On April 19th, The Treasury Market Practice Group (“TMPG”) of the New York Fed proposed to revise its guidance to market participants, the Best Practices for Treasury, Agency Debt, and Agency Mortgage-Backed Securities Markets (the “Best Practices”) to support more timely trade confirmations in the tri-party repo market (the “Proposal”). The TMPG publishes the Best Practices to serve as operational guidelines and for participants in the tri-party repo markets, based upon existing market conduct.

The Proposal would revise the Best Practices to ensure that all market participants would execute and confirm all tri-party repo trades by 3:00 p.m. (Eastern Time). Of the noteworthy changes, the Proposal includes that all tri-party repo trades executed before 3:00 p.m. should be matched and confirmed by 3:00 p.m., and that all tri-party repo trades executed after 3:00 p.m. should be matched and confirmed within 15 minutes.

The Proposal can be found here.

The TMPG is requesting public comments on the Proposal. Comments are due by May 17th, 2013, and can be sent to tmpg@ny.frb.org.