TAAPS – Treasury Automated Auction Processing System

Only institutional investors (not individuals) may have a TAAPS account. A TAAPS account gives you direct access to U.S. Treasury auctions. With TAAPS, you can buy Treasury marketable securities without an intermediary. The system receives and processes your auction bids electronically. Therefore, you may reduce or eliminate intermediary costs, bringing direct bidding to your desktop.

Setting up your TAAPS account

1. Fill out these forms:
   - Submitter Agreement for your institution
   - Autocharge Agreement if your institution doesn't already have both a securities account and a fund account in the Federal Reserve system.
   
2. Mail the completed forms to:
   The Federal Reserve Bank of New York
   Attention: Treasury Auction Staff
   33 Liberty Street - 9th Floor
   New York, NY 10045

Following the rules for Treasury auctions

All institutions that participate directly in Treasury auctions must abide by the Auction Rules for the Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds (31 CFR Part 356, as amended) set forth in the Uniform Offering Circular.

If you have comments, questions, or concerns