[31754]
May 9, 2019 TO: Chief Risk Officer CommitteeEquity Markets Advisory Committee
Fixed-Income Advisory Committee
Operations Committee
Securities Operations Advisory Committee RE: Follow-up on TMPG Proposed Best Practices
As discussed on our member call, the Treasury Market Practices Group (TMPG) recently issued a consultative note that proposes updates to TMPG’s best practices for Treasury, agency debt, and agency mortgage-backed securities markets.[1] The proposed updates address several risk and resiliency issues identified by the TMPG in its July 2019 White Paper[2] and are intended to promote efficient clearing and settlement in these markets. The consultative note also identifies certain clearing and settlement issues that are outside the remit of the group’s best practices, where the TMPG believes further review by public- and private-sector stakeholders is warranted.
The TMPG has informed us that they will be holding two “drop-in” conference calls in May and June to discuss the consultative note and answer questions. They have invited ICI members to attend one or both of these calls, which will be held on:
Friday, May 17: 2:00 – 3:00pm ET Friday, June 7: 2:00 – 3:00pm ETIf you are interested in participating in one or both of these calls, the dial-in information is:
Dial-in number: 1-855-377-2663 Passcode: 77065415If you plan to participate, please email Jennifer Odom at jodom@ici.org and let her know which call you plan to join so that we can let the TMPG know how many ICI members to expect.
TMPG has requested that questions be submitted prior to the calls to tmpg@ny.frb.org no later than close of business on Wednesday, May 15th (for the May call) and close of business Wednesday, June 5th (for the June call). If there is sufficient time, the calls will be opened up for live Q&A.
Please contact me at sarah.bessin@ici.org if you have any questions, and by Friday, May 17th with any comments you may have on TMPG’s consultative note.
Sarah A. Bessin
Associate General Counsel
endnotes
[1] See TMPG Consultative Note, Treasury Market Practices Group Proposed Practice Guidance on Clearing and Settlement, available at https://www.newyorkfed.org/medialibrary/Microsites/tmpg/files/TMPG_CS_BPs_Note_4.2019.pdf. For a summary of the consultative note, please see ICI Memorandum No. 31737 (Apr. 29, 2019), available at https://www.ici.org/my_ici/memorandum/memo31737. The TMPG has requested public comment on the proposed best practices and the areas identified for further review by June 17, 2019.
[2] See TMPG Consultative Paper, White Paper on Clearing and Settlement in the Secondary Market for U.S. Treasury Securities, available at https://www.newyorkfed.org/medialibrary/Microsites/tmpg/files/CS-DraftPaper-071218.pdf.