ABOUT THE TMPG
 

The Treasury Market Practices Group (TMPG) is a group of market professionals committed to supporting the integrity and efficiency of the Treasury, agency debt and agency mortgage-backed securities (MBS) markets.

The TMPG is composed of senior business managers and legal and compliance professionals from a variety of institutions — including securities dealers, banks, buy-side firms, market utilities, foreign central banks, and others — and is sponsored by the Federal Reserve Bank of New York.

The TMPG meets regularly to discuss and promote best practices related to trading, settlement and risk management in the Treasury, agency debt and agency MBS markets. From time to time, the TMPG publishes guidance to market participants, including the Best Practices for Treasury, Agency Debt, and Agency Mortgage-Backed Securities Markets and Fails Charge Trading Practice recommendations for the Treasury, agency debt, and agency MBS markets.

GOVERNANCE DOCUMENTS

TMPG Charter

February 28, 2024

Antitrust Guidelines for TMPG

March 2, 2018



TMPG RECOMMENDATIONS


Visit these pages for detailed information on the work of the TMPG.

2017, ongoing | Clearing and Settlement

2017-2018 | Information Handling

2017 | More Explicit Recording of Collateral on Tri-party Repo Transactions

2016 | Financial Benchmark work

2015 | Automated Trading Practice Guidance

2013 | Delayed Payment Contingency Planning

2013 | Support For Timely Reporting of Tri-Party Repo Transactions

2012-2013 | Margining Forward MBS Transactions

2011 | Adoption of Fails Charges for Agency Debt Securities and Agency MBS

2010 | Support for Greater Repo Market Transparency

2010 | Publication of Best Practices for Agency Debt Securities and Agency MBS

2009 | Modification of Securities Fedwire Closing Time Practices

2008, ongoing| Adoption of a Treasury Fails Charge

2007 | Publication of Treasury Market Best Practices

QUICK LINKS
  Best Practices
  Treasury Securities Fails Charge Trading Practice
  Agency Debt and Agency MBS Fails Charge Trading Practice
  FAQ: TMPG Fails Charges
  Operational Plans for Various Contingencies for Treasury Debt Payments
  Synopsis of Recommendations
  Liberty Street Economics Blog Post, TMPG: A Consequential First Decade
  FRBNY Staff Report, TMPG: Creation and Early Initiatives

EXTERNAL LINKS
  U.S. Treasury
  Securities Industry and Financial Markets Association
  The Depository Trust and Clearing Corporation
Treasury Fails Data
GCF Repo Index
  International Swaps and Derivatives Association

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