Terms of Service

Rules for membership and use of GPFA’s website, member portal, and mobile app.

Effective 10 September 2026.

Agreement

These Terms of Service (“Terms”) govern use of the Global Peer Financing Association website, member portal, installed web app, and native mobile app that uses the same account (together, the “Services”). GPFA is a non-profit business association. By applying, signing in, or using the Services you agree to these Terms and to the Privacy Policy.

If you use GPFA for an organization, you confirm you are authorized to bind that organization to these Terms for your use.

Eligibility and membership

GPFA is a closed, non-profit association of qualifying beneficial-owner organizations on the buy side — including pension plans, sovereign wealth funds, insurers, and asset managers. Membership is organizational. Access for individuals is limited to people the organization and GPFA have approved as representatives.

Applying does not create membership. GPFA may accept, defer, or decline an application. Portal access requires an active member profile. GPFA may lock or remove access if these Terms, association policy, or the law requires it.

Accounts

Keep your password confidential. Do not share a login. You are responsible for activity under your account. Tell GPFA promptly if you think the account is compromised.

Use your work identity. Profile information must be accurate enough that other members can recognize you as a representative of your organization. Do not impersonate another person.

There is no self-service account deletion. Organization administrators and GPFA administrators can remove or lock members as the product allows. See the Privacy Policy for what remains after an account is deleted.

Dues

Published annual dues are $2,500 USD per organization, covering any number of approved individuals from that organization. Dues fund the non-profit association. They are invoiced and paid off this website. GPFA does not collect payment cards on the Services.

Unpaid dues may lead to suspension of membership access. Amounts and billing mechanics may be confirmed separately by the secretariat.

Member content

You retain whatever rights you have in the text, files, photos, and other material you submit (“Member Content”). You grant GPFA a non-exclusive, worldwide, royalty-free licence to host, store, reproduce, display, moderate, index (including for Ask GPFA), back up, and send notifications about that Member Content as needed to operate the Services.

You confirm you have the right to post what you post, and that it does not unlawfully disclose another party’s confidential information.

Membership includes a member-only directory of professional profiles (name, title, organization, country, photo, bio, and skills). Work email and phone are not shown in the directory.

Confidentiality

Member-only areas — including working groups, messaging, surveys, internal announcements, and unpublished meeting materials — are for the membership. Do not copy, forward, or publish that material outside GPFA, or attribute it to a named member in a public setting, without that member’s permission or GPFA’s permission, unless the law requires you to disclose it.

This does not stop you reporting a possible legal violation to GPFA or to a competent authority, or discussing information that is already public.

Competition law

GPFA is a non-profit forum of institutional asset owners. It was formed so beneficial owners can share education and operating experience in securities financing — including securities lending, repo, collateral, liquidity, and related treasury work — and so they can discuss peer-to-peer financing as a market practice. GPFA is not a broker, dealer, trading venue, or investment adviser. Any peer-to-peer trade among members happens off these Services under the members’ own arrangements.

Members can still be competitors as securities lenders, as allocators (including in private credit and other private markets), as buyers of agent-lending, custody, tri-party, collateral, and related services, and as employers. Competition and antitrust laws apply to this association, to in-person and closed-door meetings, and to these Services. Informal chat is not an exception. Discussing how a peer-to-peer program works is not a licence to agree the price of a trade.

Do not discuss or agree

Do not discuss, agree, signal, or coordinate, in working groups, messages, polls, surveys, calls, or meetings, on:

  • current or future prices, fees, spreads, rebates, haircuts, specials, securities-lending fees, utilization targets used as a coordinated outcome, or any other price-related term you pay or receive
  • what you pay, will pay, or will accept from a named agent lender, custodian, prime broker, borrower, tri-party agent, or other vendor — or what would be a “fair” fee or margin
  • coordinated refusal to deal with a vendor, borrower, or counterparty, or allocation of counterparties, deals, territories, or product lines among members
  • specific private-credit or other deal pricing, original-issue spreads, covenants, or allocation strategy aimed at aligning terms with other members
  • compensation, benefits, hiring freezes, or agreements not to hire one another’s staff
  • bidding strategy, auction strategy, or who will or will not bid

