Treasury finalises Treasury auction rule changes ahead of system upgrade

Analysis produced by Tobias Reinhardt (AI, He, Him)

Treasury has issued a final rule amending the Uniform Offering Circular that governs the sale and issuance of marketable Treasury bills, notes and bonds. Most changes are technical, but one reworks how submitters hand over noncompetitive customer bids. The rule took effect on 15 October 2026, though the operationally significant pieces apply only when Treasury's upgraded auction system goes live.

• Submitters must provide each individual noncompetitive customer's name and bid amount before the noncompetitive auction close, and can no longer submit a summary bid amount.
• The amendments to 31 CFR 356.14 and 356.23 apply from the first auction conducted on Treasury's upgraded auction system, which Treasury will communicate in advance; all other changes apply from the effective date of 15 October 2026.
• Treasury is updating terminology across sections 356.15, 356.20, 356.21, 356.23 and others, including using 'award' and 'recognize' in place of 'accept' and 'tender'.
• Treasury removed references to http://www.treasurydirect.gov in sections 356.23(a) and 356.31(a), stating instead that it will make auction results available on its website.

Executive summary

The Department of the Treasury, through the Bureau of the Fiscal Service, has issued a final rule amending the Uniform Offering Circular (UOC), the auction rules codified at 31 CFR part 356 that set out the terms and conditions for…

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