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.
Important Links
- TBA Guidelines Advisory Council Member Firms
- TBA Guidelines Advisory Council Operating Procedures
- MBS Notification and Settlement Dates (updated for 2025)
- Securitization Committee
- Single Security Fact Sheet
Council Meetings
| Meeting Date | Agenda | Minutes | Decision Summary |
| July 29, 2025 | |||
| March 28, 2025 | |||
| January 27, 2023 | |||
| January 20, 2023 | |||
| January 21, 2021 | |||
| March 27, 2019 | |||
| March 20, 2019 | |||
| March 18, 2019 | |||
| March 14, 2019 | |||
| March 5, 2019 | |||
| December 18, 2018 | |||
| March 28, 2018 | |||
| February 14, 2017 | |||
| September 16, 2015 | |||
| August 4, 2015 |
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:
- MSFTA
- Trade Assignments
- Guidelines on Delivery of Offering Materials Relating to GSE Securities
- Buy-in Procedures
- Third Party Transactions
SIFMA’s Uniform Practices Manual provides industry guidance on trading, clearance, and settlement practices for mortgage-backed and related securities. Widely used across the market, the manual reflects common industry practices and consolidates key operational guidance in a single reference.
Developed with the support of industry experts, the Uniform Practices for the Clearance and Settlement of Mortgage-Backed Securities and Other Related Securities were first published in 1981. Ongoing maintenance and updates are overseen by the TBA Guidelines Advisory Council.
Download by Chapter:
- 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 – updated July 2025)
- 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
Details
More Content
- Market Practices and Model DocumentationJul 30, 2026
Treasury Clearing Documentation
To provide market efficiency, particularly as more entities come into the clearing ecosystem, SIFMA has convened representatives from both the buy- and sell-side in working groups to develop market standard documentation. Market standard documentation for the “Done-With” model is now available. The “Done-Away” model will require changes to market structure. As part of our efforts, SIFMA’s working groups will identify those needs.
Details
More Content
- Market Practices and Model DocumentationJul 30, 2026
Treasury Clearing Documentation
To provide market efficiency, particularly as more entities come into the clearing ecosystem, SIFMA has convened representatives from both the buy- and sell-side in working groups to develop market standard documentation. Market standard documentation for the “Done-With” model is now available. The “Done-Away” model will require changes to market structure. As part of our efforts, SIFMA’s working groups will identify those needs.