Standard Forms / Documentation / Guidelines Archives

Guidance Notes (pdf)
Supplemental Guidance Notes for Master Repo/Global Master Repo (pdf)
Annex I, October 1997 version (pdf)
Supplemental Guidance Notes for Annex I (pdf)
Annex VIII, Transactions in Equity Securities (pdf)
Guidance Notes to Annex VIII (pdf)Amendment to 1987 Version (pdf)
Annex relating to European Economic and Monetary Union and Guidance Notes (pdf)
Guidance Notes to Annex relating to European Economic and Monetary Union and Guidance Notes (pdf)
Annex IX, Transactions Involving Certain Japanese Financial Institutions (pdf)

published: 13-Jan-06

Master Repurchase Agreement Legal Opinions

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.

published: 4-Feb-04

Commercial Paper Dealer Agreements

For 3(a)(3) and 4(2) programs. Agreements Guidance Notes. Includes Global CP Dealer Agreement.

published: 1-Jan-93

Master Securities Loan Agreement

Master Securities Loan Agreement (pdf)
Guidance Notes (pdf)
Agent Lender Disclosure Annex I-A (pdf )

published: 3-Mar-06

Master Securities Loan Agreement Opinions

Opinions on the enforceability enforceability and netting provisions of the Master Securities Loan Agreement under U.S. law are now available. The opinions are available free to members or to non-members for a $2000 fee by contacting publications.

published: 1-Oct-03

Trade Assignment Agreement - 2003

The Association has published a Trade Assignment Agreement, which may be utilized to assign an outright securities transaction, or the back-leg of a repo transaction.

published: 1-Jan-02

Master Agreement for Federal Agency Securities

Master Agreement (pdf)
Guidance Notes (pdf)

published: 8-Nov-05

Agent Lender Disclosure Annex I-A

Annex I-A describes the new principal identification procedure, as well as the procedure for principal acceptance by a borrower, in redrafted paragraph 2 and eliminates other provisions of the original agency annex to the MSLA no longer relevant to the new methodology.

published: 6-Jun-05

AFMA Annex I to GMRA

The Australian Financial Market Association has published an AFMA Annex I, covering Australian domestic repo transactions in Australian dollar-denominated securities documented under either the GMRA 1995 or 2000.

published: 22-Jul-04

Joint Account Agreement

The standardized Joint Account Agreement is for use by broker-dealers who enter into shared trading accounts.

published: 16-Jun-03

Cross-Product Master Agreement

Cross-Product Master Agreement, Cross-Affiliate Version 2 and 2000 Cross-Product Master Agreement. Agreements, Guidance Notes, Legal Memoranda and Opinions.

published: 6-Feb-00

Legal Opinions in Relation to the Cross-Product Master Agreement

The CPMA is an "umbrella" agreement on the netting of close-out amounts determined in accordance with underlying master agreements, and amends those Agreements in certain limited respects.

published: 1-Jun-98

Trade Assignment Agreement - 1998

Agreement

published: 1-Jul-96

Master Securities Forward Transaction Agreement

Agreement (pdf)
Guidance Notes (pdf)

published: 1-Jan-95

PSA/ISMA GMRA, 1995 Version

Agreement, Guidance Notes, Notices etc.

published: 1-Aug-89

OTC Options Agreements, 1989 and 2000 Versions

Master OTC Options Agreement, 2000 Version (pdf)
Guidance Notes (pdf)

published: 3-May-04

Guaranteed Commercial Paper Dealer Agreements

Model dealer agreements for guaranteed commercial paper issued pursuant to Sections 4(2) and 3(a)(3) of the Securities Act, designed to be used where one or more corporate guarantors are also responsible for the payment of principal and interest on the notes.

published: 13-Jun-03

Cross-Product Master Agreement Cross-Affiliate Version 2

Cross-Product Master Agreement, Cross-Affiliate Version 2 (pdf)
Guidance Notes to CPMA2 (pdf)

published: 12-Feb-03

GMRA Equities Annex

The Association, together with ISMA, have finalised and published the revised Equity Annex to the GMRA 2000, together with updated Guidance Notes to the Annex.

published: 16-Feb-00

2000 Cross-Product Master Agreement

Cross-Product Master Agreement, February 16, 2000

Cross-Product Master Agreement Guidance Notes(pdf), February 16, 2000. Note: if you have difficulty printing this document, send it to your printer a few pages at a time.

published: 1-Jan-93

Japanese MRA Annex

The Association has obtained a legal opinion in connection with Annex IX to its Master Repurchase Agreement (MRA) for cross-border repo transactions involving certain Japanese financial institutions. The Association has also published Guidance Notes to Annex IX.

published: 27-Mar-03

Final GMRA Mini Close-out Form

The GMRA Mini Close-out Form may be used following a failure by the buyer to deliver equivalent securities on the repurchase date.

