Fine late payers in US Treasury market, says industry body

US Treasuries dealers should start imposing penalty charges on counterparties that fail to deliver securities on time, an industry group has recommended.

The Treasury Market Practices Group (TMPG), a group of market professionals working in the US Treasury market and sponsored by the Federal Reserve Bank of New York, said a penalty charge would help combat the widespread settlement failures in the Treasury market over the past several months. The charge could be introduced in May this year.

"These

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