What Are the Primary Differences between the ISDA Master Agreement and the GMRA (Global Master Repurchase Agreement)?

The ISDA Master Agreement governs over-the-counter (OTC) derivatives transactions (like swaps and options), focusing on managing counterparty credit risk and netting future obligations. The GMRA governs repurchase agreements (repos), which are essentially collateralized loans.

While both use netting provisions, the GMRA is specific to securities financing, whereas ISDA covers a broader range of complex financial contracts.