What is ISDA master agreement, Global Master Repurchase Agreement?

An ISDA master agreement is the standard contract, published by the International Swaps and Derivatives Association, that governs all the over-the-counter derivatives two parties trade with each other: a printed form, a schedule negotiated between them, and a confirmation for each trade, all forming one agreement. The Global Master Repurchase Agreement (GMRA) is the corresponding standard for repo, published by the International Capital Market Association.