Finance & MarketsTreasury auction rulesReviewed by a person

Treasury updates rules on noncompetitive customer bids for marketable securities

Official document: Federal Register — final rule (opens in a new tab)

Last updated Oct 15, 5:09 PM ET

All5Confirmed5

What’s confirmed5

Confirmed
Treasury amended the Uniform Offering Circular to require submitters to provide all customer bid information prior to the close of noncompetitive auctions.
Why: Treasury published the requirement in a final rule in the Federal Register.
- Federal Register · supports
  “These amendments also modify the requirements for submitting noncompetitive customer bids, to require submitters to provide all customer bid information prior to the noncompetitive auction close.”
  open Federal Register article (opens in a new tab)
Checked Oct 15, 5:09 PM ET
LabeledConfirmedOct 15
Treasury published the requirement in a final rule in the Federal Register.
Confirmed
Submitters will no longer be allowed to submit a summary bid amount for noncompetitive customer orders.
Why: The published final rule specifies the prohibition on summary bid amounts.
- Federal Register · supports
  “Submitters will no longer be able to submit a summary bid amount; the individual customer names and respective bid amounts may still be submitted in one consolidated list, but it must be received prior to the noncompetitive auction close.”
  open Federal Register article (opens in a new tab)
Checked Oct 15, 5:09 PM ET
LabeledConfirmedOct 15
The published final rule specifies the prohibition on summary bid amounts.
Confirmed
The changes to customer bidding requirements and auction results will apply starting with the first auction conducted on Treasury's upgraded auction system.
Why: The applicability date provisions of the final rule specify the effective schedule.
- Federal Register · supports
  “The changes to 31 CFR 356.14 and 356.23 apply to all auctions of Treasury marketable securities beginning with the first Treasury marketable securities auction conducted using Treasury's upgraded auction system”
  open Federal Register article (opens in a new tab)
Checked Oct 15, 5:09 PM ET
LabeledConfirmedOct 15
The applicability date provisions of the final rule specify the effective schedule.
Confirmed
The rule removes a reference in auction regulations to paper bids, which Treasury notes are no longer accepted.
Why: The Federal Register document details technical changes removing outdated references.
- Federal Register · supports
  “Sec. 356.11(a)(2) to remove a reference to bids in paper form, which are no longer accepted;”
  open Federal Register article (opens in a new tab)
Checked Oct 15, 5:09 PM ET
LabeledConfirmedOct 15
The Federal Register document details technical changes removing outdated references.
Confirmed
Treasury clarified that the denominator in the formula for calculating the index ratio is always the reference Consumer Price Index applicable for the original dated date.
Why: The final rule specifies the definition and calculation changes for inflation-protected securities.
- Federal Register · supports
  “The changes include a clarification that the denominator in the formula for calculating the index ratio is always the reference Consumer Price Index applicable for the original dated date.”
  open Federal Register article (opens in a new tab)
Checked Oct 15, 5:09 PM ET
LabeledConfirmedOct 15
The final rule specifies the definition and calculation changes for inflation-protected securities.

Wondering what this means for you? Get a personal answer in under a minute.

How does this affect me?

How we label claims Corrections

Found an error? Email contact@standfacts.com

What’s confirmed5

Treasury amended the Uniform Offering Circular to require submitters to provide all customer bid information prior to the close of noncompetitive auctions.

Submitters will no longer be allowed to submit a summary bid amount for noncompetitive customer orders.

The changes to customer bidding requirements and auction results will apply starting with the first auction conducted on Treasury's upgraded auction system.

The rule removes a reference in auction regulations to paper bids, which Treasury notes are no longer accepted.

Treasury clarified that the denominator in the formula for calculating the index ratio is always the reference Consumer Price Index applicable for the original dated date.