Amended and Restated
Money Market Trading Practice
Below are the amended and restated money market guidelines (the “Guidelines”) adopted and approved
by the Money Market Executive Committee as of October 23, 2007. These Guidelines supersede and
replace the money market trading practice guidelines dated November 14, 1996 (the “1996 Guidelines”),
as adopted by the Money Market Trading Practices Committee on October 8, 1996, in their entirety. The
changes herein include deletions of certain 1996 Guidelines that are no longer applicable, modifications
of certain 1996 Guidelines and inclusion of new Guidelines.
It is important that personnel at your firm, especially those on money market trading desks, be informed
of these Guidelines.
These Guidelines are designed to further the efficient trading of money market instruments. Therefore,
although the Guidelines are non-binding, we recommend that all parties trading in money market
instruments abide by these Guidelines.
1. All guidelines which concern trading in money markets on and off screen apply equally to all market
2. In the course of presenting markets, brokers should maintain the anonymity of their customers.
3. Markets on screen may be either primary or secondary and should be clearly labeled as such.
4. When reporting trades, brokers should report to dealers only those trades which have actually been
consummated either by themselves or "done away".
5. It is each dealer’s responsibility to establish and clear new bids and offers within a five minute time
period. The five minute time period should commence when the bid or offer is entered on the screen.
6. When there are multiple bids or offers, the broker should inform participants of the size of the initial
market. Once the initial market has been acted upon, participants shall be informed in sequence of
their original participation and shall have the right of first refusal before additional transactions are