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Treasury Market Practices Group Amends Date for Implementing Updated Fails Charge Practice Recommendation

The Treasury Market Practices Group (TMPG) today amended the date for implementing the updated fails charge trading practices for U.S. Treasury, agency debt and agency mortgage-backed securities (MBS) to July 2, 2018. On April 12, 2018, the TMPG had released updated versions of the U.S. Treasury Securities Fails Charge Trading Practice, Agency Debt and Agency MBS Fails Charge Trading Practice and Frequently Asked Questions that incorporated a floor of 1 per cent per annum in the fails charge calculation with an original implementation date of July 1, 2018.

Treasury Market Practices Group Amends Date for Implementing Updated Fails Charge Practice Recommendation pdf April 23, 2018

U.S. Treasury Securities Fails Charge Trading Practice pdf April 23, 2018

Agency Debt and Agency MBS Fails Charge Trading Practice pdf April 23, 2018

Frequently Asked Questions: TMPG Fails Charges pdf April 23, 2018

Treasury Market Practices Group Updates its Fails Charge Practice Recommendation

The Treasury Market Practices Group (TMPG) today updated the existing fails charge trading practices for U.S. Treasury, agency debt and agency mortgage-backed securities (MBS) by including a floor of 1 per cent per annum to ensure that a minimal charge remains in place, thereby maintaining operational continuity of the practices. The TMPG is releasing updated versions of the U.S. Treasury Securities Fails Charge Trading Practice, Agency Debt and Agency MBS Fails Charge Trading Practice and Frequently Asked Questions that incorporate the floor of 1 per cent per annum in the fails charge calculation.

Treasury Market Practices Group Updates its Fails Charge Practice Recommendation pdf April 12, 2018

U.S. Treasury Securities Fails Charge Trading Practice pdf April 12, 2018

Agency Debt and Agency MBS Fails Charge Trading Practice pdf April 12, 2018

Frequently Asked Questions: TMPG Fails Charges pdf April 12, 2018

TMPG Seeks Public Comment on Proposed Updates to its Fails Charge Practice Recommendation

The Treasury Market Practices Group (TMPG) is proposing a floor to the level of the recommended fails charge for agency debt, agency MBS, and U.S. Treasury securities in order to ensure that a minimal charge remains in place, thereby maintaining operational continuity of the practices. The TMPG welcomes feedback on the proposed modification.

TMPG Seeks Public Comment on Proposed Updates to its Fails Charge Practice Recommendation pdf February 28, 2018

FAQs for Proposed Updates to Fails Charge Practice Recommendation pdf February 28, 2018

TMPG Releases Best Practice Recommendations on Information Handling

The Treasury Market Practices Group (TMPG) today updated the existing Best Practices for Treasury, Agency Debt and Agency Mortgage-Backed Securities Markets by incorporating recommendations related to the appropriate handling and use of confidential information. The TMPG believes that these updates will provide necessary guidance for market participants and promote the integrity and efficiency of TMPG covered markets. The TMPG has also released a set of examples that describe some illustrative situations when the information handling best practices could apply (see here). A consultative draft was published in August.

TMPG Releases Best Practice Recommendations on Information Handling pdf January 22, 2018

Best Practices for Treasury, Agency Debt and Agency Mortgage Backed Securities Markets pdf January 22, 2018

Best Practice Recommendations on Information Handling with Illustrative Examples pdf January 22, 2018

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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