Full text of Federal Reserve Bank of New York Circulars : Time and Fee Schedules

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FEDERAL RESERVE BANK
OF NEW YORK

fti'i onW

March 1, 1995

TIME AND FEE SCHEDULES
Fee for CHIPS Settlement Account Payments
To A ll Depository Institutions, and Others
Concerned, in the Second Federal Reserve District:

Enclosed is a copy of Appendix A, revised effective January 3, 1995,
to our Operating Circular No. 9. The Appendix reflects a reduction, from
$0.53 to $0.50, in the fee charged for each payment into or out of the
CHIPS Settlement Account.
L eon

R.

H o lm es,

Assistant Vice President.

March 3, 1995
To the Addressee:
The enclosed Appendix A to Operating Circular No. 9 was not punched when it was
originally mailed to you on March 1, as the result of a printer’s error. Please substitute the
enclosure for that copy.
We apologize for any inconvenience.




Circulars Division

F ederal R eserve B ank
of N ew Y o rk

Appendix A to
Operating Circular No. 9
Revised effective January 3, 1995

TIME AND FEE SCHEDULES
Net Settlement Arrangements
To All Depository Institutions in the Second
Federal Reserve District, and Others Concerned:

Time schedule
1. Organizations participating in net settlement arrangements
must begin to submit settlement transaction details to us by 5 p.m.,
Eastern Time, or at such earlier time as in the judgment of this Bank
will insure completion of all transactions by 6 p.m., Eastern Time.
Fees
2. The following schedule contains minimum fees for net settle­
ment services governed by Operating Circular No. 9:
Basic settlement charge per entry ......................
Surcharges:
Settlement originated off-line......................
Telephone advice requested........................
3.
The following schedule of fees has been
CHIPS Settlement Arrangement:

$1.00
$10.00
$10.00
established for the

(a) A fee of $0.50 for each payment into or out of the CHIPS
Settlement Account; and




(OVER)

(b)

A daily settlement fee based on the number of settling
participants

Number of Settling
Participants

Daily Settlement
Fee

Up to 24
25 to 29
30 to 34
35 to 40
More than 40

$175
$200
$225
$250
(To be determined)

4. We reserve the right to charge higher fees for any net settle­
ment arrangements that result in higher or unusual costs.
Effect of this Appendix on previous Appendix
5. This Appendix supersedes Appendix A, revised effective
January 1, 1993, to Operating Circular No. 9.




William J. M cD onough,

President.