TBA Market Governance

The To-Be-Announced (TBA) market facilitates the forward trading of mortgage-backed securities (MBS) issued by the GSEs (Fannie Mae and Freddie Mac) and Ginnie Mae.

Council Meetings

Council Meetings

Meeting Date Agenda Minutes Decision Summary
January 27, 2023 PDF PDF PDF
January 20, 2023 PDF PDF
January 21, 2021 PDF
March 27, 2019 PDF PDF
March 20, 2019 PDF PDF
March 18, 2019 PDF PDF
March 14, 2019 PDF PDF
March 5, 2019 PDF PDF PDF
December 18, 2018 PDF PDF
March 28, 2018 PDF PDF PDF
February 14, 2017 PDF PDF PDF
September 16, 2015 PDF PDF PDF
August 4, 2015 PDF PDF PDF

Standard Documentation

SIFMA has developed standardized documentation for a range of bond market transactions. This section includes forms of standard agreements, guidelines and procedures that have been developed by SIFMA specifically for use in connection with mortgage and asset-backed securities transactions. Follow the links below to view the documents:

Uniform Practices Manual

Uniform Practices Manual

Uniform Practices Manual: For the Clearance and Settlement of Mortgage-Backed Securities and Other Related Securities SIFMA’s comprehensive Uniform Practices Manual is considered by many to be the industry standard. These are trading, clearance and settlement guidelines representing common industry practice, providing the information you need in one place.

With the help of a team of industry experts, we developed the Uniform Practices for the Clearance and Settlement of Mortgage-Backed Securities and Other Related Securities and first published them in 1981. These guidelines were written to provide a common understanding of the terms and conditions for confirming, comparing and settling mortgage and other related securities. The current Manual represents a comprehensive revision and consolidation of all the guidelines since their original issuance. They are continually updated and expanded to reflect the growth and development of the mortgage and asset-backed securities industry.

Table of Contents (TOC)
Chapter 1: Introduction
Chapter 2: Definitions of Common Terms
Chapter 3: Federal Agency and Government Sponsored Entities
Chapter 4: Clearance and Settlement Infrastructure
Chapter 5: General Description of Mortgage Securities and Other Related Products
Chapter 6: Confirmations
Chapter 7: Pool Notification Process
Chapter 8: Standard Requirement for Delivery on Settlements of Fannie Mae, Freddie Mac, and Ginnie Mae Securities (Good Delivery Guidelines)
Chapter 9: Structured Products Settlement Procedures (updated Jan 2021)
Chapter 10: Remittance Reporting, Payments, Due Bills and Compensation
Chapter 11: Delivery, Receipt and Reclamation
Chapter 12: Notification and Settlement Dates