A group of financial firms on Wednesday announced a series of proposals designed to bolster the government repurchase or repo market, which has been roiled by severe trading disruptions since the bankruptcy of Lehman Brothers nearly two months ago.

The Treasury Market Practices Group (TMPG), which comprises senior members of securities dealers, banks and investment firms and is sponsored by the Federal Reserve Bank of New York, endorsed a number of measures to alleviate so-called repo fails.