Who May Bid? — TreasuryDirect

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<main id="main"> <section> <div class="section-container container-xxl"> <nav class="breadcrumb-container" aria-label="breadcrumb"> <ol class="breadcrumb"> <li class="breadcrumb-item"><a href="/auctions/">Auctions</a></li> <li class="breadcrumb-item"><a href="/auctions/how-auctions-work/">How auctions work</a></li> <li style="padding-left: 0.2rem;">Who May Bid?</li> </ol> </nav> <div class="body-copy"> <h1>Who May Bid? Questions and Answers</h1> <p>This page covers questions and details of who may bid for Treasury marketable securities, especially larger organizations and bidders who must report their long position.</p> <div class="card-deck"> <div class="subpage-box card"> <a href="/laws-and-regulations/auction-regulations-uoc/"> <div class="card-body"> <p class="card-text">Auction rules</p> <p style="color: initial">For specific and detailed information about auctions, read the official rules.</p> </div> </a> </div> <div class="subpage-box card"> <a href="/auctions/how-auctions-work/"> <div class="card-body"> <p class="card-text">How auctions work</p> <p style="color: initial">For the auction process and information about who may bid, go to our main page and how auctions work.</p> </div> </a> </div> <div class="subpage-box card"> <a href="/contact-us/"> <div class="card-body"> <p class="card-text">Contact us</p> <p style="color: initial">If you still have questions, we are happy to help.</p> </div> </a> </div> </div> <div class="collapse-block py-3" style="" id="id-who-may-bid-for-treasury-marketable-securities--510454"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-who-may-bid-for-treasury-marketable-securities--510454-1" aria-controls="id-who-may-bid-for-treasury-marketable-securities--510454-1" aria-expanded="false"> Who may bid for Treasury marketable securities? </a> <div id="id-who-may-bid-for-treasury-marketable-securities--510454-1" class="collapse"> <div class="collapse-details mt-4"> <p>Treasury auction rules specify this list of eligible bidders:</p> <ul> <li>Individuals</li> <li>Corporations</li> <li>Partnerships</li> <li>Government-related entities</li> <li>Trust or other fiduciary estates</li> <li>Foreign and International Monetary Authorities</li> </ul> <p>Treasury also has an "other bidder' category. Some institutions or organizations with a unique IRS-assigned employer identification number (EIN) may be an "other bidder”. This includes:</p> <ul> <li>Associations</li> <li>Religious organizations, such as a church, mosque, synagogue</li> <li>Clubs</li> <li>Unions</li> <li>Universities</li> </ul> <p>See the <a href="/files/laws-and-regulations/auction-regulations-uoc/auct-reg-gsr-bidder-definitions-05-23-05.pdf">Uniform Offering Circular, Appendix A, Bidder Categories</a></p> </div> </div> </div> <div class="collapse-block py-3" style="" id="id-bids-from-a-depository-institution-or-a-government-securities-dealer--are-each-of-my-customers-considered-a-separate-bidder--321129"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-bids-from-a-depository-institution-or-a-government-securities-dealer--are-each-of-my-customers-considered-a-separate-bidder--321129-1" aria-controls="id-bids-from-a-depository-institution-or-a-government-securities-dealer--are-each-of-my-customers-considered-a-separate-bidder--321129-1" aria-expanded="false"> Bids from a depository institution or a government securities dealer: Are each of my customers considered a separate bidder? </a> <div id="id-bids-from-a-depository-institution-or-a-government-securities-dealer--are-each-of-my-customers-considered-a-separate-bidder--321129-1" class="collapse"> <div class="collapse-details mt-4"> <p>Yes. Each customer is a separate bidder. The auction rules, such as bidding and award limits, apply separately to each.</p> <p>All bids must be listed separately and include the bidder’s name, bid amount(s), and rate(s) or yield(s), if bidding competitively. Trust bids must also include the name or title of the trustee or fiduciary, the date of execution, and the employer identification number (EIN). Trust bids are not considered separate if they do not include an EIN.