Jonathan Gilmour

Travers Smith

Jonathan specialises in derivatives and structured products from both a transactional and advisory standpoint. He is widely regarded by peers and clients as one of the leading specialists in his field. He counts among his clients some of the UK's largest and most sophisticated financial institutions, investment managers, private equity houses, challenger banks and occupational pension schemes. Jonathan regularly negotiates and advises on ISDA, GMRA and GMSLA documentation as well as the impact of related regulation including EMIR and SFTR. He also advises on the structure and documentation of bespoke transactions to hedge exposure to key market risks, including interest rate, inflation, FX and longevity; and advises on investment management, custody, clearing and collateral management arrangements, as well as pension scheme funding and risk transfer arrangements.

Jonathan's practice also includes advising clients on the inter-relationship between derivatives and ESG, sustainable finance, regulatory disclosure requirements and carbon trading.

Contributed to

2

An introduction to repo and the Global Master Repurchase Agreement (GMRA)

Practice notes

This Practice Note gives an introduction to repo (repurchase transactions) and the Global Master Repurchase Agreement (GMRA), the most commonly used agreement in the UK and EU repo markets. It looks at (1) why parties use repo, (2) payment and delivery obligations, (3) key legal issues which arise with repos, (4) the difference between repo and securities lending, (5) the general structure of the market documentation, (6) benefits of using the GMRA, (7) key provisions under the GMRA, (8) clearing and automatic trading, (9) repo and the Financial Collateral Arrangements (No.2) Regulations 2003, and (10) in brief, the Securities Financing Transactions Regulation.

Banking & Finance

An introduction to securities lending transactions and the Global Master Securities Lending Agreement (GMSLA)

Practice notes

This Practice Note gives an introduction to securities lending transactions and the Global Master Securities Lending Agreement (GMSLA), one of the most commonly used agreements in the UK and EU securities lending markets. It covers (1) why parties enter into securities lending transactions, (2) payment and delivery obligations, (3) key legal issues which arise in a securities lending transaction, (4) the difference between securities lending and repo, (5) the general structure of the market documentation, (6) benefits of using the GMSLA, (7) key obligations under the GMSLA, (8) central clearing, (9) the pledge structure (security interest) GMSLA, (10) securities lending and the Financial Collateral Arrangements (No.2) Regulations 2003 (FCAR), and (11) the Securities Financing Transactions Regulation (SFTR).

Banking & Finance

Practice Area

Banking & Finance

Panel

Contributing Author

Qualified Year

2006

Membership

ISDA
FIA
ICMA
ISLA
FMLC's High Level Advisory Group
AIMA
Invest Europe Derivatives Working Groups
Association of Pension Lawyers' Investment Sub-Committee
The Institute and Faculty of Actuaries Members'
Interest Group on Bulk Annuity and Longevity Swaps
The Policy Committee of UK Sustainable Investment & Finance
The Contract & Legal Principles Working Group of the Taskforce on Scaling Voluntary Carbon Markets