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ARTICLE · 29 SEPTEMBER 2025

New Repos Documentation Published By French Banking Federation

Jones Day
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New standardized documentation will allow market participants to rely on up-to-date and robust documentation for repurchase transactions, in line with international standards.

FranceFinance and Banking
Marie-Fleur Rautou
Marie-Fleur Rautou
Alban Caillemer Du Ferrage
Alban Caillemer Du Ferrage
Qian Hu
Qian Hu
Christopher Arnold
Christopher Arnold
Peter Petraro
Peter Petraro
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New standardized documentation will allow market participants to rely on up-to-date and robust documentation for repurchase transactions, in line with international standards.

The French Banking Federation ("FBF") has published new French law‑governed standard documentation for repurchase transactions ("repos"). It updates the 2007 version of the FBF master agreement to reflect legal and regulatory changes and introduces substantial amendments to align with international standards such as the Global Master Repurchase Agreement ("GMRA").

Key enhancements include:

  • Valuation for margining: No longer limited to the latest quotation available on the regulated market, the definition offers greater flexibility and Parties may reference a generally recognized pricing source if quotations on the relevant trading platform are unavailable.

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