Template:M summ GMRA 2(ll)

The initial Purchase Price will be agreed prior to trading so, absent a typo, this should not be a term that you spend a great deal of your time poring over. While it is meant to be, and for good order really should be, at market, seeing as the Seller retains economic ownership of the Purchased Securities at all times and the Buyer is not exposed to their price risk, it really doesn’t awfully matter what the Purchase Price is. The margining mechanic will factor it in. At the time of the SFTR there was much wailing and gnashing of legal eagle beaks at the question of when, and whether, and how quickly, and how accurately, the price of repos and stock loans should be reported. Seeing as they are not risk trades (the way cash equity trades or synthetic equity swaps are), it really doesn’t matter. As the junior eaglets of many inhouse functions cottoned on, the gnashery largely went away.