Announcement: The Treasury Market Practices Group (TMPG) on Monday announced additional details regarding the progress on new market practices aimed at addressing settlement fails in the U.S. Treasury Market. Following discussions with market participants, the TMPG has refined its November 12, 2008 recommendations to remediate widespread Treasury settlement fails.1 Since November, short-term interest rates have declined to unprecedented levels, increasing the urgency to implement new practices to enhance liquidity and improve functioning of the U.S. Treasury market. Accordingly, the TMPG focused on the fails charge recommendation as the most immediate and meaningful way to improve Treasury market functioning and liquidity.”