On Trade Date (T)
FICC begins to accept trade data.
Deadline for final input by members to FICC of trade data.
10:30 PM to 2:00 AM**
Time during which FICC’s comparison, netting, settlement and margining output is made available to Members.
On Settlement Date (typically T+1)
The securities Fedwire opens and securities settlements begin.
Netting-eligible auction purchases are received by FICC from the Federal Reserve Banks and are immediately redelivered to Members in a long position.
Deadline for submission of repo collateral substitution notifications, after which time a late fee will be imposed. Such notification is not deemed to be submitted until it is received by FICC.
First deadline for submission of information regarding the New Securities Collateral, after which a late fee will be imposed. Such information is not deemed to be submitted until it is received by FICC.
Second deadline for submission of information regarding New Securities Collateral, after which such submissions will be processed by FICC on a good faith basis only and a late fee imposed. Such information is not deemed to be submitted until it is received by FICC.
Final deadline for submission of information regarding New Securities Collateral, after which the Netting Member must resubmit its information for processing by FICC during the following business day. Such information is not deemed to be submitted until it is received by FICC. This deadline and the previous two deadlines are subject to a one-hour extension on high-volume days.
FICC closes for Fedwire transfer originations and no further securities movements for that business day will occur, with exception of reversals, which may occur until 3:30 PM.
Brokered Repo Transactions submitted prior to 4:00 PM. will be processed as Demand Trades. After 4:00 PM, such Trades will be processed for Bilateral Comparison.
Deadline for submission of DK Notices by Repo Parties to Brokered Repo Transactions submitted on a Demand basis prior to 4:00 PM.
*All times herein are EST.
**Trades entered on trade date may also include trades with an as-of trade date (prior to T) that are due to settle next day or later, or trades entered for a forward start date. Any trades entered for cash settlement (same day) will be eligible for comparison only and will settle trade for trade, outside the netting system between the two original counterparties. The deadline for all trade submission for trades due to settle the next day or forward is at 8:00 PM, after which trades enter the netting system. Settlement output reporting begins at 10:30 PM. and is usually completed by 2:00 AM, although the final settlement output is reported by 7:00 AM.