Master Repurchase Agreement (MRA) 
Last updated September 1, 1996

An agreement for use when parties may enter into transactions in which one party (a “Seller”) agrees to transfer to the other (a “Buyer”) securities or other assets against the transfer of funds by the Buyer, with a simultaneous agreement by the Buyer to transfer to the Seller such securities at a date certain or on demand, against the transfer of funds by the Seller.

View related opinions, which are free to member firms. Available as PDF documents only.

• Agreement
• Guidance Notes
• Supplemental Guidance Notes
• Amendment to the Master Repurchase Agreement (1987 or 1996 Version)
• Annex – Relating to European Economic and Monetary Union
• Annex – Guidance Notes relating to European Economic and Monetary Union
• Annex I – Supplemental Terms and Conditions
• Annex I – Guidance Notes  
• Annex III Amendment (Tax Changes/FATCA) - Posted Sept. 27, 2012
• Guidance Notes for Annex III Amendment (Tax Changes/FATCA) - Posted Sept. 27, 2012
• Annex VIII – Transactions in Equity Securities
• Annex VIII – Guidance Notes
• Annex IX – Transactions Involving Certain Japanese Financial Institutions
• Annex IX – Legal Opinion
• Annex IX – Guidance Notes

Global Master Repurchase Agreement (GMRA) 
Last updated 2011

A global agreement for use when parties may enter into transactions in which one party (a “Seller”), acting through a Designated Office, agrees to sell to the other (a "Buyer"), acting through a Designated Office, securities and financial instruments against the payment of the purchase price by the Buyer to the Seller, with a simultaneous agreement by the Buyer to sell to the Seller securities equivalent to such securities at a date certain or on demand against the payment of the repurchase price by the Seller to the Buyer.

View related opinions, which are free to member firms. Available as PDF documents only.

2011 Version

• Global Master Repurchase Agreement (2011 Version)

2000 Version

• Global Master Repurchase Agreement (2000 Version)
• Guidance Notes - English
• Guidance Notes - French
• Guidance Notes - German
• Guidance Notes - Italian
• Guidance Notes - Spanish
• Amendment Agreement (2000 Version)
• Blackline of 2000 to 1995 Version
• Notes on Opinions Jointly Obtained by ISMA and TBMA
• GMRA Mini Close-out Form
• Australian Financial Market Association (AFMA) – Annex I
• Agency Annex – Supplemental Terms and Conditions for Agency Transactions
• Bills Annex – Supplemental Terms and Conditions for Transactions in Treasury Bills, Local Authority Bills, Bills of Exchange and Certificates of Deposit
• Buy/Sell Back Annex – Supplemental Terms and Conditions for Buy/Sell Back Transactions
• Canadian Annex
• Equities Annex – Supplemental Terms and Conditions for Transactions in Equities
• Guidance Notes to the Equities Annex
• Italian Annex – Supplemental Terms and Conditions for Transactions in Italian Domestic Purchased Securities or Italian Bonds
• Japanese Securities Annex (2000 Version)

1995 Version

• Amendment Agreement (1995 Version)
• GMRA_Guidance Notes (1995 Version)  
• Notice of Principal Changes from November 1992 Version
• Supplemental Guidance Notes
• Japanese Securities Annex (1995 Version)

Master Securities Loan Agreement (MSLA)
Last updated 2000

An agreement for use when parties may enter into transactions in which one party (a “Lender”) will lend to the other party (a “Borrower”) certain securities against a transfer of collateral.

View related opinions, which are free to member firms. Available as PDF documents only.

2000 Version

• Master Securities Loan Agreement (MSLA) (2000 Version)
• 2017 Amendment to 2000 Master Securities Lending Agreement — May 2017
  (the Amendment may be used in connection with the move to T+2 settlement in September 2017)
• Guidance Notes (2000 Version)
• Annex I-A, Agent Lender Disclosure (2005)

1993 Version

• Master Securities Loan Agreement (1993 Version)
• 2017 Amendment to 1993 Master Securities Lending Agreement — May 2017
  (the Amendment may be used in connection with the move to T+2 settlement in September 2017)
• Overview of the Master Securities Loan Agreement (1993 Version)
• Amendment to the Master Securities Loan Agreement (1998)
• Amendment to the Master Securities Loan Agreement (1998) – Guidance Notes
• Euro Amendment (1999)
• Euro Amendment (1999) – Guidance Notes

Master Securities Forward Transaction Agreement (MSFTA) 
Revised December 2012

An agreement for use when parties enter into transactions for the purchase or sale of mortgage-backed and other asset-backed securities and such other securities as may be set forth, including pursuant to when-issued, TBA, dollar roll and other transactions that result or may result in the delayed delivery of securities. Press Statement ›

View related opinions, which are free to member firms. Available as PDF documents only.

• 2017 Amendment to 2012 Master Securities Forward Transaction Agreement – Feb 2017 (Note: the amendment and 2012 form are intended to be used together to facilitate compliance with FINRA 4210)
• 2012 Master Securities Forward Transaction Agreement (MSFTA) - (Current if used together with amendment)
• Guidance Notes: 2012 MSFTA
• 1996 Master Securities Forward Transaction Agreement (MSFTA)  
• TMPG Recommends Margining for Forward Settling Agency MBS Transactions
• TMPG Frequently Asked Questions Document on Agency MBS Margining Recommendation