| The Commercial Paper Issuers Working Group (CPIWG) is an unaffiliated open forum organized in 1996 by representatives of firms which issue commercial paper directly to institutional investors.
 In 1988, direct issuers General Electric Capital, Ford Motor Credit and General Motors Acceptance Corporation were invited by the Public Securities Association (now the Bond Market Association) to serve on its Task Force formed by the Association to develop and implement a book entry CP system. During that process, these three companies held regular meetings with other direct issuers to keep them apprised of the developments in the book entry project. From these meetings, the CPIWG was born. The first "official" meeting of the CPIWG was held in January 1996 and was attended by representatives of 21 direct issuers. Representatives of the Federal Reserve, the Depository Trust Company (DTC) and the top Issuing and Paying Agencies (IPA) also attended the meeting. Since then, the group has met three times each year to discuss various issues and form working committees to address issues of common interest to the direct CP issuers.
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Maintained contact with DTC to refine and expand book entry processing of CP |
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Worked with the Federal Reserve Board of Governors and others to reengineer the CP indices published in the Federal Reserve’s H.15 release. This effort produced an accurate, unbiased measure of placement cost performance for the U.S. CP market. |
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Established the CP Direct Issuer Benchmarking Survey. This survey produced since 1996, provides information and statistics on a wide range of topics. The study forms the basis for best practices discussions among the issuers. |
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Worked with Bloomberg to establish auto-execution for CP purchases directly from issuers over Bloomberg. |
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Partnered with Prescient Markets to develop and establish the cpmarket.com platform to make CP placement over the internet a viable and affordable reality for issuers and investors. |
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