Guidelines, Procedures, Documentation

published: 30-Sep-02

Secondary Market Disclosure Filings

The Association has revised the generic Cover Sheet for muni disclosure filings.

published: 17-Apr-03

Restated Repo Trading Practices Guidelines

Guidelines, Effective August 1, 1996 (pdf)
Update 96-1 (Optional Substitution/Termination) (pdf)
Update No. 97-1, June 25, 1997 (pdf)
Update No. 98-1, January 30, 1998 (pdf)
Update 98-2, November 2, 1998 (pdf)
Update 98-3, November 2, 1998 (pdf)
Update 98-, November 2, 19984 (pdf)
Update 99-1, April 27, 1999 (pdf)
Update 99-2, April 14, 1999 (pdf)
Update 2001-1, March 19, 2001 (pdf)
Update 2003-1, April 17, 2003 (pdf)
Update 2004-1, July 27, 2004 (pdf)
Update 2004-2, November 30, 2004 (pdf)
Update 2006-1, March 28, 2006 (pdf)

published: 5-Jul-06

Revised MBS Buy-In Procedures Published

The Association has published revised recommended procedures for mortgage-backed securities (MBS) buy-ins that are effective as of July 5, 2006.

published: 31-May-06

Association Releases Best Practices for Broker-Dealers of Auction Rate Securities; Launches New Auction Rate Securities Indices

The exposure draft of the best practicesaddresses issues that arise in auctions of such securities, as well as trading between auctions. They were developed by a task force of traders, lawyers and compliance officers from the Association’s membership.

published: 18-May-06

Association to Publish Revised MBS Buy-In Procedures

The Bond Market Association (TBMA) will publish revised recommended Buy-In Procedures for Mortgage-Backed Securities (MBS) on July 5, 2006, with an immediate effective date.

published: 27-Feb-06

Round Robin Contact List

The Association has compiled a list of contacts for mortgage Operations professionals, both buyside and sellside, involved in the resolution of round robin situations.

published: 13-Feb-06

Revised MBS Good Delivery Guidelines - Important Change Effective March 1, 2006

Revised “Good Delivery Guidelines”, found in Uniform Practices Chapter 8, were published in December 2005. One important change will be effective on Wednesday, March 1.

published: 27-Jan-05

Standard Book-Entry-Only Disclosure Language

The Association has developed standard offering document language describing book-entry-only disclosure for taxable municipal finance transactions that may clear through Clearstream and Euroclear.

published: 14-Sep-04

Practice Guidelines for Trading in Distressed Bonds

Uniform trading terms and voluntary trading practice guidelines for the trading, clearance, and settlement of distressed bonds. The guidelines provide a framework for standardization while preserving the flexibility needed to negotiate the specific terms of different transactions.

published: 18-Aug-04

Revised Standardized Template for Monthly CDO Trustee Reports

A revised version of the Association's standardized template for monthly CDO trustee reports.

published: 10-Aug-04

Municipal Assessment Form

The Association's municipal assessment form is a pdf file that may be downloaded and saved locally for your firm's use.

published: 26-May-04

Public Finance Issuer Advisory: Mechanical Aspects of Municipal Bond Sale Practices

This memorandum is intended to advise state and local government bond issuers to review certain mechanical aspects related to their municipal bond sale procedures to ensure that local and state governments issue bonds in the most effective way possible.

published: 26-May-04

Market Practice Guidelines For the Standardized CDO Monthly Trustee Report

The Bond Market Association is recommending that participants in the CDO market consider using the attached standardized template when creating CDO monthly trustee reports. Doing so will help to improve the readability of such reports by standardizing their organization and identifying a basic, minimum level of content. Widespread adoption of the template will allow trustee report users to find the same information in the same location within every trustee report issued.

published: 4-Mar-04

Compendium To Assist Basel Committee

The Associations announce the publication of a compendium on the capital treatment of trading book items, such as derivatives and securities financing transactions.

published: 12-Dec-03

Muni Principles and Practices for Wholesale Financial Market Transactions

The Bond Market Association announced today it is reaffirming adoption of the Principles and Practices for Wholesale Financial Market Transactions, created in 1995 by industry groups under the leadership of the Federal Reserve Bank of New York.

published: 16-Sep-03

Revised Form of Consent/Instructions for 10-year Treasuries

A model form of a written instruction that can be used by dealers to authorize their clearing bank to provide certain transaction related information relating to fails in the Ten-Year Treasury Note to FICC.

published: 21-Feb-03

3(c)(7) Securities Policies and Procedures

The Bond Market Association Secondary Market Procedures (April, 2003)
Law Firms' Memorandum and Revised Procedures for Book-Entry Deposit (February 2003)

published: 10-Jul-02

Summary Guide to Required Offering Materials for Newly Issued GSE Securities

A guide for the dealer's agreements or contractual obligations with the GSEs.

