The Committee’s initial focus has been on MBS fail charge processing and reporting. Other important issues the committee will focus on are the industry analysis of shortening the settlement cycle and requiring a match to settle trades at DTCC. The STP / Trade Processing Committee provides organizational structure for several working groups:

• Improving STP Working Group: The goal of this working group is to identify specific STP issues from a business standpoint and create business cases to work with industry partners to develop/refine market practices. This group will also educate members of existing best practices on specific product types that have already been documented by other industry groups.
• Tri-party Repo Working Group: The AMF Tri-party Repo Working Group currently meets ad hoc as a need arises. The group did extensive work during the implementation of the tri-party repo operational reform. The group plans to meet again once the Fed TPR task force releases its final paper to discuss its conclusions.
• TMPG Working Group: The TPMG Working Group addresses the asset manager and custodian workflows in connection with trade fails and related claims. When the TMPG recommended a fail charge for U.S. Treasury fails, the group released the “Industry Procedures” white paper to guide the claims process. The Working Group continued to address issues related to the treasury fails claims process, and provided feedback and sharing of information for the implementation of the MBS and Agency debt fail charge.