The Treasury Market Practices Group (TMPG) is a group of market professionals with a mandate to support the integrity and efficiency of the Treasury, agency debt, and agency mortgage-backed securities (MBS) markets, collectively referred to as “covered markets.” Founded in 2007 and sponsored by the Federal Reserve Bank of New York, the TMPG draws its membership from senior business leaders and legal and compliance professionals across securities dealers, banks, buy-side firms, financial market utilities, foreign central banks, and other market participants. Representatives from the Federal Reserve Bank of New York and the U.S. Treasury Department serve as ex-officio members and technical advisors.

The Group meets regularly to develop and promote best practices related to trading, clearing, settlement, and risk management in these covered markets. These best practices are intended to be operational guideposts that affirm existing notions of sound market conduct, rather than binding rules or regulatory guidance. The TMPG also provides insights to the Federal Reserve Bank of New York on conditions in these markets.

The U.S. Treasury market is the deepest and most liquid securities market in the world, serving as a central pillar of the broader financial system. It plays a critical and unique role in the global economy: financing the U.S. federal government’s operations, serving as a key investment and hedging tool for investors worldwide, providing a risk-free benchmark that underpins the pricing of many other financial instruments, and supporting the Federal Reserve’s implementation of monetary policy. The agency debt and agency MBS markets are similarly vital: they underpin the U.S. housing market and offer liquidity and investment opportunities to market participants globally. Given the central importance of these markets to the U.S. and global economy, maintaining and strengthening their integrity and efficiency is essential.

• TMPG Charter (February 24, 2026)
• TMPG Antitrust Guidelines (March 2, 2018)

Origins of the TMPG

The TMPG was established in February 2007 to develop voluntary best practice recommendations to address what some viewed as questionable trading practices that had emerged in the secondary market for Treasury securities and threatened to undermine the integrity of the Treasury market. Just a year later, in 2008, the TMPG expanded its focus to market architecture issues, introducing a financial cost, known as the fails charge, to address the widespread and persistent settlement fails that had become a growing concern at the time. In 2010, the TMPG’s scope broadened further to include the agency debt and agency MBS markets.

• TMPG: Creation and Early Initiatives (Staff Reports, Number 822, August 2017)
• TMPG: A Consequential First Decade (Liberty Street Economics, September 26, 2017)
• Synopsis of TMPG Recommendations (2007-2017) (September 26, 2017)

Membership

The TMPG brings together senior business leaders and legal and compliance professionals from a wide range of institutions, including securities dealers, banks, buy-side firms, financial market utilities, foreign central banks, and others, with a shared commitment to promoting integrity and efficiency in the Treasury, agency debt, and agency mortgage-backed securities markets. This breadth of perspective is essential to designing best practices that are both effective and broadly acceptable across the market. Representatives from the Federal Reserve Bank of New York and the U.S. Treasury Department serve as ex-officio members and technical advisors, lending additional expertise and perspective to the Group’s work. Membership reflects each individual’s caliber and standing in the marketplace, taking into regard the firm for which they work and their responsibilities with that firm, ensuring that the Group’s best practice recommendations carry the credibility needed for broad-based market adoption.

Current Members

See a list of past members.