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In-Depth Sessions
Gain a comprehensive understanding of the legal framework, market structure, and regulatory implications of repo transactions.
Expert Interviews
Gain insights from interviews with industry experts, including a former Bank of England Senior Advisor and Lehman Brothers Liquidator.
Practical Strategies
Master the structure and negotiation of GMRAs, including critical provisions, jurisdiction-specific considerations, and risk management strategies.
About the Course
Join a select group of finance professionals for an intensive, six hour course delivered over two days designed to deepen your expertise in repo and securities lending. Running for two sessions 16 - 17 June 2025. 12.00 UK, 1PM EUR, 7AM NY, 7PM HK Led by Glenn Handley, a seasoned expert with over three decades in global finance, the course offers a comprehensive curriculum covering: This 6-hour course is specifically designed for legal professionals working with repo markets and GMRA documentation. It combines theoretical foundations with practical application through real-world case studies, a negotiation workshop, and a practitioner-led exploration of default scenarios. The program draws on core content from the Advanced Repo course while introducing dedicated legal modules to address the distinct challenges faced by lawyers in the securities financing market. The course comprises six focused modules, each 50 minutes in length, allowing for a 6-hour delivery format with appropriate breaks. Topics include the legal characterisation of repo transactions across jurisdictions, an in-depth examination of the GMRA and its critical provisions, legal risk management in repo markets, and precedent-based analysis through case law. A hands-on negotiation workshop equips participants with the skills to effectively customise and negotiate GMRA terms on behalf of clients. The final module offers a detailed walkthrough of the default management process, featuring an exclusive interview with a market practitioner who helped manage the Lehman Brothers default—providing invaluable insight into legal rights enforcement during systemic market stress. By completing this specialised program, legal professionals will be better equipped to navigate the complex legal landscape of repurchase agreements, provide value-added counsel to clients, and proactively manage legal and operational risk in securities financing transactions.
Repo for Legal Professionals
Foundations of Repo Markets for Legal Professionals The first module provides a critical foundation for legal professionals working with repo markets, focusing on the unique legal characterisation of repo transactions and their regulatory framework. This understanding is essential for effective legal representation in this specialised area. The module covers the legal framework and market structure of repo transactions, highlighting key distinctions between repos and secured loans that are crucial for proper legal characterisation. It examines title transfer versus security interest approaches across jurisdictions, providing comparative legal analysis. The regulatory landscape affecting repo markets (including Basel III/IV overview) is presented with emphasis on legal implications for documentation and compliance. Throughout the module, attention is given to the varying legal characterisation of repo transactions across major jurisdictions. This module can be adapted from the existing "Overview of Repo and Securities Financing" and "Basel III/IV" modules, though additional content on legal characterisation across jurisdictions and title transfer implications will need development. GMRA Documentation Structure and Key Provisions Module two delivers an in-depth examination of the Global Master Repurchase Agreement, focusing on its legal architecture and critical provisions that lawyers must understand when advising clients or negotiating these agreements. The comprehensive exploration begins with the architecture of the GMRA, including its three-level structure of core agreement, annexes, and confirmations2. Legal professionals will gain insight into critical provisions such as Events of Default, Mini Close-Out procedures, and margin maintenance requirements that form the backbone of the agreement's risk management framework2. The module identifies negotiation hotspots and market standards, highlighting areas where legal input is most valuable. Jurisdiction-specific considerations and governing law implications are examined, with emphasis on enforceability concerns. The module concludes with a comparative analysis of the GMRA against other master agreements (GMSLA, ISDA, etc.). This content can be partially adapted from existing "Legal Agreements" sections covering GMRA and Annexes, though expanded negotiation guidance and comparison with other master agreements will require development. Legal Risk Management in Repo Transactions This module focuses on identifying and mitigating legal risks specific to repo transactions, providing legal professionals with the tools to protect their clients and institutions from potential legal pitfalls. Students will examine the enforceability of close-out netting provisions across jurisdictions, understanding their crucial role in credit risk reduction. The module covers collateral valuation methodologies and their legal implications, particularly in stressed market conditions as highlighted in the LBI v. Raiffeisen case810. Legal professionals will learn about recharacterisation risk - the danger of repos being judicially reclassified as secured loans - and strategies to mitigate this risk. Cross-border considerations and conflict of laws issues are explored in