published: 12-Jun-02

White Paper: A Framework for European Securitisaton

The European Securitisation Forum has unveiled a white paper, A Framework for European Securitisation.

published: 20-May-02

MBS Third Party Transactions

From time to time in connection with mortgage securities forward transactions, a dealer may agree to accept performance obligations that have been delegated by its counterparty to a third party with whom the dealer does not have an original contractual relationship.

published: 20-May-02

Written Documentation Governing Securities Forward Transactions

Recommendation of The Bond Market Association Concerning Written Documentation Governing Securities Forward Transactions.

published: 2-Jan-02

Post-Issuance Reporting, Offering Document Disclosure Practices

ESF approved supplemental guidelines on Post-Issuance Transaction Reporting.

published: 1-Jun-01

Policy Paper 2001-02

STRIPS Liquidity Paper

published: 31-Jan-01

Market Guidelines Covering When Issued Trading in GSE Auctioned Securities

Practice guidelines designed to establish certain market conventions for "when issued" (WI) trading in coupon securities issued by government sponsored enterprises through a competitive bid auction process (pdf)

published: 8-Oct-99

Debt Prime Brokerage Documents

In December 2000 the Association published an exposure draft of standardized documentation and guidance notes to facilitate debt prime brokerage transactions.

published: 8-Oct-99

MBS Pool Notification Extension Guideline

The following guideline for pool notification extension has been adopted pursuant to the Association's good delivery guidelines. This guideline sets forth contingency procedures to be followed in the event that MBSCC's Electronic Pool Notification system experiences a system disruption.

published: 25-May-99

Corporate Trades I

Documents Concerning the Voluntary Corporate Bond Transparency Initiative.

published: 24-Mar-99

Money Market Y2K Recommendations

The Bond Market Association's Money Market Committee on March 24, 1999 approved a recommendation that issuance of commercial paper, certificates of deposit and other short-term debt instruments that would mature at the end of December 1999 and the beginning of January 2000 be curtailed as part of the financial service industry's plans to reduce volume activity at the end of the year.

published: 6-Feb-99

Principles and Practices for Wholesale Financial Market Transactions

Principles and Practices for Wholesale Financial Market Transactions.

published: 1-Jan-99

Uniform Practices

The comprehensive Uniform Practices Manual is considered by many to be the industry standard. These are trading, clearance and settlement guidelines representing common industry practice, providing the information you need in one place. A full chapter is devoted to Standard Formulas, with information on settlement-based calculations, prepayment models, default analysis, yield and yield-related measures, accrual instrument calculations, day-count standards, as well as age and coupon assumptions for generic pools.

published: 1-Oct-98

Recommended Security-Level Remittance Reporting Categories for Mortgage-Backed and Asset-Backed Securities

Recommended minimum security-level remittance reporting categories, definitions and file layouts for mortgage-backed and asset-backed securities.

published: 24-Sep-98

Recommended Security-Level Remittance Reporting Categories

The Bond Market Association has adopted recommended minimum security-level remittance reporting categories, definitions and file layouts for mortgage-backed and asset-backed securities ("MBS" and "ABS", respectively).

published: 28-May-98

Recommendations for Communicating with Beneficial Owners of Defaulted Municipals

After several years of study and negotiation, the organizations listed above, in consultation with The Depository Trust Company, have developed and approved for adoption by their associations and the market generally the attached "Joint Recommendations for Communicating with Beneficial Owners of Defaulted Municipal Securities." While the document itself gives background and explanation, the groups want to highlight that this effort is the result of initiative on the part of the groups to improve current market practices voluntarily and without federal regulation.

published: 1-Jan-98

Good Delivery Guidelines for Bankers' Acceptances

Guidelines (pdf)

published: 1-Jan-98

Money Market Trading Practices Guidelines

Guidelines (pdf)

published: 17-Nov-97

Revised Government Securities Trading Practice Guideline

The Primary Dealers Executive Committee of the Association has elected to revise the Government Securities Trading Securities Practice Guideline regarding when the cash government markets should go "subject." The revised guideline recommends that cash government markets should go "subject" only for discount rate changes, significant Fed Open Market Operations, and any other major event that is anticipated to have a significant effect on the government securities markets. The most notable change from the existing recommendation is that the cash market should stay "live" for Fed coupon passes and Fed bill passes.

published: 1-Sep-97

Remittance Information Reporting and Dissemination for Mortgage-Backed and Asset-Backed Securities

Current Status, Industry Challenges and Goals for Reform

A1996 assessment of the then-current status of the remittance information reporting process for non-agency mortgage-backed and asset-backed securities.

published: 18-Dec-96

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Updated March 31, 2006

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