The following table shows the processing schedule for Settling Banks. All times are eastern time.
At this time...
This process takes place...
3:45 p.m. (approximately)
All settlement balances become final and the settlement period begins:
DTC posts the final net debit or net credit for each Participant and the final net-net debit or net-net credit for each Settling Bank.
Verification that final net cutoff has taken place; the message 'Final Figures' and the time they became final will appear in the Settlement Web. Settling Banks can view their respective final net-net settlement balances via the Settling Bank Account Statement made available via the Settlement Web.
Settling Banks that settle for other Participants must acknowledge their net-net settlement balances at this time (the system will not allow this until final figures are posted). However, a Settling Bank that settles only for itself (only its own Participant account) is not required to acknowledge its settlement balance.
Once final figures are posted, DTC sends periodic reminder messages to each Settling Bank until the Settling Bank either affirmatively acknowledges its balance or notifies DTC of its refusal. (Note that reminder messages may still be generated after the Settling Bank has been deemed to have acknowledged its settlement balance in accordance with the “Acknowledgment and Refusal Procedures” set forth below. Notwithstanding delivery of reminders, once a Settling Bank is deemed to have acknowledged its balance it may not notify DTC of a refusal to settle for a Participant for which it is the designated Settling Bank).
A Settling Bank with a final net-net debit must ensure that funds are available in its Fed account for payment via the NSS. (See Settlement Payment for Net-Net Debit Balances below for more information.)
The later of : 4:15 p.m. and the time that is 30 minutes after net-net settlement balances are first made available
Cutoff for each Settling Bank to acknowledge its net-net settlement balance or notify DTC that it refuses to settle for one or more Participants for which it is the designated Settling Bank (the “Acknowledgment Cutoff Time”).
Approximately 4:30 p.m. (subject to settlement extensions)
DTC processes an NSS file (“NSS File”) with the Federal Reserve Bank of New York (“FRBNY”) to debit or credit each Settling Bank’s NSS account, as applicable. Note: If instructed by DTC, in the event that NSS is unavailable, Settling Banks in a net-net debit balance must remit payments to DTC via Fedwire® by the later of 5:00 pm or 1 hour after net-net settlement balances are first made available, except that all such payments must be remitted prior to the close of the Fedwire®.
Cutoff for Participants to enter valued DOs and pledges to their Settling Banks and the Settling Bank's authorization of those transactions:
Eligible Participants can process valued DOs and pledges to a Participant or to pledgee accounts of their Settling Bank (for example, to a Participant or pledgee account specified in advance by the Settling Bank, not just any Participant or pledgee within the Settling Bank)
These transactions can be processed after final figures and before 5:00 p.m. because they only affect a Participant's net figures, not those of the Settling Bank.
Note–DTC programmatically subjects these transactions to the Settling Bank's authorization via the Receiver Authorized Delivery (RAD) process. Also, to become eligible to process these transactions, Participants must sign an agreement with their Settling Bank and notify DTC about it.
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This system is operated by The Depository Trust & Clearing Corporation ("DTCC") and may be accessed only by authorized users for approved purposes. Unauthorized access and use of this system is strictly prohibited by DTCC and by law and may result in criminal or civil penalties. The use of this system may be monitored, recorded, and subject to audit. Anyone accessing this system consents to such monitoring and recording. Information obtained by DTCC through such monitoring and recording may be disclosed to persons within or outside the company.