Research
As part of its goal to support the integrity and efficiency of the Treasury, agency debt, and agency mortgage-backed securities markets, the TMPG explores evolving market conditions and considers emerging issues that may affect market functioning and liquidity. Its findings are often released as consultative white papers, inviting further analysis and comment from market participants, and are later published as final. This work often serves as the foundation for further guidance on best practice recommendations.
All materials are the product of the TMPG, or a working group commissioned by the TMPG, unless otherwise indicated (*) on the title.
2025
Summary Note: Theoretical Implications for Agency MBS Market Liquidity and Functioning
June 25, 2025
2023
White Paper: Data Availability and Transparency in the U.S. Treasury Securities Market
March 2, 2023
2022
White Paper: Clearing and Settlement in the Market for U.S. Treasury Secured Financing Transactions
November 9, 2022
2021
White Paper: Operational Plans for Various Contingencies for Treasury Debt Payments
December 6, 2021
2019
White Paper: Clearing and Settlement in the Secondary Market for U.S. Treasury Securities
July 11, 2019
2015
White Paper: Automated Trading in Treasury Market
June 10, 2015
2013
White Paper: Operational Plans for Various Contingencies for Treasury Debt Payments
December 23, 2013
2012
White Paper: Margining in Agency MBS Trading
November 14, 2012
2011
White Paper: Understanding Settlement Fails in Agency MBS
April 29, 2011