemental terms and conditions, if the parties wish to customise the master agreement to reflect the special character of the business relationship between them. The specific commercial terms of each transaction are recorded in confirmations, a model template for which is provided in Annex II of the GMRA.
《全球回购协议》适用于根据英格兰和威尔士法律以委托人之间回购交易形式进行的简单优质固定收入证券的短期回购。要将《全球回购协议》适用于股票回购、由代理人或与代理人进行的回购，或以买入/卖出回购形式进行的回购，就必须修改主协议。为此，可分别签署标准的股票、代理和买入/卖出回购附件。其他产品附件适用于某些国内证券（如英国金边债券）。为使主协议适用于英格兰和威尔士以外的司法管辖区，还有一些国家附件。此外，各方还可在《全球移动利率协议》附件一中添加特别补充条款或条件。
The GMRA is designed for short-term repos of simple high-quality fixed-income securities that take the form of repurchase transactions between principals under the law of England and Wales. To apply the GMRA to repos of equities, repos by or with an agent, or repos in the form of buy/sell-backs, it is necessary to amend the master agreement. This can be done by signing the standard Equity, Agency and Buy/Sell-Back Annexes, respectively. Other product annexes accommodate certain domestic securities (eg UK gilts). To adapt the master agreement to jurisdictions other than England and Wales, there are also a number of country annexes. In addition, the parties can add special supplementary terms or conditions to Annex I of the GMRA.
为确保《全球回购协议》的有效性，ICMA 每年都会代表其成员就整个协议的可执行性、所有权转让的有效性、破产清算净额结算机制以及与商业银行和投资公司交易的其他条款，以及在许多国家与各类非银行金融机构交易的其他条款，在 65 个以上的司法管辖区征求法律意见。如果各方同意对《全球回购协议》进行重大修订，则需要查看自己的补充法律意见书，以确保其修订不会影响合同的合法性、有效性和可执行性。
To ensure that the GMRA remains effective, the ICMA commissions legal opinions on behalf of its members every year on the enforceability of the whole agreement, the effectiveness of title transfer, its mechanism for close-out netting in insolvency and other provisions in over 65 jurisdictions for transactions with commercial banks and investment firms, and in many countries, transactions with various types of non-bank financial institution. If parties agree material amendments to the GMRA, they will need to see their own supplementary legal opinions to ensure that their amendments have not affected the legality, validity and enforceability of the contract.
监管机构要求回购交易必须根据《全球回购协议》等健全的书面法律协议进行记录，并辅以定期更新的法律意见书，以此作为在计算监管资本要求和大额风险敞口时承认抵押品和平仓净额结算降低信用风险的条件。
Regulators require repos to be documented under robust written legal agreements like the GMRA, supported by regularly updated legal opinions, as a condition of recognising the reduction of credit risk by collateral and close-out netting in the calculation of regulatory capital requirements and large exposures.
