Mastering the Repo – What the GMRA Actually Does

There’s a certain type of document that keeps global finance running – quietly, efficiently, and with absolutely no interest in going viral.

The Global Master Repurchase Agreement – or GMRA – is one of them.

Behind its perfectly neutral name is one of the most widely used and quietly powerful contracts in global markets. It governs the repo market – the short-term funding system that lets banks, asset managers, and central banks move vast sums without drama.

If it vanished tomorrow, the financial system wouldn’t slow down – it would fall over entirely.

Here’s how it works, who uses it, and why it's still the most important contract you've probably never read.