Funding Division
Mission
To recommend and advocate best market practices, sound regulatory methodologies and strong market liquidity for significant dealer participants in the U.S. funding markets, including DVP repurchase transactions, tri-party repo, and securities lending and borrowing. The Division endeavors to educate regulators and market participants in general as to the critical role these markets play in strengthening the U.S. economy and maintaining strong market liquidity for U.S. Government Securities. The Division endeavors to maintain a high standard of excellence in its advocacy role and works with its members to ensure a focused, efficient and productive approach to advancing these markets.
Latest Updates
SIFMA Completes 2008 Repo Legal Opinions - 28 April 2008
SIFMA Projects Fixed Income Issuance Decline of 15 Percent in 2008, to $3.4 Trillion Performance Forecast to Improve in Second Half - January 8, 2008
SIFMA Completes 2007 Global Master Repurchase Agreement Legal Opinion Update
The GMRA, which is published jointly with the International Capital Market Association (ICMA), updates its legal opinions annually and the 2007 update includes opinions from 24 jurisdictions.
GMRA Opinions 2007
Updated April 11, 2007
The opinions are available to members for free, and to non-members for $2000 each.
Market Practices
SIFMA Supports Efforts of Treasury Group to Develop Best Practices for Market
In a comment letter filed with the Treasury Market Practices Group SIFMA supports the Group’s efforts to encourage all market participants to incorporate best practices in their daily operations in the market for Treasury securities and offers comments on the Best Practices reflecting the views of its members.
SIFMA Releases Policy Statement and Guidelines Regarding Error Trade Policies for Interdealer Brokers
SIFMA released an exposure draft of a policy statement and guidelines regarding error trade policies for interdealer brokers. Comments on the policy statement and guidelines are due on January 31, 2007. Please direct all comments to Lynnette Hotchkiss at lhotchkiss@sifma.org
Restated Repo Trading Practices Guidelines - published: 17-Apr-03
Standard Forms/Documentation
- Master Repurchase Agreement Legal Opinions - published 13-Jan-06
Five opinions from counsel in the Cayman Islands, British Virgin Islands, Bermuda and the United States on the enforceability and netting provisions of the MRA are available free to members, or to non-members for a $2000 fee. - GMRA Opinions 2007
The opinions are available to members for free, and to non-members for $2000 each. - Global Master Repurchase Agreement (1995 and 2000 Versions)
- Master Repurchase Agreement
- Master Securities Loan Agreement
- Master Securities Loan Agreement Opinions
- Trade Assignment Agreement - 2003
- Cross-Product Master Agreement
- Legal Opinions in Relation to the Cross-Product Master Agreement
- Debt Prime Brokerage Documents
- Guiding Principles To Promote Integrity of Fixed Income Research