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TMPG Supports Industry Recommendation to Use Benchmarks Consistent with International Best Practices

The TMPG supports the Risk Management Association (RMA) and the Securities Industry and Financial Markets Association’s (SIFMA) recommendation (available here) to replace the use of the ICAP Fed Funds Open (FFO) as a financial indicator with a rate that is more consistent with international best practice recommendations.

TMPG Supports Industry Recommendation to Use Benchmarks Consistent with International Best Practices pdf May 4, 2016

TMPG Releases Updated Best Practice Guidance to Address the Use of Financial Benchmarks

The TMPG today updated the existing Best Practices for Treasury, Agency Debt and Agency Mortgage Backed Securities Markets by incorporating recommendations to address the use of financial benchmarks in TMPG covered markets. The TMPG believes that these additions will provide guidance to market participants to promote the integrity and efficiency of the TMPG covered markets. The TMPG has also released a final version of its supporting document, Use of Financial Benchmarks in TMPG-Covered Markets: Three Sample Case Studies that helped inform the best practice guidance to address the use of benchmarks.

TMPG Releases Updated Best Practice Guidance to Address the Use of Financial Benchmarks pdf February 24, 2016
Best Practices for Treasury, Agency Debt and Agency Mortgage Backed Securities Markets pdf February 24, 2016
Use of Financial Benchmarks in TMPG-Covered Markets: Three Sample Case Studies pdf February 24, 2016

TMPG Proposes Best Practice Guidance for the Use of Financial Benchmarks

The TMPG has proposed for comment a set of updates to its best practice guidance for the Treasury, agency debt and agency mortgage-backed securities (MBS) markets to address the use of financial benchmarks. The proposed additions to the best practice recommendations are based on an examination of three case studies and informed by relevant policy initiatives such as IOSCO’s Principles for Financial Benchmarks ("IOSCO Principles"). The TMPG welcomes feedback on its proposed best practice guidance, as well as a supporting document, Use of Financial Benchmarks in TMPG-Covered Markets: Three Sample Case Studies.

*The TMPG extends the comment period for receiving feedback to Friday, February 12, 2016.

TMPG Seeks Comment on Proposed Best Practice Guidance for the Use of Financial Benchmarks pdf Jan 5, 2016


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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