This Operational Notice clarifies the procedures which govern participation in the South African Reserve Bank’s open market operations. It should be read in conjunction with the Master Repurchase Agreement which is based on the International Securities Market Association Agreement by which all transactions referred to in this Operational Notice are governed and which must be signed by all participants in the Bank’s repurchase and reverse repurchase transactions. In the event of any conflict between this Notice and the Master Agreement, the latter prevails.​