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Margining of Agency MBS
  Settlement Fails
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    Tri-Party Repo

TMPG Recommends Margining of Agency MBS Transactions to Reduce Counterparty and Systemic Risks
The Treasury Market Practices Group (TMPG) strengthened the existing Best Practices for Treasury, Agency Debt, and Agency Mortgage-Backed Securities Markets to include a recommendation that forward-settling agency MBS transactions be margined in order to prudently manage counterparty exposures. Widespread use of margining for unsettled agency MBS transactions would enhance financial system stability and support market function during periods of market stress.

Key Documents
Treasury Market Practices Group Reaffirms its Best Practice Recommendation and Updates Frequently Asked Questions on Margining of Agency MBS Transactions pdf
September 25, 2024
Frequently Asked Questions (FAQs): Margining Agency MBS Transactions pdf
September 25, 2024
TMPG Welcomes FINRA Rule Amendment to Establish Margin Requirements for TBA Market pdf
July 13, 2016
TMPG Releases Updates to Agency MBS Margining Recommendation pdf
March 27, 2013
TMPG Recommends Margining of Agency MBS Transactions pdf
November 14, 2012
Best Practices for Treasury, Agency Debt and Agency MBS Markets pdf
November 14, 2012
White paper on "Margining in Agency MBS Trading" pdf
November 14, 2012
Frequently Asked Questions: Margining Agency MBS Transactions pdf
June 13, 2014
General
Frequently Asked Questions: Margining Agency MBS Transactions pdf
October 25, 2013
Frequently Asked Questions: Margining Agency MBS Transactions pdf
April 11, 2013
Frequently Asked Questions: Margining Agency MBS Transactions pdf
November 26, 2012

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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