JAKARTA - The Financial Services Authority launched the Global Master Repurchase Agreement (GMRA) Indonesia on which the execution of repo transactions in the capital market. Nurhaida, Chief Executive of the Capital Market Supervisory Financial Services Authority (FSA), said GMRA Indonesia has gone through a long process. With the backdrop of the need standardiisasi repo transactions in Indonesia, Bapepam LK began compiling GMRA Indonesia and Bank Indonesia, Directorate General of Debt Management, Ministry of Finance, and the Asian Development Bank in 2010. "GMRA Indonesia adopted the standard agreement drafted dengna GMRA published International Capital Market Association dengna clause adapted to the conditions of law and perpetrators in Indonesia, "he said during the launch of the GMRA Indonesia at the Indonesian Stock Exchange, Friday (29/01/2015). GMRA Indonesia based on the FSA Regulation no.9 / 2015 on guidelines for repo transactions for financial services institutions and FSA Circular letter No.33 / 2015 about GMRA Indonesia. Both beleid has been effective since January 1, 2016. Some of the clauses contained in GMRA Indonesia, among others, the principle of the necessity of transfer of ownership in each leg of repo transaction, the maintenance margin, and failure handling. The clause is expected to become the standard repo transaction has been done with the mechanisms and agreements that vary between sectors and between actors that often cause problems. "with the implementation of GMRA Indonesia expected the repo market in Indonesia deepened so that it can be used optimally by the perpetrator, especially as alternative financing," said Nurhaida. as a follow-up to the launch of the GMRA Indonesia, the FSA is working on market conduct by the offender, the development of tri-party repo, repo transaction settlement system development, as well as seeking special tax treatment of repo transactions
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