TMPG Statement on Fails Charge Recommendations
The Treasury Market Practices Group (TMPG) affirms its June 28, 2011, fails charge trading practice recommendations for the agency debt and agency mortgage-backed securities (MBS) markets. The TMPG believes that the trading practices will reduce fails and support liquidity in these markets.

The group reminds market participants of the February 1, 2012, effective date for both fails charges, and encourages market participants to complete necessary preparations in advance of that date, including distribution of fails charge trading practice notices to counterparties and relevant systems and operational preparations.

November 30, 2011