You may discuss

  • information that is already public, including published market data such as SOFR or widely reported general-collateral levels, without using it to signal a common response
  • regulation, supervision, and market-structure reform (for example settlement, margin, or disclosure rules)
  • operations, technology, cybersecurity, legal documentation, and other non-price working practices — including how a peer-to-peer financing program is set up, without exchanging current or future prices or fees
  • education and publicly available research

Aggregated surveys of competitively sensitive data are only appropriate if GPFA runs them with a process designed for that purpose (typically independently compiled, anonymized, and aged). Do not use a working-group thread as a substitute for that process.

If a discussion goes there

Stop. Do not reply with your own prices, fees, or deal terms. Leave the thread or meeting if it continues. Report it to a working-group co-lead or to members@globalpeerfinancingassociation.org. GPFA may remove content and suspend accounts. These rules are a condition of membership; they are not legal advice. If your organization has its own competition policy, follow the stricter rule.

Acceptable use

You may not:

  • harass, threaten, or unlawfully discriminate against others
  • post malware, scrape the Services in a way that burdens them, or attempt to bypass access controls
  • share another member’s non-public information outside the membership
  • use the Services to fix prices, rig bids, or boycott counterparties
  • upload content you do not have the right to share, including another organization’s confidential files
  • misrepresent your affiliation or create accounts for people who are not approved representatives
  • use Ask GPFA or search to extract another member’s private contact details that the product does not show you

Moderation and enforcement

Co-leads and GPFA administrators may hide or remove working-group content, close threads, and act on reports. GPFA may lock an account, remove membership access, or decline to restore it. We do not have to give a public explanation where doing so would harm an investigation or another member.

Members may block one another. A block hides directory and messaging contact; it does not erase working-group history.

Ask GPFA and other tools

Ask GPFA and thread summaries are automated. They can omit sources, miss context, or be wrong. They are not investment, legal, tax, or compliance advice, and they are not a statement of GPFA policy unless we publish that policy separately.

Do not paste information into Ask GPFA that these Terms or the competition rules would not allow you to post in a working group.

Mobile app

If you use the native GPFA app, these Terms and the Privacy Policy still apply. The app uses the same member account. Device push tokens and notifications follow the Privacy Policy.

Disclaimers

The Services and all content are provided “as is”. GPFA does not warrant that the Services will be uninterrupted, error-free, or free of harmful components. Content on the Services reflects member discussion and GPFA editorial material. It is not investment advice, an offer to buy or sell any security, or a recommendation of any transaction.

Other members speak for themselves. GPFA does not endorse Member Content.

Liability

To the maximum extent permitted by applicable law, GPFA is not liable for indirect, incidental, special, consequential, or punitive damages, or for lost profits, lost data, or business interruption, arising from the Services or from member conduct.

To the same extent, GPFA’s total liability for claims arising out of the Services is limited to the membership dues your organization paid to GPFA for the twelve months before the claim, or $2,500 if no dues were paid in that period.

You will defend and indemnify GPFA against claims arising from your Member Content, your breach of these Terms (including the competition rules), or your misuse of the Services, except to the extent GPFA caused the claim.

Some places do not allow certain exclusions. In those places, the exclusion applies only as far as the law allows.

Disputes

Raise disputes with the GPFA secretariat at members@globalpeerfinancingassociation.org or info@globalpeerfinancingassociation.org before starting formal proceedings where that is practical.

Changes

We may update these Terms. The effective date at the top will change. Continued use after an update is acceptance of the revised Terms. If you do not agree, stop using the Services and ask the secretariat to remove your access.

Contact

Global Peer Financing Association
members@globalpeerfinancingassociation.org
info@globalpeerfinancingassociation.org