Treasury Updates Rules for Selling Its IOUs
Published Date: 10/15/2026
Rule
Summary
The Treasury is updating the rules for selling Treasury bills, notes, and bonds to match a new auction system launching in 2026. If you buy these securities, you'll need to submit all your noncompetitive bids before the auction closes. These changes clean up old terms and make the process clearer, starting with the first auction on the upgraded system.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Noncompetitive bids: submit full customer details
If you submit noncompetitive bids for customers, you must provide each individual customer's name and the exact amount bid prior to the noncompetitive auction close. You may not submit a single summary bid amount; a consolidated list with individual names and amounts is allowed but must be received before the noncompetitive auction close. This requirement takes effect with Treasury's upgraded auction system (the first auction on that system), while other rule changes are effective October 15, 2026.
Paper bids are no longer accepted
Treasury removed references to bids in paper form because paper bids are no longer accepted. This means you cannot submit paper bid forms for Treasury marketable securities after the rule's effective date of October 15, 2026 (or when the relevant auction procedures shift with the upgraded system where applicable).
More detailed auction results posted online
After each auction, Treasury will make auction results available on its website and those results may include amounts of bids recognized and awarded, the range of awarded yields/discounts/discount margins, a breakdown of noncompetitive and competitive bids awarded to the public, and amounts recognized from Federal Reserve Banks. The change to how results are published (31 CFR 356.23) applies beginning with the first auction using Treasury's upgraded auction system; other parts of the rule are effective October 15, 2026.
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