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Federal R eser v e B ank
OF DALLAS
T O N Y J . SA L V A G G IO
FIR S T V IC E P R ES ID EN T
August 9 , 1993
dallas,texas 7 5 2 2 2
Notice 93-86
TO:
The Chief Operating Officer of
each financial institution in the
Eleventh Federal Reserve District
SUBJECT
Delay in Implementation of
Proposed Changes in Fedwire Operating Hours
DETAILS
On October 14, 1992, the Board requested comment on a proposal
change the opening time for the Fedwire funds transfer service from 8:30
Eastern Time (ET) to 6:30 a.m. ET, effective October 4, 1993. The Board
announced a delay in taking final action on the proposal pending further
analysis of the complex issues raised by commenters. Therefore, changes
Fedwire operating hours will not take place on October 4, 1993.
to
a.m.
has
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A study has been initiated regarding issues related to the operating
hours of the Fedwire funds and book-entry securities transfer services,
especially the role of Fedwire in enhancing clearance and settlement practices
in financial markets. The Board plans to communicate the results of the study
to the public.
ATTACHMENT
A copy of the Board’s notice (Federal Reserve System Docket No.
R-0778) is attached.
MORE INFORMATION
For more information, please contact Jonnie Miller at (214)
922-6433. For additional copies of this Bank’s notice, please contact the
Public Affairs Department at (214) 922-5254.
Sincerely,
For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas:
Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162,
Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
FEDERAL RESERVE SYSTEM
Federal Reserve Bank Services
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice.
SUMMARY: On October 14, 1992, the Board requested comment on a proposal
to change the opening time for the Fedwire funds transfer service from 8:30
am Eastern Time (ET) to 6:30 am ET, effective October 4, 1993. The Board
is announcing a delay in taking final action on the proposal pending further
analysis of the complex issues raised by commenters. Therefore, no changes in
Fedwire operating hours will take place on October 4, 1993. Staff has initiated
a study of issues related to the operating hours of the Fedwire funds and bookentry securities transfer services, especially the role of Fedwire in enhancing
clearance and settlement practices in financial markets.
FOR FURTHER INFORMATION CONTACT: John H. Parrish, Assistant Director (202/
452-2224), Division of Reserve Bank Operations and Payment Systems, Board
of Governors of the Federal Reserve System, or Bruce J. Summers, Senior Vice
President (804/697-8456), Federal Reserve Bank of Richmond. For the Hearing
impaired only, Telecommunication Device for the Deaf (TDD), Dorothea
Thompson (202/452-3544), Board of Governors of the Federal Reserve System,
20th and C Streets, NW., Washington, DC 20551.
SUPPLEMENTARY INFORMATION: On October 14, 1992, the Board requested
comment on a proposal to change the opening time for the Fedwire funds transfer
service from 8:30 am Eastern Time (ET) to 6:30 am ET, effective October 4,
1993. The Board also requested comment on the opening time for the bookentry securities transfer service. In addition, the Board requested comment on
the further expansion of Fedwire operating hours in the long-term, including
opening the Fedwire funds transfer services earlier than 6:30 am ET and/or
closing these services later than the current 6:30 pm ET close. Comment on the
further expansion of Fedwire operating hours was solicited to help evaluate the
potential need for significantly expanded operating hours {i.e., 24-hour payment
operations) to facilitate risk reduction associated with certain international
financial transactions.
The issues raised by commenters were sufficiently complex as to warrant
further analysis and review. Commenters expressed considerable interest in the
Federal Reserve’s longer term approach regarding Fedwire operating hours and
requested the Federal Reserve to share its approach with the public. Toward this
end, Federal Reserve staff is undertaking a study of the issues raised and the
associated public policy concerns. The Board intends for the staff to discuss with
various industry representatives and other interested parties issues related to the
future development of Fedwire. The Board plans to communicate to the public
the results of the staff efforts in order to stimulate further industry response to
2
the issues associated with expanded operating hours and, more generally, on the
potential role of the Fedwire payment system.
By order of the Board of Governors of the Federal Reserve System, July 22,1993.
X v.v . s .- i !
V i
O ? * f
V * f
C; O
William W. Wiles,
Secretary of the Board.
[FR Doc. 93-00000 Filed 00-00-93; 8:45 am]
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