Match-and-copy is a core retrieval primitive used at inference time by large language models to retrieve a matching token from the context then copy its successor. Yet, understanding how this behavior emerges on natural data is challenging because retrieval and memorization are entangled. To disentangle the two, we introduce Gaussian Match-and-Copy (GMC), a minimalist benchmark that isolates long-range retrieval through pure second-order correlation signals. Numerical investigations show that this task retains key qualitative aspects of how Transformers develop match-and-copy circuits in practice, and separates architectures by their retrieval capabilities. We also analyze the optimization dynamics in a simplified attention setting. Although many solutions are a priori possible under a regression objective, including ones that do not implement retrieval, we identify an implicit-bias regime in which gradient descent drives the parameters to diverge while their direction aligns with the max-margin separator, yielding hard match selection. We prove this max-margin alignment for GD trajectories that reach vanishing empirical loss under explicit technical conditions.