detail, giving attorneys practical guidance for international transactions. The module concludes with an examination of legal opinion coverage requirements essential for regulatory capital treatment. This module requires substantial new content development, though some risk management aspects could be adapted from the existing "Trading Decisions" module. Legal Case Studies in Repo Markets Module four applies theoretical knowledge to real-world legal cases that have shaped the repo market, providing legal professionals with precedent analysis and practical insights for similar situations they may encounter. The comprehensive case analysis begins with LBI v. Raiffeisen, examining how courts have interpreted "fair market value" determination under the GMRA during distressed market conditions 810. The Lehman Brothers Repo 105 case study explores accounting treatment, disclosure issues, and the legal implications of using repo transactions to manipulate financial statements 913. The module examines collateral quality disputes in cases like Evergrande, providing insights into legal remedies when collateral valuation is contested. Legal implications of market interventions are analysed through the UK Gilt Market Crisis case. The module concludes with an examination of legal precedents establishing the enforceability of GMRA provisions across jurisdictions. This module can be adapted from existing case studies, though expanded legal analysis and precedent implications will need development. Practical GMRA Negotiation Workshop Module 5 provides hands-on guidance for negotiating GMRAs, focusing on practical strategies and common negotiation points that legal professionals encounter when representing clients in these specialised transactions. Legal professionals will learn pre-negotiation preparation techniques and internal approval processes essential for effective representation. The module identifies common negotiation points and fallback positions, equipping attorneys with practical strategies for client advocacy3. Specific attention is given to the Schedule to the GMRA, highlighting key areas requiring customisation to protect client interests. Documentation of transaction specifics in Confirmations is covered, emphasising precision in drafting to avoid future disputes. The module concludes with an overview of post-execution compliance and monitoring obligations that legal counsel should advise clients about. This module requires mostly new content development, as interactive negotiation scenarios, template development, and negotiation strategies are specialised for legal professionals. Default Management Process and Legal Considerations in Practice The final module explores the default management process within the repo market from a legal and operational standpoint, offering lawyers a detailed understanding of how defaults are handled, and the crucial role legal professionals play during such events. This session begins with an overview of the contractual mechanics under the GMRA when a counterparty defaults—triggering Events of Default, exercising rights under Mini Close-Out provisions, and calculating close-out amounts. Participants will gain insight into how market participants coordinate during a default event, including interaction with legal, risk, and operations teams. Legal implications of collateral liquidation, netting, and dispute resolution will be examined, particularly in cross-border contexts where jurisdictional complexities arise. A central feature of this module is a guest interview with a senior market practitioner who was directly involved in managing the Lehman Brothers default, offering firsthand insights into the legal and operational realities of responding to one of the most significant defaults in modern financial history. The discussion will highlight how legal documentation, pre-positioned collateral, legal opinions, and crisis response plans were tested—and in some cases, reshaped—by the experience. This module complements the earlier legal risk and case study discussions by providing practical exposure to real-world default scenarios. It requires new content development focused on legal rights enforcement, dispute resolution, and crisis management procedures, and will close with a discussion segment to reflect on lessons learned and best practices for legal advisors in future default events.
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About the Creator
Glenn Handley is a seasoned expert in global finance, with over 34 years of experience in securities financing, repo, and capital markets. He held senior leadership roles at HSBC, including Managing Director and Global Head of G10 Rates Cash Financing Solutions, where he played a key role in developing the UK gilt and emerging markets repo businesses. Glenn has also worked closely with regulators such as the Bank of England and the PRA on repo market structure and best practices. Through his consultancy, SecFin Solutions, Glenn has delivered the Advanced Repo and Securities Lending & Borrowing course to several consulting clients including Broadridge, and to a broader audience via ICMA in September 2024. Since November 2024, he has run the course four times under the SecFin Solutions banner, consistently receiving outstanding feedback. He has now added courses under the SecFin Education banner to lawyers, non-bank traders, Middle and Back Office professionals and Corporate Treasurers. Glenn’s combination of deep market knowledge, hands-on experience, and a passion for mentoring ensures that attendees gain both technical expertise and practical insight into the evolving world of securities financing.
Course Curriculum
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