This Operational Notice applies to the Global Master Repurchase Agreement (GMRA) entered into between the SARB and its counterparties during 2020, as amended from time to time (each respectively referred to as the Agreement). This Operational Notice (Notice) forms part of the Agreement and clarifies the procedures which govern participation in the SARB open-market operations. All transactions referred to in this Notice are governed by the Agreement and the Agreement must be signed by all participants w h o c o n c l u d e repurchase and reverse repurchase transactions with the SARB. In the event of any conflict between this Notice and the Agreement, the Notice shall prevail in respect of the specific transaction or transactions. All capitalised terms used in this Notice and not defined will have a meaning given to them in the Agreement.