</p> <p>See the <a href="/files/laws-and-regulations/auction-regulations-uoc/31-cfr-part-356.pdf">Uniform Offering Circular §356.2</a></p> </div> </div> </div> <div class="collapse-block py-3" style="" id="id-may-a-large-corporation-or-partnership-be-separated-into-more-than-one-component-to-bid-for-treasury-securities--556018"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-may-a-large-corporation-or-partnership-be-separated-into-more-than-one-component-to-bid-for-treasury-securities--556018-1" aria-controls="id-may-a-large-corporation-or-partnership-be-separated-into-more-than-one-component-to-bid-for-treasury-securities--556018-1" aria-expanded="false"> May a large corporation or partnership be separated into more than one component to bid for Treasury securities? </a> <div id="id-may-a-large-corporation-or-partnership-be-separated-into-more-than-one-component-to-bid-for-treasury-securities--556018-1" class="collapse"> <div class="collapse-details mt-4"> <p>Maybe. If a component within a corporation or partnership meets certain criteria, Treasury may recognize that component as a separate bidder from its large corporate or partnership structure.</p> <p>The component must meet these four criteria:</p> <ul> <li>The component must not exchange information related to bidding in Treasury auctions with any other component in the corporation or partnership.</li> <li>The component must not be created for the purpose of circumventing the Treasury auction bidding or award limitations.</li> <li>The component's employees must make their own decisions to buy or sell Treasury securities.</li> <li>The component must maintain its own, separate records regarding transactions in Treasury securities.</li> </ul> <p>See the <a href="/files/laws-and-regulations/auction-regulations-uoc/auct-reg-gsr-bidder-definitions-05-23-05.pdf">Uniform Offering Circular, Appendix A, Bidder Categories</a></p> </div> </div> </div> <div class="collapse-block py-3" style="" id="id-how-does-a-component-get-recognized-as-a-separate-bidder--904490"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-how-does-a-component-get-recognized-as-a-separate-bidder--904490-1" aria-controls="id-how-does-a-component-get-recognized-as-a-separate-bidder--904490-1" aria-expanded="false"> How does a component get recognized as a separate bidder? </a> <div id="id-how-does-a-component-get-recognized-as-a-separate-bidder--904490-1" class="collapse"> <div class="collapse-details mt-4"> <p>If it meets the four criteria in the previous answer, the component must</p> <ul> <li>ask Treasury for separate-bidder recognition</li> <li>describe the component and its position in the corporate or partnership structure</li> <li>provide the required certification as spelled out in the <a href="/files/laws-and-regulations/auction-regulations-uoc/auct-reg-gsr-bidder-definitions-05-23-05.pdf">Uniform Offering Circular, Appendix A</a></li> </ul> </div> </div> </div> <div class="collapse-block py-3" style="" id="id-what-is-a-net-long-position-and-who-must-report-it--125012"> <a class="collapse-summary font-large text-body text-decoration-none" role="button" data-toggle="collapse" href="#id-what-is-a-net-long-position-and-who-must-report-it--125012-1" aria-controls="id-what-is-a-net-long-position-and-who-must-report-it--125012-1" aria-expanded="false"> What is a net long position and who must report it? </a> <div id="id-what-is-a-net-long-position-and-who-must-report-it--125012-1" class="collapse"> <div class="collapse-details mt-4"> <p>This doesn't apply to non-competitive bidders.</p> <p>Anyone who bids competitively must consider their long position with regard to the securities involved in a specific auction.</p> <p>A net long position refers to the amount of the relevant securities that you already own. This includes your holdings, certain trading positions, and any futures or forward contracts that require delivery of the security being auctioned (including any STRIPS principal components).</p> <p>Each auction announcement includes a <em>net long position</em> [NLP] <em>reporting threshold</em>.</p> <p>If the sum of your net long position and your competitive bids in a particular auction equals or exceeds the net long position reporting threshold specified in the auction announcement, you must report your net long position with one of your bids.</p> <p>You must calculate your net long position as of one half-hour before the competitive bidding deadline. The sum of your net long position plus the total of your auction awards may not exceed 35 percent of the offering amount.