Jakarta, January 29, 2016, the Financial Services Authority (FSA) launched the Global Master Repurchase Agreement Indonesia (GMRA Indonesia), accompanied by the signing of the agreement Transactions Repo (Repurchase Agreement) using GMRA Indonesia by four national banks, namely Bank Mandiri (Persero) Tbk (BMRI), Bank Negara Indonesia (Persero) Tbk (BNI) (BBNI), Bank Rakyat Indonesia (Persero) Tbk (BRI) (BBRI), and Bank Central Asia Tbk (BCA) (BBCA). GMRA Indonesia an agreement document required Financial Services Institutions to be used in conducting Repo Transactions by FSA Regulation No.09 / POJK.04 / 2015 on Guidelines for Repo Transactions and the Financial Services Institute FSA Circular No.33 / SEOJK.04 / 2015 on Indonesia Global Master Repurchase Agreement (GMRA Indonesia). The entire Institutions Financial Services from all sectors shall be subject to the provisions of the FSA is to conduct repo transactions. GMRA Indonesia prepared by adopting a standard agreement Global Master Repurchase Agreement (GMRA) issued by the International Capital Market Association (ICMA) and equipped with a clause that adjusts the legal conditions and actors in Indonesia. Some of the clauses contained in GMRA Indonesia among others is the principle of the necessity of transfer of ownership in each leg of the Repo Transaction, maintenance margin, and failure handling. Background preparation GMRA Indonesia is due to the need for standardization agreements Repo transaction for the entire financial services sector, given the Repo Transaction in Indonesia has been done with the mechanisms and agreements that vary across sectors and actors as well as there are some problems in its implementation. with the GMRA Indonesia is expected to practice Repo Transaction is implemented by all sectors of the financial services standardized, as well as market Repo in Indonesia will be more in order to be utilized optimally by actors primarily as a financing alternative. Some programs as a follow-up in the implementation of GMRA Indonesia that is currently being carried out by the FSA include the preparation of market conduct by the offender, the development of tri-party repo, the development of settlement system Repo Transaction, including also seeking special tax treatment repo transactions.
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