UCC, Art. 8-9. More IMF on Rehyoithication. Jeanne Schroeder: Repo Madness (Repo not subject to automatic stay under Chapter 11) Repo 105. Use by Lehman Brothers[edit] Repo 105 was used by investment bank Lehman Brothers three times according to a March 2010 report by the bankruptcy court examiner. The report stated that Lehman's auditors, Ernst & Young, were aware of this questionable classification.[1] Law firm Linklaters has received unfavorable press treatment in relation to their issuance of an English law opinion which characterised the arrangements as a true sale as opposed to a transfer by Lehman with a charge back in favour of the transferor,[2] although there is no suggestion that their advice was wrong.
Examiner’s Report[edit] The report published, on March 11, 2010, was titled "Lehman Brothers Holdings Inc. Fraud charges[edit] Review of accounting treatment[edit] The IASB and FASB, senior bodies responsible for setting accounting standards, met in April 2010 to review the accounting treatment for such repo transactions.[6] See also[edit] Notes[edit] External links[edit] Gorton and Metric- Haircuts. Templates for repo agreements. >GMRA 2011>NEW: 2011 Global Master Repurchase Agreement (GMRA) Protocol (Revised)>Related documents Click here to download the GMRA 2011 NEW: 2011 Global Master Repurchase Agreement (GMRA) Protocol (Revised) ICMA has published the 2011 Global Master Repurchase Agreement Protocol (Revised) (the Protocol) to enable the parties to a 1995 Global Master Repurchase Agreement (GMRA 1995) or a 2000 Global Master Repurchase Agreement (GMRA 2000) (each an Agreement) to amend the terms of each such Agreement to reflect certain provisions of the 2011 Global Master Repurchase Agreement (GMRA 2011), as published by ICMA (the GMRA 2011), and to enable the parties to a GMRA 1995, a GMRA 2000 or a GMRA 2011 (also an Agreement) to insert a definition of Euro in each such Agreement.
Please click here to see the Protocol document (including Form of Adherence Letter). Table of Adhering Parties Important notices For further information, email ICMA Protocol Services. Related documents Guidance Notes to the GMRA 2011. Moorad Choudrhy- Repo PowerPoints. IMF paper- The (sizable) Role of Rehypothecation inthe Shadow Banking System.