Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/189863 
Year of Publication: 
2017
Series/Report no.: 
Staff Report No. 822
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
Modern money and capital markets are not free-form bazaars where participants are left alone to contract as they choose, but rather are circumscribed by a variety of statutes, regulations, and behavioral norms. This paper examines the circumstances surrounding the introduction of a set of norms recommended by the Treasury Market Practices Group (TMPG) and pertinent to trading in U.S. government securities. The TMPG is a voluntary association of market participants that does not have any direct or indirect statutory authority; its recommendations do not have the force of law. The recommendations do, however, carry the cachet of respected market participants and are targeted to behaviors that are widely acknowledged to impinge on market liquidity and that risk damaging the reputation of the market.
Subjects: 
Treasury Market Practices Group
behavioral norms
fails charge
dealer time
margin
JEL: 
E58
G20
N22
Document Type: 
Working Paper

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