</p> <p>For more information on how to report your net long position, see the <a href="/files/laws-and-regulations/auction-regulations-uoc/auct-reg-auct-reg-gsr-nlp.pdf">Uniform Offering Circular §356.13</a></p> </div> </div> </div> </div> </div> </section> <button type="button" class="btn btn-td-blue scrollButton d-print-none" onclick="topFunction()" id="myBtn" title="Back to Top" style="display: none; position: fixed; bottom: 1em; right: 1em; opacity: 50%; z-index: 99999999"> <svg class="bi-chevron-down" style="transform: rotate(180deg)" width="2em" height="2em" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 320 512"> <path fill="currentColor" d="M143 352.3L7 216.3c-9.4-9.4-9.4-24.6 0-33.9l22.6-22.6c9.4-9.4 24.6-9.4 33.9 0l96.4 96.4 96.4-96.4c9.4-9.4 24.6-9.4 33.9 0l22.6 22.6c9.4 9.4 9.4 24.6 0 33.9l-136 136c-9.2 9.4-24.4 9.4-33.8 0z"></path> </svg> </button> </main> <footer> <nav> <div class="container-xxl hide-print"> <div class="wrapper py-5"> <div class="row mb-4 text-md-center"> <div class="col-12"> <a href="/"><img src="/images/logo-treasurydirect-color.svg" alt="TreasuryDirect Home"></a> <form id="search-form-page-footer" action="https://search.usa.gov/search" accept-charset="UTF-8" method="get" class="py-2 mx-md-auto"> <div class="input-group"> <input type="text" name="query" id="query-page-footer" autocomplete="off" class="form-control" placeholder="Search…" aria-label="Search TreasuryDirect" aria-describedby="button-site-search-footer-submit"> <input name="utf8" type="hidden" value="✓"> <input type="hidden" name="affiliate" id="affiliate2" value="treasurydirect"> <div class="input-group-append"> <button class="btn btn-td-green font-weight-bold" type="submit" id="button-site-search-footer-submit" aria-label="Submit"> <span class="icon-search-solid-white"></span> </button> </div> </div> </form> </div> </div> <div class="row"> <div class="col-12 col-md-4"> <h3>Connect With Us</h3> <ul class="list-unstyled nav-text-large social-icons"> <li><a class="no-icon" target="_blank" rel="noopener noreferrer nofollow" href="https://twitter.com/treasurydirect/"><span class="icon-twitter mr-2"></span>X (formerly Twitter)</a></li> <li><a class="no-icon" target="_blank" rel="noopener noreferrer nofollow" href="https://www.facebook.com/fiscalservice/"><span class="icon-facebook mr-2"></span>Facebook</a></li> <li><a class="no-icon" target="_blank" rel="noopener noreferrer nofollow" href="https://www.youtube.com/TreasuryDirect/"><span class="icon-youtube mr-2"></span>YouTube</a></li> <li><a class="no-icon" href="/rss/"><span class="icon-rss mr-2"></span>RSS Feeds</a></li> </ul> </div> <div class="col-12 col-md-4"> <h3>Legal Information</h3> <ul class="list-unstyled nav-text-small"> <li><a href="/legal-information/foia/">Freedom of Information Act</a></li> <li><a href="/legal-information/privacy/">Privacy</a></li> <li><a href="/legal-information/terms/">Terms & Conditions</a></li> <li><a href="/legal-information/data-quality/">Data Quality</a></li> <li><a href="/legal-information/developers/">For Web Developers</a></li> <li><a href="/legal-information/accessibility/">Accessibility</a></li> </ul> </div> <div class="col-12 col-md-4"> <h3>Related Sites</h3> <ul class="list-unstyled nav-text-small"> <li><a target="_blank" rel="noopener noreferrer" href="https://www.treasury.gov">treasury.gov</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://fiscaldata.treasury.gov">fiscaldata.treasury.gov</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://www.usaspending.gov">USAspending.gov</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://fiscal.treasury.gov">Bureau of the Fiscal Service</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://www.usa.gov">USA.gov</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://www.data.gov">Data.gov</a></li> <li><a target="_blank" rel="noopener noreferrer" href="https://www.regulations.gov">Regulations.gov</a></li> </ul> </div> </div> </div> </div> </nav> </footer> <script src="/scripts/jquery.min.js" charset="utf-8"></script> <script src="/scripts/bootstrap.bundle.min.js" charset="utf-8"></script> <script src="/scripts/components.js" charset="utf-8"></script> <script src="/scripts/back-to-top.js" charset="utf-8"></script>  <script id="_fed_an_ua_tag" src="https://dap.digitalgov.gov/Universal-Federated-Analytics-Min.js?agency=TRE&subagency=FS&exts=xml,prn,json,csv,tsv"></script>   <script type="text/javascript"> function googleTranslateElementInit() { new google.translate.TranslateElement({ pageLanguage: 'en', floatPosition: google.translate.TranslateElement.FloatPosition.BOTTOM_RIGHT }); 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