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Treasury Market Practices Group Reaffirms its Best Practice Recommendation and Updates Frequently Asked Questions on Margining of Agency MBS Transactions

The Treasury Market Practices Group (TMPG) today reaffirmed its longstanding best practice recommendation for two-way margin exchange across the range of forward-settling agency MBS transactions as an effective mitigant for credit and systemic risk. The TMPG also updated the “Frequently Asked Questions: Margining Agency MBS Transactions” in light of amendments to the Financial Industry Regulatory Authority’s Rule 4210 on Margin Requirements related to forward-settling Agency MBS transactions, which became effective on May 22, 2024.

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

Treasury Market Practices Group Updates its Best Practice Recommendations to Promote Price Transparency

The Treasury Market Practices Group (TMPG) today updated the existing Best Practices for Treasury, Agency Debt, and Agency Mortgage-Backed Securities Markets. This followed the publication of the proposed clarification on price transparency across trading platforms for public comment on December 19, 2023. The update clarifies that all interdealer voice brokers with electronic trading screens should publish all voice trades to those screens when the trade is agreed. All other elements of the TMPG recommended best practices remain unchanged.

Treasury Market Practices Group Updates its Best Practice Recommendations to Promote Price Transparency pdf
February 29, 2024

Best Practices for Treasury, Agency Debt and Agency MBS Markets pdf February 29, 2024

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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