Issues relating to evolving a code of best practice such as eligibility of participants and their requirements, eligibility of instruments for repo, general standards, systems and documentation, legal agreement, margin, deal confirmations, and default scenario were discussed in the recent meeting of the Standing Committee on Money Market held on February 3, 1999.
In fact, pursuant to the discussions on the same subject in the meeting of Technical Advisory Committee on Government Securities Market held in November 1998, an internal subgroup of that committee is already looking into various aspects of repo market expansion, including issues comprising legal status, regulatory framework, standardisation of repo contracts and accounting system and introduction of tripartite repos.