The Treasury Market Practices Group recently changed its recommended fails-charge trading practice for agency debt securities and U.S. Treasury securities by altering how the minimum threshold in these markets is applied, effective as of next month. “Instead of applying the exemption on a per trade basis, the TMPG recommends aggregation of fails charges between two counterparties for a given calendar month,” the group said in an announcement after its latest meeting. “A claim is made if the aggregate charges for fails with a counterparty for a given calendar month exceed $500.” In other words, the TMPG recommends an exemption for aggregate cumulative fails charges of $500 or less for U.S. Treasury securities fails, agency debt securities fails, and agency MBS ...