Fedwire Securities Transfer Service - Circulars - FEDERAL RESERVE BANK of NEW YORK

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Circular

Fedwire Securities Transfer Service

April 22, 1998

Circular No. 11051

No Earlier Opening Time

Optional Automatic Reversal Feature for
Fedline Book-Entry Securities Transfers

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

In January 1995, the Board of Governors of the Federal Reserve System requested comment on whether the Fedwire securities transfer service should open earlier in the day. After considering the responses, the Board has decided not to implement an earlier opening time for the service at this time, due to the anticipated cost and technical hurdles identified by various industry participants and concerns expressed by the Treasury.

The Board has approved the introduction of an optional automatic reversal feature for institutions that access the National Book-Entry System via a Fedline connection. The Board believes that this feature would provide these participants with additional flexibility to manage the receipt of misdirected or incorrect securities transfers and any associated debits to their Federal Reserve account holding reserve balances or clearing balances.

The Board's official notice in this matter, as published in the Federal Register of April 13 is available as a file (pdf - 49kb). If you have any questions, you may call, at this Bank, Gerald V. Lombardo, Assistant Vice President, Electronic Payments Department.

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