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The Treasury Market Practices Group
The Treasury Market Practices Group (TMPG) is a group of market professionals committed to supporting the integrity and efficiency of the Treasury, agency debt, and agency mortgage-backed securities markets. The TMPG is composed of senior business managers and legal and compliance professionals from a variety of institutions — including securities dealers, banks, buy-side firms, market utilities, and others — and is sponsored by the Federal Reserve Bank of New York.

 RECENT ANNOUNCEMENTS

TMPG Releases Updates to Fails Charge and Margining FAQs
The TMPG has published updated FAQs related to its fails charge and agency MBS margining recommendations. These updates provide further guidance regarding the applicability of these two best practice recommendations to agency multifamily and project loan securities.

Frequently Asked Questions: TMPG Fails Chargespdf June 13, 2014
Frequently Asked Questions: Margining Agency MBS Transactionspdf June 13, 2014

TMPG Releases Updates to Best Practices Document
Following a routine review of its Best Practices for Treasury, Agency Debt, and Agency Mortgage-Backed Securities Markets, the Treasury Market Practices Group (TMPG) has published an updated best practices document. This living document now more clearly incorporates the Group's subject-matter specific recommendations within its broader principles-based document, as appendices, and includes several other minor changes. Market participants choosing to adhere to TMPG best practices should continue to practice both the general principles and the more specific practice recommendations that are included as appendices.

Best Practices for Treasury, Agency Debt and Agency MBS Marketspdf April 4, 2014

TMPG Releases Updates to Fails Charge FAQs
The TMPG has published updated FAQs related to its fails charge practice recommendation. As part of this update, the TMPG has provided further guidance regarding the applicability of fails charges for free-deliveries, pair-offs and round robins.

Frequently Asked Questions: TMPG Fails Chargespdf March 27, 2014

TMPG Releases Updates to Agency MBS Margining FAQs
In response to feedback from market participants, the Treasury Market Practices Group (TMPG) has provided further guidance regarding the scope of its recommendation to margin forward-settling MBS transactions and considerations when implementing this best practice recommendation. The TMPG recommends that market participants substantially complete the process to exchange two-way variation margin on forward-settling MBS exposures by December 31, 2013.

Frequently Asked Questions: Margining Agency MBS Transactions pdf October 25, 2013

TMPG Releases Updates to Agency MBS Margining Recommendation
The Treasury Market Practices Group (TMPG) updated its recommendation regarding the margining of forward-settling agency mortgage-backed securities (MBS) transactions. Specifically, the TMPG modified its recommended implementation timeline and clarified two aspects of the margining recommendation in response to feedback received from market participants. The TMPG believes that these updates will provide the time and guidance needed by market participants to implement this practice guidance.

TMPG Releases Updates to Agency MBS Margining Recommendationpdf March 27, 2013
Frequently Asked Questions: Margining Agency MBS Transactions" pdf April 11, 2013  

TMPG Recommends Margining of Agency MBS Transactions to Reduce Counterparty and Systemic Risks
The Treasury Market Practices Group (TMPG) strengthened the existing Best Practices for Treasury, Agency Debt, and Agency Mortgage-Backed Securities Markets to include a recommendation that forward-settling agency MBS transactions be margined in order to prudently manage counterparty exposures. The Group encourages market participants to complete the implementation process by early June 2013.

TMPG Recommends Margining of Agency MBS Transactions pdf November 14, 2012
Best Practices for Treasury, Agency Debt and Agency MBS Markets pdf November 14, 2012
White paper on "Margining in Agency MBS Trading" pdf November 14, 2012
Frequently Asked Questions: Margining Agency MBS Transactions" pdf November 26, 2012  


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