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Federal R eserve Bank OF DALLAS W ILLIAM H. W ALLACE DALLAS, TEXAS 75222 FIR S T V ICE P R E S ID E N T January 18, 1985 Circular 85-8 TO: The Chief Executive Officer of all depository institutions and other concerned in the Eleventh Federal Reserve District SUBJECT Revisions to Fiscal Agency Operating Circular Ho. Section 1, General and Section 4, Time Limitations 2 — DETAILS Sections 1 and 4 of our Operating Circular No. 2 have been revised and the revisions are effective immediately. Revisions to Section 1 define this Bank's liability with respect to the receipt of transfers by on-line transferees when a communications link is not available. Revisions to Section 4 include this Bank's policy regarding transfers of securities received during a time extension. Please substitute the enclosed pages for those in the March 1982 version in Volume 1 of your Regulations Binders. ATTACHMENTS The new Operating revisions are attached. Circular No. 2 inserts containing the MORE INFORMATION For further information, please contact Lynn Vick at (214) 651-6263 at the Head Office, Robert Schultz at (915) 544-4730 at the El Paso Branch, Luke Richards at (7130 659-4433 at the Houston Branch, or Tony Valencia at (512) 224-2141 at the San Antonio Branch. Sincerely yours, For additional copies of any circular please contact the Public Affairs Department at (214) 651-6289. Banks and others are encouraged to use the following incoming WATS numbers in contacting this Bank (800) 442-7140 (intrastate) and (800) 527-9200 (interstate). This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) FISCAL AGENCY OPERATING CIRCULAR NO. 2 TELEGRAPHIC TRANSFERS OF MARKETABLE TREASURY AND AGENCY SECURITIES IN BEARER OR BOOK-ENTRY FORM BETWEEN FEDERAL RESERVE BANKS FEDERAL RESERVE BANK OF DALLAS FISCAL AGENT OF THE UNITED STATES SCOPE This circular contains information concerning the telegraphic tran sfers of unm atured m arketable b e a re r or book-entry securities of the United States and of certain eligible Agencies by the Federal Reserve Banks. TABLE OF CONTENTS Section 1, GENERAL 1.00 1.05 1.10 1.15 1.20 Section 4, TIME LIMITATIONS Right to alter circular Reference to Federal Reserve office References to this bank Privilege not a right Communications link 4.00 4.05 Section 5, SUBMISSION OF REQUESTS AND SECURITIES Section 2, TRANSFERS AUTHORIZED 2.00 2.05 Closing hour Supplement 5.00 5.05 Types Times Requirements Coupons Section 6, FEES Section 3, LIMITATIONS OF TRANSFERS 3.00 3.05 3.10 1-85 Appendix A — Time Schedule New instructions needed T ransfer cancelled No combining of transfers Appendix B — Fee Schedule i FISCAL AGENCY OPERATING CIRCULAR NO. 2 FEDERAL RESERVE BANK OF DALLAS Section 1, GENERAL 1.00 make telegraphic tran sfers of outstanding, un m atured, m ark etab le b e a re r or book-entry securities of the United States (Treasury Bonds, T reasury Notes, Treasury Certificates of In debtedness, and Treasury Bills) for the owners of such securities, betw een Federal Reserve offices. Such authorization is also applicable to certain agency securities identified in Appendix B of this bank’s Bulletin 14 entitled “Book-Entry Securities” . Right to alter circular The right is reserved to withdraw, add to, or amend, at any time, any of the provisions of this circular. 1.05 Reference to Federal Reserve office “ Federal Reserve office” Reserve Bank or Branch. m eans a Federal 1.10 References to this Bank Unless otherwise stated, all references to the Federal Reserve Bank of Dallas, or “ this bank” include the Head Office and the Houston, San Antonio, and El Paso Branches. 1.15 2.05 Transfers may be conducted on any business day prior to the date on which the security has been called for redemption or the m aturity date of the security involved in the transfer. Privilege not a right The telegraphic transfers of securities are pro vided as a privilege and not as a right conferred on the holders of securities, and all such transfers are conditioned on the availability of facilities of the Federal Reserve offices, without responsibili ty on their p a rt for delays in effecting deliveries for any reason. 1.20 Section 3, LIMITATIONS OF TRANSFERS 3.00 Communications link 3.05 Transfer canceled W henever a Federal Reserve office is unable to deliver the securities before the close of business on the last business day for that office preceding either the date of m aturity or the date on which the securities involved have been called for redemption, the transfer will be canceled. 3.10 Section 2, TRANSFERS AUTHORIZED No combining of transfers Securities of two or more different issues may not be combined in a single transfer, nor may securities to be delivered to two or more reci pients be combined in a single transfer. Types Approved “on-line” institutions and this bank, as fiscal agent of the United States, are authorized to 1-85 New instructions needed W henever a Federal Reserve office, which is located in the city in which securities are to be delivered in accordance with a tran sfer by wire, is unable to deliver the securities before the close of business on a day th at is, for th at Federal Reserve office, either the last business day of a calendar month, or the last business day preceding an interest payment date for the securities involved, the securities will not be delivered until new instructions are received from the transferor. A transferee th at arranges with the Federal Reserve Bank of Dallas to receive securities transfers by electronic m eans must manage its communications link so as to perm it this Bank to send transfers to it on a timely basis during this day. This Bank is not responsible for any delay in sending a securities transfer or other message to such a transferee, if the delay results from the tra n sfe re e ’s failure to so manage its link. In addi tion, the tra n sfe re e ’s failure to manage its link shall not affect the authority of this Bank to (i) credit the securities as designated by the transferor or (ii) debit the account of the transferee for the dollar amount specified by the transferor. 2.00 Times 1 FEDERAL RESERVE BANK OF DALLAS Section 4, TIME LIMITATIONS 4.00 Closing Hour The closing hour for receiving requests for such transfers of securities is 2:30 p.m. local time of the Federal Reserve offices to which the transfers a re to be made, but not later than 2:30 p.m. local time of the Federal Reserve office from which the transfers are to be dispatched. Under certain circum stances the closing hour for tran sfer of securities may be extended. If an “ on line” institution elects to term inate its own pro cessing prior to the completion of an extension to the closing hour, any securities and their related accounting entries received at this Bank will be processed to the receiving institution’s account. 4.05 Supplement A table of closing hours of Federal Reserve offices may be found in Appendix A of this circular. Section 5, SUBMISSION OF REQUESTS AND SECURITIES 5.00 Requirements A w ritten request from a designated official directing the tran sfer of the securities should accompany the deposit of the securities, unless the securities are already on deposit with this bank. Instructions by telephone will be recorded as will the callback for verification of the tra n sa c FISCAL AGENCY OPERATING CIRCULAR NO. 2 tion. The request should set forth the following information: (a) Description of the issue and amount of securities to be transferred; (b) Name and address of transferee (include not only bank to which delivery is to be m ade but also indicate whose account); (c) Date on which delivery is to be consummated; and (d) Statement as to w hether delivery is to be made against payment or against receipt, and, if against payment, the specific amount of money to be paid. 5.05 Coupons Securities deposited for telegraphic transfer should have all unm atured coupons attached. If securities are presented with unm atured coupons missing, the securities will be accepted for telegraphic tra n sfer provided the face amount of the unm atured missing coupons is paid to this bank with the deposit of such securities. Upon paym ent for u n m atu red m issing coupons, securities with a full complement of unm atured coupons attached will be delivered. Section 6, FEES Fees will be charged according to the fee schedule in Appendix B. We reserve the right to change these fees from time to time.
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